Indie skin-care darling Drunk Elephant has hired bankers to explore sale options, according to industry sources.
Sources said the brand pulled in close to $100 million in net sales for 2018 and was “extremely profitable.” The company is said to be in the exploratory stage of a process — books are not out yet.
WWD had previously reported that Drunk Elephant was expected to come to market in 2019.
The brand was founded by Tiffany Masterson and helped clean skin-care gain mainstream traction. While Drunk Elephant doesn’t eschew synthetic ingredients, it does avoid essential oils, silicones, fragrance and certain other ingredients in its formulations.
Before the brand received a minority investment from private equity firm VMG Consumer Partners, WWD reported that Masterson had meetings with multiple executives at the Estée Lauder Cos. Inc. A few years later, the brand is one of the few assets of scale that are up for grabs in the beauty world, and is expected to attract strategic interest.
Sources confirmed Financo and Moelis & Co. had been tapped to explore the process, which was first reported by Mergermarket.
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