Yesterady, according to WWD, Summer Fridays, the beauty brand founded by influencers Marianna Hewitt and Lauren Ireland in 2018, has secured a strategic growth investment from private equity firm TSG Consumer Partners. This marks the first of many brands in the market to achieve such a feat.
TSG Consumer Partners has taken a majority stake in the company, though the specific terms of the deal remain undisclosed. Despite this change, Hewitt and Ireland will maintain a significant ownership stake and continue to lead the company alongside the existing Summer Fridays management team, which includes John Heffner, the chairman and CEO.
Prelude Growth Partners, which invested in the brand in 2019, will exit its investment as part of this transaction. At the time of Prelude’s investment, Summer Fridays was projected to reach $20 million in retail sales. Currently, industry sources estimate the brand’s sales at around $100 million.
Summer Fridays initially gained popularity with its hero product, the Jet Lag Mask, and has since expanded its range to include lip care, sun care, and body care products. The fresh investment from TSG will support further product development, brand building, and geographic expansion.
As Summer Fridays looks to increase its global footprint, particularly after entering Sephora U.K. and eyeing further expansion into Western Europe, the brand aims to replicate the strong community engagement it enjoys in the U.S. Hewitt and Ireland’s substantial social media following—Hewitt with over 1 million followers on Instagram and Ireland with 335,000—has been instrumental in fostering this engagement.
In a joint statement, Hewitt and Ireland expressed their excitement about the partnership with TSG, highlighting the firm’s track record in growing consumer brands in the beauty sector and their capabilities in digital, operational, and consumer insights. They emphasized their commitment to accelerating innovation and global distribution with a partner that shares their values and dedication to providing effortless, gentle options for customers.
Colin Welch, managing director and head of the New York and London offices at TSG, praised Summer Fridays as a “one-of-a-kind” beauty brand that has built exceptional consumer loyalty through its focus on gently effective, intuitive, and easy-to-use products. He expressed TSG’s honor in partnering with the Summer Fridays team to further the brand’s success and global expansion.
TSG’s portfolio of beauty investments includes notable brands like Huda Beauty and Hempz, with its investment in Huda Beauty marking the first private equity investment in a beauty influencer brand. Other past investments by TSG include E.l.f. Cosmetics, IT Cosmetics, Pureology, Smashbox Cosmetics, and Revolution Beauty.
