PARIS — Skyn Iceland has new ownership, which plans to bring the clean skin care brand to its next phase of international development.
Entrepreneur Antoine de Larocque acquired Skyn Iceland from Frédéric Boulet with the support of investor Jacques Veyrat, through Veyrat’s holding Impala. (Impala has already invested in Augustinus Bader, Lierac and Roger & Gallet.)
Boulet remains a core shareholder of Skyn Iceland, and Sarah Kugelman — who founded the brand 15 years ago with product formulations that include fruit, plants and mineral water from Iceland — serves as a consultant. Sylvain Ducret heads up finance and operations.
Financial terms of the deal, which was orchestrated by Joël Palix, of Palix Unlimited, were not disclosed.
“It was a meeting between two people sharing the same idea and strategy to focus on clean products,” explained Boulet, referring to himself and de Larocque. “With the wish to present to customers global clean brands — including nutritional complements and therapeutic formulas — and focusing on our Nordic DNA.”
Skyn Iceland currently generates $10 million, of which about half comes from eye gel and microneedle eye patches. In all, the brand has 30 stockkeeping units.
You May Also Like
“We were a pioneer when [Skyn Iceland] was launched as a Nordic clean brand,” said Boulet. “We were also a pioneer with the first clean eye gel patch when we launched eight years ago. So we absolutely want to maintain the flow of innovation.”
Boulet said the aim is to develop Skyn Iceland as a global, clean skin care brand. As new product categories are added, the core consumer base should stretch beyond Millennials.
Sixty-three percent of Skyn Iceland’s sales come from North America, where the brand is in about 1,400 doors. Ulta is its main retailer in the U.S., and Skyn Iceland has just signed with J.C. Penney to be in that chain’s new concept, representing more than 600 doors.
Today, China is the second most important market for Skyn Iceland, where it is distributed by joint venture partner SuperOrdinary.
“We have very good hubs for big growth, including through the TikTok vector,” said Boulet.
Major development should come from expansion in Europe, where Skyn Iceland’s headquarters will move, to France, from the U.S.
“We absolutely want to focus the gravity center of the company in Europe now,” explained Boulet. “We are looking for big retailers in Europe and the U.K.”
Skyn Iceland has just signed with travel retail operator Dufry.
The brand’s production is expected to be developed in Europe.
“We think that in two to three years we can double the size of the company, with the new partners and the new potential customers,” said Boulet.
In the same period of time, it is envisaged that one-third of the business will be generated in the U.S., one-third in Europe and the U.K., and the remainder in Asia, mainly China.
“We will focus on these three main areas from the beginning,” said de Larocque. “We have the time, and we have the network to [build the brand].”