Cos Bar, the luxury beauty retailer, has been acquired by the Mitchell Family Office, the companies announced on Tuesday. Terms of the deal were not disclosed.
In a statement, Oliver Garfield, chief executive of Cos Bar, said that the acquisition will allow the retailer to expand its reach, enhance client experience and help refine its luxury beauty retail proposition. Garfield said the Mitchell Family Office is the “ideal partner for Cos Bar’s next chapter.”
Mark Mitchell, founder and managing partner of the Mitchell Family Office, added the Michigan-based firm sees “tremendous opportunity to build on Cos Bar’s success with innovation, scale, services and technology.”
Per the statement, the companies are looking to expand Cos Bar’s geographic expansion and also modernise its services via Mitchell Family Office’s ownership of Swan Beauty, a personalised beauty technology company which makes AI-powered smart mirrors.
Originally founded by Lily Garfield in 1976 in Aspen, Colorado, Cos Bar operates a network of 21 stores throughout the US, focussed in well-heeled locales such as La Jolla, California, Vail, Colorado, and Houston, Texas. It stocks premium brands such as Sisley, Chantecaille, Charlotte Tilbury and Westman Atelier. In September, The Business of Beauty dispelled rumours that the business was set to be acquired by retailer Violet Grey.
Cos Bar’s focus on high-net-worth shoppers sets it apart from other pure play retailers. Its stores also carry out a number of private shopping events and services for top clients, and its assortment of brands and high-touch clienteling approach allowed the retailer to bring a style of retail more synonymous with department stores into smaller cities.
In 2015, private equity firm Tengram Capital Partners made a “significant” investment in the business. The company’s chief executive, Oliver Garfield, is its second generation of leadership.
In addition to Swan Beauty, Mitchell Family Office’s portfolio includes a number of healthcare companies, and a Canadian women’s soccer club.
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