Scent Beauty, the omnichannel perfume developer behind superstar fragrances similar to Cher’s and Dolly Parton’s, has closed a Series A funding spherical.
The spherical was led by KSV Global in Boston. Financial phrases of the deal weren’t disclosed, however business sources pegged the deal between KSV Global’s typical vary of $7.5 million and $10 million.
Steve Mormoris, founder and chief government officer of Scent Beauty, stated the funding would finest serve capitalizing on its momentum of the previous yr. Over the summer time, it launched Scent From Above, Dolly Parton’s signature perfume. “We sold close to $3 million at retail of Dolly’s fragrance in one day,” Mormoris stated of its launch on HSN.
“It was due to Dolly’s engagement with her consumer base, her love of the fragrance, her ability to explain why she created this form of art, and because we sold discovery sizes more than six months up until the shopping network broadcast, we were able to share the product with the market, create buzz and awareness to gather positive reviews. That drove purchases of the full size.”
After the confirmed success of his technique, Mormoris stated the funding will go towards scaling the enterprise up for worldwide distribution.
“We’re very pleased to partner with KSV, who is serious about entering the beauty category. It has partnerships throughout the world in perfumery, e-commerce acceleration, Asian distribution and other areas that will create synergies that will allow Scent Beauty to achieve significant scale internationally,” he stated.
It may even enable Scent Beauty to fund future tasks.
“With the new capital injection, we will scale internationally more quickly in Europe and Asia, and we will be adding new brands of colossal scale in the next two years, and we can also keep up with working capital requirements in terms of inventory creation as we grow our existing brands, such as Cher, Dolly Parton, Stetson and others,” Mormoris continued, hinting at new launches from each new and preexisting manufacturers in Scent’s portfolio.
First and foremost, although, Mormoris is preserving tabs on worldwide markets for Cher’s signature perfume.
“We’re rolling out the Cher fragrance worldwide in chains and drugstores in the U.S., in Europe, on Amazon and we are looking at launching it in Brazil and Australia. It’s looking to be a strong brand with national support. We are about to launch a big, new campaign on Stetson behind Stetson Spirits, going into the holidays,” he added.
“We are thrilled to be partnering with Scent Beauty in its next stage of growth,” stated Dan Gay, cofounder and managing companion of KSV Global, in a press release. “Its team has assembled an influential portfolio of brands and this funding will enable them to expand new global partnerships more quickly and disruptively. We are grateful to be a growth partner.”
For extra from WWD.com, see:
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Dolly Parton on Fragrance, Getting Into Beauty
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