Net-A-Porter Founders Invest in Cult Beauty
Two of the founding partners of online designer boutique Net-A-Porter have invested in beauty e-commerce company Cult Beauty. Murray Salmon (previously finance director and head of operations at Net-a-Porter) and Mark Quinn-Newall (former chief operating officer) have invested in the online beauty boutique, which aims to bring niche, under-the-radar products to the mass market.
Cult Beauty was launched in 2008 by London-based Jessica DeLuca Moore (a former investment banker) and Alexia Inge (an ex-journalist and PR agent). It stocks items for men and women from more than 120 beauty brands, including Invisible Zinc, Clarisonic, DuWop, Institut Esthederm and Kyoku, and uses more than 48 industry experts to source, suggest and advise on products. The online boutique allows customers to shop by brand, celebrity, award, expert, country of origin and ingredients, and has introduced cult-status products – such as Australia’s Lucas Papaw Ointment – to the UK market.
The site has already won numerous awards for its service and brand awareness, including the Sunday Times’ Styles Editor’s Choice award for Best Beauty Website 2010. Despite being launched in the midst of the global recession, Cult Beauty has continued to succeed, quoting year-on-year revenue growth of 300%.
Salmon and Quinn-Newall will join Cult Beauty’s board of directors.