Hair care brands Amika and Eva NYC have a new owner.
Bansk Group, which was founded by former Coty Inc. and Reckitt Benckiser chief executive officer Bart Becht, has acquired majority stakes in the brands for an undisclosed sum. The two are the latest in a steady flow of acquisitions in the category, including that of Briogeo by Wella and Ouai by P&G Beauty late last year.
Amika and Eva NYC have steadily grown since they were founded and the newfound infrastructure will help Amika put capital behind both marketing and international expansion.
“Both brands have had organic growth and being independently owned can be limiting from an investment standpoint in terms of what we can put into marketing,” said Chelsea Riggs, Amika’s global brand president. “Our client is extremely brand loyal and this will help us on that next path of growth. We’re excited by a handful of markets outside of North America, where the brand could be quite successful.”
For Jane Moran, Eva NYC’s brand president, the opportunity lies in solidifying its operations. “We’re looking forward to leveraging this consumer expertise and operational resources,” she said. “We will continue to partner with our key retailers in the U.S. and provide them with innovation to build loyalty to the brand and with our consumers.”
Both brands are also focused on sustainability. Amika and Eva NYC are climate-neutral certified, while Eva NYC is a part of Ulta Beauty’s Conscious Beauty program as well as Target’s Target Zero accreditation. Amika is aiming to be a part of Clean at Sephora this year and both are working toward becoming certified B Corporations in 2022.
Amika’s products at Sephora range in price from $14 for miniature dry shampoos to $150 for tools, and Eva NYC’s Ulta offerings sit between $9.99 for sprays to $64.99 for a styling iron. The brands’ positions in the market set them apart from the crowd as customers move toward higher-priced products, said Chris Kelly, partner at Bansk Group.
“This is a really great time in the category to be investing in brands that are further up the chain in terms of their premiumization,” Kelly said. “That premiumization effect has happened in skin care, color cosmetics, fragrance, and 50 percent or more of those volumes are with premium brands. Hair care is significantly lower and the consumer is focused on what they’re using in their hair. Retailers on the front lines are positioning their shelf space to appeal to those consumers adding higher-quality products.”
Neither Riggs nor Moran commented on sales, although industry sources estimate the brands are expected to reach a combined $150 million in sales in 2022.
Financo Raymond James financially advised Amika and Eva NYC on the deal, while Jeffries advised Bansk Group.
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