LORAC announces partnership with Encore Consumer Capital
Late last week the two companies publicized the deal. Now, the prestige color company LORAC is on to its next phase with more funding and a broader management team.
Leadership qualities
Company founder Carol Shaw, who has successfully led the brand for 20 years, will now focus exclusively on product development and PR. Tim McMeekan joins the LORAC team as CEO.
Shaw retains her Founder title in the new hierarchy and is optimistic about the partnership: “My colleagues and I at LORAC are excited to be partnering with Encore Consumer Capital,” she says in an Encore press release about the investment.
“I am very proud of LORAC’s success, and look forward to working with the company’s new CEO, Tim McMeekan, to bring the brand to even greater heights. The best of LORAC is yet to come,” she adds.
McMeekan is coming on board with respect for the brand’s history—“Carol is an authentic icon of the industry, a first-mover in prestige cosmetics who has built an outstanding brand”—and has his sights set on the future: “We are passionate about what LORAC stands for: high-quality and accessible professional makeup artist formulations that bring Red Carpet looks to everyday life. Our team looks forward to continued growth and success.”
Retail growth
There’s a precedent for the capital company’s investment in the cosmetics and personal care industries. Encore partnered with the natural color brand Tarte and later sold that company to Kosé. And, right now Encore has financial arrangements with MyChelle Dermaceuticals and butter London.
LORAC is known for its innovations in makeup and is aiming to leverage that legacy: "We are thrilled to have the opportunity to be involved with this special brand that Carol Shaw first introduced to the world 20 years ago that has since earned a unique place in the prestige beauty world,” affirms Kevin Murphy, managing director at Encore Consumer Capital, in the release.
“I have great confidence that Tim McMeekan and the entire LORAC team will further enhance LORAC’s trusted relationships with its retail partners and customers through the introduction of the highest quality and most innovative products,” he says.
