It’s a good fit to help us scale through retail channels, which we don’t currently sell to: Inkbox CEO
Stationery and shaver giant Bic is buying Toronto-based temporary tattoo company Inkbox for US$65 million.
The acquisition of the Canadian startup was announced in a news release issued by Bic on Tuesday.
"Consumers today crave newness, desire creative freedom and embody authenticity," said Bic Chief Executive Officer Gonzalve Bich in the news release. "Inkbox's temporary tattoos and markers empower individuals to be their continually-evolving, fluid selves.”
The company said its acquisition of Inkbox will expand its offerings in the DIY skin creative category, which already includes BodyMark temporary tattoo markers.
Inkbox was founded in 2015 by brothers Tyler and Braden Handley, who aimed to promote expression without the commitment of permanence. The company, which got its start out of Ryerson University’s Fashion Zone, offers temporary, water-proof tattoos which fade over a two-week period.
The temporary tattoos quickly became an international hit after “Survivor” host Jeff Probst and “The Biggest Loser” host Alison Sweeney made investments in the company. The products were also featured prominently in the TV show “Stranger Things.”
"Beyond our shared commitment to creative expression, Bic is the ideal partner to help Inkbox achieve its full scale-up potential, notably through accelerated international expansion and operational efficiencies,” said Tyler Handley, co-founder and CEO of Inkbox, in the news release.
Inkbox made approximately $27 million in net sales in 2021 and has more than 150 employees across Canada, Japan and the U.S.
According to Bic, the transaction is structured with an upfront payment of $65 million and a deferred consideration based on Inkbox's future performance.