The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Perfect Corp., an Asian start-up that makes software for the beauty and fashion industries, is nearing a deal to go public by merging with US-listed blank-check company Provident Acquisition Corp., according to people familiar with the matter.
A transaction could value the business at about $1 billion, the people said, asking not to be identified because the matter is private. Perfect, based in Taipei, and the special purpose acquisition company are finalising the details of a transaction that could be announced imminently, the people said.
The deal may include a private investment in public equity, or PIPE, worth about $50 million, the people said. While talks are advanced, details of the transaction could change and, as with all deals, could still fall apart, they said. Representatives for Perfect and Provident didn’t immediately respond to requests seeking comment.
Perfect, led by chief executive officer and founder Alice Chang, is a software-as-a-service artificial intelligence and augmented reality firm providing tech solutions for beauty and fashion companies globally.
ADVERTISEMENT
The start-up raised $50 million in a series C funding round last year led by Goldman Sachs Group Inc. It has more than 400 global brand partners, including the social media firms Meta Platforms Inc. and Snap Inc., and cosmetics giant Estée Lauder Cos.
The SPAC is led by Winato Kartono and Michael Aw, two key executives at Provident Group, an investment fund targeting Southeast Asian start-ups. Some of its high-profile investments include Indonesia’s ride-hailing giant Gojek (now GoTo Group), online travel company Traveloka and Thailand-based online fashion retailer Pomelo.
Provident raised $230 million in a US initial public offering last year. The blank-check firm said at the time it would pursue a business combination with an Asian technology company.
Learn more:
How Beauty Brands Are Building Their Tech Muscle
With the past year’s flurry of tech-focused mergers, acquisitions and partnerships, the beauty industry increasingly resembles Silicon Valley. But the bets on beauty tech are just beginning.
The US mega-chain is continuing to build out its assortment of prestige beauty brands and services.
With advice from Kris Jenner, the artist debuts his new makeup line, Ortega.
While brand names and celebrities get the public to buy scents, it’s leading behind-the-scenes noses who fuel innovation and set key trends.
In June, BoF will honour the entrepreneurs shaping the future of the beauty industry at The Business of Beauty Global Forum 2024. Apply for your chance to join us.