TULA, a leading innovative skincare brand, today announced that it has received a significant growth capital investment from L Catterton, the largest consumer-focused private equity firm in the world. The investment will be used to drive TULA's rapid growth by funding marketing, working capital and product development. Terms of the transaction were not disclosed.
Co-founded in 2014 by Dr. Roshini Raj, a board-certified gastroenterologist and internist with a medical degree from New York University's School of Medicine; Ken Landis, a Co-Founder of Bobbi Brown Cosmetics; and Dan Reich, a tech entrepreneur, TULA's groundbreaking approach to skincare leverages the power of probiotics to improve the overall health and appearance of the skin. TULA delivers effective, high-impact, prestige products that help restore and maintain balance and wellbeing on the inside and out through its patented Probiotic Technology.
Since its founding, TULA has experienced enormous growth by building off of a unique and successful launch strategy. TULA launched first exclusively with QVC, where it received rave reviews from women across the country, leading to the brand being named the winner of QVC's "Rising Star Award." From there, the Company has built a strong online presence through partnerships with digital influencers and selectively launched in brick and mortar stores across the U.S. with SpaceNK.
"We are very excited to work with L Catterton as we continue our rapid expansion to become the leader in probiotic skincare," said Julia Straus, Chief Executive Officer of TULA. "With the support of L Catterton, we are excited to reach even more consumers through QVC's multi-platform retail model, our own direct channel, and unique partnerships with retailers like SpaceNK. L Catterton brings deep knowledge of the consumer space and an unparalleled track record helping boutique beauty brands thrive and grow. We are confident they will be an excellent long term partner for TULA."
"TULA appealed to us because it is the first premium beauty brand to leverage probiotics across its entire product line," said Jon Owsley, Co-Managing Partner, L Catterton Growth Fund. "We see a tremendous opportunity to accelerate TULA's growth by capitalizing on its innovative formulations, strong relationship with QVC, distinctive and digital-first positioning, and talented management team. We look forward to leveraging our experience to help drive TULA's success for years to come."
"In 2016, TULA generated a 78% increase in distinct customers, exceeding our expectations," said Rachel Ungaro, Vice President of Buying for apparel, accessories, beauty and jewelry, QVC. "TULA has also generated an impressive following on Beauty iQ, QVC's new multiplatform network dedicated to beauty lovers, as one of a select group of brands providing a discovery experience on the platform."
L Catterton has significant experience investing in the beauty space, including brands such as Bliss, Cover FX, Frederic Fekkai, StriVectin, CLIO Professional, Dr. Wu, Kopari, Ideal Image and Intercos Group.
About TULA
TULA, which is the Sanskrit word for "balance," is a lifestyle brand founded in 2014 by Dr. Roshini Raj, a practicing gastroenterologist and media wellness expert, Ken Landis, Co-Founder of Bobbi Brown Cosmetics, and Dan Reich, a tech entrepreneur. TULA empowers women to live healthier, balanced, and more beautiful lives by transforming their beauty regimen. Built on the understanding that the same ingredients that are good for your internal health are also great for your skin, TULA products use Probiotic Technology to deliver skin-nourishing benefits. By harnessing powerful "good bacteria," the technology uses the topical application of probiotics to protect the skin to be more resistant to damaging environmental conditions and combat age-related changes. By promoting this natural balance of the skin, TULA offers women a moment to build confidence both inside and out.
About L Catterton
L Catterton, formed in 2016 through the partnership of Catterton, LVMH and Groupe Arnault, is the largest consumer-focused private equity firm in the world. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. L Catterton builds on this heritage with the addition of LVMH and Groupe Arnault's existing European and Asian private equity and real estate operations. L Catterton invests in all major consumer segments, including: Beauty and Wellness, Fashion and Accessories, Consumer Products and Services, Consumer Health, Food and Beverage, Retail and Restaurants, and Media and Marketing Services, as well as real estate projects anchored by luxury retail. L Catterton's investments include: Peloton, Restoration Hardware, CorePower Yoga, Sweaty Betty, Outback Steakhouse, Plum Organics, Chopt Creative Salad Company, Mendocino Farms, Noodles & Company, PIADA, Hopdoddy, Vroom, Snap Kitchen, Frederic Fekkai, Cover FX, PIRCH, Build-A-Bear Workshop, Wellness pet food, Nature's Variety pet food, Kettle Foods, Odwalla, P.F. Chang's, Ba&sh, Sandro and Maje, CellularLine, Vicinci / Zanotti, Cigierre,Gant, Nutrition and Sante, Pepe Jeans & Hackett, 2XU, Charles & Keith, Marubi, Bateel, Sasseur, Emperor Watch and Jewelry, Miami Design District and G6 in Ginza – Tokyo, to name a few. More information about L Catterton can be found at www.lcatterton.com.
