Report: The Estée Lauder Companies' New Incubation Ventures Invests in Code Mint

Sep 14th, 2023

Code Mint was founded in 2021 by Grace Chow.

Code Mint was founded in 2021 by Grace Chow.

The Estée Lauder Companies' New Incubation Ventures has made a minority investment in Code Mint, according to Dao Insights. This is the incubator's first investment in a Chinese beauty brand.

Code Mint was founded in 2021 by Grace Chow.

The brand also has an angel investment from Korean cosmetics manufacturer Cosmax.

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Kennedy previously spent 13 years at Unilever working with Dove Men+Care and Vaseline.

Silvia Galfo was previously the first chief growth officer for the luxe division in the United States.

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“With our third quarter results and fourth quarter outlook, we are confident that the second half of fiscal 2024 will prove to be an inflection point for our company performance,' said Fabrizio Freda, president and CEO.

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Mainland China, a challenge amid lingering economic and COVID-19 challenges, grew net sales in the latest quarter, though the prestige sector remains soft, per the company.

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According to L'Occitane, 'The offer is particularly compelling in light of the prolonged low trading liquidity of the company’s shares, which makes it challenging for minority shareholders and vested option holders to sell a substantial amount of shares without adversely affecting the share price.'

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The health and well-being sector was boosted by brands like Nutrafol and Olly, while prestige beauty benefited from strength at Tatcha, Hourglass and Living Proof.

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Top performers included hair care, particularly the Dove brand, Sunsilk and TRESemmé.

Kylie Jenner, founder of Kylie Cosmetics, said, 'I am so excited to launch Kylie Cosmetics in India—I created Kylie Cosmetics to give my fans access to the makeup products that I use and love, and I can't wait to share my collection with all my fans in India.'

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