Fragrance startup Phlur acquires Texas Beauty Labs and accepts millions in funding from Symrise
Just today Phlur announced that it has acquired contract manufacturer Texas Beauty Labs with the aim of advancing the clean beauty movement. And this objective is reflected in the labs’ new name: The Goodkind Co.
“When we started four years ago, the words 'clean beauty' were not part of the common vernacular,” Korman says in today’s media release. “We created a line of thoughtfully crafted fragrances with full ingredient transparency because we felt it was the right thing to do. Now clean beauty has become a movement, with more and more people correctly holding brands accountable to create safer and more sustainable products and be fully transparent in their product decisions,” he says.
And in his remarks to the press Korman describes his thinking on the acquisition this way: “When I first met Mary [Berry] and heard her story, I knew that our shared vision of creating beauty products with integrity and heart could lead to some amazing opportunities. We're thrilled by our new ability to rapidly evolve and test new products, and equally important, extend this ability to empower the independent beauty community. Our combined objective: to further accelerate the adoption of clean products by mainstream customers."
Proof of potential
Phlur and Texas Beauty Labs worked together on the deodorant brand called Explore Naturals. (Read more here on Cosmetics Design.) “With the launch of Explore Naturals, it was clear that we had created a special partnership. We launched the brand on Amazon in under three months, and then in the next three months we achieved annualized revenue of over $1m,” says Mary Berry, CEO of what is now The Goodkind Co. “This is an early example of what we will be able to achieve together for our direct benefit, and equally as important for our clients.”
Phlur and fragrance ingredient supplier Symrise have worked together since the brand’s day one. And early last year Symrise made an investment in the brand. “We’re thrilled to be taking this next step in our relationship with Symrise, one that provides further alignment and validation of our model, as well as the capital investment to continue on the aggressive path we’ve laid out,” Korman said at the time. Read more about that earlier deal here on Cosmetics Design.
In this latest Series A funding round, Phlur picked up $7m from a group of investors that again included Symrise. In fact “The round was led by Symrise Inc, joined by existing investor Next Coast Ventures, and attracted as a new investor Belcorp, the second largest beauty company in South America,” according to the media release.
“At Belcorp we are convinced that by creating responsible and transparent beauty products we contribute to building a future full of possibilities for all. We believe that companies in the industry have a valuable opportunity to respond to the needs of our consumers and, at the same time, preserve the harmony and beauty of our surroundings. We are excited to take part in Phlur's future innovations in the world of sustainable fragrances.” says Erika Herrero, CEO of new investor Belcorp.
Deanna Utroske, CosmeticsDesign.com Editor, covers beauty business news in the Americas region and publishes the weekly Indie Beauty Profile column, showcasing the inspiring work of entrepreneurs and innovative brands.