Blue Gem, the private equity firm that owns upermarket retailer Liberty, fashion brand Jack Wills and baby care firm Mamas and Papas, is expanding in the cosmetics market with the acquisition of Iconic London.
Launched via Instagram in 2015, Iconic London offers “cruelty-free” and vegan make up products and is said to have built a following of 800,000 consumers through social media. The company offers a broad range of cosmetics, including eye make-up, highlighter, foundation, contouring products and accessories.
The investment is reportedely earmarked to support the firm’s debut in the US later this year as well as boost its retail presence in the UK.
Commenting on the deal, Iconic London founder Jade Elliott said: “I have always believed in ICONIC and am so proud of what it has become having only started the brand 3 years ago from my bedroom – but the time has come to take ICONIC to the next level with the right investment. ICONIC has been the most incredible journey and I cannot wait to embark on the next stage with Blue Gem’s support”.
Source: The Industry / Global Cosmetics News / Iconic London