Cassandra Gray, the founding father of Violet Gray, has purchased again the Los Angeles-based retailer in partnership with Sherif Gurgis, the corporate introduced on Monday.
Guirgis, who labored in non-public fairness for over 13 years investing in client manufacturers at non-public fairness corporations resembling Lion Capital and Most important Road Advisors, would be the firm’s chairman and chief govt along with co-owner, whereas Gray will serve on the chief board. Former Vogue editor Sarah Brown, who has been on the firm since 2021, stays as chief model officer.
The retailer can be launching a model improvement arm known as Violet Lab, which Gray will lead as chairman and inventive director. It’s meant to create an area to permit Violet Gray to establish and develop nascent magnificence manufacturers.
“Violet Gray was based with a easy, easy mission – to allow prospects to really feel assured of their buy choices. Our product is belief, as now we have earned that belief by partnering with those that are the very best at what they do,” stated Gray in an announcement.
Initially based in 2013, Violet Gray, which operated a single store on Los Angeles’ storied Melrose Avenue, developed a fame as a magnificence tastemaker, serving to to popularise high-end and area of interest manufacturers resembling skincare traces Augustinus Bader and Dr. Barbara Sturm within the U.S. In January 2022, it was bought by vogue e-commerce agency Farfetch for $50 million as a part of a broader guess on magnificence. In 2022, Violet Gray generated roughly $20 million in gross sales, having beforehand raised over $30 million from buyers, together with Japanese magnificence conglomerate Shiseido.
Following the Violet Gray acquisition, Farfetch additionally launched its personal magnificence division, and added a magnificence arm to Browns, the London-based division retailer it owned. However by early 2023, it was clear the corporate had overextended itself: towards a backdrop of wider liquidity points, by October, it had shuttered each divisions and put Violet Gray again available on the market.
In December 2024, South Korean e-commerce agency Coupang bought Farfetch in a deal that included a $500 million bridge mortgage for Farfetch to keep away from chapter, wiping out all of its fairness holders.
Whereas small in comparison with juggernauts like Ulta Magnificence and Sephora, Violet Gray has a novel place of authority out there. Its hand-picked and curated product assortment is bolstered by high-quality editorial content material, and its choice is vetted by a bunch of trade consultants by its “Violet Code” system.
“I’ve lengthy admired Violet Gray’s relentless dedication to meticulous product vetting and curation by the Violet Code approval course of, and its success in being the launchpad of alternative for lots of the most profitable manufacturers within the magnificence trade,” stated Gurgis, saying he believes the retailer can proceed to be the selection vacation spot for discerning magnificence consumers whereas it expands its attain.
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