<\/p>\n
\n\tDossier is looking to expand the beauty empire it built off of dupe fragrances with the help of new backers.\u00a0<\/p>\n
\n\tPrivate equity firm American Pacific Group made what it described as a \u201cstrategic investment\u201d in the company, alongside founder Sergio Tache and other existing shareholders.\u00a0<\/p>\n
\n\tTerms of the deal were not disclosed, but the investment is believed to be for a controlling stake.\u00a0<\/p>\n
\n\tTache, who is also chief executive officer of Dossier, will continue to lead the business into its next phase.\u00a0<\/p>\n
\n\tThe plan is to keep the fragrance company\u2019s already dramatic growth rolling by adding more products, more categories and more pathways to the consumer.\u00a0<\/p>\n
\n\tFor Tache, it\u2019s a chance to build on the original vision of Dossier, which was incubated in collaboration with Otium Studio and launched in 2019.\u00a0<\/p>\n
\n\t\u201cIt started from a very simple observation,\u201d the CEO said. \u201cThe perfume industry didn\u2019t make a lot of sense to us. It didn\u2019t make a lot of sense that to go out and smell nice on a date, you had to fork over $150, $200-plus to get a good perfume.\u00a0<\/p>\n
\n\t\u201cWhat we set up to do is really create the same quality perfume as all the luxury brands, taking the same great ingredients, the same great craftsmanship, made in France, but removing all the fluff and really going back to what perfume should be about, which is the actual liquid in the bottle,\u201d Tache said.\u00a0<\/p>\n
\t\t\t\t\tSergio Tache<\/p>\n
\t\t\t\t\t\t\t\t\tCourtesy photo<\/p>\n
\n\tWhat started as a collection of 20 dupe perfumes \u2014 Dossier calls them \u201cInspirations\u201d \u2014 has grown into a line of 150 scents that are designed to smell just like designer versions, but go for $30 to $50.\u00a0\u00a0<\/p>\n
\n\tDespite launching into a world that was immediately disrupted by the pandemic, growth has come quickly.\u00a0<\/p>\n
\n\tDossier started selling Walmart in 2022 and, according to Tache, is now the retailer\u2019s number-one perfume brand. In 2023, the company added an \u201cOriginals\u201d line featuring its own scents. In September, Dossier started selling Target, where it is among the top three perfume brands, although the CEO said, \u201chopefully we can become number one, hopefully soon.\u201d The company also started to open its own stores last year.\u00a0<\/p>\n
\n\tThat growth isn\u2019t coming in a vacuum.\u00a0<\/p>\n
\n\tThe beauty and fashion industries have been questioning all the traditional business models and experimenting with new twists on how to get goods out to the market.<\/p>\n
\n\tAnd both consumers and investors have been responding. Quince, an eight-year-old factory-direct fashion concept that topped $1 billion in sales last year, raised $500 million last month at a $10.1 billion valuation.<\/p>\n
\n\tBoth Dossier and Quince operate in that sweet spot where shoppers see high production values and a good deal.\u00a0<\/p>\n
\n\t\u201cConsumers are becoming way more savvy than before,\u201d Tache said. \u201cThey are looking for quality and not necessarily price and price signaling. And I think especially in these more economically challenging times, especially for Gen Z, people really want value.<\/p>\n
\n\t\u201cThat\u2019s what companies like ours \u2026 are offering \u2014 quality for a great price. And people are more and more educated and do more research about these different industries, and they just want to buy a great product,\u201d he said.\u00a0<\/p>\n
\n\tDupe brands are not new to the market, but Tache said Dossier looks beyond lower prices and also offers higher quality.\u00a0<\/p>\n
\n\t\u201cThat was always the angle from the beginning,\u201d he said. \u201cWe wanted to provide a great product and not just necessarily something extremely cheap.\u201d\u00a0<\/p>\n
\t\t\t\t\tFraser Preston<\/p>\n
\t\t\t\t\t\t\t\t\tCourtesy<\/p>\n
\n\tFraser Preston, managing partner at American Pacific, said: \u201cThe fragrance industry is a big and growing industry. It grew a lot in COVID[-19] and we think it\u2019s going to continue to grow for the foreseeable future. There\u2019s been a real reset in the way many people use fragrance, partially the younger generation is a much more active fragrance consumer than prior generations.\u00a0\u00a0<\/p>\n
\n\t\u201cWe\u2019re just in love with the Dossier value proposition, which is very high quality product for an accessible precise point,\u201d Preston said. \u201cThat\u2019s a durable value proposition that will never go away in the consumer landscape.\u201d<\/p>\n
\n\tBased in the San Francisco Bay area, American Pacific has $1.2 billion of capital under management and counts the New York-based Dossier as its fifth investment in consumer products.\u00a0<\/p>\n
\n\tPreston looks at businesses through the lens of what he calls \u201cThe Q Process,\u201d a business system the private equity company uses and also encourages its portfolio companies to implement.\u00a0<\/p>\n
\n\t\u201cIt\u2019s a system for planning and prioritization and then execution,\u201d he said. \u201cIt asks the questions of, Where is it that this company wants to and can go over a fairly short period of time, call it two or three years. And then what are the most important steps that we can take right now to move toward that goal.<\/p>\n
\n\t\u201cWe incorporate a fairly intensive data gathering and data management exercise, so the management teams can really understand what\u2019s happening in their business,\u201d he said. \u201cWe try to be as transparent and inclusive in that process as we can.\u201d\u00a0<\/p>\n
\n\tFor American Pacific, that\u2019s going to mark the beginning of what Preston described as a partnership that will help its new investment thrive.\u00a0<\/p>\n
\n\t\u201cDossier has a very long list of really exciting growth opportunities and one of our core beliefs is, if you try to do everything all at the same time, you most often don\u2019t get anything done.\u201d<\/p>\n
\n\tNow the company and its new backers will select from that list and see what to do first.\u00a0<\/p>\n
\n\tAnd the time might be right to double down on dupe.<\/p>\n
\n\tThe deal, which has been nearly a year in the making, was shepherded on the Dossier side by Solomon Partners, which served as exclusive financial adviser.\u00a0<\/p>\n
\n\tBrandon Yoshimura, a managing director in the consumer retail space at Solomon, said: \u201cThe whole discourse around dupe has changed dramatically over the last few years. There\u2019s a structural shift in how consumers are engaging with this category. It is very different from how older generations engage and the net effect of that is there\u2019s just more purchasing in this category in terms of unit volumes than we\u2019ve previously seen.\u00a0<\/p>\n
\n\t\u201cWe\u2019ve seen this story in Zara,\u201d he said. \u201cWe\u2019ve seen this story in E.l.f. We\u2019ve seen this story in Quince. In almost every category, there\u2019s a disruptive model that looks like this, that\u2019s just winning a huge amount of share because they combine quality and value.\u201d<\/p>\n
#Dossier #Scores #Investment #American #Pacific #Group #Expand<\/p>\n","protected":false},"excerpt":{"rendered":"
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