CurrentBody to reach $57 Million and eComplete acquires a $67 million majority stake!
(MC MosnarCommunications.com Luxury Press Release) – Introducing the world’s leading home use beauty device retailer. CurrentBody – the world’s largest provider of clinically proven beauty devices for home use, has sold a $67m majority stake in the business to eComplete, e-commerce focused VC firm.
CurrentBody is the world’s only pure-play online platform specializing in beauty devices, in what is the fastest-growing category within beauty. Launched in the UK in 2009 by co-founders, Laurence Newman and Andrew Showman, the business has grown rapidly and now has 17 international websites with over 14million users.
For the current calendar year sales look set to reach $57m, with sales over the next two years, targeting $150m. CurrentBody has quickly become the go-to site in the US too, with their award-winning FDA-cleared mask is adored by celebrities worldwide.
The co-founders realized there was a significant commercial opportunity in the fast-growing beauty trend of consumers wanting to use safe and clinically proven devices at home. Through their backgrounds in medical devices technology and e-commerce, Laurence and Andrew made it their mission to ensure that CurrentBody supplies – and more recently manufactured – devices that mimic the equipment used by professionals in salons, medi-spas, and clinics, for customers to buy themselves and use at home.
As well as their award-winning own brand of devices the group has exclusive partnerships with some of the world’s market-leading brands. The global home-use beauty device category is expected to be worth $184.9 billion by 2026.
CEO of CurrentBody, Laurence Newman believes eComplete is the ideal partner as CurrentBody targets growth to $150m revenue. “Whilst we have benefitted from previous rounds of growth capital which helped introduce our own products and further develop brand partnerships, the opportunity to work with Paul, Andy, and their team to drive international growth is what makes this so exciting. It is all about bringing in the right people to help us hit the next growth milestones. eComplete brings that immediate resource alongside our already talented teams.”
Paul Gedman Co-founder of eComplete said: “CurrentBody is a true expert in an exciting and fast-growing category of beauty with a unique position and incredible global opportunity ahead. With our team’s experience of developing internationally and building strong brand partnerships, it felt like an ideal fit. We are excited to continue the journey with Laurence, Andrew, and their talented team.”
Founded in the tech hub of the North West in 2009 by Laurence Newman and Andrew Showman, CurrentBody is today a global leader in beauty-tech and LED technology and the world’s only at-home beauty device pure-play. The company operates 17 dedicated international websites, a joint venture in China, and a physical store within London’s House of Fraser.