The game of celebrity beauty lines has dealt in a new player — Scarlett Johansson.
Johansson is the latest in a string of celebrities slated to bring a beauty brand to market. It is the actress’ first play as an entrepreneur, and her unnamed line is expected to launch in early 2022.
“I’ve been fascinated by the transformative power of beauty since I was a child. My mother instilled in me a passion for self care from my early teenage years. Several years ago, I took a step back from my beauty deals with the goal of creating something true to me. The result is a clean, accessible approach to beauty,” Johansson said in a statement.
The line is being funded by The Najafi Companies, the same investors behind Pattern by Tracee Ellis Ross, Moon Oral Care, Beach House Group and Florence by Mills. Industry sources said the initial investment falls within the range of $5 million to $10 million, and that Johansson and her cofounder, Kate Foster, will have ongoing access to capital.
“I met Scarlett almost two years ago. She shared her brand vision with me and right away, I was thinking about how we could turn it into a reality. It has been an incredible experience working alongside her and we are thrilled to have the support and partnership of The Najafi Companies to help the brand achieve its full potential,” Foster said exclusively to WWD.
They Are Wearing: Paris Fashion Week Men’s Spring 2022
“We are proud to have built a brand that fills a void in the market and addresses a true consumer need. Our brand platform is differentiated and has a great deal of runway for growth and expansion,” added Foster, who has held leadership roles in the beauty divisions of Victoria’s Secret and Juicy Couture.
Despite a cluttered market, Jahm Najafi, founder and chief executive officer of the Najafi Companies, remained focused on the brand’s longevity.
“The Najafi Companies is an entrepreneurial and mission-driven private investment firm. We are not a fund and we don’t manage third-party capital. We invest using our own capital, which enables us to truly think long term, move expeditiously and remain highly flexible,” he said exclusively to WWD.
“We also do not subscribe to a diversification strategy; rather, we concentrate our time and resources and look for needles in a haystack. We are passionate about supporting ambitious and thoughtful founders and management teams who lead with integrity and vision. Scarlett and Kate fit squarely in the type of leaders with whom we love to partner for the long term,” Najafi continued.
FOR MORE FROM WWD.COM, SEE:
Tracee Ellis Ross Joins Ulta Beauty as Diversity & Inclusion Adviser
Millie Bobby Brown Acquires Majority Stake in Florence by Mills
EXCLUSIVE: Beach House Group Raises Series A Funding
Source: Read Full Article