VMG Inks Briogeo Deal
Private equity firm VMG has made a minority investment in prestige hair-care Briogeo, WWD has learned.
The prestige hair-care brand, founded by Nancy Twine in 2013, sells a range of care and treatment products at Sephora, Nordstrom, Net-a-porter and its own web site. The brand was early to the skinification of hair movement, launching products that treat the hair and scalp more like skin. The line also has several food-oriented shampoos and conditioners, including Kale and Apple Replenishing Superfood Conditioner, $28, and Banana and Coconut Nourishing Superfood Shampoo, $28. Briogeo recently expanded into wellness with tea tree oil and caster oil, which are both meant to be multipurpose products.
"Hair is always going to be our core focus, and bread and butter of the Briogeo brand, but earlier this year we launched a new category called B. Well, which stands for Biogeo Wellness, and it really gives us the opportunity to take our clean-yet-highly-effective ingredient methodology and expand it beyond just hair care," Twine told WWD, noting that ingestibles are due out later this year.
She launched the business in 2013, and it really took off in 2017 when it came out with Scalp Revival, a $42 product meant to exfoliate and soothe dry scalps. That year Briogeo also launched Don't Despair, Repair, a deep-conditioner hair-cap system, $36, underscoring its commitment to treating hair more like skin.
Briogeo is said to be growing quickly. Industry sources said the business did between $30 million and $35 million in retail sales for 2018, and is on track to do between $60 million and $65 million in retail sales for 2019.
While Twine did not talk sales figures, she noted that the company has experienced "tremendous growth" over the past few years, and has recently launched in all Sephora North America doors as well as more international doors.
For VMG, Briogeo's broad consumer appeal was a selling point, said Robin Tsai, managing director with VMG. "We love the focus on inclusivity from a brand perspective," Tsai said. "Briogeo stands for something that welcomes all consumers, and we found that really refreshing as a fund, and we think that's where consumers are headed as well."
VMG recently sold Sun Bum to SC Johnson. The firm also backs Drunk Elephant, which is in the market with Financo and Moelis and is said to be in talks with strategic buyers to do a deal.
Financo represented Briogeo in the VMG transaction.
For more from WWD.com, see:
Hair is Now the Fastest-Growing Category in Prestige Beauty
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