Sephora’s “fastest growing skincare brand,” Topicals, raises US$10M Series A funding
14 Nov 2022 --- Topicals has secured US$10 million in a financing round led by CAVU Consumer Partners to propel omnichannel growth, drive new hires, support channel expansion and fuel brand marketing awareness. The company will also continue raising awareness around the connection between mental health and skin conditions.
Additionally, Jenna Jackson, principal of growth at CAVU Consumer Partners, will join Topicals’ board of directors.
Founded in 2020 by Olamide Olowe, reportedly the youngest Black female entrepreneur to raise millions in funding, Topicals has become the “fastest growing skincare brand at Sephora and has sold one product every minute this year.”
In addition to CAVU, Topicals has garnered a diverse portfolio of investors, including Gabrielle Union, Kelly Rowland, Hannah Bronfman, Bozoma Saint John, Yvonne Orji and Marcy Venture Partners. The funding comes on the heels of three times revenue growth for Topicals in 2021 alone, according to the company.
Topicals is launching a 12-month accelerator program designed to provide nonprofit organizations in the mental health space with leadership training, mentorship and business advisory.
“I love CAVU’s focus on mission-driven brands and from the first conversation with their team, it was clear that they shared our vision of disrupting the ointment category. They’re very hands-on with their portfolio brands, which was the biggest differentiator,” says Olowe.
Founded in 2020 by Olamide Olowe (pictured above), Topicals has become the “fastest growing skincare brand” at Sephora.Mental health and skin relation
Topicals has donated over US$50,000 to support nonprofits providing mental health resources for marginalized communities.
People with chronic skin conditions are two to six times more likely to experience anxiety and depression, the company details.
A recent report by Johnson & Johnson consumer brand, Aveeno, found that thoughts, feelings and emotions create instant chemical reactions in human bodies. “The interconnection between mental health and skin health is known as the mind-skin connection – an interplay of neurologic, endocrine, immune and cutaneous systems.”
The report estimated that one-third of patients with skin diseases have psychological or psychiatric disorders.
“Through Topicals, we believe Olamide has set a new standard in beauty – not only by formulating and marketing effective over-the-counter replacement products for skincare – but also by destigmatizing the way consumers speak about their skin conditions,” says Jackson.
Sephora in the news
Sephora spotlighted its Sino-French luxury skincare line, Cha Ling, during its exhibition at the fifth China International Import Expo (CIIE).
The brand displayed four products, including an eau de toilette, a cream, a treatment essence and an infusion serum. According to the brand, these products are anchored in the local ecology and cultural creativity of China.
PersonalCareInsights previously reported about Sephora’s 181% profit spike. Investments in Sephora’s omnichannel strategy continued with the aim of continuously improving the purchasing experience of its customers both online and in-store, its parent company, LVMH, underscored.
“Sephora enjoyed an excellent performance with a strong rebound in its in-store activity. Momentum was particularly strong in North America, France and the Middle East.”
The brand’s revenue was up 22% in the first half of 2022, with profit from recurring operations up 181%.
Edited by Radhika Sikaria
