Bondi Sands founders sell self-tanning brands to Japanese skin care company for $450m
Melbourne’s bronzing kings have officially cemented their status as rich listers, pocketing more than $450m after selling their self-tanning brands to a global skincare giant.
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Bronzing kings Blair James and Shaun Wilson are basking in a golden glow, selling their Melbourne made Bondi Sands self-tanning brands to a Japanese skincare giant for in excess of $450million.
The sale has propelled the two best mates, who came up with the idea after their girlfriends complained about their bad spray tans on a day out at the Melbourne Cup, to be among Australia’s most wealthy entrepreneurs.
Mr James told the Herald Sun he was “thrilled” and beyond excited after the announcement was made on the Japanese Stock Exchange on Thursday morning.
“We have had a lot of outreach over the years,” Mr Blair said. “But we kept trying to come up with a potential partner who was aligned with our values and keeping the brand as it is, we found that with Kao.”
Tokyo-listed skincare giant Kao Corporation, ranked as one of the world’s top global beauty companies owning more than 20 leading brands, announced it signed an agreement to acquire the Bondi Sands brands.
The global sale was first mooted by the Herald Sun’s Page 13 column late last month, with Mr James and Mr Wilson now staring at an estimated $450 million plus payday.
Just over a decade ago the Port Melbourne duo mortgaged both their houses to start the spray tan, self-tan and sun-smart skin care range, launching in 2012.
More than 18 months of product development followed, not to mention a few slip ups, including their first batch turning customers green, and they were quickly on their way to taking on the world, selling in both the US and UK, where its products are sold in Tesco and Boots.
Clever marketing thanks to the help of reality show queen Kylie Jenner and a catchy name, Port Melbourne doesn’t quite have the same ring as Australia’s most famous beach, propelled the brand to become one of the world’s largest players in the DIY tan market, with more than 22,000 retailers globally.
Two years ago the pair knocked back offers to sell to offshore buyers, with offers attracting around $320 million and considered on the pale side at the time.
It was another sound decision from the dynamic duo with Mr James to stay on as creative director, heading up innovation and product development and chief executive Mr Wilson to remain in the day to day management.
Mr Wilson had more to celebrate this week, getting down on knee at a romantic beach getaway in Byron Bay to pop the question to his longtime girlfriend, model and influencer Tess Shanahan.
It was a more sedate celebration for Mr James and his wife Melanie, who are soon expecting their first child.
“We won’t be celebrating too hard,” Mr James laughed. “Melanie is on bed rest, so we will order some Uber Eats and go to Blairgowrie.”
It has been a blockbuster year for Melbourne-founded skincare brands attracting massive buyouts. Earlier this year skincare group Aesop, first founded in 1987 in Armadale by hairdresser Dennis Paphitis, was later sold by its Brazilian parent Natura & Co to global cosmetics giant L’Oreal for $3.7 billion.
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