The Honest Company, an e-commerce brand founded by actress Jessica Alba, filed to go public on Friday. The company develops and sells natural baby, personal care and beauty products.
Following an extensive year of growth, Honest plans to list its shares on the Nasdaq under the symbol HNST. The company has kept busy during the pandemic, as its revenue jumped nearly 28 percent to $300 million in 2020.
“Over a decade ago, when I had the vision for a business that prioritized people and the planet, the world was different. Building a brand based on conscious consumers was considered niche and not scalable,” Alba said in a statement. “The big businesses and ultimate decision makers for what goes in, on and around us were dominated by a very narrow leadership profile. This may have been the status quo, but I knew it needed to change.”
The Los Angeles-based company said it plans to use the proceeds from the offering to fund direct-to-consumer advertising and marketing objectives, as well as launch new products and focus on acquisitions.
Alba said she was inspired to start the company in part due to her Mexican-American upbringing. Having witnessed the health struggles her parents faced, in addition to her own and, eventually, those of her first-born, Alba craved a brand that would holistically address her family’s health needs.
“Living a healthy life shouldn’t be a privilege. The effects of health inequality are magnified for marginalized and underserved communities and they don’t have to be,” Alba continued.
Three years later, she founded The Honest Company. Now, the company’s products are sold online and across 32,000 retail locations, including Walgreens, Amazon and Nordstrom.
Underwriters for the offering include Morgan Stanley, Jeffries and J.P. Morgan, among others.
