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- Kim K Backs TRUFF, Circle Secures €4M 💰
Kim K Backs TRUFF, Circle Secures €4M 💰
CPG WIRE
November 23, 2023
Happy Turkey Day, folks. Friendly reminder that there won’t be a newsletter published Saturday morning, but we’ll return to our regularly scheduled programming on Tuesday.
Here’s what’s on the docket today:
Iconix scoops up Hoodrich 👑
Biomel nabs £5.5M 📈
Spirited Brands closes round 🍸
RTD espresso martini mania ☕️
GHOST x Phoenix Suns 👻
Deals 💰
Mergers & Acquisitions
SKKY Partners, the private equity firm founded by Kim Kardashian and Jay Sammons, made its first deal by purchasing a significant minority stake in TRUFF, a premium hot sauce and condiments brand. Mark Ramadan, the co-founder of Sir Kensington’s, will also join the board at TRUFF. The company was co-founded by Nick Ajluni and Nick Guillen in 2017. Bloomberg
Global brand management firm Iconix International acquired a majority stake in Hoodrich, a British streetwear brand that launched in 2014. Brand founder Jay Williams will remain a minority shareholder while day-to-day operations will be assumed by JD Sports. Iconix owns a number of other brands like Starter, Umbro, Ecko, and many others. Fashion United
Fundraising
French sustainable activewear brand Circle closed a €4M round led by Alter Equity. The brand was co-founded by Alex Auroux and Romain Trebuil in 2019. Previously they raised €2.5M in March of last year. Circle, in my estimation, is like Ciele meets Satisfy. WWD
Biomel, a London-based producer of dairy-free probiotic shots and beverages, raised £5.5M from IRIS Ventures. Biomel raised the round in order to meet soaring demand. The company launched in 2017 and retails at Sainsbury’s, Waitrose, M&S, Planet Organic, Whole Foods Market, and many others. The Grocer
Berlin-based K-beauty brand Yepoda closed a series A funding round led by JamJar Investments. Additional participants include V3 Ventures, Slingshot Ventures, and Chris Good, a former exec at Estee Lauder Companies. Yepoda was founded in 2019 by Sander van Bladel and Veronika Strotmann. WWD
Spirited Brands, an Orange County-based startup that’s launching two low-alcohol beverage brands early next year, secured $4.5M in funding. Details about who participated are scarce, but the company is focused on low-alcohol RTDs. Food Business News
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What’s New 🤩
Apparel, Cosmetics, and Wellness
Lifestyle brand Madhappy will open its first permanent store tomorrow. The store is located in Los Angeles at 8906 Melrose Ave. Beautiful 🔽 Twitter
Men’s skincare brand Disco has sadly filed for bankruptcy and shuttered. Disco raised $8M but according to founder Ben Smith, persuading men to change their behavior at scale was too expensive. I’m curious if Foundry Brands looked into buying Disco. They own a number of men’s grooming brands like Blu Atlas, Stryx, and Supply. It’ a real shame, Disco was a great brand. Business of Fashion
Luxury retailer Mytheresa and lifestyle brand Flamingo Estate are opening a holiday pop-up in Los Angeles. The store will be open from December 1st until December 24th. In July, the two companies opened a stunning pop-up in East Hampton. PR Newswire
Food, Beverage, and Alcohol
Canned cocktail and hard kombucha brand JuneShine launched a limited release RTD espresso martini. The 12% ABV beverage comes in the perfect can 🔽 Instagram
Another hard kombucha brand, Hooch Booch, collaborated with Generous Coffee Co. on a Espresso Martini Hard Kombucha. Hooch Booch
GHOST Energy has been named the Official Energy Drink Partner of the Phoenix Suns. GHOST has been on a heater lately — last year they generated over $350M in sales. PR Newswire
Modern aperitif brand VESO collaborated with recipe developer and drinks influencer Evie Negri-Albert on a gorgeous vermouth called Vermouth by Evie. Only 300 bottles were produced. VESO
Weird Beverages partnered with the Grateful Dead to release two new flavors — Grateful Grapefruit and Mystical Mint. The packaging is very fun. BevNET
Singaporean oat milk brand Oatside is expanding into ice cream. Three flavors will be available: Chocolate, Peanut Butter Cookie Dough, and Coffee with Mini Chocolate Chips. Unsurprisingly, Oatside nailed the packaging. Minime Insights
Data 🖥️
Spanish fashion house Loewe continues to crush it. For 2022, net sales grew 37% to €626.2M and operating profit doubled to €170M. They also issued $142M worth of dividends. LVMH has owned Loewe since 1996. Twitter