Stenders is set for global expansion
The Latvia-based luxury personal care business was founded in 2001 and already has a presence in 20 countries across the world.
According to the investment firm, as consumer trends place a heightened focus on holistic wellbeing, more sophisticated bath and body care rituals, and products made from natural ingredients, the brand is perfectly placed to accelerate its international expansion across Asia, Europe, the Middle East, and the US “on the back of secular tailwinds in the sector.”
Stenders draws from its Latvian heritage and embraces the country’s unique bathing culture. It celebrates 'me time' and offers high-quality products inspired by the natural environment in northern Europe.
It currently has a portfolio of over 400 products which are meticulously developed with a focus on safety, sustainability, and functionality. Each product is made in Latvia using natural ingredients; and packaged using fully recyclable materials.
Aiming to "unlock the next stage of growth
Stenders' has seen a 20% increase in sales every year for the past four years and the brand enjoys high conversion and repurchase rates.
It has an omnichannel presence across more than 300 stores across the world, major e-commerce platforms, and its own direct-to-consumer website.
Meanwhile, L Catterton has extensive experience building brands in the beauty and personal care space across the world. Current and past investments in the sector include Elemis, Function of Beauty, The Honest Company, Maria Nila, Nutrafol, Oddity and more.
Managing partner at L Catterton, Scott Chen noted that personal care consumers are “progressively trading up in the bath and body care market”.
Chen said the investment firm expects the trend to persist as shoppers further gravitate towards such premium products like they have done with facial skin care and hand care.
“Having brand values and stellar products which resonate with its target customers, Stenders has been able to astutely capitalise on this shift,” he shared.
“There is still ample headroom for further growth and we look forward to partnering with Stenders' management team to realise our shared goals."
Stenders chief operating officer Kristine Grapmane said that that the partnership will “unlock the next stage of growth” for the business.
“Our focus will be on enlarging our presence, further enhancing the productivity of our stores, augmenting our e-commerce business, optimising our manufacturing efficiency, and attracting talent," she said.
