Unilever Ventures, the venture capital arm of the Unilever Group, has joined forces with US-based investment firm True Beauty Ventures to invest in clean fragrance pioneer The 7 Virtues for an undisclosed amount.
The joint investment marks the first time either company has invested in the fragrance category, with both Unilever Ventures and True Beauty Ventures stating the funds will be used to assist The 7 Virtues with opening a New York office to bolster its team and drive its global expansion with Sephora to create significant inventory “to keep up with the rapid demand”.
The two companies also added that they will help The 7 Virtues open a ‘Maison’ in Nova Scotia, Canada, where clients can come visit and create their own bespoke perfume with classics like Vanilla Woods and Cherry Ambition.
Commenting on the investment, Anna Ohlsson-Baskerville, partner at Unilever Ventures, said in a statement: "The 7 Virtues has cracked the code on creating long-lasting, perfumes using sustainable ingredients that their loyal customers love, along with their empowering and authentic story. Driven by its philosophy, The 7 Virtues is elevating from an exciting indie brand to a legacy brand and we're delighted to be a part of its growth journey."
The 7 Virtues fragrance products Credits: The 7 Virtues
The 7 Virtues was founded in Canada in 2010 by entrepreneur, author and activist Barb Stegemann and offers clean and sustainably sourced contemporary aromatherapy fragrances made with a high 22 percent fragrance oil concentration. Each scent is also cruelty-free, hypoallergenic, and free of phthalates, parabens, formaldehyde, and sulfates.
The 7 Virtues looking to drive global expansion following joint investment from Unilever Ventures and True Beauty Ventures
The fragrance brand is available via its own direct-to-consumer website, as well as at Sephora in 18 countries, including Canada, the US, the UK, Europe, Australia and New Zealand, and its global sales are currently outpacing the fragrance industry's growth with year-on-year revenue growth surging by more than 80 percent in FY 2023.
Rich Gersten, co-founder and partner at True Beauty Ventures, which specialises in scaling beauty and wellness brands, said: "When an indie brand like The 7 Virtues outpaces brands with million-dollar budgets, they prove the revenue potential is explosive with the right type of support, which we are excited to provide as this team takes The 7 Virtues to the next level.
“We were incredibly impressed by the brand's strong productivity in fragrance, due in part to the most innovative, authentic guerilla marketing tactics that resonate with clients."
The 7 Virtues - Cherry Ambition Credits: The 7 Virtues
Stegemann, chief executive of The 7 Virtues, who remains the majority shareholder, added: "We set out to change the world through fragrance, to sow the seeds of prosperity over conflict, and now our perfumes are peace. When Sephora took a chance on our little-known brand in 2018, they told us they loved that we take on serious world issues, but we don't take ourselves too seriously.
"Our goal to advance period equity as a means to build peace by empowering women at home and abroad and giving them back control over their reproductive rights is the path to lasting change."
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