Avenir Collective has acquired Australian skincare brand Wrinkles Schminkles in a significant eight-figure deal. This acquisition marks a pivotal moment for both the bootstrapped beauty company, founded by Gabrielle Requena, and Avenir, which recently rebranded from the Amazon aggregator Olsam Group. The transaction underscores a broader trend of consolidation and strategic partnerships within the booming global beauty market.
A Founder's Journey to Success
The story of Wrinkles Schminkles began in 2014 when founder Gabrielle Requena identified a market gap for non-invasive anti-aging solutions. Inspired by the use of silicone in medical scar treatment, she developed reusable patches designed to combat wrinkles overnight. Starting with an $80,000 investment, Requena impressively scaled the business to an annual revenue of $20 million, demonstrating remarkable growth.
The brand's success was built on a strong direct-to-consumer model, which accounts for three-quarters of its business, particularly in the United States. Its products gained significant traction, securing shelf space in major retailers like Ulta, Nordstrom, and Macy's. Despite an unsuccessful pitch on the television show Shark Tank in 2018, the brand's unique value proposition continued to resonate with consumers.
The Search for a Strategic Partner
After achieving substantial scale across Australia, the US, and the UK, Requena began seeking a strategic partner to accelerate the next phase of growth. She meticulously prepared the company for a sale, strengthening its management, branding, and operational foundations over several years. This careful planning was designed to make the business an attractive asset for potential buyers beyond just its strong revenue figures.
While several suitors expressed interest, Requena found a unique alignment with Avenir Collective's vision for founder-led brands. She determined that Avenir's infrastructure, capital base, and commitment to genuine brand growth were the ideal fit for Wrinkles Schminkles' future. This partnership allowed her to secure the brand's legacy while avoiding the potential pitfalls of a traditional private equity deal.
Avenir Collective's Evolving Strategy
The acquisition is a cornerstone of Avenir Collective's strategic pivot from its former identity as Olsam Group, a prominent Amazon aggregator. The rebranded entity aims to build a house of brands focused on efficacy, problem-solving, and building enduring customer relationships in the beauty sector. This move signals a shift towards a more brand-centric model that values long-term growth over short-term marketplace trends.
Avenir CEO Ben Poynter emphasized the desire to acquire brands that consumers return to because the products genuinely work. To support this vision, the company has bolstered its leadership team, notably appointing former Grown Alchemist CMO Lauren Myers as Chief Brand Officer. This expertise is intended to help acquired brands navigate the complexities of scaling from a direct-to-consumer focus to a global omnichannel presence.
Charting the Future for Wrinkles Schminkles
Under new ownership, Wrinkles Schminkles is poised for significant international expansion and brand development. Avenir Collective plans to enhance the brand's retail footprint in the US while driving a stronger presence in the UK and European markets. A potential brand refresh and assortment extensions are also on the table to capitalize on the growing skincare patch category.
The market for such products is rapidly expanding, partly fueled by viral moments on platforms like TikTok. Avenir's robust operational backbone and strategic expertise are expected to provide retailers with confidence and unlock new growth opportunities. Poynter noted that Avenir saw a great product first and foremost, with a clear opportunity to build upon the strong foundation Requena created.
The acquisition of Wrinkles Schminkles by Avenir Collective represents a strategic triumph for both parties. It marks a successful and lucrative exit for founder Gabrielle Requena, who transformed a simple idea into a global, multi-million dollar enterprise. For Avenir, this deal is the first major step in its new chapter, establishing a blueprint for building a portfolio of effective, founder-driven beauty brands.