The executive says the brand is getting back to growth.
“We’ve seen a serious change in the rate that consumers are moving away from store-based to online shopping. There’s been a material impact,” said Moulding.
The London-based brand will use the investment to fuel its expansion to U.S. Target stores in January.
Net sales decreased 7.8 percent, and net income was down to $74.8 million from $129.7 million compared to fiscal 2019.
The platform hosts beauty reviews from non-influencers, regular beauty consumers, mostly in the Gen Z age range.
The brand has pivoted from an industry-insider event at The Pierre Hotel to a documentary-style program airing the night before Thanksgiving.
Industry sources estimate the brand could do more than $10 million in retail sales next year.