A highlight from Waldencast's Michel Brousset: Beauty brand building is about 'managing this level of complexity'
Editor at glossy and today's gas is michelle. Rousse the ceo and founder of walden cast. Welcome michelle since you cited to here. Michelle the big news of the week is obviously the spac news which happened last week. You know you're not the only player in beauty to experiment with this vehicle So tell me a little bit about what was interesting and intriguing to you. Yeah no it was exciting week as you can imagine. We had the ipo of the spock. The world gossip was he sean. Corp as we were had grade demand from investors we ended up exercise in the the up size option. We had our ipo three hundred forty five million dollars which is complemented with up to three hundred. Thirty three million dollars of For purchase agreements committed by association with us older investors that are long term mistress. You've messed with a one to participate before we kind of lose some of our listeners. On the more consumer end. Would you describe and explain what a spec is for our audience. Because you're actually the first person on our show to talk about this. Yes of course. So spock is stunned for special purpose. Position company is essentially. A company without operations is a company that is built and created to do acqusitions. So the where the vehicle works. And he's been around for about twenty years. is become really Are becoming quite blower. The i would say that past two years and as you said there's a number of people that are gonna working in that space and the recent it is because he's a very fast Convenient as well as quite company friendly way to get funding and access to public markets. So today's is a is an acquisition company that company that raises funds from investors with the sole purpose of doing an acquisition and taking that company public. Got it so michelle. What are the things. That i thought was so interesting about. This is when i first started reading about specs. In this era of not the reverse merger of you know the two thousands of was that they were so disparate. You know my husband was telling me about one with the boston red sox and some soccer team in the uk. Which i guess you could say was sports but there was a lot of other things going on and you know i think with you what you're trying to do. Some of the other people in beauty or trying to do is really kind of recreate a beauty holding company. Correct like to compete with say a unilever. Estee lauder or a l'oreal. Could you tell me a little bit about that. Can you got it executives year. There's a sparks sparks. And i think traditionally a spark has been a vehicle. That was to generalize and here they was typically put together by a group of talented. Finance team won dealmakers. Were looking to help. Companies go public so they are relatively vehicle to help companies expeditious way co public now vehicle has evolved uncertainty. What we are trying to do as well in gust. We didn't start with listless back we started with was with with what was original vision which is to build a best in class gravel beauty wellness multibrand platform and wanting to do it is by create nurturing scale these cow new generation next generation conscious purposely bronze so we started out with an objective then came back to a spot just one of the vehicles two hours to achieve that objective. So what we're really looking to build is is the spark and the epa and potentially the first decision we will do is just the first step in what we hope are a series of subsequent acquisitions as well as development of bronze to create a global best in class beauty and wellness Operating company. So he's a little bit different than most most specs in both the objective of trying to achieve as well as a where. There's you know we come from Long run of operating and running businesses scale and also the other thing that is peculiar. Is these these forward. Purchase agreement these commitment of capital in which we are putting our own skin in the game to create this this new company right next door investors. That's a great segue. Because i know obviously i know you alad people in the beauty industry. You have a reputation that precedes yourself. But tell me a little bit about how you kind of got into beauty and what. Your career looked like prior to walden cast. Of course i started. Welding does execute two years ago. Founded wind gusts two years ago with my co founder in seventy and. I did that after twenty five years of just basically running global consumer brands. I was most recently before welding. Costs was group prescient of the consumer products division in north