Bansk Group Secures Controlling Interest in Skincare Brand Byoma

Dive Brief:

• Bansk Group has acquired a majority stake in skincare brand Byoma.
• The stake was acquired from Yellow Wood Partners for an undisclosed amount.
• Byoma will continue to be led by its founder and CEO, Marc Elrick, and the existing leadership team.

Dive Insight:

• Byoma joins Bansk’s beauty portfolio, which includes brands like Amika and Eva NYC.
• Bansk’s Chris Kelly emphasized Byoma’s unique position in the market for simplifying skincare and offering prestige formulations at accessible prices.
• Byoma sells its products at major retailers such as Target, Ulta, and Amazon, and aims to scale further with Bansk’s support.
• Despite economic challenges, the beauty sector remains robust, with an increase in both mass and prestige beauty sales.
• The skincare market in the U.S. is projected to grow, reaching $26 billion in revenue by 2025, per Statista.