The beauty industry is seeing significant leadership from influential women shaping its financial landscape, including investment banking, private equity, venture capital, strategics and family offices. Here, Leading Voices presents a list of these women executives, which was derived from “Beauty’s Most Powerful Financiers” published by WWD Beauty Inc last fall.
This list includes investment bankers Razika Abchiche from Lazard, Hanadi Al Hamoui from Bank of America Merrill Lynch and Dipika Soni and Christin Levine from Morgan Stanley. These are top-notch executives who play vital roles in acquisitions and investments across emerging and luxury beauty brands.
The list also spotlights private equity leaders such as Cori Aleardi from Elevate Beauty/L Catterton, who focuses on early-stage beauty businesses, and Aurora James and Alisa Carmichael from Parity Collective/VMG, who support BIPOC-founded brands such as Danessa Myricks and Melanin Haircare. Also on the list is Jill Granoff from Eurazeo, who helms a portfolio of buzzy indie brands. As a whole, these private equity executives are shaping the future of beauty through strategic investments in standout brands such as The Inkey List, Barbara Sturm and Summer Fridays.
On the strategic side of investments, the list spotlights industry giants such as Samantha Etienne of L’Oréal/BOLD, soon-to-retire Carol Hamilton at L’Oréal USA and Anna Ohlsson-Baskerville at Unilever Ventures. The strategics manage venture capital funds and make acquisitions across global markets. Their investments span biotech, longevity and innovative beauty platforms and brands such as Aesop, True Botanicals, Vyrao and Melt Season.
Women venture capitalists on the list include Natalie Massenet at Imaginary Ventures, Nikki Eslami from New Theory Ventures and Cristina Nuñez at True Beauty Ventures. These leaders are spearheading funding for diverse beauty brands such as Thirteen Lune, Rare Beauty and Bubble. The family offices and angel investors side of the business are represented by women such as Prisca Courtin at Famille C Participations and Natalia Vodianova at Supernova — investors who focus on luxury and impactful beauty brands such as Ilia Beauty, Pai Skincare, Augustinus Bader and Joone Paris.
Together, these visionaries are redefining beauty finance, driving transformative deals, minority investments, IPOs and capital raises for both indie startups and established players across the globe. Their expertise and leadership are setting the stage for the future of beauty as an innovative and diverse industry.
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The Investment Bankers
Razika Abchiche
Managing director
Lazard
Razika Abchiche Courtesy A Lazard lifer, Abchiche has a sharp eye for rising beauty brands, as well as their bigger brethren. Some notable deals include La Rosée founders’ minority stake disposal, Respire’s funding round, BC Partner’s acquisition of Havea Group, Adopt Parfums’ capital increase, Atelier Cologne’s sale to L’Oréal. She works out of the Paris office.
Hanadi Al Hamoui
Managing director, European consumer and retail
Bank of America Merrill Lynch
Hanadi Al Hamoui Courtesy Last year marked major beauty initial public offerings and Al Hamoui has helped steer two of the biggest, while also having a hand in the year’s most significant acquisitions. Notable transactions include Kiko Milano’s sale to L Catterton, L’Oréal’s acquisition of Aesop, Puig IPO and Galderma IPO. Based in London, Al Hamoui is also a board member of CEW U.K.
Lauren Antion
Director and co-head of beauty, personal care and wellness
Intrepid
Steve Davis and Lauren Antion Courtesy Experienced with the mass market, Antion with her co-head at the firm helped Native secure a $100 million pay day from Procter & Gamble. Other notable deals Raw Sugar to WM Partners and Loving Tan to Gauge Capital. Her bio notes that Antion was named the “NextGen Woman of the Year” by the Los Angeles Business Journal in June 2022. And was previously named to the list of “Women of Influence in Finance” by LABJ in February 2022, “Women of Influence in Banking” by LABJ in February 2021 and “Top Women in Banking” by LABJ in February 2020.
Vennette Ho
Managing director, global head of beauty and personal care
Raymond James
Vennette Ho Courtesy If there is a notable beauty deal happening, then Vennette Ho is likely involved in some capacity, either on the sell side or the buy side. Following stints at Lazard in equity research and at Bloomingdale’s in merchandising, Ho now spearheads Raymond James’ beauty and personal care practice, focusing on mergers and acquisitions in addition to growth capital raises for young companies. Recent deals include TSG Consumer Partners acquiring a majority stake in Summer Fridays, Salt & Stone’s minority investment from Humble Growth, Unilever’s acquisition of K18, Shiseido’s purchase of Dr. Dennis Gross Skincare and Winky Lux gaining a majority investment from Core Industrial.
