Unilever Ventures and True Beauty Ventures have jointly led the inaugural institutional financing round for The 7 Virtues, an innovative fragrance brand committed to ethical and sustainable practices.
This groundbreaking investment marks the entry of both major investors into the fragrance category. They’re venturing into this domain with The 7 Virtues’ contemporary fragrance collection, featuring captivating scents like Vanilla Woods, Coconut Sun, Cherry Ambition, Lotus Pear, and Santal Vanille. These exclusive fragrances are available on the brand’s website and in Sephora stores across 18 countries, including Canada, the United States, the United Kingdom, Europe, Australia, and New Zealand.
Founded in Canada in 2010 by entrepreneur, author, and activist Barb Stegemann, The 7 Virtues is renowned for its dedication to ethical and sustainable fragrances. The brand’s mission is aligned with Stegemann’s best-selling book, «The 7 Virtues of a Philosopher Queen,» which serves as a guide for women navigating the complexities of life and leadership in an ever-changing world.
With an impressive 22% fragrance oil concentration, The 7 Virtues offers long-lasting aromatherapy fragrances thoughtfully crafted to harness the power of scent in helping customers achieve their aspirations. Their inspiring mantra, «Make Perfume Not War,» extends beyond fragrance creation to drive period equity initiatives in North America and globally.
The 7 Virtues has experienced remarkable growth, boasting a year-on-year revenue surge of over 80% in FY 2023, surpassing the overall growth rate of the fragrance industry.
Anna Ohlsson-Baskerville, a partner at Unilever Ventures, expressed enthusiasm about the partnership, saying, «We are thrilled to partner with Barb Stegemann and The 7 Virtues for Unilever Ventures’ first investment in fragrance. The 7 Virtues has cracked the code on creating long-lasting perfumes using sustainable ingredients that their loyal customers love, along with their empowering and authentic story. Driven by its philosophy, The 7 Virtues is evolving from an exciting indie brand to a legacy brand, and we’re delighted to be a part of its growth journey.»
The combined investment from Unilever Ventures and True Beauty Ventures will equip The 7 Virtues with the resources needed to establish a presence in New York, strengthen their team, and expand their global reach in collaboration with Sephora.
This financial infusion will empower the brand to create substantial inventory to meet the burgeoning demand and establish a «Maison» in Nova Scotia, Canada, where customers can visit and craft their own customized perfumes using signature fragrances like Vanilla Woods and Cherry Ambition.
Barb Stegemann, CEO of The 7 Virtues, emphasized the brand’s commitment to making a positive impact, stating, «We set out to change the world through fragrance, to sow the seeds of prosperity over conflict, and now our perfumes are peace. When Sephora took a chance on our little-known brand in 2018, they told us they loved that we take on serious world issues, but we don’t take ourselves too seriously. Our goal to advance period equity as a means to build peace by empowering women at home and abroad and giving them back control over their reproductive rights is the path to lasting change.»
Stegemann will continue to hold the majority of shares following this significant financial investment. This strategic collaboration is poised to drive positive change and propel The 7 Virtues to even greater heights in the fragrance industry.