EXCLUSIVE: Courtin Family Takes Majority Stake in Pai Skincare
PARIS — Famille C Participations, the Courtin family’s holding company, has taken a majority stake in Pai Skincare to help step up the brand’s growth and turn it into selective distribution’s clean skin care leader.
In April 2021, Famille C Participations purchased a minority stake in Pai, leading its $9 million Series B investment round.
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Financial terms of the most recent investment were not disclosed.
“It’s time for Pai to accelerate in its country of origin, which is the U.K., and to develop in Europe,” said Prisca Courtin, chief executive officer of Famille C Participations. She is a member of the Courtin family, which founded and owns beauty giant Groupe Clarins.
Sarah Brown established Pai Skincare, which is certified organic, vegan and cruelty-free, in London in 2007.
Courtin described Pai’s positioning as an authentic clean brand that is true and transparent in its ingredients and ingredient sourcing. She highlighted that Pai has full control of its formulas, with 98 percent of its ingredients stemming from natural origins.
“[Pai products] have the particularity of being very effective, unlike many clean products,” Courtin continued. “We said to ourselves that now is the time we must accelerate with it.”
Brown’s commitment and sincerity are also what attracted Famille C Participations to Pai.
“That’s what we like; it is very consistent with the Groupe Clarins and Ilia, too,” said Courtin, referring to Ilia Beauty, the Los Angeles-based clean makeup brand Famille C Participations acquired in 2022. “Sarah was a huge part of the decision-making process. She is key, and it is key that she stays by our side for the future.”
Pai has been supported by Famille C Participations and Groupe Clarins with expertise, such as relating to retail strategy with Sephora. That is a partnership for Pai that until now has focused on the U.K. and France, and which will be key to the brand’s expansion throughout Europe. Other important retail tie-ups include John Lewis in the U.K. and Oh My Cream on the Continent, where the brand is generally a top seller.
Famille C Participations also plans to help Pai with its digital acceleration, especially improving sales on its own e-commerce site.
Today Pai is sold in 900 doors in 30 countries, and 40 percent of its overall business is generated online.
Courtin would not discuss numbers, but industry sources estimate Pai generates about 10 million pounds, or $12.4 million, in annual retail sales.
“We are thinking about the whole supply chain and logistics,” said Courtin, explaining that Pai’s lab in London is working at full throttle today. So a next step could be growing capacity and possibly manufacturing some of the brand’s products at Groupe Clarins’ facilities.
“At Pai there are still a lot of products to develop,” said Courtin, adding that’s despite it being a brand that already meets the needs of all skin sensitivities and types.
Among Pai’s approximately 30 products, its bestseller is the Rosehip Bioregenerate face oil. One bottle of it was sold every two minutes, as of 2021.
“They have super good repurchase rates, and the idea is really to continue capitalizing on this, to continue making effective products,” Courtin said.
She lauded Pai’s innovative boosters, such as the one that’s mushroom-based and another with vegetal collagen.
Brown will begin to focus a bit more on antiaging products.
“On this we can also help her a lot with Clarins’ expertise,” said Courtin, explaining the overarching goal for Pai is “to become the leader in clean skin care in selective distribution.” That’s first to be in Europe, then abroad.
Other product categories Pai could focus on next are tinted complexion illuminators, body care, maternity-related body care and sunscreen.
“It’s very important for its clients to have SPF — but natural — protection,” Courtin said.
She initiated Famille C Participations’ creation six years ago with the aim of primarily making beauty investments.
“We have very specific strategic filters,” said Courtin, explaining a potential target’s product formulas need to be innovative and clean, and the brand must be embodied by a charismatic founder or founders, who want to continue their adventure with Famille C Participations.
“This is very important to us,” said Courtin, also explaining so are strong sustainable development commitments, including sourcing of quality ingredients.
Pai has amassed an impressive number of certifications, including recent B Corp. status.
“It really proves Pai’s commitment from a sustainable development point of view,” Courtin said.
Other certifications include COSMOS Organic, COSMOS Natural, Cruelty Free International and London Living Wage.
The idea within Famille C Participations is to have brands with a similar vision, which share the same values and DNA.
“The goal of this investment company is really to create an industrial group that will support the beauty leaders of tomorrow,” Courtin said. “That’s my objective.
“We are 100 percent family-run, and think in the long term,” she continued.
So there is no rush to grow a brand. The aim is not to sell the companies either, but rather to support them over time. Famille C Participations invests without constraint on company size, investment phase or exit horizon, sometimes taking majority or minority stakes.
Hair care remains a category of interest for the fund.
“We made a small investment in Ceremonia, which we like very much,” said Courtin, adding that the clean hair care brand rooted in Latinx heritage is doing very well, and that Famille C would like to find another hair care brand to accompany it.
Also on Famille C Participations’ radar is skin care targeting a younger or older demographic — especially premium skin care, which remains at Groupe Clarins’ core.
“We look at all the opportunities available to us,” Courtin said.
Ninety percent of Famille C Participations’ investments are in beauty, but it has also gone farther afield, including a hotel in the South of France and a French chateau, replete with a working vineyard.
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