Iconic London bought by Jack Wills investor Blue Gem
today Jul 10, 2018
Make-up brand Iconic London has been acquired by Blue Gem Capital’s growing beauty division. The three-year-old brand joins QMS Medicosmetics that Blue Gem bought last year and also adds to an overall style-focused portfolio that includes Liberty London, Jack Wills and Mamas & Papas.
The terms of the deal weren’t disclosed, nor whether the brand’s founders retain a stake in the company or how big/small that stake might be, although there seem to be no management changes planned.
Founded by Jade Elliott in 2015, Iconic London was created to fill a gap in the market for a “fun and rebellious”, affordable make-up range and quickly became known for innovation. Its inaugural launch, the liquid highlighter called an Illuminator, proved to be an influencer product. And it was also an early ‘social shopping’ destination, selling via Instagram and winning a fan base of celebrities that it claims included the Kardashians, Jennifer Lopez and Meghan Markle.
In the UK, the brand currently sells through Harvey Nichols, Fortnum & Mason and Cult Beauty.
The company’s appeal for Blue Gem is understandable with the new investor also highlighting the way it “has consistently challenged the traditional beauty landscape with a new approach to purchasing beauty in the digital age, amassing over 800k global followers and influential fans to date, which has been integral to the brand’s instant success.”
It said its latest product, Prep, Set Glow Spray, sold out within six hours of its debut in April, and since then, the company said the item has sold consistently with one bought every 60 seconds worldwide.
So why did Elliott decide to sell? She said that the arrival of Blue Gem on the scene will help to support the brand’s US rollout later this year, as it targets growth in its existing US business, “as well as supporting Elliott’s vision to quadruple brand growth and increase retailer support worldwide.”
She said: “The time has come to take Iconic to the next level with the right investment. It has been the most incredible journey and I cannot wait to embark on the next stage with Blue Gem’s support.”
Copyright © 2020 FashionNetwork.com All rights reserved.