(MENAFN- Caribbean News Global) Platform leverages machine learning technology, the power of community, and rapid innovation to bring new brands and services to the beauty consumer
SAN MATEO, Calif.-(BUSINESS WIRE)-IPSY, the world's largest beauty sampling service, today announced it is acquiring BoxyCharm, the largest provider of full-size beauty product subscriptions, to form BFA (Beauty For All) Industries. Together, BFAI has a global community of more than 30 million beauty enthusiasts, and is on track to exceed $1B in annual revenue this year.
'We are thrilled to add BoxyCharm to BFAI, complementing the IPSY offering and strengthening our position in the personalized beauty ecosystem, said Marcelo Camberos, co-founder and CEO of IPSY, and newly appointed CEO of BFAI. 'Both brands share a commitment to celebrating diversity and enabling inclusion through beauty, which our world needs more than ever today. Joe has built an amazing business and an avid community of beauty enthusiasts. BoxyCharm has always pushed us to be better and now that we're under one roof, we're looking forward to growing and innovating together.
Under Camberos' leadership, BoxyCharm will continue to be led by its founder Joe Martin, who will join the BFAI board and become a co-founder alongside Camberos and BFAI Chairwoman and co-founder, Jennifer Goldfarb. '2020 has only increased the appetite for the convenience of delivery, the joy of discovery and the appreciation for self-expression, said Martin. 'Joining BFAI is a great culture fit and provides an exciting opportunity to learn from each other, share best practices and apply operating efficiencies that will provide an even better shopping experience for our existing and new customers.
BoxyCharm will operate alongside IPSY and its brand incubator Madeby Collective under the newly formed umbrella organization, BFAI. Earlier this year, Madeby Collective launched with its first of many direct-to-consumer brands, including ITEM Beauty, co-founded by Addison Rae, the second largest TikToker worldwide, and Complex Culture, a SELF Healthy Beauty Award winner.
Later this year, BFAI is launching its long-planned personal care subscription, Refreshments, to provide extra fun, extra clean essentials that jazz up every day routines. The initial offering will include face wipes, hand cream, body cream and body wash, with a broadened assortment launching in 2021 and beyond. IPSY president Fernando Madeira will expand his role to include overseeing Refreshments, which will be managed day-to-day by Sabeen Mian, SVP of Refreshments.
With the addition of BoxyCharm, BFAI will double down on its strategy for innovation and expansion, which is focused on four pillars:
● Personalization: Delivering a highly personalized experience, leveraging +180M beauty reviews and millions of member data points enhanced by machine learning
● Merchandising Innovation: Partnering with coveted third party brands that delight and meet community needs and developing high quality products in six months or less utilizing proprietary member data
● Community Engagement: Creating original content and amplifying creator content to engage a highly passionate community with +20M social engagements
● Team & Infrastructure: Investing in best-in-class leadership and the sharing of corporate services, including technology, operations, finance, analytics, customer service and more
IPSY and BoxyCharm will continue to operate as independent brands, and Madeby Collective will continue to be a vehicle for incubating new creator-led beauty brands. IPSY has spent the last nine years thoughtfully building a platform designed to make beauty more welcoming through highly personalized and innovative products. Members, brands and collaborators have repeatedly responded with enthusiasm and engagement, resulting in a powerful and passionate community that becomes even stronger with BoxyCharm and Refreshments.
J.P. Morgan acted as agent on BFA Industries' credit facility, alongside other joint lead arrangers including Bank of America, Wells Fargo, KeyBanc Capital Markets and Silicon Valley Bank. Wilson Sonsini Goodrich & Rosati acted as legal advisor to BFAI. Morgan Stanley & Co. LLC acted as financial advisor, and Ropes & Gray as legal advisor, to BoxyCharm. The transaction is expected to close by year end subject to customary closing conditions.
About BFA Industries
BFA (Beauty For All) Industries is a beauty innovation platform that is home to the largest beauty subscription brands in the world, IPSY and BoxyCharm, as well as brand incubator Madeby Collective, and personal care essentials brand, Refreshments. BFAI's mission is to inspire individuals around the world to express their unique beauty and extend access to beauty for all. Through product innovation, machine learning technology and a community-first approach, BFAI sets a new bar for delivering personalized beauty. BFAI's community is more than 30 million strong and growing, as enthusiasts around the globe join us in making beauty more welcoming and accessible to all.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.