Khaite Scores Funding đź’°

Author

CPG WIRE
March 14, 2023

GM and Happy Tuesday, folks. Here’s what we’re covering this morning:

  • Khaite scores funding from Stripes đź’°

  • New CEO at Patrick Ta Beauty đź’„

  • DRNXMYTH closes Series A 🍸

  • Sephora & TikTok collaborate 📱

  • Maesa launches something new 🆕

The Big Story đź“°

Khaite, the luxury womenswear brand founded by Catherine Holstein in 2016, secured growth funding from Stripes, an investment firm focused on high-growth consumer and software companies.

In addition to their popular ready-to-wear line, Khaite also produces footwear, handbags, and accessories. Khaite’s Arizona Shoe and Olivia Hobo Bag are representative of the brand — luxurious but understated and, of course, pricey. Not prohibitively expensive like a Birkin, though. Khaite is priced such that it’s expensive but reasonably attainable.

The New York-based company has hit some major milestones recently. Last year Khaite crossed the $100m revenue marker and posted triple-digit growth year-over-year. More importantly, the brand pulled off a nearly impossible feat: becoming an actual luxury brand, not just an aspiring one.

The title of a recent New York Times profile — “ What Does a Cool Girl Look Like?” — captures it all. In short, Khaite is the “It” brand.

More on the fundraise here.

Deals đź’°

Mergers & Acquisitions 

  • Per NOSH, better-for-you dessert brand Bon Devil was acquired by The Run-A-Ton Group. The Run-A-Ton Group is based in New Jersey and operates a number of brands like Blissfully Better and Unique Belgique. NOSH

  • Also per NOSH, Cali’Foods acquired Mikey’s, a producer of gluten and dairy-free frozen baked goods. NOSH

  • Spanish wine producer Bodegas La Val was acquired by CVNE, a family-owned wine group that was founded in 1879. Just Drinks

  • Adidas is reportedly receiving offers for its unsold Yeezy inventory. If they fail to move the inventory, Adidas could take a $527m hit. CNN

  • Kering Eyewear has strengthened its supply chain by purchasing UNT, a French manufacturer of high-precision components for the luxury eyewear sector. Kering

Fundraising

  • RTD cocktail maker DRNXMYTH raised $3.7m in Series A funding. An unnamed venture firm led the round while Red Door Capital added $975K. BevNET

  • Better Beer, the Australian beer brand that launched in 2021 and is on pace for A$45m in sales this year, is seeking to raise $20m in growth funding. Two comedians, Jack Steele and Matt Ford, launched the brand. Inside FMCG

  • British natural pet food brand Scrumbles secured $7.3m in funding from BGF, one of the UK’s most active growth capital firms. Scrumbles was founded in 2018 by Aneisha Soobroyen and her husband Jack Walker. Just Food

  • Australian craft gin distillery Old Young’s raised A$2.7m on crowdfunding platform Birchal. Impressively, it took them less than 24 hours to raise that amount. Old Young’s launched in 2016. Drinks Trade

  • As mentioned above, luxury womenswear brand Khaite secured funding from consumer investment firm Stripes. WWD

Wanna receive This Week in CPG on Thursdays and Saturdays too? Join Premium!

All the smart kids in CPG are doing it.

What’s New 🤩

Apparel, Cosmetics, & Wellness

  • Patrick Ta Beauty has a new CEO in former Estee Lauder exec Kimberly Villatoro. Patrick Ta Beauty launched in 2019 and late last year raised funding from Stride Consumer Partners. PR Newswire

  • Beauty incubator Maesa — the group behind Kristin Ess Hair and Hairitage By Mindy — aims to disrupt mass market fragrance with the launch of Fine’ry. Fine’ry began rolling out at Target last month. WWD

  • Uzima raises the luxury profile of textured hair and scalp care. Beauty Independent

  • Sephora and TikTok launched The Sephora x TikTok Incubator Program, a content program that connects TikTok creators with founder-led beauty brands. Business Wire

  • Cosmetics firm LivePURE launched a new skincare brand — C’ENCIA. PR Newswire

Food, Beverage, and Alcohol

  • Non-alcoholic Corona beer is coming soon. Mark Gallo always has his finger on the pulse. Twitter

  • Bottled water brand blk is expanding into cans and flavored sparkling waters. Stack3d 

  • NotCo announced a slew of new products including NotChicken Tenders, NotMilk Barista, and NotMilk HiPro. Food Navigator

  • Instant ramen brand Nissin unveiled a fun new product — a bedroom set inspired by its iconic ramen. Hypebeast

  • Per Stack3d, Monster Energy was pushing its answer to Liquid Death, Tour Water, hard at Expo West. Stack3d 

  • Indian premium tea brand VAHDAM expanded into a new category with the launch of VAHDAM Spices. GlobeNewswire

  • Pernod Ricard expanded its La Distillerie Generale offering by introducng two American whiskeys. Luxe Packaging Insight

  • UK-based Fever-Tree launched a new line of cocktail mixers. Just Drinks

Data 🖥️

  • U.S. spirits exports hit a record-breaking $2.06B in 2022. The EU and UK lifting retaliatory tariffs certainly helped exports bounce back. VinePair

  • Brazilian footwear firm Arezzo & Co. had a very good 2022. Sales grew 42% YOY to $1.01B and net income was up 43% to $74m. Arezzo & Co. purchased buzzy Italian footwear brand Paris Texas earlier this month. Footwear News

Distribution News đźšš