Some of her biggest deals to date include Paula’s Choice’s sale to Unilever, Shiseido snapping up Drunk Elephant, Wella buying Briogeo and Tatcha selling to Unilever. And let’s not forget Huda Beauty’s $1 billion valuation when it received a minority investment from TSG Consumer Partners.
Dipika Soni and Christin Levine
Managing directors and co-heads of beauty, personal care and consumer health investment banking
Morgan Stanley
Dipika Soni and Christin Levine Courtesy This New York-based pair works on some of the biggest deals in beauty, whether on the sale side or initial public offering. Notable transactions include the sale of Aesop to L’Oréal, Unilever’s sale of Elida Beauty to Yellow Wood Partners, Oddity IPO and Olaplex IPO.
Karine Ohana
Managing partner
Ohana & Co.
Karine Ohana Courtesy Ohana works with her brother Ariel Ohana. He’s based in Los Angeles and she’s in Paris, and counts among notable deals Hourglass’ sale to Unilever, Juliette Has a Gun’s to Cathay Capital and Weinberg Capital, Evidens de Beauté’s acquisition by S’Young, Violet Grey’s sale to Farfetch, Fueguia’s growth equity from Qatari family, Milk Makeup’s investment from Amore Pacific, Byrdie’s sale to InterActive Corp. and Versed’s spin-off from Offspring Beauty.
Sasha Radic
Managing director, beauty and wellness investment banking
Jefferies
Sasha Radic Courtesy Radic has been making a name for herself in the beauty banking world, working on some of the buzziest initial public offerings and deals. Notable transactions include the Nutrafol sale to Unilever, Ouai to P&G, Chantecaille to Beiersdorf and Charlotte Tilbury to Puig.
Alice Wells
Founder
Lempriere Wells
Alice Wells Courtesy This hybrid banker-investor both advises companies and takes a stake in emerging brands. Mentionable deals include advising L’Occitane Group on its 160 million-euro acquisition of luxury fragrance brand Dr. Vranjes Firenze, and investments in Koala Eco, Rae Morris and Dr. Vranjes Firenze.
Fei-Fei Zhang
Executive director
JP Morgan
Fei-Fei Zhang Big Deal: Leading JP Morgan’s charge into beauty, Zhang has been tapped by some of today’s hottest founders to explore deal options.
Notable Transactions: Waldencast’s acquisition of Milk Makeup and Obagi, Olaplex’s IPO.
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The Private Equity Principals
Cori Aleardi
Founding partner
Elevate Beauty (part of L Catterton)
Cori Aleardi Courtesy L Catterton is getting in on beauty deals even earlier these days, and appointed Aleardi to lead Elevate Beauty, a fund dedicated to investing in early-stage beauty businesses. Current investments include Dibs Beauty, Eighth Day and Irene Forte Skincare.
Aurora James and Alisa Carmichael
Cofounders
Parity Collective (part of VMG)
Aurora James and Alisa Carmichael Courtesy Carmichael oversees VMG’s Parity Collective in partnership with the Fifteen Percent Pledge’s James, as an investment initiative for “BIPOC-founded businesses that are on a journey to become iconic consumer brands.” The hope is that through tapping into the broader VMG team’s expertise and network, brands that join The Collective will unlock access to a broad ecosystem of resources, including retailers, manufacturers, marketers, financial experts and more. Current investments include Danessa Myricks Beauty, BeautyStat, Melanin Haircare and Proudly.
Neda Daneshzadeh and Alica Sontag
Cofounder and managing partners
Prelude Growth Partners
Neda Daneshzadeh and Alica Sontag Courtesy With investments in some of the buzziest indies around — and some big exits under their belt — this duo has garnered a reputation for spotting beauty’s next big thing. Notable investments include skin care brand Naturium, part of The Center, in which Prelude made a $15 million minority investment back in 2021. In the summer of 2023, Naturium was sold to E.l.f. for $355 million. Most recently, it exited Summer Fridays, the beauty brand started by influencers Marianna Hewitt and Lauren Ireland in 2018, when it received a strategic growth investment from TSG Consumer Partners. Current investments include Tower 28, Phlur, Skin Pharm, Westman Atelier and DpHue.
