Manscaped LLCis amale groomingcompany based inSan Diego,California,US. It was co-founded in 2016 by Steve King and Paul Tran and produces and distributes male grooming tools and hygiene products under the Manscaped brand.[1]
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| Company type | Private |
|---|---|
| Founded | 2016 |
| Headquarters | San Diego,California,US |
Area served |
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Key people |
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| Products | Male groomingwares |
| Website | manscaped |
History
editManscaped was established in 2016 by co founders Steve King (original CEO) and Paul Tran (CEO) to providemale groomingproducts targeted atpubichair removal.[1]The company uses the termmanscaping,a long-standingneologism,as the basis of its branding, and is referenced in theMerriam-Websterdefinition of the word.[2]It has also capitalized on the shock factor of addressing malehygienetaboos,alongside the use ofpun-basedhumourand paidcelebrityappearances, to build its name.[3]
In October 2018, Manscaped was featured in the 10th series ofABC's "Shark Tank",represented by co-founder Steve King and Josh king who sought $500,000 in funding for the company, and accepted a handshake offer for that amount fromMark CubanandLori Greinerin exchange for a 25 percent stake in the business.[4]However, the deal never materialized after the show, according to Cuban.[5]
In late 2020, the company was reported to be exploring its options for further fundraising. At the time, it was backed by investment firms Kaktus Capital, Longley Capital, Rx3 Venture Partners and Scala Ventures.[5]A prominentadvertisement campaignfor the company also aired in the same period featuring theNFL'sRob Gronkowskiand US sportswear supermodelCamille Kostek.[3]
In July 2021, Manscaped was revealed to be in ongoing merger discussion with Los Angeles-basedblank-check firmBright Lights to create a combined entity worth up to $1.4 billion.[1]Led by Michael Mahan, the former CEO ofDick Clark Productions,Bright Lights listed for $230 million on theNasdaqstock marketin January 2021 on the promise of finding a merger target in the consumer products or media sectors.[1]
In November 2021, it was confirmed that the merger would be going ahead at a valuation of around $1 billion "amid a difficult market". This followed reporting in October that suggested the company was considering a $500 million sale. Reuters noted that the merger was all but guaranteed after being backstopped by the actorChanning Tatumand two investment firms, Endeavor andGuggenheim Investments.[6]Nevertheless the merger was cancelled by the two companies later the same year.[7]
References and citations
edit- ^abcdTan, Gillian; Tse, Crystal (July 30, 2021)."Grooming startup Manscaped holds Bright Lights SPAC talks".Bloomberg.RetrievedAugust 4,2021.
- ^"Manscaping: the trimming or shaving of a man's body hair so as to enhance his appearance".Merriam-Webster Dictionary.RetrievedSeptember 7,2021.
- ^abGallagher, Jacob (November 16, 2020)."Unspeakable Manscaping is more common than you think".The Wall Street Journal.RetrievedAugust 10,2021.
- ^Berger, Sarah (October 29, 2018)."'CNBC': Why Mark Cuban invested 6 figures in this 'manscaping' business ".CNBC.RetrievedAugust 9,2021.
- ^abTan, Gillian; Tse, Crystal (October 22, 2020)."Men's grooming startup Manscaped is said to explore options".Bloomberg.RetrievedAugust 9,2021.
- ^Guildford, Jonathan (November 30, 2021)."Manscaped SPAC shaves public investors' consent".Reuters.RetrievedJanuary 18,2022.
- ^Business Wire:News:Home: August 18th, 2022:Bright Lights Acquisition and MANSCAPE Agree to Terminate Business Combination Agreement Due to Unfavorable Market Conditions
External links
edit- "How Manscaped Created a Nine-Figure Business"(Podcast). Exit Strategy with Moiz Ali. May 7, 2020.RetrievedSeptember 7,2021.