Courtin-Clarins family sells Pai Skincare to HSNF after $17M bet
What's the deal? Famille C ParticipationsDealroom has a profile for this one. Try Dealroom →, the investment arm of the Courtin-ClarinsDealroom has a profile for this one. Try Dealroom → family, has sold London-based Pai Skincare to beauty brand owner HSNFDealroom has a profile for this one. Try Dealroom →. Terms weren't disclosed. The exit comes roughly four and a half years after the firm first invested and two and a half years after it took a majority stake.
Why now? Famille C says a competitive clean beauty landscape now demands a different kind of operational support. "The business model transformation now required calls for a different type of operational support for the brand and its teams," it said in a statement to Beauty Independent.
The numbers: In 2024, Pai's most recent filed results, revenue rose 17.8% to £6.4 million (about $8.2 million). But pretax losses widened to £6.3 million (about $8.1 million) from £3.9 million (about $5 million) a year earlier. Pai now forecasts a return to profitability in the first quarter of 2027.
What changes? Mike Bryce, group CEO of HSNF and former COO of HårklinikkenDealroom has a profile for this one. Try Dealroom →, has taken over as Pai's CEO. Co-founders Sarah Brown and Ed Saper remain shareholders and board advisers. Pai joins an HSNF portfolio that includes MyleeDealroom has a profile for this one. Try Dealroom →, MagnitoneDealroom has a profile for this one. Try Dealroom → and PraNaturalsDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Brown and Saper returned as interim co-CEOs in November 2025 to rebuild the business. Brown says they delivered channel efficiencies, sharpened positioning, optimised Amazon and direct-to-consumer content, and launched The Beauty Bench, a custom formulation service. The United States, a core market, is set for further expansion in the coming months.
The backstory: Brown, a former PR professional, launched Pai in 2007 with about $30,000 of savings after struggling to find products that wouldn't irritate her chronic urticaria. The certified B Corp still formulates and manufactures its sensitive-skin products in-house in London, with core items priced from about $34 to $119.
The investment: Famille C secured its majority stake by leading a £14 million (about $17 million) series C. Pai had earlier raised about $13.5 million across its series A and B rounds.
The signal: The exit underscores how clean beauty's investor enthusiasm has cooled into a harder operating reality. Famille C's other bet, makeup brand IliaDealroom has a profile for this one. Try Dealroom →, fared better, doubling sales from about $100 million in 2021 to roughly $200 million in 2024. Pai now passes to an owner built for e-commerce execution rather than brand-building patience.
Image credit: Generated with Gemini
