Dive Brief:
- R.e.m. Beauty — founded by celebrity artist Ariana Grande — announced it received an undisclosed investment led by investment firm Sandbridge Capital, according to a company press release Tuesday.
- The investment included participation from Strand Equity, HYBE America, Live Nation Entertainment and Universal Music Group.
- The makeup brand’s new partnership with Sandbridge Capital will allow it to optimize its “global potential through continued product innovation, talent acquisition, and geographic expansion to support the brand's surging global demand.”
Dive Insight:
Founded in 2021, R.e.m. Beauty is looking toward international growth with its latest funding.
"I joined Ariana and r.e.m. beauty because I believe in both Ariana's overall vision and the brand's fundamental values, which will be at the core of everything we do," Michelle Shigemasa, who was appointed CEO of R.e.m. Beauty in February, said in a statement. "This bespoke partnership with Ken Suslow and the Sandbridge team opens a world of opportunities for r.e.m. beauty to supercharge our growth through focused investment and further scale r.e.m. beauty's already highly engaged audience of beauty enthusiasts."
With further expansion plans to be announced, the makeup brand is sold through its own direct-to-consumer website, through Ulta Beauty in the U.S., Sephora across Europe and via Selfridges in the U.K.
Ariana Grande entered into an agreement to buy back the assets of R.e.m. Beauty from Forma Brands for about $15 million in February. The deal was subject to the bankruptcy court’s approval, as Forma Brands filed for Chapter 11 in January.
Forma Brands had previously entered into a licensing agreement in 2020 to develop, manufacture, market, sell and distribute R.e.m. Beauty branded products.
