Body care brand Stenders has received a majority investment from LVMH-backed private equity firm L Catterton.
The funds will be used to accelerate the Latvian brand’s international expansion across Asia, Europe, the Middle East and the US.
L Catterton’s investment follows a period of bolstered revenue growth for the beauty brand, which has risen by an estimated 20% annually over the past four years.
The sales boost has stemmed from a shift in consumer spending towards more premium offerings, according to Stenders.
“Consumers are progressively 'trading up' in the bath and body care market and we expect the trend to persist as they further gravitate towards such premium products like they have with facial skin care and hand care,” said Scott Chen, managing partner at L Catterton.
“Having brand values and stellar products which resonate with its target customers, Stenders has been able to astutely capitalise on this shift.”
Stenders was founded in 2001 and stocks bath and body care products inspired by Latvia's bathing culture.
This includes the Cloudberry bath bomb, formulated with blackberry extract, and the Nordic Jasmine & Verbena bath foam containing jasmine petals.
“L Catterton has a proven track record of creating value for its portfolio companies and we are keen to tap into its insights, operating know-how, and network as we continue to expand across various geographies,” added Stenders COO Kristine Grapmane.
“Our focus will be on enlarging our presence, further enhancing the productivity of our stores, augmenting our e-commerce business, optimising our manufacturing efficiency and attracting talent."
L Catterton has been upping its investments in beauty brands over the past year.
The company partnered with actress Naomi Watts in June 2024 to purchase her menopause-focused brand Stripes Beauty for an undisclosed sum.
The private equity firm also hosted a US$40m funding round in brand incubator Squared Circles that same month.
L Catterton acquired a majority stake in Kiko Milano in April to help scale the Italian beauty brand.
The business also invested in Italian skin care brand Irene Forte Skincare in July 2023.