LONDON — SKKY Partners, the private equity firm founded by Kim Kardashian and Jay Sammons, has taken a minority investment in the skin care brand 111Skin.
Both parties declined to share financial details, but added that the investment will be directed toward strengthening 111Skin’s direct-to-consumer business, and growing its presence in North America and Asia, where it has experienced growth.
Last year, 111Skin tapped Vanessa Goddevrind as chief executive officer, taking over from the brand’s cofounder Eva Alexandridis, who is now chief creative officer. She oversees the business with her husband, Dr. Yannis Alexandridis.
“SKKY Partners reached out to us over a year and a half ago, but we weren’t ready to process then. However, they impressed us with their capabilities and the team,” Alexandridis said in an interview with Goddevrind.
Products from 111Skin.
“They have a very strong track record of partnering with brands and we were really looking for strategic partners as part of this process. The SKKY Partners team has tremendous experience working with distinctive, growth-oriented brands. They are passionate champions of our core values and share our drive for excellence,” Goddevrind added.
The funding from SKKY Partners will be used to drive stronger digital marketing, revamp the website and build a stronger social media presence.
“We’re strengthening our customer relationship management, making sure that every touchpoint that we have with consumers online is as strong as in-store and in other channels [such as hotels or spas],” Goddevrind said.
David Brisske, managing director at SKKY Partners, said the 111Skin team has created and nurtured a “coveted brand with world-class products and a loyal customer base, which fits perfectly with SKKY’s strategy. 111Skin has a strong foundation and significant ongoing potential, and we are honored to partner with the founders and leadership for the next phase of growth.”
Tapping into the North American market is the brand’s number-one priority, above Asia, Alexandridis said. “We are very focused and we started there many years ago, but now we’re seeing tremendous opportunity for the brand and are working with top retailers such as Bluemercury and Nordstrom,” she added.
In working with SKKY Partners, 111Skin will be able to undertake a lot more market research.
Goddevrind wants to scale the business sustainability with the “right balance of focus on growth, but also making sure that we make long-term strategic decisions.”
111Skin’s Black Diamond Emulsion.
The company has been growing steadily and has attracted a fan base that includes Bella Hadid, Victoria Beckham, Priyanka Chopra and Rosie Huntington-Whiteley.
In 2021, Vaultier7 added the brand to its roster of fast-growing, entrepreneur-led companies with a multimillion pound investment.
The brand came about after Yannis, a former trauma surgeon, sought a post-operative treatment that could encourage the skin’s ability to repair itself. He was looking to optimize his patients’ healing following surgical or nonsurgical treatments at his cosmetic surgery clinic at 111 Harley Street in London.
His first product was the Healing Serum, which contains a proprietary complex he developed, and a brand was born.
Having begun with a single shelf in Harrods in 2012, the brand now has a global distribution network that includes Bergdorf Goodman, Neiman Marcus, Harvey Nichols, Selfridges, Violet Grey, Joyce and Mecca. It also sells through online retailers Net-a-porter and Cult Beauty.
As reported, the company has said all new products are inspired by the doctor’s daily clinical practice.
The brand has become a market leader in luxury sheet masks, selling more than 18 million Rose Gold Brightening Facial Treatment Masks since its launch in 2018.
