Winky Lux has landed majority investment from Core Industrial Partners.
The US make-up and skin care brand, known for its ‘joyful’ approach to packaging and formulation, said the capital provides additional resources to accelerate growth and expand market reach.
It aims to grow both its digital and brick-and-mortar retail channels.
Founded in 2015 by fashion and e-commerce veterans Natalie Mackey and Nate Newman, Winky Lux’s line-up includes flower-containing jelly lip balms and rose-shaped blush.
“Joining forces with Core is an exciting next step for Winky Lux,” said Mackey, who is also CEO of the New York-based brand.
“This partnership enables us to meet customer demand, scale our operations, maximise existing retailer partnerships with Target, Ulta and Shoppers Drug, and reach new heights in product innovation.
“We’re confident Core’s experience and resources will help us achieve our long term goals while staying true to our brand values of joy and creativity.”
Under the deal, Winky Lux’s CEO, co-founders and management team will all remain at the company.
In addition, Winky Lux has appointed beauty industry insiders Zack Zavalydriga and Cassandra Batista to its board of directors.
Zavalydriga was a long term executive at DevaCurl, while Batista’s CV includes L’Oréal, Estée Lauder, Shiseido and LVMH.
Private equity firm Core has been a player in the beauty business since 2020 when it invested in Cohere Beauty, a beauty and personal care contract-manufacturing platform.
The company said it is positioned to enhance Winky Lux’s ability to grow while preserving its identity.
John May, Managing Partner of Core, added: “The growth prospects and underlying demand drivers of the beauty industry remain highly attractive and we're confident the strength of the Winky Lux brand combined with our resources and operational experience will assist their leadership team in executing against their long term plans for growth.”