Manscaping is about to make a very public debut.
Manscaped, the men’s grooming company that specializes in pubic hair trimmers, has signed a deal to go public via SPAC. The business will combine with Bright Lights Acquisition Corp., a special purpose acquisition company, and become traded on the Nasdaq under the symbol MANS, the companies said Tuesday.
The deal is expected to give Manscaped about $305 million in proceeds and value the business at about $1 billion. It is slated to close in early 2022.
Manscaped started as a direct-to-consumer brand focused on men’s self-care in 2016. The company said it is profitable and has a trailing 12 month revenue of $285 million. It expects to hit $500 million in sales in 2023.
The growth plan includes expanding into new international markets and launching new products. Right now, Manscaped is sold in 38 countries.
The product line includes a groin and body trimmer called the Lawn Mower 4.0, $89.99; Weed Whacker electric nose hair trimmer for $39.99, plus a line of personal care products and lifestyle products, including anti chafing boxer briefs.
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Paul Tran, founder and chief executive officer, will continue leading the company as it branches out into new categories and geographies. Initially, he said, Manscaped was created to fill a white space — but his vision is to turn it into a full-fledged lifestyle brand.
“It was just one of those things where men didn’t talk about it. Why not talk about it? We know you guys are doing it, why are you afraid to talk about it? So, we started talking about it,” Tran said. “Men just weren’t talking about it, but they were doing it. They were definitely grooming in the groin.”
Tran said the company’s core customer is younger Millennial men, but that older Millennials and Gen Z consumers also shop the brand. Part of the company’s success has been its marketing, which is created in house, he noted. Tran said 70 percent of Manscaped’s shoppers become subscription customers.
“The marketing efficiency leads to capital efficiency,” Tran said. “We’re able to recycle our marketing costs, so unlike other businesses where the customer acquisition cost gets paid off over multiple months…for us, we recoup that marketing cost as soon as a customer purchases one of our products.”
“We went from $3 million to nearly $300 million in just three years with only $23 million in capital,” Tran said. “It’s really capital efficient, to have that kind of growth.”
Tran said Manscaped opted for the SPAC deal with Bright Lights in part because of the access to celebrities the group has. Singer Ciara is on the company’s board, Bright Lights CEO Michael Mahan is vice chairman of Dick Clark Productions, and Bright Lights co-chairman Allen Shapiro manages an investment company that specializes in early-stage consumer brands.
Tran said that already, Channing Tatum has signed with the brand as a “creative content partner.”
“He’ll be the first of many — now we’re going to be able to create authentic connections not only through our brand and our customers, but through our celebrity partners,” Tran said.
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