(Bloomberg) -- General Atlantic agreed to buy a stake in the fast-growing perfume division of cosmetics company Huda Beauty, the latest example of a business based in Dubai drawing interest from international investors.
Kayali, as the fragrance unit is known, will operate as an independent company after the deal with the US private equity firm, according to a statement on Monday. Further financial details weren’t disclosed.
Huda Beauty — started in 2013 by blogger Huda Kattan and her sisters Mona and Alya — has been valued at more than $1 billion in the past, and sells over a hundred products online, from false eyelashes to lip gloss. In 2017, TSG Consumer Partners acquired a minority stake in the firm, which Huda Beauty’s founders now plan to buy back, they said in the statement.
Kayali was launched over six years ago years ago and offers about two dozen fragrances. Its perfumes — which cost about $140 for a 100-milliliter bottle — are sold by major retailers including Sephora USA Inc., Walgreens Boots Alliance Inc. and ASOS Plc. Founder Mona Kattan will continue as chief executive officer after the investment from General Atlantic.
The deal marks the latest instance of a company from Dubai, the Gulf region’s main commercial hub, attracting foreign interest. In August, the owner of T.J. Maxx acquired a stake in retailer Brands for Less, while KKR & Co. last month said it plans to buy into one of the Middle East’s largest data center firms.
Huda Beauty has amassed more than 54.7 million followers on Instagram, making it one of the beauty industry’s most recognized brands on social media. Rivals Kylie Cosmetics and Gomez’s Rare Beauty have 24.7 million and 8 million followers, respectively.
General Atlantic has made several investments in popular consumer brands and retailers in recent years. In 2023, the company acquired a majority interest in Joe & the Juice, the high street chain that sells smoothies and sandwiches to young professionals and hipsters.
The firm recently opened offices in Riyadh and Abu Dhabi in the region, following in the footsteps of several of its peers that are seeking greater proximity to the region’s sovereign wealth funds.
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