Summer Fridays has secured a new investor — and it is the first of the many brands out in the market to do so.
The beauty brand founded by influencers Marianna Hewitt and Lauren Ireland in 2018 has received a strategic growth investment from private equity firm TSG Consumer Partners. WWD understands that TSG took a majority stake in the company, though terms of the deal were not disclosed.
Hewitt and Ireland will retain a significant stake and continue to lead the company along with the rest of the Summer Fridays management team, including John Heffner, chairman and chief executive officer of Summer Fridays.
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Prelude Growth Partners, which invested in 2019, will exit its investment in the company as part of the transaction. Terms of Prelude’s minority investment were not disclosed, but at the time, Summer Fridays was said to be on track to do $20 million in retail sales.
Summer Fridays started with one hero product — Jet Lag Mask — and has evolved to encompass a plethora of beauty products, including lip care, sun care and body care. The company worked with Raymond James to secure a deal.
The brand’s Lip Butter Balm has taken off, too, and the brand recently added an Iced Coffee flavor in its assortment, which also includes Cherry, Vanilla and Sweet Mint. Summer Friday’s Jet Lag Mask made the WWD Beauty Inc 2024 100 Greatest Skin Care Products of All Time list, with one sold every 90 seconds.
Now, industry sources estimate the brand’s sales are around $100 million.
The new investment will help fund product development, brand building and geographic expansion.
As Summer Fridays, which recently entered Sephora U.K. and is eyeing further expansion into Western Europe, grows its global presence, replicating the level of community engagement it has cultivated in the U.S. is a high priority for the brand. Hewitt has more than 1 million followers on Instagram and Ireland has 335,000, which has helped the duo engage with their communities. Summer Fridays has 1 million followers.
“TSG has an extensive record of growing consumer brands in beauty and can support our expansion with their digital, operational and consumer insights capabilities,” said Hewitt and Ireland in a joint statement. “We look forward to accelerating our innovation and global distribution alongside a partner that shares our values and supports our commitment to delivering effortless, gentle options for our customers.”
Colin Welch, managing director and head of New York and London offices at TSG, called Summer Fridays a “one-of-a-kind” beauty brand.
“It is a lifestyle brand that has built unparalleled consumer love through a focus on gently effective, intuitive and easy-to-use products,” he said. “We are honored to partner with Marianna, Lauren and the entire Summer Fridays team to build upon the company’s success and to help further expand the brand globally.”
TSG’s other beauty investments include Huda Beauty and Hempz. Its investment in Huda Beauty marked the first time a beauty influencer brand got a private equity investment.
TSG’s past investments include E.l.f. Cosmetics, IT Cosmetics, Pureology, Smashbox Cosmetics and Revolution Beauty, among others.
Summer Fridays is part of a cohort of beauty brands that hit the market in 2024 looking for deals — and it’s the first to see it’s process come to fruition. Other beauty brands in the markets include Osea, Byoma, Makeup by Mario, Merit and Jane Iredale. According to WWD’s previous reporting, makeup brands have been having a harder time out in the market than their skin care counterparts.