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Boldface Group Brings in Net Revenue of $5.3 Million
Posted: October 16, 2013
Boldface Group, Inc., a celebrity beauty licensing company focused on opportunities in the beauty, fragrance and personal care markets, announced the company's financial results and highlights for its fiscal year ended June 30, 2013. During its first year of operations, Boldface achieved gross revenues of $6.7 million after a successful introduction of Kardashian Beauty in U.S. retailers including CVS, Ulta Beauty, Ricky's NYC, Duane Reade, Fred Meyer and Meijer.
Additionally, net revenues was $5.3 million, and gross profit was $2 million for the fiscal year, or 38% of net revenues, including $0.4 million of inventory reserves for write-offs.
The acquisition of the Mario Lopez fragrance license and the UghlyDoll personal care/bath and body license helped contribute to the company's growth, as well as securing U.S. distribution in over 5,300 retail points for Kardashian Beauty. The company also secured a distributor for the European Union and the Middle East for the brand.
"Despite a period of time where the company did not ship goods due to the name change from Khroma Beauty by Kourtney, Kim and Khloe to Kardashian Beauty, we are proud to turn in a first year revenue of $6.7 million," said CEO Nicole Ostoya. "We are looking to the future and the future is bright. We have just shipped out the new Kardashian Beauty products, as well as our new Kardashian Beauty holiday items, to our retail partners. The Kardashian Beauty fans love the products, and we are thrilled with the feedback. We have also recently announced several new international markets and international retail partners. As we look to the future, we anticipate that the demand for this brand will grow. Additionally, UglyDoll will start being presented in market this month, and we could not be more proud of the 'naturally Ugly' brand we have created for children ages 8-15. Not only can parents feel confident using our products for their safe qualities, UglyDoll focuses as a brand on being beautiful inside, which is a message we want to foster."