Blu Atlas joins Foundry\u2019s growing men\u2019s portfolio that includes premium razor brand Supply, cosmetics brand Stryx and fragrance brand Craft & Kin.<\/li>\n<\/ul>\nDive Insight:<\/h3>\n
Investing in Blu Atlas, Foundry hopes to capitalize on the brand\u2019s potential sales.\u00a0<\/p>\n
\u201cWe are thrilled for the opportunity to take Blu Atlas to its next stage of growth,\u201d Foundry CEO Hendre Ackermann said in a statement.\u00a0\u201cWe believe Blu Atlas has the potential to reach $100 million in sales over the coming years, by increasing distribution, building greater awareness, and continuing to offer a premium and differentiated product assortment.\u201d<\/p>\n
Blu Atlas launched in January 2022, with its founder Deep Patel saying in a statement that the brand launched after Patel couldn\u2019t find \u201cclean and effective men\u2019s skincare that worked.\u201d<\/p>\n
Foundry in 2021 launched with $100 million in capital. Investors included LightBay Capital and Monogram Capital Partners, with the funding intended to go toward hiring employees as well as developing a portfolio of brands.<\/p>\n
Former Chief Global Customer Officer at Pizza Hut, Helen Vaid, served as Foundry\u2019s CEO\u00a0until February 2023, but is now listed as a board member and strategic adviser on LinkedIn. Several other executive changes have occurred since the company\u2019s launch, with co-founder Matt Rhodes \u2014 originally chief development officer \u2014 switching to the CFO position and three other co-founders exiting the company. Co-founders Tom Shipley, Kyle Walker and Stefan Haney are no longer at Foundry, according to LinkedIn.<\/p>\n
Competition in the men\u2019s personal care industry has grown over the years. In July 2021, retailer Urban Outfitters entered into a partnership with Hims & Hers to offer select men\u2019s personal care products, including makeup. Bath &\u00a0Body Works in May expanded its men\u2019s product assortment with new skin care and beard products, while DTC men\u2019s grooming brand Manscaped in June entered into wholesale partnerships at Men\u2019s Wearhouse and Jos. A. Bank stores.<\/p>\n<\/p><\/div>\n
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