Yesterday, Cassandra Grey has successfully reacquired Violet Grey, the luxury beauty retailer, from Farfetch, which is owned by Coupang. Assisting in the purchase is Sherif Guirgis, a private equity veteran who will serve as the company’s chairman, CEO, and co-owner alongside Grey. The financial details of the transaction remain undisclosed.
Grey is set to take on the roles of chairman and artistic director of Violet Lab, a new division dedicated to brand development. This move aims to solidify the company’s expertise in nurturing emerging beauty brands by providing the necessary infrastructure for incubation and acceleration. Violet Grey has previously played a pivotal role in launching successful brands, such as Augustinus Bader, which grew rapidly under its wing.
According to Sarah Brown, chief brand officer of Violet Grey, the company’s success formula hinges on positioning brands effectively through storytelling, product curation, and aligning with influential figures, which fosters long-term customer loyalty.
The next steps for Violet Grey involve scaling its successful formula and expanding beyond its single brick-and-mortar store in Los Angeles. Despite the challenges facing the luxury market, including the recent downturn in beauty operations at competitors like Net-a-Porter, Guirgis remains optimistic. He emphasized that Violet Grey’s brand identity and meticulous curation set it apart, and the focus now will be on assembling the right team and strategy to execute their vision effectively.
Farfetch had originally acquired Violet Grey in 2022 for over $55 million as part of a bid to capture digital beauty shoppers. However, since then, Farfetch exited the beauty market and entered prepack administration, with Coupang acquiring the company for $500 million.
