The Australia-based hair care brand has been acquired by Gauge Capital, the Dallas-based private equity firm, the brand’s global president Brian Orr told WWD.
Orr did not disclose the size of the deal, nor did he comment on estimates from industry sources that the brand reached $80 million in sales last year.
“The brand will be headquartered in Australia, and product development will continue to come out of Australia. My role is to support the Australia team and put a support system in place around the world to enable the global international expansion into all markets, and all geographies,” Orr said, adding he joined the brand earlier this year.
BondiBoost is sold on its website and at Ulta Beauty and also participates in the latter’s partnership with Target. Given the brand’s success in the U.S. and U.K., Orr is not excluding any international markets as it looks to outward for opportunities.
“We began in Australia, where we have a great business, but I still think there’s room to grow in North America,” he said. “The team has already defined the roadmap. They’ve built customer engagement and advocacy in such a short amount of time. If you go online, there are more than 20,000 customers giving BondiBoost a five-star rating on our products.”
He also noted the brand’s Instagram account, which boasts 687,000 followers, and the brand’s Facebook group, BondiBoost Babes, which has more than 80,000 members.
“Our digital community has a lot of fun together with customers sharing success and asking each other which products to use and how to use them,” he said. “That’s organically happening.”
With that in mind, the brand is looking to stick to its core hair business before looking to other categories for expansion.
“We are all about creating solutions to solve issues that people are having with their hair and scalp and that’s the core of the brand,” he said. “There are plenty of categories we can test as well, but I really want the brand to stick to its core, because that’s what we do best.”
The deal comes as prestige hair care shows no signs of abatement. The category is predicted to reach the same volume as makeup by 2024.
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