LVMH subsidiary Sephora has purchased cosmetics e-commerce company Luxola, for a reported $37m, providing exits to Gree and Transcosmos.
Digital media company Gree and outsoucing firm Transcosmos have exited Singapore-based online cosmetics retailer Luxola after it was acquired by cosmetics retail chain Sephora, Tech in Asia has reported.
The amount paid by Sephora, a subsidiary of luxury goods conglomerate LVMH, was undisclosed but sources have informed Tech in Asia it may have spent up to S$50m ($37m) on the deal and concurrently also invested an undisclosed amount of funding in Luxola.
Founded in 2011, Luxola operates a skincare and cosmetics online store, covering 11 markets in Southeast Asia and carrying more than 250 brands.
Luxola closed a $13m series B round in May 2014 led by Transcosmos and backed by Gree’s corporate venturing arm Gree Ventures, F&H Fund Management, Global Brain, Tholons Capital and Queensbridge Ventures.
Gree Ventures provided a reported $2m in series A funding for Luxola in 2013, after the company had secured $600,000 in seed funding from Wavemaker Labs and Singaporean state fund National Research Foundation, as well as a $423,000 angel round from unnamed investors.
Anne-Véronique Bruel, president of Sephora Asia, said: “Investing in Luxola is a unique opportunity to penetrate the online beauty market and accelerate Sephora’s growth in Southeast Asia.”
