Drunk Elephant has been bought by Shiseido, a Japanese beauty products company, for $845 million.
Tiffany Masterson, a mother of four who lives in the West University area of Houston, founded the company in 2012. She wanted to develop a line of non-toxic skincare products. In her first year of operation, her brother-in-law invested $300,000. The following year, her brother also invested and became President of the company.
Most of the company’s employees and back office functions are based in Newport Beach, California
The brand is now one of the top selling at retailer Sephora. San Francisco PE firm VMG Partners then invested in the business in 2017 and helped grow the brand internationally.
The company has projected revenues of $125 million for 2019. Forbes estimates that Ms Masterson will make $120 million when the deal closes at the end of the year. She will stay on after the close as the Chief Creative Officer.