"L Catterton is the right partner for The Honest Company based on its expertise and extensive resources which will fuel our evolution into an iconic global brand," said Nick Vlahos, The Honest Company CEO. "We will continue to execute against our strategy, which includes focusing our business on the baby and beauty categories. This investment will enhance our next chapter and accelerate the realization of our vision for the future."
The Honest Company will use the investment to further promote global scale by opening new distribution channels and unlocking expanded market opportunities. The Honest Company just announced an exclusive retail distribution partnership with Douglas, the No. 1 beauty retailer in Europe with more than 2,500 stores. This partnership will bring the full Honest Beauty line to seven European countries starting in spring 2019.
"The Honest Company has tremendous brand equity, innovative and quality products, and a loyal customer following," said Scott Dahnke, global co-CEO of L Catterton. "The Honest Company has evolved into a lifestyle brand and has many channels to grow in natural baby, personal care, beauty and adjacent categories in the future. We look forward to partnering with the expert management team that is in place as we leverage our long-standing experience in the better- for-you space and extensive operational expertise to support The Honest Company as it drives omni-channel growth."
L Catterton maintains that its firm has significant experience investing in natural and better- for-you brands. As a leader in the natural baby category and a trailblazer in clean beauty, The Honest Company aligns to L Catterton's interest in disruptive consumer brands.
Under Vlahos' leadership, The Honest Company has achieved double-digit retail growth of its diaper business and has doubled its distribution as well as its rate of innovation, according to the company. Now, The Honest Company is realigning its business in the categories and segments where global consumers and retailers are demanding more natural offerings - baby and beauty - and focusing its operations to ensure efficiency. By the end of the year, The Honest Company will launch more than 80 new and improved baby and beauty products including the company's most significant diaper innovation since its inception and a reimagined lineup of high-performance clean beauty products.
"It has always been my dream to grow The Honest Company into a global brand," said Jessica Alba, founder of The Honest Company. "Our mission from day one has been to empower people to live happy and healthy lives, and we are always in search of new ways to bring that to life. This partnership will enable us to empower more people in more places by delighting them with products that meet their desire for safety, design and performance."
The Honest Company will continue to be led by its current management team under Vlahos' leadership, which will continue to be headquartered in Los Angeles.