Oddity has raised its full year 2024 guidance after posting bumper sales in Q1.
Revenue increased by 28% to US $212m, bolstered by an “excellent” performance from Il Makiage and Spoiled Child, while profits were up 33% to $156m.
Income also soared by 82% to $38m, and Oddity has raised its FY24 guidance to be between 23% and 25% as a result.
This represents revenue growth of up to $635m.
“We delivered across all metrics and grew rapidly against the huge and profitable 83% revenue growth we delivered in the first quarter of 2023,” said Oran Holtzman, Oddity co-founder and CEO.
“Despite market speculation about an industry slowdown, we haven’t seen any slowdown in our platform, not in new users and not in existing users behaviour.”
The development of the Israel-baed company’s unnamed, medical-grade skin and body care brand also saw significant progression during the quarter, according to the business.
These brands will be launched in 2025, which Oddity anticipates will “disrupt” the large beauty and wellness categories.
“Our excellent Q124 results, combined with a strong start to Q2 and our continued high repeat rates, allow us to continue our investments in future growth initiatives and raise our full year outlook,” added Lindsay Drucker Mann, Oddity Global CFO.
The Q1 sales growth follows Oddity’s strong financial performance in 2023.
Revenue for the year was up by 57% to $509m, with income having also leapt by 169% to $59m.
Oddity attributed the growth to its large scale investments into technology and product development over the past five years.
This includes a $76m acquisition of AI-powered biotechnology start-up brand Revela in 2023 and tech platform Voyage81 in 2021.
Oddity was founded in 2018 and is best known for Il Makiage’s shade matching tool, which launched in the UK in 2020.
It launched skin care brand Spoiled Child in February 2022.
