Founding partners of Net a Porter invest in Cult Beauty
Online retailer of cult beauty products CultBeauty.co.uk which describes itself as the insiders guide to the worlds best beauty products, has closed its first round of investment with two founding partners of Net-a-Porter.com.
Murray Salmon, the former Net a Porter finance director who led the investment, will join Cult Beauty as head of finance and operations and have a seat on the Board. He is partnered by Net a Porter’s former chief operating officer Mark Quinn-Newall.
Commenting on his involvement in the business Salmon said: "The advantages of investing in renewable products markets, with fragmented existing participants, through an experienced and professional management team focused on high levels of customer service, make Cult Beauty a fantastic business to drive this online sector forward."
Cult Beauty offers an “expert-edited” approach to selling beauty, where customers have access to product recommendations and know-how from a panel of 48 hair and beauty experts including make up artists Jemma Kidd and Ruby Hammer.
Launched by Jessica DeLuca Moore and Alexia Inge in 2008 with £70,000 of savings, the London-based business has seen revenues grow 300% year-on-year.
DeLuca Moore, managing director, explained: “We came across a lot of resistance from beauty brands who saw the Internet as the ‘Wild West’ of retail. But I wanted to create a resource to help women discern the truth about what really works from the pseudo-scientific advertising claims and airbrushed images we’re all bombarded with daily. The site aims to answer the age-old question – what’s she using?”
Alexia Inge, brand director, added: “Our mission is to de-mystify the beauty industry, combining the vast knowledge of our experts to filter out the blaggers and braggers from the gems that do what they say on the tin, to create a Beauty Hall of Fame you can shop.” Beauty a fantastic business to drive this online sector forward."
Cult Beauty employs 12 people and has gained numerous accolades since its launch including Sunday Times Style Editor’s Choice for Best Beauty Website 2010 and Lastminute.com’s Top 10 beauty blogs worldwide.
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