Salmon, who was finance director and head of operations at the online designer fashion retailer, led the funding partnered by Quinn-Newall, former chief operating officer.
‘The advantage of investing in renewable products markets, with fragmented existing participants, through an experienced and professional management team focused on high levels of customer service, make Cult Beauty a fantastic business to drive this online sector forward,’ says Salmon, who has joined the Cult Beauty board as head of finance and operations.
The London-based business was launched in 2008 by Jessica DeLuca Moore and Alexia Inge.
DeLuca Moore comments, ‘We came across a lot of resistance from beauty brands who saw the internet as the “Wild West” of retail. But I wanted to create a resource to help women discern the truth about what really works from the pseudo-scientific advertising claims and airbrushed images we’re all bombarded with daily.’
Cult Beauty has a panel of 48 hair and beauty specialists who review the products for the website.
In other cosmetics news, European private equity firm Bridgepoint, which has an office in London, has acquired Italian perfumery chain La Gardenia.
The company has been purchased from current owners L Capital and Ergon Capital for an undisclosed sum, according to a statement.
La Gardenia has grown significantly in the last few years, doubling market share between 2006 and 2011.
Bridgepoint partner Lucio Ranaudo believes the fragrance business operates in a highly fragmented market that is ‘ripe for consolidation’.
Bridgepoint is currently investing a €4.8 billion fund, Bridgepoint Europe IV, and has made 11 investments so far.