The Acquisition Reflects Monograms Pivot to In-House Brands and Fragrance Licenses, as Well as Retail Expansion
Monogram Capital Partners has acquired a majority stake in beauty developer Tu Fragrance & Beauty, which boasts a diverse portfolio including brands such as Le Monde Gourmand, Undone Beauty, and Lake & Skye, alongside licensed fragrance ranges like Yellowstone and American Eagle’s private label fragrances.
While the specific terms of the deal remain undisclosed, Monogram Capital Partners has a track record in the beauty industry. The Los Angeles-based private equity firm led a $10 million series A funding round for Live Tinted last year and maintains a minority stake in D.S. & Durga following the fragrance brand’s acquisition by Manzanita Capital in January.
Eric Bilenko, appointed CEO of Tru Fragrance in December, expressed confidence in the partnership with Monogram Capital Partners, noting their expertise in high-growth, middle-market consumer packaged goods companies. Bilenko’s extensive 15-year tenure at Tru Fragrance, with prior roles including COO and president, underscores his commitment to driving the company’s evolution.
Monogram’s interest in Tru Fragrance stems from the company’s transition from private-label fragrance manufacturing to cultivating in-house brands and fragrance licenses. Oliver Nordlinger, Monogram co-founder, highlighted their focus on solidifying Tru Fragrance & Beauty as a fragrance specialist, encompassing perfume, body products, and home fragrance, including candles.
Tru Fragrance’s flagship masstige fragrance brand, Le Monde Gourmand, recently expanded its distribution to 700 Ulta Beauty doors, in addition to its presence in Urban Outfitters and Nordstrom Rack. Lake & Skye, available at Ulta, Nordstrom, and Bluemercury, is poised to enhance its retail presence further.
Industry insiders estimate Tru Fragrance’s sales to surpass $100 million in 2024. With Monogram’s investment, the company aims to accelerate retail expansion, bolster core brands, and explore opportunities for future acquisitions, positioning itself for continued growth in the beauty market.
