Unilever Ventures and investment firm True Beauty Ventures, have come together to complete the first institutional financing round for The 7 Virtues, a pioneering fragrance brand.
This landmark investment marks the first foray into the fragrance category for both major investors. It enters the category with a contemporary fragrance collection from The 7 Virtues including scents like Vanilla Woods, Coconut Sun, Cherry Ambition, Lotus Pear, and Santal Vanille, available exclusively on the brand’s website and at Sephora stores in 18 countries, including Canada, the US, UK, Europe, Australia, and New Zealand.
Founded in Canada in 2010 by entrepreneur, author, and activist Barb Stegemann, The 7 Virtues is recognized for its ethical and sustainable fragrances. The brand aligns with the ethos of Stegemann’s best-selling book, “The 7 Virtues of a Philosopher Queen,” which serves as a woman’s guide to living and leading in an illogical world.
Boasting a high 22% fragrance oil concentration, The 7 Virtues’ long-lasting aromatherapy fragrances are meticulously designed to harness the power of scent to help customers achieve their aspirations. Their mantra, “Make Perfume Not War,” extends to advancing period equity in North America and globally.
The 7 Virtues has been experiencing high growth, with year-on-year revenue surging by over 80% in FY 2023, outpacing the fragrance industry’s overall growth.
“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,” said Anna Ohlsson-Baskerville, partner at Unilever Ventures.
“Driven by its philosophy, The 7 Virtues is elevating from an exciting indie brand to a legacy brand, and we’re delighted to be a part of its growth journey.”
The joint investment from Unilever Ventures and True Beauty Ventures will provide The 7 Virtues with the resources needed to establish a New York office, strengthen their team, and expand their global presence with Sephora.
The investment will also help them create substantial inventory to keep up with the rapidly growing demand and open a “Maison” in Nova Scotia, Canada, where clients can visit and create their own bespoke perfumes using classics like Vanilla Woods and Cherry Ambition.
“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,” said Stegemann, CEO of The 7 Virtues.
“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 remain the majority shareholder following this significant financial investment.
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