IL MAKIAGE co-founders and top executives Niv Price, Oran Holtzman, Shiran Holtzman Erel, and Boaz Arad. (credit Courtesy of Il Makiage)
Israeli owned make-up company Il Makiage is now worth about $1.5 billion. IL Makiage reached this valuation after its parent company, Oddity sold 9% of its shares to investment funds including Fidelity and Franklin Templeton for a total of $130 million.
IL Makiage could probably use some of that cash right now to cover the cost of its acquisition of Voyage81, an Israeli startup that offers deep-tech AI-based computational imaging. Last summer Voyage81 was acquired by Makiage for $40 million.
Originally founded in New York in 1972 by Israeli makeup artist Ilana Harkavi, Il Makiage was relaunched in 2018 by brother and sister team Oran Holtzman and Shiran Holtzman-Erel. It is a New York based, tech-driven prestige beauty brand that boasts that they are “shifting millions of customers to shopping for beauty online.”
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“We are defining and building the future of beauty by using unparalleled technology to connect people with superior, painstakingly tested, beauty products.”
IL Makiage boasts that its AI tech gives the company a 90% success rate in finding the most suitable shades for customer’s skin coloring. Being an online company, the Covid crisis was actually good for Makiage, which saw revenue double in 2021 to $270 million from $135 million.
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“Our existing technology and road map are unlocking immense growth opportunities in the beauty and wellness industries and enabled us to drive a rare combination of scale, growth and profitability,” said Oran Holtzman, co-founder and CEO of Oddity.
“We’re honored to partner with an amazing set of growth equity investors that share our view on the industry’s future and will support our efforts to become the digital beauty and wellness house of the future by continuing to disrupt additional sub-categories.”
“Oddity is an excellent example of this kind of organization and their capabilities – and technology applications – expand well beyond the beauty and wellness industry,” he said. “I am excited to partner with them on their growth plans within their industry and beyond.”
