DIBS BEAUTY RECEIVES SIGNIFICANT GROWTH INVESTMENT FROM L CATTERTON

AUSTIN and GREENWICH, Conn., April 26, 2023 /PRNewswire/ --- DIBS Beauty, a fast growing color cosmetics brand, today announced that it has received a significant growth capital investment from L Catterton, a leading global consumer-focused investment firm. Terms of the transaction were not disclosed.

Launched in September 2021, DIBS Beauty reunites the Co-Founders of TULA Skincare, Ken Landis (also Co-Founder of Bobbi Brown Cosmetics) and tech entrepreneur Dan Reich, with Austin-based entrepreneur and mom, Courtney Shields, and former Chief Operating Officer of ARod Corp, Jeff Lee. L Catterton previously partnered with TULA in 2017 until its successful acquisition last year by Procter & Gamble.

DIBS Beauty was born out of a desire to cut through the clutter and deliver low lift, high payoff glam to the busy beauty consumer. Their award-winning hero products, which include the Desert Island Duos and Status Sticks, are centered on delivering quick and compelling transformations in the flick of a wrist. DIBS is about making makeup fun again with uncomplicated color combos and ingredients, while being vegan, cruelty-free, and skin-loving.

In less than a year and a half, DIBS Beauty has sold out of their iconic Desert Island Duos six times and has grown more than 450% year-over-year through selling directly to consumers on their own website. The brand launched with its first retailer, Revolve, in July 2022 and has been one of the fastest-growing beauty brands on their site. Additionally, the brand's first-ever tool, the multi-purpose Duo Brush 15, has sold out multiple times since its launch in September 2022 and currently has a waitlist of over 50,000.

"DIBS is about elevating beauty essentials for consumers who range from 0 to 100 in terms of makeup knowledge. We have reached this milestone well ahead of expectations, and L Catterton has the expertise and agility to help us become the leader in multifunctional, effortless makeup. Our makeup goes where our customers go, and we intend to meet them both across our rapidly expanding digital channels and in brick-and-mortar retailers," said Jeff Lee, CEO & Co-Founder, DIBS Beauty.

"DIBS Beauty is a highly distinctive brand that has quickly established a reputation for offering approachable, multifunctional makeup essentials that resonate with its customers," said Jon Owsley, Co-Managing Partner of the L Catterton Growth Fund. "We are thrilled to once again partner with Ken and Dan who are proven entrepreneurs in beauty as well as Courtney and Jeff, who are uniquely suited to drive growth in this digitally-native brand. We look forward to leveraging our expertise in beauty to support the company's ambitious expansion strategy."

L Catterton has significant experience investing globally in the beauty and personal care category. Current and past investments include TULA, Merit, Oddity, Function of Beauty, The Honest Company, Intercos, Marubi, Elemis, Nutrafol, and many others.

About DIBS BEAUTY

DIBS Beauty represents an entirely new approach that takes the intimidation out of makeup with uncomplicated color combos and ingredients. The line was specifically built to be mistake-proof, multi-purpose and stackable, enabling easy transformations that can be achieved by any consumer. From the carefully curated shade range to their effortless blendability, each product in the collection has been thoughtfully formulated to truly elevate the everyday.

About L Catterton

L Catterton is a market-leading consumer-focused investment firm, managing approximately $33 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton's team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world's most iconic consumer brands. For more information about L Catterton, please visit www.lcatterton.com.

DIBS BEAUTY Contacts:
 Christina Cassera / Jackie Sands-Kirchner
 Tractenberg & Co.
 [email protected]  / [email protected]

L Catterton Contact:
Julie Hamilton
[email protected]
203.742.5185

SOURCE DIBS Beauty