Australia's Frank Body has received an investment from China's EverYi Capital, valuing the brand at about $100 million AUD. The round was completed ahead of a U.S. targeted Series B that is slated for 2021.The brand's founders, Steve Rowley, Bree Johnson, Jess Hatzis and Alex Boffa, will retain their controlling interest. EverYi Capital Managing partner, Susan Shui-Shien Lin, will join the the cofounders and Unilever Ventures on the board.
The funding will expand frank body's Asian footprint over the next three years, including a localized team in Shanghai, developing go-to market strategies and supporting a partnership with Australian retailer Mecca, which operates in Asia via Tmall.
Briefing: How to Expand Your Beauty Business in China
The brand will remain cruelty-free and maintain manufacturing and innovation in Australia and the United States. The China expansion was made possible by the country's revised animal testing policy.
To date, the United States represents 50% of Frank Body's business via direct-to-consumer sales and retail partnerships with Ulta, Target and Urban Outfitters. The brand has also launched into 350 Boots doors in the United Kingdom.
Rowley said, "We're delighted to welcome EverYi Capital to Frank Body. This partnership is an important next step in our globally present, locally relevant strategy, enabling us to bring our accessible, affordable and effective clean beauty and personal care products to an important audience. Having a local operational partner gives us insight and support to grow in what we anticipate will be one of our core future markets. EverYi Capital shares both our passion for the consumer and our values around clean, accessible beauty and personal care products."
Lin said, "Frank Body's clean, coffee-based beauty and personal care products and authentic Australian brand identity are known in China and we expect the brand to resonate well with millennials and Gen Z, who are looking for quality and uniqueness. The body care category in China is a relatively untapped market in relation to affordable, premium brands. We believe Frank Body's expansion in China will benefit from this opportunity and we are excited to support the business in this next phase."