The Vogue Business Funding Tracker

Introducing the Vogue Business Funding Tracker, a running list highlighting the most notable and intriguing investment and M&A activity in fashion and beauty. From emerging disruptors to legacy giants undergoing major changes, we spotlight the deals that are shifting the dynamics of the sectors we cover, including fashion, beauty, tech and sustainability.

April 2026

Ruka Hair

Company description: Ruka Hair was founded in 2021 by Tendai Moyo and Ugo Agbai, with the mission of supplying hair extensions that are safe, ethical, and good quality. The brand has now received $4.5 million in funding led by Henkel Ventures, the owner of Olaplex and Schwarzkopf. Ruka will be using the investment to scale its business, starting with the launch of US-based operations later this year. The brand has raised $10 million to date and is stocked at Selfridges.

Funding and round: $4.5 million.

Investor(s): Henkel Ventures, Freedom Trail Capital, Big Issue Invest, Backed VC, Dina Asher-Smith, Knut Alicke, Sophia Dennis, Didier Morais.

Investor comments: “Ruka Hair exemplifies what we look for: founders solving a real problem with genuine commitment, building through community rather than hype,” said Samyr Laine, co-founder and managing partner of Freedom Trail Capital. “Tendai and Ugo built this brand during one of the most challenging periods for consumer businesses, scaled through an authentic community, and are now pioneering biotech innovation that could reshape an entire category.”

Anomaly

Company description: Since founding Anomaly in 2021, Priyanka Chopra Jonas has scaled her haircare brand across North America, the UK, and the Middle East. In the US, the brand is stocked at Target, while in the UK, Superdrug is one of its biggest retailers. Chopra Jonas launched Anomaly with the aim to bring accessibly priced clean and vegan haircare products to the masses. The investment from Reliance will focus on scaling the brand further in India, alongside growing its international presence.

Funding and round: Acquisition, terms undisclosed.

Investor(s): Reliance Retail (portfolio includes: Pahadi Local and Tira).

Investor comments: “Bringing Anomaly into our portfolio marks a strategic step in expanding our basket of new-age, high-growth beauty brands. Anomaly’s strong global positioning, clean formulation, and accessible pricing make it a compelling addition to our ecosystem,” said Isha Ambani, executive director of Reliance Retail Ventures Limited.

111Skin

Company description: Luxury skincare brand 111Skin was co-founded by husband and wife duo, Dr. Yannis and Eva Alexandridis, in 2012. Their face masks have gone viral since, and in 2025, the brand received a minority investment from Kim Kardashian and Jay Sammons’s private equity firm Skky Partners to help fund its US expansion. Now, the Estée Lauder Companies (ELC) has invested a minority stake that will go toward science-driven innovation.

Funding and round: Minority investment, terms undisclosed.

Investor(s): The Estée Lauder Companies (portfolio includes: Le Labo, Jo Malone London, Clinique, La Mer).

Investor comments: “Skincare is entering a new phase, shaped by the convergence of procedures, longevity, and beauty, as consumers increasingly seek products that deliver visible, treatment-inspired results,” said ELC president and CEO Stéphane de La Faverie. “111Skin exemplifies this shift, translating Dr. Alexandrides’s more than 35 years of surgical and aesthetic treatment experience into high-performance skincare inspired by in-clinic treatments and built on clinical insight, next-generation actives, powerful formulas, and proven efficacy.”

Icicle Carven China France (ICCF)

Company description: ICCF is a Shanghai and Paris-based premium fashion group that owns Chinese brand Icicle and French brand Carven (acquired in 2018). Kering has acquired a minority stake in ICCF to help develop the former label as part of Kering’s new House of Wonders initiative, which aims to build partnerships that equip emerging luxury houses with strong cultural relevance across markets, categories, and geographies. Icicle will use the funds to expand internationally and into new product categories.