Encore Consumer Capital invests in brand
Lorac Cosmetics has secured an undisclosed investment from Encore Consumer Capital. The company has also welcomed a new CEO – Time McMeekan – who will work alongside Founder Carol Shaw.
Carol Shaw, commented: “My colleagues and I at Lorac are excited to be partnering with Encore Consumer Capital. I am very proud of Lorac’s success, and look forward to working with the company’s new CEO, Tim McMeekan, to bring the brand to even greater heights. The best of Lorac is yet to come.” Shaw will continue on as Founder, maintaining her focus on product development and public relations.
Kevin Murphy, Managing Director at Encore Consumer Capital, said, “We are thrilled to have the opportunity to be involved with this special brand that Carol Shaw first introduced to the world 20 years ago that has since earned a unique place in the prestige beauty world. I have great confidence that Tim McMeekan and the entire LORAC team will further enhance Lorac’s trusted relationships with its retail partners and customers through the introduction of the highest quality and most innovative products.”
The company’s management team worked with Intrepid Investment Bankers on the partnership. Steve Davis, Managing Director and Head of the Beauty & Personal Care practice at Intrepid, added: “Carol and her team have built one of the truly authentic brands in the prestige colour cosmetics industry. We knew early on that both the team and the brand’s powerful connection with its consumer base would resonate well with potential investors. We are thankful to have been a part of the Lorac brand to even greater heights.”
Lorac has a range of Hollywood-inspired colour cosmetics that promise to be non-irritating, natural-looking and long-lasting as well as easy to use. Its products are currently sold on its own digital platform as well as though a number of key retailers in the US including ULTA Beauty and Kohl’s.