NEW YORK — The Caboodles Cosmetics company has been sold.
As previously reported here as the expected buyer, the company’s acting chief executive officer Charles Beech, in conjunction with private investment group Pittco Capital Partners, has acquired the teen cosmetics brand for an undisclosed sum.
Caboodles has been on the selling block and in a state of flux since its founding president Gary Scofield left the four-year-old color brand this spring.
Peter Henning, chief executive officer of Plano Molding, Caboodles parent, had tapped Beech in May to manage the brand. Beech will remain on the management team as chairman and chief executive officer. “We are very enthusiastic about the company and the business. New capital will be used to add additional management, marketing and other resources so the company can reach its potential.”
Pittco Capital provides equity and capital to entrepreneurial companies throughout the U.S. with an emphasis on the Southeast.
Despite being placed on the selling block by parent Plano Molding Co. in the spring, innovation and newness continue to be key focuses at Caboodles Cosmetics.
In addition to introducing new products for holiday and spring, Caboodles is planning advertising and promotional efforts to raise brand awareness. This includes a $1 million advertising campaign, consisting mainly of print, that is slated to break in March. Additionally, Caboodles plans to team with Teen People for a promotion surrounding the release of the movie “Ella Enchanted,” which is expected to premier in Los Angeles in the spring. There are also plans for a cross promotion in Target Stores, which is said to generate between 20 and 30 percent of Caboodles’ business. The cross promotion is expected to include Caboodles visuals placed outside the cosmetics aisles. Also in Target, the brand will be reset using a universal fixturing system, which is slated to be installed by February.
For holiday and spring, Caboodles is unleashing a bevy of lip and eye colors. There are six new double-ended Caboodles mascaras in the works, for instance, that feature black on one end and a color — such as turquoise, gold or red — on the opposite end. The mascaras, called Hot Tips, are scheduled to launch in March.
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