The Honest Company, the lifestyle, beauty and home care products company, is pushing forward with its plan to shift from being an online-only retailer to omni-channel.
The digital native company, co-founded by actress Jessica Alba in 2012, plans to use funds from its latest round of Series E financing to drive its strategy.
Nick Vlahos, The Honest Company CEO, said: “Our team is focused on executing a plan that builds on our success to date and transforms Honest into a true omni-channel company that delivers the most authentic, engaging and seamless customer experience possible, wherever our customers shop.
“This funding will enable us to further our goal of making our products accessible to as many people as possible.”
Fidelity Management & Research Company led the latest round of financing, alongside existing investors.
Period of transformation
The Honest Company said it is going through a time of “investment and transformation”, during which it has invested heavily in sales, R&D, brand and retail marketing, and fulfilment teams.
In 2016, the company reached more than $300m in sales, backed by its first ever brand campaign #HonestMoments and an expansion of its wholesale channels, with product lines carried by CVS, Babies “R” Us and other retailers.
In March, co-founder Brian Lee stepped down as CEO, a position filled by Nick Vlahos, former Chief Operating Officer at Clorox, the owner of brands such as Burt’s Bees.
On his exit, Lee said: "It has been our strategy to evolve the company into an omni-channel brand and Nick's tremendous background building global CPG brands makes him the ideal person to lead us there."
In the first quarter of this year, The Honest Company axed approximately 80 jobs as it entered more bricks-and-mortar channels.
