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Cassandra Grey is back in control of Violet Grey, the Los Angeles-based online beauty retailer she founded in 2012. Grey has teamed up with private equity investor Sherif Guirgis — previously of Lion Capital, Apollo Global Management and Main Street Advisors — to buy the business back from Farfetch, which acquired it in 2022.
As of Monday morning, Grey now sits on the executive board of Violet Grey, where she will focus on shaping its creative vision, retail expansion and revenue growth, the company said in a statement. Co-owner Guirgis is chairman and CEO, while Sarah Brown — previously executive director in charge of leading curation, the committee, the violet code process, content and partnerships — is chief brand officer of the wider company. Grey will take on the role of chairman and artistic director at Violet Labs, which will be turned into a brand development arm.
The retailer stocks buzzy names like Fara Homidi and Koh Gen Do, as well as established beauty players including Armani Beauty and Charlotte Tilbury. “Violet Grey was founded with a simple, straightforward mission — to enable customers to feel confident in their purchase decisions. Our product is trust, as we have earned that trust by partnering with those who are the best at what they do,” said Grey in a statement.
“I’m looking forward to partnering with Cassandra to expand Violet Grey’s reach and continue to be the choice destination for the most discerning beauty shoppers, and I am excited to work with Sarah Brown, who has been working tirelessly to ensure the brand continues to uphold the rigorous standards put in place from the beginning,” stated Guirgis.
Farfetch acquired Violet Grey as part of its strategy to move into the $446 billion global beauty market. The deal gave Farfetch access to Grey’s curated beauty offering, its content and its community. After the sale, Grey stayed on as chair of Violet Grey and joined Farfetch as global beauty advisor. She co-founded the beauty division of Farfetch-owned New Guards Group, which incubates and accelerates budding brands.
However, Farfetch closed its beauty marketplace in 2023, underscoring the difficulties online retailers face when trying to make beauty work — and raising questions over what would happen to Violet Grey. Farfetch isn’t the only multi-brand rethinking beauty: earlier this month, Net-a-Porter switched its beauty business to an affiliate model.
Violet Grey faces an even more competitive landscape today as specialists like Sephora and Ulta Beauty up the ante, by not only tapping industry-coveted brands like Nécessaire, Salt Stone and RMS Beauty, but by scaling their product assortment, bricks-and-mortar stores, loyalty programmes and experiential offerings. “[Retailers like Violet Grey] really do have to stand out in terms of how they market themselves, how they engage with customers and their ability to offer unique products not sold anywhere else,” says Jessica Ramírez, senior research analyst at brand investment research firm Jane Hali Associates.
Now back in charge, Grey and her team plan to drive the retailer forward by focusing on incubating new beauty brands. “I’m very excited for the next chapter of Violet Grey as we continue our mission as the most trusted destination for discovery and best-in-class beauty, as the industry’s launch pad and creator of hero products,” Brown said. “When she founded the company 10 years ago, Cassandra created a universe unlike any other in the beauty, e-commerce and retail arenas. I’m thrilled to continue our close partnership and proudly welcome Sherif to our ranks.”
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