Dive Brief:
- Gil Efrati has been appointed CEO at skin and hair care brand SpoiledChild, according to a press release shared with Retail Dive. The executive started in July.
- The new chief executive will report to Oran Holtzman, CEO and co-founder of parent company Oddity. Efrati will build “upon the brand’s explosive multicategory growth and deliver against the objective of becoming the world’s largest wellness brand,” per the release.
- Efrati previously served as chief marketing officer for Resident, which houses a portfolio of direct-to-consumer brands including Nectar and Cloverlane. The chief executive also worked at Google for about seven years.
Dive Insight:
Efrati joined tech-focused SpoiledChild at an important time for its parent company Oddity.
“I’ve known Gil personally for many years,” Holtzman said in a statement. “He’s one of the strongest and most knowledgeable talents that I know in the online arena. His growth mindset and deep e-commerce expertise and experience will allow us to accelerate the brand’s growth and build the future of wellness with SpoiledChild’s powerful momentum. We are thrilled to have him join our team.”
Oddity last month began trading publicly on the Nasdaq Global Market after increasing its starting share price multiple times. The consumer technology company ultimately began trading at $35 and increased its offering to 12.1 million of its Class A ordinary shares. Oddity’s closing share price was $41.08 on Thursday.
Company filings from Oddity showed that it generated a net income in 2020, 2021 and 2022, reaching $21.7 million in net income and $324.5 million in net revenue during 2022. In the company's second-quarter results reported earlier this month, Oddity's net revenue jumped 55% year over year to $151.3 million and net income increased 80.4% to $30 million.
SpoiledChild recorded $48 million in gross sales during its first year and is already profitable, according to the company’s release.
Oddity launched SpoiledChild in February 2022, becoming the company’s second brand next to Il Makiage. SpoiledChild debuted with its products packaged in reusable dispensers and recyclable capsules.
The consumer technology company operates an AI-driven online platform and biotechnology center Oddity Labs, which develops various proprietary ingredients.
