Cassandra Grey, the founder of Violet Grey, has bought back the Los Angeles-based retailer in partnership with Sherif Gurgis, the company announced on Monday.
Guirgis, who worked in private equity for over 13 years investing in consumer brands at private equity firms such as Lion Capital and Main Street Advisors, will be the companyâs chairman and chief executive in addition to co-owner, while Grey will serve on the executive board. Former Vogue editor Sarah Brown, who has been at the company since 2021, remains as chief brand officer.
The retailer is also launching a brand development arm called Violet Lab, which Grey will lead as chairman and artistic director. It is meant to create a space to allow Violet Grey to identify and grow nascent beauty brands.
âViolet Grey was founded with a simple, straightforward mission â to enable customers to feel confident in their purchase decisions. Our product is trust, as we have earned that trust by partnering with those who are the best at what they do,â said Grey in a statement.
Originally founded in 2013, Violet Grey, which operated a single shop on Los Angelesâ storied Melrose Avenue, developed a reputation as a beauty tastemaker, helping to popularise high-end and niche brands such as skincare lines Augustinus Bader and Dr. Barbara Sturm in the U.S. In January 2022, it was purchased by fashion e-commerce firm Farfetch for $50 million as part of a broader bet on beauty. In 2022, Violet Grey generated approximately $20 million in sales, having previously raised over $30 million from investors, including Japanese beauty conglomerate Shiseido.
Following the Violet Grey acquisition, Farfetch also launched its own beauty division, and added a beauty arm to Browns, the London-based department store it owned. But by early 2023, it was clear the company had overextended itself: against a backdrop of wider liquidity issues, by October, it had shuttered both divisions and put Violet Grey back on the market.
In December 2024, South Korean e-commerce firm Coupang purchased Farfetch in a deal that included a $500 million bridge loan for Farfetch to avoid bankruptcy, wiping out all of its equity holders.
While small compared to juggernauts like Ulta Beauty and Sephora, Violet Grey has a unique position of authority in the market. Its hand-picked and curated product assortment is bolstered by high-quality editorial content, and its selection is vetted by a group of industry experts through its âViolet Codeâ system.
âI have long admired Violet Greyâs relentless commitment to meticulous product vetting and curation through the Violet Code approval process, and its success in being the launchpad of choice for many of the most successful brands in the beauty industry,â said Gurgis, saying he believes the retailer can continue to be the choice destination for discerning beauty shoppers while it expands its reach.
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