IL MAKIAGE co-founders and top executives Niv Price, Oran Holtzman, Shiran Holtzman Erel, and Boaz Arad. (credit Courtesy of Il Makiage)
Oddity Tech, the parent company of Israel’s make-up firm IL Makiage, hit a $2.8 billion valuation after holding its NASDAQ IPO. The company sold 12.1 million shares at $35 a share, well above the originally anticipated $27 – $30 price range and raised $424 million from the sale.
And on Wednesday the company’s shares opened at $49.1, a 40% increase on the IPO price.
In its prospectus, Oddity Tech stated that it is well placed to “conquer the market,” with its tech-consumer platform, which is built to redefine the industry to transition from offline, wholesale sales, outsourcing models, and one product that fits all and focus on efficiency, digital, direct sales, vertical models, and customized and personalized products based on data.
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A little over two years ago, Oddity Tech sold off 9% of its shares in IL Makiage to investment funds including Fidelity and Franklin Templeton for $130 million. At the time, this left the firm with a valuation of $1.5 billion.
Oddity Tech is a consumer tech company that builds and scales digital-first brands to disrupt the offline-dominated beauty and wellness industries. The company serves over 40 million users with its AI-driven online platform, deploying data science to identify consumer needs, and developing solutions in the form of beauty and wellness products. ODDITY owns IL Makiage and SpoiledChild. The company operates with business headquarters in New York City, an R&D center in Tel Aviv, Israel, and a biotechnology lab in Boston.
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.”
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.