Jill Granoff
Senior adviser
Eurazeo
Jill Granoff SMF PHOTOS LLC Current investments include Gisou, Ex Nihilo, Nest New York, Beekman 1802, Lumin and Meridian.
Jackie Dunklau
Founder and Partner
Aria Growth Partners
Jackie Danklau Courtesy Having previously invested in Hero Cosmetics, which was acquired by Church & Dwight in 2022 for $630 million, Danklau works with her partner to spot dynamic consumer brands. Current investments, The Inkey List and Ultra Violette.
Janet Gurwitch and Tricia Glynn
Managing partner (Glynn); Operating partner (Gurwitch)
Advent International
Janet Gurwitch, Tricia Glynn Courtesy The ultimate beauty pair: Gurwitch’s encyclopedic knowledge of the industry — and Glynn’s golden touch — inform Advent’s deep pocket bets on beauty. Current Investments include Olaplex, Orveon, Parfums de Marly and Skala.
Karen Kenworthy
Partner
StripesKenworthy led the way with German skin care brand Dr. Barbara Sturm when it was sold to Puig this January. Current investments include Erewhon and Kosas.
Hadley Mullin
Senior managing director
TSG
Hadley Mullin Courtesy Photo Few understand the nature of influence better than Mullin and TSG, whose most recent deal was a stake in the wildly successful Summer Fridays. Current investments include Hempz, Huda Beauty and Summer Fridays.
Anna Sweeting
Founder
The Equity Studio
Anna Sweeting Courtesy Sweeting, who co-created the U.K.’s first female-led specialist investment fund, is a trailblazer in more ways than one. With partner Rosie Huntington-Whiteley, Sweeting supports female-founded brands aiming to scale. Gisou was an early bet. Current Investments include Gisou, 111Skin and Joone Paris.
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The Strategics
Samantha Etienne
General manager
Business Opportunities for L’Oréal Development (BOLD)
Samantha Etienne Courtesy Business Opportunities for L’Oréal Development, the beauty giant’s venture capital fund, is — as its acronym suggests — bold in terms of investments, both geographically (think Switzerland to China) and category-wise (think longevity to biotech). Leading its charge is Samantha Etienne, BOLD’s general manager.
BOLD, which was launched in 2018 to take minority stakes in start-ups with high growth potential, focuses on four verticals: brands, platforms, tech and science in the beauty space.
Carol Hamilton
Group president of acquisitions
L’Oréal USA
Carol Hamilton Courtesy Hamilton is the L’Oréal USA veteran who’s just as good at building brands as acquiring them, which includes L’Oréal’s $2.5 billion acquisition of Aesop in August 2023 that sent shockwaves through the industry. Other notable deals aside from Aesop, include Galderma (10 percent stake), Skinbetter Science, Urban Decay, It Cosmetics, Lactobio and Youth to the People.
In early February, L’Oréal Groupe announced her retirement, effective May 1, “after an extraordinary 40-year career that leaves an indelible mark on the development and success of the company and its leadership in the U.S. market.”
Anna Ohlsson-Baskerville
Partner
Unilever Ventures
Anna Ohlsson-Baskerville Courtesy Under the aegis of Ohlsson-Baskerville, Unilever Ventures has heightened its focus on beauty and wellness deals with current investments that include Trinny London, True Botanicals, The 7 Virtues, Sachajuan Haircare, Indu Cosmetics, Luna Daily and Exponent Beauty.
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The Venture Capitalists
Natalie Massenet
Cofounder
Imaginary Ventures
Natalie Massenet Courtesy Massenet is a British American fashion entrepreneur and a former journalist who founded Net-a-porter. She is also the former chairman of the British Fashion Council. And is a cofounder with Nick Brown of Imaginary Ventures with investments in Kosas Cosmetics, Westman Atelier, Glossier, Ami Colé, Half Magic and Nécessaire.
Nikki Eslami
Founder
New Theory Ventures
Nikki Eslami Photo courtesy of Nikki Eslami Entrepreneur and Bellami Hair founder Nikki Eslami is as adept at investing in brands as she is in creating them. Her focus: Brands led by women and diverse founders, including Selena Gomez. Current investments include Thirteen Lune, Maude, Sourse, GXVE Beauty by Gwen Stefani, Innbeauty Project, Ceremonia and Rare Beauty.
