Function of Beauty said the investment will accelerate the company's product development, support its continued worldwide expansion, and build upon its already industry-leading customized manufacturing capabilities.
The initiative will certify brands across cosmetics, skincare, hair, bath and body categories based on five pillars: clean ingredients, cruelty-free, vegan brands, positive impact and sustainable packaging.
LVMH is close to acquiring a new perfume brand, Jean Patou, for its portfolio and has done it very much on the quiet. The French conglomerate took management control last year without any fanfare from Designer Parfums.
L Catterton, the world’s largest consumer-focused private equity firm, has invested an undisclosed amount into Tula, a results-driven skincare brand co-founded by Ken Landis, a co-founder of Bobbi Brown Cosmetics.
Effective December 1, 2015, Joel Ronkin will helm Fekkai Brands and Luxe Brands as CEO. In this role he will oversee all of the day-to-day operations of Fekkai and Luxe and lead their global expansion.