Skin Inc Raises $7 Million
Custom skin care business Skin Inc Supplement Bar has raised $7 million from Singapore investment fund Mistletoe.
Skin Inc makes a skin care line that has been used backstage at New York Fashion Week. The brand is best known for My Daily Dose Custom Blended Serum, $84, which is blended after shoppers go through an online assessment called the Skin ID Check. That process was created by the company in partnership with Shekhar Mitra, a former global vice president of research and development for Procter & Gamble, and is meant to determine what ingredients a serum should include to address individual skin concerns.
Skin Inc also makes a Pure DeepSea Hydrating Overnight Mask, $45, and Oxy Recharge Bubble Mask, $55, as well as the $295, Optimizer Voyage Tri-Light facial device, and the $195 Optimizer Voyage Tri Light Glasses for Bright Eyes. The business was founded by Sabrina Tan in 2008.
Skin Inc’s new investor, Mistletoe, has ties to major tech company SoftBank. Mistletoe is owned by Taizo Son, brother of SoftBank chairman Masayoshi Son, and the firm is led by Atsushi Taira, a former SoftBank executive.
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“We are broadly pursuing the future of people’s wellbeing and wellness,” Taira said in a statement. “Beauty powered with technology is one of our interests. Skin Inc has been creatively thriving in this direction since its inception and we find that Sabrina is a like-minded founder to work together to achieve our goals.”
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Tan said the investment came at the right time, and that the business is growing.
The company plans to strengthen its existing presence in Southeast Asia, where it is sold in China, Hong Kong, Australia and other markets, and North America, according to Tan. Right now Skin Inc is distributed with Sephora, Nordstrom, Bergdorf Goodman, Tmall, Lazada, Shopee, Amazon, Feel Unique and Urban Outfitters.
Industry sources estimated that the company did about $39 million in sales for 2020, and could double in 2021.
“The funds will be utilized for Skin Inc Cloud…e-commerce and omnichannel global expansion. It will also fuel the tech-led innovation that will set us apart and propel the beauty and wellness industry forward by bringing to life the brand promise of ‘customize, don’t compromise’ and providing ‘one-size-fits-me’ solutions,” Tan said.
Skin Inc will continue to use data from more than 1 million Skin ID Check profiles to create new products going forward.
Already, Skin Inc has used that data to create the Voyage Tri-Light and Tri-Light glasses, and to launch products in 2020 that meet skin care needs mid-coronavirus pandemic. Recent launches include Mask Liner, meant to reduce face mask-related acne, or Serum Glow Filter, meant to provide a light glow during Zoom calls. Skin Inc also launched a Detox supplement with Vitamin C last year.
Additionally, Skin Inc has hired William Gaultier as chief commercial officer. Previously, Gaultier was with Sephora, leading the e-commerce P&L and marketing organization for the Asia Pacific and Oceania regions. Before that, he was with Alibaba’s Lazada Group.
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