One/Size Secures $140 Million Deal While Indie Fragrance and Pharmacy Ventures Expand
According to reporting from Beauty Independent, Patrick Starrr’s makeup brand One/Size has completed a $140 million dividend recapitalization. This financial move allows the brand to reward shareholders without a total sale. Elsewhere in the industry, new fragrance launches from Spencer Hedges and Nia Long highlight a trend toward personal branding and luxury scent expansions.
Context from Industry Pulse
The recent financing activity at One/Size, Merit, and Westman Atelier reflects a shift in how indie beauty brands manage growth and liquidity. While major names like Glossier and Rare Beauty have explored full sales, One/Size’s dividend recapitalization suggests that high-performing brands with strong profitability—exemplified by One/Size’s 40 percent EBITDA margin—can reward investors without exiting the market entirely. Simultaneously, the industry is seeing a surge in celebrity-led expansions into fragrance and specialized health services. Nia Long’s trademark filings and Spencer Hedges’ luxury perfume launch demonstrate how influential figures are leveraging their personal platforms to enter high-margin categories, while the $12 million raise for Blend shows continued investor interest in the backend infrastructure of beauty and wellness.
"This has allowed shareholders to realize value throughout their ownership of One/Size, rather than waiting for a single exit event."
According to Beauty Independent, the Sephora-exclusive makeup brand One/Size has finalized a $140 million dividend recapitalization. This transaction, led by a group of commercial lenders including Truist Bank, allows the company to distribute cash to its owners by taking on debt rather than selling the business. The move provides liquidity to Patrick Starrr and Luxury Brand Partners while the brand maintains its current leadership and operational structure. Financial projections indicate the brand is on track to reach approximately $160 million in net sales by 2025 with an EBITDA margin of roughly 40 percent.
In the luxury fragrance sector, makeup artist and content creator Spencer Hedges has launched his own self-funded perfume brand called The Hedges. As Beauty Independent reports, the debut scent is a gourmand eau de parfum priced at $245. The product was developed in collaboration with principal perfumer Clément Gavarry and manufacturing firm Crafting Beauty. Hedges, who serves as a global ambassador for One/Size, designed the custom bottle featuring a crystal-inspired base and a cap resembling melting cream.
Actress Nia Long is also signaling a potential move into the beauty space. Beauty Independent notes that Long filed trademark applications for The Sound of Purpose, which is also the title of her forthcoming memoir. The filings cover various categories including fragrances and scented candles. While a trademark filing does not guarantee a product release, it suggests the Estée Lauder ambassador is exploring brand extensions to coincide with her 2027 book launch.
Beyond consumer products, the founders of the discontinued platform Apostrophe have raised nearly $12 million for a new compounding pharmacy venture named Blend. As reported by Beauty Independent, the business provides customized prescription fulfillment and shipping for medical clinics and telehealth providers. Investors include SignalFire, which previously backed the founders' earlier dermatology venture. The new company has already established a partnership with a telehealth firm focused on specialized medical treatments.
The Industry Pulse Bottom Line
Financial flexibility is becoming a priority for established indie brands. By utilizing dividend recapitalizations and specialized pharmacies, beauty leaders are finding ways to extract value and scale operations without relying on traditional acquisition paths.