The investment firm has acquired a majority stake in Stenders, a premium bath and body care company founded in Latvia in 2001 that now has a presence in 20 countries across the world. The financial details of the operation have not been disclosed.
Drawing from its deep Latvian heritage, Stenders crafts products inspired by the natural environment in northern Europe. It currently has a portfolio of over 400 products, which are developed with a focus on safety, sustainability, and functionality; made in Latvia using natural ingredients; and packaged using fully recyclable materials.
Premium segment
Stenders’ revenue has risen by around 20% annually over the past four years. Sales are generated through an omnichannel network spanning more than 300 stores across the world, major e-commerce platforms, and the brand’s website.
Steeped in Latvia’s unique bath culture, which dates back centuries as a practice to not only wash the body, but relax and cleanse the mind, Stenders focuses on the premium segment. The brand’s growth has been galvanized by a shift in consumer trends such as a heightening focus on holistic wellbeing, increasingly sophisticated bath and body care rituals, and rising preferences for products made from natural ingredients
“Consumers are progressively ’trading up’ in the bath and body care market and we expect the trend to persist as they further gravitate towards such premium products like they have with facial skincare and hand care. Having brand values and stellar products which resonate with its target customers, Stenders has been able to astutely capitalize on this shift. There is still ample headroom for further growth and we look forward to partnering with Stenders’ management team to realize our shared goals,” said Scott Chen, a managing partner at L Catterton.
Global growth
The transaction is aimed to accelerate Stenders’ international expansion across Asia, Europe, the Middle East, and the US, on the back of secular tailwinds in the sector.
“This partnership will unlock the next stage of growth for us. L Catterton has a proven track record of creating value for its portfolio companies and we are keen to tap into its insights, operating know-how, and network as we continue to expand across various geographies. Our focus will be on enlarging our presence, further enhancing the productivity of our stores, augmenting our e-commerce business, optimizing our manufacturing efficiency, and attracting talent,” added Stenders chief operating officer Kristine Grapmane.
