Listen to the article
Dive Brief:
Consumer-focused investment firm Bansk Group has acquired a majority stake in skin care brand Byoma, according to a press release.
Bansk acquired the stake in Byoma from private equity firm Yellow Wood Partners for an undisclosed sum.
Under Bansk’s ownership, Byoma will continue to be led by Marc Elrick, founder and CEO of the skin care company, as well as the brand’s existing leadership team.
Dive Insight:
Byoma helps build out Bansk’s beauty portfolio, which also includes hair care brands Amika, Eva NYC and Ethique Beauty.
“Byoma is redefining what skincare can be – backed by science, led by purpose, and deeply connected to its community,” Chris Kelly, senior partner at Bansk, said in a statement. “In what can often be a sterile and confusing category for consumers, Byoma stands apart by simplifying the skincare journey and delivering efficacious, prestige formulations at an accessible price point.”
While Byoma is currently selling its products online and in-store in the U.S. at Target, Ulta, Amazon, Urban Outfitters and Shoppers Drug Mart, the brand sees an opportunity with Bansk to scale its business to the next level.
“This transaction unlocks an accelerated growth trajectory in our journey,” Elrick said in a statement. “In Bansk, we’ve found a partner that intimately understands today’s consumer landscape and shares our values and growth ambitions. With Bansk’s deep expertise scaling purpose-driven consumer brands, we are incredibly excited to continue to challenge and redefine the beauty landscape for consumers globally.”
Despite uncertainties surrounding global tariffs, higher prices, inflation and a decline in consumer sentiment, the beauty sector remains relatively strong. Per a midyear report by Circana, mass beauty sales increased 4% while prestige grew 2%. While fragrance was the mass sector’s top category, mass skin care sales also were up by 4% in the first six months of this year, according to the report.
A handful of notable acquisitions are indicative of the continuing interest in the beauty sector in recent years. American Exchange Group last year acquired skin care brand Indie Lee, while E.l.f. announced in May that it would acquire Rhode, Hailey Bieber’s beauty brand, for $1 billion.
The U.S. skincare market is projected to generate revenue of $26 billion in 2025, with a compound annual growth rate through 2030 of 3.72%, per Statista.