Cristina Nuñez
Cofounders and general partner
True Beauty Ventures
Cristina Nunez Courtesy Nuñez and cofounder Rich Gersten are seasoned beauty veterans and first-time fund managers, who pulled from their pool of industry contacts to raise the fund. Notably, they invested $4 million over three rounds in hair brand K18, which was subsequently sold to Unilever, marking True Beauty Ventures’ first exit from its first fund. The second fund raise was closed at the end of July 2024 and True Beauty Ventures currently has 17 active beauty and wellness investments across both funds. Current investments include Kinship, Caliray, Maude, Crown Affair, Moon Juice, Cay Skin, Dieux, BeautyStat, Youthforia, Vacation, Evolvetogether, Feals, Ami Colé, 7 Virtues, Iris + Romeo and The Maker.
Kirsten Green
Founding partner
Forerunner Ventures
Kirsten Green ELISABETH FALL Green, who founded the firm in 2010, has led efforts to raise $2 billion-plus from institutional investors. She is adept at spreading the wealth, with investments in more than 100 companies with current investments that include Glossier, Ritual and Prose.
Amy Griffin
Founder and managing partner
G9 Ventures
Amy Griffin Courtesy This very connected investor — Gwyneth Paltrow is a personal friend — moves in the right circles to know what’s hot with current investments that include Roz Hair, Westman Atelier, Kitsch, Saie and Supergoop.
Jenna Jackson
Partner
Cavu Consumer Partners
Jenna Jackson Courtesy Cavu, a powerhouse in the nutrition space, has deftly moved into beauty with Jackson steering the way and counts Osea, Nécessaire and Topicals as current investments.
Eléonore Oudéa
Cofounder and managing partner
Label Capital
Eléonore Oudéa Courtesy Oudéa and cofounder Gaspard de Sarnezare said to have a penchant for moving quickly, and made their initial mark by leading the way in the aesthetics space with current investments that include Innerskin, IVB Wellness Lab and Ex Nihilo.
Katherine Power
Partner
Greycroft
Katherine Power Courtesy of Katherine Power No surprise this serial entrepreneur with a magic touch — she created Merit and Versed — is also a savvy investor, too with current investments that include Mother Science, Arey Grey, Experiment Beauty and Ami Colé.
Odile Roujol
Founder
Fab Co-Creation Studio Ventures
Odile Roujol Courtesy Former Lancôme chief executive officer Odile Roujol’s venture as a seed stage-focused investor has been equally as successful. She was one of the earliest backers of K18. Current investments include Bubble, Veracity, GoodLightWorld, Yina, BrownGirlJane, Hanni, Shaz & Kiks, Luum, HelloBiome, Thirteen Lune, The Folklore, Function Health and Novos.
Montse Suarez
Founder
Iris Ventures
Montse Suarez Courtesy Suarez, who co-created the U.K.’s first female-led specialist investment fund, is a trailblazer in more ways than one. She was also early to recognize Gisou’s potential with an investment in 2020. Current investments include Gisou, 111Skin, Olistic Science and Joone Paris.
Sarah Woelfel
Cofounder and partner
Cult Capital
Sarah Woelfel Courtesy With a portfolio that reflects the future of beauty, Woelfel has combined her zeal for investing with her affection for cult consumer brands. Current investments include Act+Acre, Lawless Beauty and Subtl Beauty.
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The Family Offices/Angel Investors
Prisca Courtin
Managing director
Famille C Participations
Prisca Courtin Courtesy Courtin has shown huge savvy in identifying and transacting directional deals. She founded and now serves as managing director of Famille C Participations, the holding company of her family, which owns Groupe Clarins. The firm has a 130 million-euro stake in Evok Collection hotel group as well as a majority stake in Ilia Beauty. Other shares are parked at Pai Skincare and Joone Paris.
Natalia Vodianova
Cofounder
Supernova
Natalia Vodianova Courtesy Vodianova and cofounder Timon Afinsky have a purposeful investment strategy, with a focus on the beauty and fashion tech space with current investments in Lovi, Juana, Niance, Decree, Augustinus Bader and Voir.