- Allies of Skin raises $20M to expand into the US beauty market.
- The Singapore-based brand, founded in 2016, achieved EBITA profitability in 2023.
- Allies of Skin’s clinically proven ingredients have generated strong US sales.
Singapore-based beauty brand Allies of Skin has raised $20 million in funding from Meaningful Partners to fuel its expansion into the US market.
The company, founded in 2016 by Nicolas Travis, hit positive EBITA in 2023 and has previously received private investments, including capital from Crazy Rich Asians star Henry Golding. With the US beauty and personal care market expected to generate $130 billion in revenue by 2030, Allies of Skin aims to capture a share of this lucrative market.
Following in the footsteps of other Singaporean brands
Allies of Skin joins other Singaporean brands, such as Skin Inc and Re:erth, in extending their reach to the US market. Skin Inc, for example, sells over 65% of its products in the US on a volume basis.
While the company’s EBITA profitability may be affected by its expansion efforts, Travis noted that they have a “solid plan” to build a financially sustainable business.
Clinically proven ingredients produce strong lineup
Allies of Skin offers products that use clinically proven ingredients, including retinoids, vitamin C, acids, and antioxidants.
The company’s product range includes moisturizers, serums, cleansers, toners, and face oils. Travis stated that Allies of Skin has already sold eight figures worth of products in the US and has a strong product lineup ready for the Western market.
The firm’s expansion in the US will be carried out through listings on digital and retail platforms in the country. Currently, Allies of Skin is available in 36 countries, with its products being carried by 40 retail partners, such as Space NK, Mecca, Sephora, and Cult Beauty.
To read the original article: https://www.techinasia.com/allies-skin-raises-20m-fuel-expansion
