Private equity firm Blue Gem LP has acquired global beauty brand Iconic London three years after the brand’s launch.
The acquisition will add to Blue Gem’s growing beauty division, which includes QMS Medicosmetics, and will see a huge US roll out of Iconic London later this year, as well as help boost the brand’s growing retailer portfolio in the UK.
Launched in 2015 via Instagram, the purchase of Iconic by Blue Gem is hoped to boost the brand’s 30 percent US consumer share and aid Founder Jade Elliott’s brand growth plans.
Elliott said, “I have always believed in ICONIC and am so proud of what it has become having only started the brand 3 years ago from my bedroom – but the time has come to take ICONIC to the next level with the right investment. ICONIC has been the most incredible journey and I cannot wait to embark on the next stage with Blue Gem’s support.
“I am so excited and proud to be partnering with such a great team. To be part of their illustrious list of brands is an honour and to have their backing to take ICONIC to the next stage is incredible. We have some very exciting projects in the coming months which we cannot wait to reveal with our loyal customer base and grow the brand even further.”
Elliott will remain in her role as Founder & Creative Director following the acquisition while Selma Terzic – formerly Generally Manager at MAC and Managing Director at St Tropez and PZ Cussons – will join as CEO.