Dive Brief:
- Consumer tech and beauty company Oddity filed to go public under the ticker symbol ODD, according to a company press release Friday.
- Oddity — which owns makeup brand Il Makiage and skin care company SpoiledChild — said that the number of shares to be offered and the price range have not been determined yet.
- The company’s F-1 public filing shows that Oddity has generated a net income for the years ended December 31, 2020, 2021 and 2022. In 2022 the company brought in $21.7 million in net income and $324.5 million in net revenue.
Dive Insight:
Oddity is positioning itself as a disruptor as it plans to enter the public market.
“We operate in the highly attractive over $600 billion global beauty and wellness market,” the company’s F-1 filing states. “We believe this market is ripe for disruption, dominated by established, largely offline, wholesale models that we feel have not sufficiently evolved to meet changing consumer preferences for a digital, personalized, and customized experience.”
Oddity said in its filing that the beauty and wellness industries are slow to innovate, lacking personalization and efficient digital experiences. As such, the company places an emphasis on technology, data and online capabilities to differentiate itself.
Oddity also said that it plans to launch new stand-alone digitally native brands to disrupt other categories on a regular cadence. The new brands will use Oddity's centralized technology and data science departments, but will operate with their own leadership and other teams.
The tech-focused company launched the personalized skin care brand SpoiledChild in February 2022. The brand used a proprietary machine-learning engine to recommend products or sequences of products to customers. SpoiledChild’s product dispensers are reusable and recyclable capsules.
At the beginning of 2022, Oddity announced it raised $130 million in funding at a valuation of $1.5 billion. At the time, the company said Il Makiage had exceeded $260 million in revenue during 2021.
