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Weekly Round Off With HTE 🔙✨
🌟 Hey there, dear readers! It's that time of the week again when we gather around to catch up on the latest and greatest in the Direct-to-Consumer (DTC) world. 🚀
So, let's get this party started! 🎉
Welcome back to another exciting edition of our DTC (Direct-to-Consumer) Insider newsletter. 📰 Our mission: to serve you the freshest news and insights straight from the heart of the DTC universe. 💡 With every update, we're arming you with the knowledge to be the smartest one in the room. 🤓
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🌿 L’Occitane Snags Home Fragrance Brand Dr. Vranjes Firenze!
🎾 Aces Up! Wilson Tennis Racket Maker Amer Sports Files for US IPO!
🍻 Cheers to Asahi! Japanese Giant to Acquire Wisconsin-Based Craft Brewer Octopi Brewing!
🏃♂️ On the Fast Track! REI’s Accelerator Fund Backs Renegade Running Retailer!
⌚ Next Gen Leadership! Frederic Arnault Takes the Helm at LVMH Watches in Family Promotion!
💰 Palladium Equity Partners Closes $450m Fund for Trio of Fund IV Portfolio Companies!
L’Occitane Buys Home Fragrance Brand Dr. Vranjes Firenze
5 January 2023, WWD
L’Occitane Group is buying Dr. Vranjes Firenze, a luxury home fragrance brand, for $164M, known for home diffusers and scented candles 🕯️. Dr. Vranjes, founded in 1983 in Florence, blends Italian fragrance craftsmanship with modern scent science. L’Occitane, a disciplined player in beauty acquisitions, will pay approximately 13 times the business's EBITDA.
Previously, they acquired Sol de Janeiro, with net sales soaring from $98.1M in H1 2022 to $270M in H1 2023, after obtaining an 83% stake for $450M. In 2022, L’Occitane also secured 49% of Grown Alchemist, an Australian skincare brand, for €5M 🌿.
Wilson Tennis Racket Maker Amer Sports Files for US IPO
4 January 2023, Bloomberg
Amer Sports, known for Wilson tennis rackets and Salomon ski boots, has filed for a US IPO, aiming to raise over $1 billion and potentially valuing the company at $10 billion. Goldman Sachs, Bank of America, JPMorgan, and Morgan Stanley are leading the share sale. The Finland-based company, backed by China's Anta Sports, owns brands like Louisville Slugger and Arc’teryx.
Amer Sports plans to list on the NYSE under the symbol AS. Despite a challenging 2023, with a net loss of $115.6 million, it sees growth in Greater China, contributing to nearly one-fifth of its revenue. The IPO trend in 2024 includes BrightSpring Health Services and CG Oncology. The Anta-led consortium acquired Amer Sports for $5.2 billion in 2019.
Asahi to Acquire Wisconsin-Based Contract Producer Octopi Brewing
5 January 2023, WWD
Asahi, the Japanese brewing giant, has acquired Octopi Brewing, a Wisconsin-based contract brewer, in a move to expand its global brands in North America. Octopi, founded in 2015, experienced significant growth during the pandemic, with a +443% volume increase in 2020. In 2022, it produced 220,000 barrels of beer and was set to produce 7 million case equivalents of beverages.
Asahi plans to use Octopi's state-of-the-art facility to produce its flagship brand, Asahi Super Dry, and Kozel for North America. Octopi's founder, Isaac Showaki, will continue to lead the team, maintaining contracts with partners for various beverages. This marks Asahi's entry into local production in North America.
REI’s Accelerator Fund Invests in Renegade Running Retailer
4 January 2023, WWD
Running is widely loved, yet over 96% of related businesses are owned by white individuals. 🏃♂️🏃♀️ REI aims to address this imbalance through its Path Ahead Ventures program, investing in Renegade Running, a specialty store in Oakland, founded by a person of color. The $30 million Path Ahead initiative from REI focuses on supporting businesses owned by Black, Indigenous, Latinx, Asian American, and Pacific Islanders. 🤝 The goal is to foster diversity in the outdoor industry, encouraging a more inclusive representation. This move by REI represents a step towards a more equitable and diverse landscape in outdoor activities.
Frederic Arnault to lead LVMH Watches in latest family promotion
5 January 2023, Reuters
Frederic Arnault, one of Bernard Arnault's five heirs, is now the Chief Executive of LVMH Watches, overseeing TAG Heuer, Hublot, and Zenith. The 29-year-old, previously CEO of TAG Heuer, has worked there since 2017. His promotion is part of a wider reshuffle, with Zenith CEO Julien Tornare replacing him at TAG Heuer. Benoit de Clerck, a former Richemont executive, joins as Zenith's new leader.
All report to Frederic Arnault. This shift aligns with Arnault's children taking prominent roles in LVMH. Bernard Arnault, among the world's wealthiest, shows no signs of stepping down. Other children hold key positions within the luxury conglomerate. Frederic Arnault's initiatives at TAG Heuer include elevating the brand, launching sports-oriented connected watches, and incorporating lab-created diamonds. 🌐⌚️🔄
Palladium Equity Partners completes a $ 450m continuation fund for three Fund IV portfolio companies!
4 January 2023, Buyouts Insider
Private equity firm Palladium Equity Partners raised a $450M continuation fund in order to support portfolio companies like Jordan’s Skinny Mixes and Del Real Foods.
As part of the transaction, limited partners in Fund IV were provided the option to cash out of their interests in the assets, roll their interests into the continuation fund, or stay in Fund IV at the same terms.
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