Rite Ventures sells its shares in Skincity to existing owner Axel Johnson.
Skincity, a Stockholm, Sweden-based digital skin care clinic, announced that its investors entered into a secondary transaction.
The deal was made by Rite Ventures, which sells its 12% stake to Axel Johnson. Financial details of the deal were not disclosed. In December 2017, Axel Johnson had acquired 70 percent of Skincity. Prior to this, Rite acquired Skin City in 2014.
Skincity, founded in 2011 by Annica Forsgren Kjellman and by CEO Mikael Kjellman, developed an online skin care clinic that offers a carefully selected range of professional skin care products and makeup with skin care benefits.
The company’s sales in 2018 amounted to approximately SEK 350 million.