Dive Brief:
- On the heels of a new round of funding, beauty brand Patrick Ta named a new CEO in Kimberly Villatoro. Avo Minasyan, who previously served as CEO, will now transition to chairman of the board.
- Villatoro joins Patrick Ta, after most recently serving as vice president and general manager of Smashbox and Glamglow in North America, according to a company press release. She also spent over a decade at Mattel holding various roles, including senior director of global marketing, marketing director of girls brands North America and marketing director of global marketing for Barbie, according to her LinkedIn profile.
- The appointment of Villatoro comes after the recent hiring of former L'Oreal executive, Paul Parikh, as chief operating officer.
Dive Insight:
Patrick Ta welcomed the addition of Villatoro, who brings a wealth of marketing and leadership experience to the role.
"From the beginning, Patrick Ta Beauty was built with the support of all the women in my life. Kimberly's vision for growth and brand positioning is completely aligned with mine," Ta said in a statement. "There is no better leader to inspire and scale the next phase of the business than Kimberly. I'm excited for what we build together."
Patrick Ta Beauty, which was founded in 2019, was among the top 50 beauty brands of 2022 as ranked by earned media value, according to recent data from Tribe Dynamics. The brand’s earned media value was estimated at just under $84 million, a 32% increase over the previous year.
The beauty sector overall appears to be growing even as consumers pull back on discretionary spending. Prestige beauty sales in the U.S. increased by 15% year over year in 2022, according to a report from The NPD Group. Makeup ranked second only to hair products with an 18% increase over the previous year.
Patrick Ta Beauty stands to benefit, according to Villatoro. "Patrick Ta Beauty is a brand that is poised for growth,” she said in a statement. “At the center is Patrick, whose own journey, both personally and professionally, is an inspiration for the brand and an entire generation of makeup lovers.”
Patrick Ta Beauty has been buttressed by a recent investment from Stride Consumer Partners, a growth equity investment firm focused on brands in the consumer products and services space. While the company’s products are currently available on its website and through its partnerships with Sephora, Cult Beauty and Flannels Beauty, the brand will use the capital infusion to expand its reach by doubling its marketing output year over year.
