Private equity firm Quadrant bought a 60% stake in Adore Beauty, The Sydney Morning Herald reported, citing the beauty company's founder Kate Morris, who was also the seller.
The Australian beauty retailer will use the proceeds to expand its product offerings, boost marketing and invest in technology and content to improve customer engagement.
Quadrant Managing Director Justin Ryan, partner Simon Pither and investment associate Youngsoo Kim are set to join Adore's board, the publication noted.
