Cassandra Grey Reacquires Violet Grey

Cassandra Grey, in partnership with private equity veteran Sherif Guirgis, has successfully reacquired her luxury beauty retailer, Violet Grey, from Coupang, the South Korean owner of Farfetch. The financial details of the acquisition remain confidential.

Violet Grey shared the news on Instagram, expressing, “It is with tremendous gratitude to our team, and our community of collaborators, that we are pleased to inform you that our business is back in our hands. We have safely arrived back home, unscathed and remaining true to our simple, straightforward mission: to enable the discerning to feel confident in their purchase decisions.”

Established in 2013, Violet Grey quickly emerged as a prominent name in the high-end beauty market. The retailer, with only one brick-and-mortar store in Los Angeles, earned acclaim for its ‘Violet Code’ approval process—a rigorous vetting system, conducted by beauty industry specialists, that ensures only the best products reach customers.

“I have long admired Violet Grey’s relentless commitment to meticulous product vetting and curation through the Violet Code approval process, and its success in being the launchpad of choice for many of the most successful brands in the beauty industry,” said Guirgis.

Cassandra Grey’s talent for discovering and promoting promising beauty brands, along with Violet Grey’s high-quality editorial content, has played a central role in enhancing the retailer’s appeal and contributing significantly to its success. By 2022, Violet Grey was generating approximately $20 million in annual sales and had raised over $30 million from several investors, including Japanese beauty giant Shiseido.

“Violet Grey was founded with a simple, straightforward mission – to enable customers to feel confident in their purchase decisions,” explained Grey. “Our product is trust, as we have earned that trust by partnering with those who are the best at what they do,”

In January 2022, Farfetch acquired Violet Grey for $50 million as part of its broader investment into beauty. However, the retailer reportedly struggled to attract and retain beauty consumers. Due to these challenges and the failure of Farfetch’s wider beauty division, the company closed the division in September 2023 and subsequently put Violet Grey up for sale. By January 2024, Farfetch was struggling with falling sales and a declining luxury market. On the brink of bankruptcy, the company was then acquired by the South Korean e-commerce giant Coupang.

Guirgis, Grey’s business partner, will leverage his extensive experience in private equity and consumer brands to assume the roles of chairman, CEO, and co-owner, guiding the company’s strategic direction. Grey will join the executive board, serve as the brand’s artistic director, and chair Violet Labs, a new brand development division focused on identifying and nurturing promising new beauty brands. Sarah Brown, former Vogue editor, will continue in her role as chief brand officer.

Under refreshed leadership, the strategy involves expanding Violet Grey’s successful launch model, extending its physical presence beyond its single store, and venturing into brand development through the newly formed Violet Labs.