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Adore Beauty Reveals New Strategic Direction
Adore Beauty is moving into a new direction with the recent acquisition by a private equity firm. This aims to help the globalisation of the Aussie online cosmetics brand.
A private equity firm, Quadrant Growth Fund, has acquired 60 per cent of the online beauty store, Adore Beauty. After a year-long search to find the right partner, the brand says that now was the best time to make the deal.
Starting out in 1999, CEO Kate Morris and her husband, James Height, began Adore Beauty out of their garage. Since then, it has experienced year on year growth, and become one of the leading online cosmetic retailers in Australia. Currently, Adore Beauty sits at 38 on the Power Retail Top 100 Online Retailer Rankings. Despite this growth, ‘it’s time to pour the rocket fuel on’, explained Kate Morris.
This deal with Quadrant Growth has been bubbling since March, with the idea beginning in October last year. While there were plenty of offers on the table, the issue that the company found was choosing the right company that would fit.
“We [James and I] bought all these shares back at the end of 2016, and went back to being independent for a while, and had another baby, and we just had to run our own race for a little while there,” Kate Morris explained. “But when you’re a really fast-growing company, and you see that opportunity, to do it all self-funded can be pretty challenging.”
The majority share of the company will go to Quadrant Growth Fund, which will aid in its plans for global expansion. The first push aims to go to New Zealand and other English-speaking countries.