Today (November 2), Unilever Ventures and True Beauty Ventures have joined forces to participate in the inaugural institutional financing round for The 7 Virtues, an innovative fragrance brand. This significant investment marks the entry of both major investors into the fragrance category.
The collaboration introduces a contemporary fragrance collection from The 7 Virtues, featuring scents like Vanilla Woods, Coconut Sun, Cherry Ambition, Lotus Pear, and Santal Vanille. These fragrances are exclusively available on the brand’s website and at Sephora stores across 18 countries, including Canada, the US, UK, Europe, Australia, and New Zealand.
Founded in Canada in 2010 by Barb Stegemann, an entrepreneur, author, and activist, The 7 Virtues has gained recognition for its ethical and sustainable approach to fragrances. The 7 Virtues has experienced significant growth, surpassing the overall industry’s performance, with year-on-year revenue surging by over 80% in FY 2023.
Anna Ohlsson-Baskerville, a partner at Unilever Ventures, expressed excitement about partnering with Barb Stegemann and The 7 Virtues for Unilever Ventures’ inaugural fragrance investment. Ohlsson-Baskerville praised The 7 Virtues for successfully creating sustainable, long-lasting perfumes that resonate with their loyal customer base, while also sharing an empowering and authentic story. She emphasized that The 7 Virtues is transitioning from an exciting independent brand to a legacy brand, and Unilever Ventures is delighted to be part of their growth journey.
Anna Ohlsson-Baskerville, a partner at Unilever Ventures, expressed excitement about partnering with The 7 Virtues for Unilever Ventures’ inaugural fragrance investment. Ohlsson-Baskerville praised The 7 Virtues for successfully creating sustainable, long-lasting perfumes that resonate with their loyal customer base, while also sharing an empowering and authentic story. She emphasized that The 7 Virtues is transitioning from an exciting independent brand to a legacy brand, and Unilever Ventures is delighted to be part of their growth journey.
The joint investment from Unilever Ventures and True Beauty Ventures will provide The 7 Virtues with the necessary resources to establish a New York office, strengthen their team, and expand their global presence through Sephora. The investment will also enable the brand to meet the growing demand by creating substantial inventory and establish a “Maison” in Nova Scotia, Canada. This Maison will serve as a place where customers can visit and create their own personalized perfumes using signature scents like Vanilla Woods and Cherry Ambition.
Barb Stegemann, CEO of The 7 Virtues, expressed their initial mission to bring about positive change in the world through fragrance, transforming their perfumes into symbols of peace. Stegemann highlighted the support they received from Sephora, who took a chance on their relatively unknown brand in 2018 because of their commitment to addressing significant global issues while maintaining a lighthearted approach.
