Dive Brief:
- Digital brand platform Foundry acquired direct-to-consumer men’s personal care company Blu Atlas, according to a Wednesday press release.
- Foundry acquired Blu Atlas — which sells men’s skin care, hair care and fragrance — for an undisclosed eight-figure sum. The news marks Foundry’s third acquisition into the men’s personal care industry.
- Blu Atlas joins Foundry’s growing men’s portfolio that includes premium razor brand Supply, cosmetics brand Stryx and fragrance brand Craft & Kin.
Dive Insight:
Investing in Blu Atlas, Foundry hopes to capitalize on the brand’s potential sales.
“We are thrilled for the opportunity to take Blu Atlas to its next stage of growth,” Foundry CEO Hendre Ackermann said in a statement. “We 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.”
Blu Atlas launched in January 2022, with its founder Deep Patel saying in a statement that the brand launched after Patel couldn’t find “clean and effective men’s skincare that worked.”
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.
Former Chief Global Customer Officer at Pizza Hut, Helen Vaid, served as Foundry’s CEO until February 2023, but is now listed as a board member and strategic adviser on LinkedIn. Several other executive changes have occurred since the company’s launch, with co-founder Matt Rhodes — originally chief development officer — 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.
Competition in the men’s 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’s personal care products, including makeup. Bath & Body Works in May expanded its men’s product assortment with new skin care and beard products, while DTC men’s grooming brand Manscaped in June entered into wholesale partnerships at Men’s Wearhouse and Jos. A. Bank stores.
