Patrick Ta Beauty has a new investor.
Stride Consumer Partners, whose partners were early investors in Tatcha, Skinfix, First Aid Beauty and Drybar, among others, has taken a minority stake in the business founded by professional artist Patrick Ta. Terms of the deal were not disclosed, though industry sources estimate Patrick Ta Beauty’s sales are expected to reach $30 million in 2022.
Ta founded the brand in 2019 alongside Rima and Avo Minasyan, and it is exclusively sold at Sephora and via its own website. “I wanted to create a brand that allowed women and people to feel confident within their own skin,” Ta said. “Everything is catered to people to amplify their natural beauty. It gives a lot of room to innovate and play and that was really exciting to our consumer.”
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That ethos filled a white space for Stride Consumer Partners, which said it was attracted to the brand’s versatile proposition — and its founders’ tenacity.
“We focus on passion brands where founders on a mission have developed a very distinctive and extremely high-quality product and have generated a tremendous amount of customer loyalty,” said Steve Berg, partner at Stride. “Patrick is so authentic and talented as an artist, and the products they’re developing are incredibly high quality, but also distinctive.”
Added Nicole Fourgoux, the firm’s operating partner, “this really feels like an untapped opportunity for us. We have the opportunity to focus on the portfolio and distribution expansion, with a big focus on our exclusive partner, Sephora.”
Retail and innovation will be the key priorities with the infusion, as well as building out the Patrick Ta Beauty team. “As far as customer experience, we’re exclusive to Sephora, we do about 70 percent to 80 percent of our business with them, and the rest come with digital and international markets,” said chief executive officer Avo Minasyan. “We’re in the European Union, U.S., Canada and Southeast Asia with Sephora, as well as a couple stores with Flannels in the U.K. and Cult Beauty.”
Customer retention rates have helped build the brand, and the funding will help cast a wider net. “The product is very special and anyone who tries the product ends up falling in love with the product,” said cofounder Rima Minasyan. “This round will help us in amplifying the consumer and bringing the product out to more people. More brick-and-mortar, more consumer involvement…we’re not looking to really change anything. We’re just amplifying it.”
Makeup is still the largest category in prestige beauty, with $2 billion in sales in the last quarter in the U.S.. according to data from the NPD Group.