Digital-first beauty brand Lime Crime acquired by Tengram Capital Partners
Los Angeles-based digital-first millennial beauty brand Lime Crime has been acquired by Tengram. The company has also welcomed beauty vet Stacy Panagakis as its new chief executive officer.
In a release, Richard Gersten, Partner at Tengram, praised Lime Crime for having "a powerful following and a deep understanding of its consumers," highlighting the brand's "expressive approach to cosmetics."
Tengram will focus on growing the brand through its online channels as well as through select retail partnerships. Gersten added that Tengram was attracted to "Lime Crime's authenticity and innovation," as a point of differentiation from other beauty brands.
Lime Crime was founded 10 years ago by Doe Deere and Mark Dumbelton, and its branding focuses on the idea of "creating a magical world where beauty is redefined." Its key products include Unicorn Lipsticks, Velvetines ultra-matte liquid lip color, and Unicorn Hair.
In addition to selling direct to consumer through its own branded e-commerce site, Lime Crime is sold at Bloomingdales, Riley Rose and Ulta.com. It recently launched in the UK with Cult Beauty as well as through FeelUnique and Selfridges.
Lime Crime has also found its new CEO in Stacy Panagakis, who joins the brand from Fresh where she was general manager. Prior to Fresh, Panagakis held executive roles at Origins Natural Resources, Stila Cosmetics, and Clinique.
"I'm delighted to be joining the company at this pivotal moment," Panagakis said. "Lime Crime is a millennial brand with a message that resonates with women everywhere."
Panagakis will work closely with Chief Creative Officer Sasha Valentine. Co-founder Deere has transitioned out of her role leading daily operations and will sit on the Board of Directors where she will continue to drive inspiration and brand messaging.
Other current Tengram investments include Differential Brands Group and Sequential Brands Group. Prior investments by Tengram include Laura Geller Beauty and Active Ride Shop.
Financial terms of the transaction were not disclosed.
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