In a move to help the brand realise its full global potential, Nip + Fab founder, Maria Hatzistefanis, is looking to bring on a majority partner for the millennial-focused skincare brand, according to reports by WWD.
For Hatzistefanis, the decision to look for a partner was a result of seeing the brand’s steady growth trajectory and realising that to achieve its full potential, a bigger injection of capital and new management structure was essential.
The company has also hired Baylor Klein, who advised The Ordinary on its sale to the Estée Lauder Cos. Inc., to help navigate securing the right partner and completing the transaction.
Nip + Fab, who has previously signed on brand ambassadors such as Kylie Jenner and Sofia Richie, saw revenue reaching 14 million pounds last year, and Hatzistefanis believes the brand can quickly grow to reach 100 million pounds with the right partner.
“Nip + Fab has achieved all of this by mainly being a U.K. based brand. Our international availability is very limited. If we look at what we achieved in the U.K. and replicate it internationally, by expanding into the U.S. in a bigger way for instance, there’s a huge opportunity there that we haven’t even touched on,” said Hatzistefanis.
“Being a millennial brand, there is more that we could be doing with our own website and driving online sales. But again, this needs more resources to build a digital team.”
A deal is yet to be confirmed, but as long as they share a similar vision for the future of the brand, the company is open to different backers including strategic investors and venture capital.