French luxury brand LVMH has acquired Singapore-based beauty products e-tailer Luxola, through the former’s cosmetics subsidiary Sephora, according to tech news portal e27.
Details of the investment value have not been disclosed. When reached by Marketing, Sephora declined to comment.
Based in Singapore, Luxola was founded in 2011 by Alexis Horowitz-Burdick, CEO of Luxola.
Luxola sells various beauty products and accessories on its e-commerce site. It carries over 250 brands and has a presence in 11 markets including Australia, India and the UAE. The company currently employs 120 people, e27 reported.
“Investing in Luxola is a unique opportunity to penetrate the online beauty market and accelerate Sephora’s growth in Southeast Asia,” Anne-Véronique Bruel, president of Sephora Asia, said in a statement to Tech in Asia.
Marketing has reached out to Luxola for further comments.
This is the sixth Singaporean brand LVMH has invested in. The other five are Charles and Keith, Ku De Tah (Now called Ce La Vi), Crystal Jade, Heng Long Tannery and Sincere Watch & Jewellery, according to The Straits Times.