Luxury conglomerate LVMH, which owns beauty brands like Dior and Make Up For Ever as well as popular retail giant Sephora, announced on 8 July that they have acquired Luxola.com. Although no figures for this acquisition were announced, Luxola has previously raised US$15 million from investors.
Founded by Alexis Horowitz-Burdick in 2011 in Singapore, the company is now a far cry away from the days when their CEO could not even afford to pay staff members. Currently the brand stocks a good selection of cosmetics from over 250 brands. They range from affordable drugstore buys like Wet N Wild to more premium products from SK-II, as well as many cult names that are not otherwise available in Singapore or its 10 other markets.
The brand's success seems to be due to several factors: authentic products from trustworthy sources, competitive prices, as well as frequent storewide discounts for its members. The winning business model has clearly attracted the attention of the big guns, judging from this acquisition.