You might know Jessica Alba for her iconic roles in Sin City and Into The Blue, but the 39-year-old actress is also an accomplished business woman behind The Honest Company, which is on the cusp of an IPO. The company has been her biggest success during the pandemic.
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The Honest Company, founded in January 2012 by Jessica Alba and her business partner, Christopher Gavigan, is an enterprise selling not only beauty and skin care products, but also a collection of household goods, diapers and more.
Alba’s business is noticeably producing products which supply to the marketplace for ethical consumerism. In other words, The Honest Company uses “honest” ingredients and materials; organic and eco-friendly.
After a prosperous nine years period, an official announcement was made, revealing that the actress had filed for an IPO for The Honest Company. This means that Jessica will from now on be offering shares of the company to the public.
This decision came as a result of a particularly lucrative year, driven by a “pandemic-driven surge in demand for baby products, lotions and sanitizers”. The Honest Company can credit its success to its efficient website, where one can buy organic products and sign up for a monthly subscription for regular supplies.
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The actress’s company profited from about 28% increase in revenue to $300 million for the year, with diapers and wipes representing approximately two-thirds of the total sales.
Consequently, The Honest Company will have its shares listed on the Nasdaq under the symbol “HNST”. The Californian business has reportedly said to have plan to use the proceeds from the offering to fund marketing and direct-to-consumer advertising. Additionally, it will launch new products and buy complementary businesses.
With prominent underwriters for the offering, such as Morgan Stanley, Jefferies and J.P. Morgan, Jessica Alba’s company and its move to list its shares is part of a bigger plan, which will see its online business strengthen. Furthermore, it also intends to boosts its presence at third-party sellers and in international markets, including in Asian countries.
Despite the company’s hiccup back in 2017, where the enterprise saw its baby wipes recalled voluntary due to a reported ingredient-labelling issue, and a lawsuit settlement costing the LA-based company a significant sum, it preserved its status as a “unicorn company”.
Indeed, in January, Bloomberg News reported that Alba’s company could seek a valuation of about $2 billion in an IPO, with the enterprise valued $1 billion as of October 2017.
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Sources: Just Jared, CNBC
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