True Beauty Ventures invested in the company. Iris&Romeo was founded in 2019 and is currently sold at Credo Beauty.
The brand is known for its multitasking cosmetics with active skincare ingredients and has a loyal following, said Michele Gough-Baril, founder of Iris&Romeo. “We reached out to our customer base, who are over 35, and they just want healthy, glowing skin. Our repeat rate is three times the industry standard. She keeps coming back and she trusts us,” she said.
Tara Desai, managing director of the brand, added: “When we launch something new, (the customer) comes back at very high rates. She wants this product line so much more.
Executives have not commented on the sales, although sources expect Iris&Romeo to close 2023 between $3 million and $5 million.
Next up is a Sephora expansion, which will debut on the Sephora app and website on December 26. “After we started testing the retail waters with our customers at Credo, it showed us a proof of concept,” Desai said. “We all thought we would do well in store and at retail where she can touch and smell it. Sephora has done a really good job of storytelling around cleanliness and they are very focused on it.
“With its minimalist and simplified approach to beauty, Iris&Romeo offers clean, high-performance multi-use products that seek to improve the well-being of the skin with each wear. We look forward to introducing this innovative brand to our Sephora community and know it will be a great addition to our assortment,” added Amy Abrams, vice president of merchandising and makeup at Sephora, in a statement.
Cristina Nuñez, co-founder and partner of True Beauty Ventures, will also join the brand’s board of directors. “Under the strong leadership of CEO Tara Desai and alongside an exciting new partnership with Sephora, you can feel the momentum and energy building for the brand,” Nuñez said. “Iris&Romeo is in the right place and time for rapid expansion, as consumers turn to multifunctional makeup-skincare hybrids that deliver performance and purpose.
The funding will also be used to build brand awareness. “The piece we started to build this year is the growth of EMV and our organic community for the brand. The funding gives us the resources and the team to be able to focus on building awareness and synergy with the launch at Sephora and have a platform to talk about the brand,” Desai said, adding that the marketing of he influence led to “important KPIs”. changes.
“We’re going to build a permanent presence in the channels that we haven’t been able to do before,” Desai continued.