Glow Recipe, a skin care brand popular for its fruit-based products, is exploring a sale that could value it at $400 million to $500 million, according to people with knowledge of the matter.

The company is working with Goldman Sachs Group Inc., said the people, who asked to not be identified because the matter isn’t public. It has $80 million in annual revenue, they said. No final decision has been made and Glow Recipe could opt to remain independent, the people added.

A representative for Goldman Sachs declined to comment while representatives for Glow Recipe didn’t immediately respond to requests seeking comment.

North Castle Partners, a private equity firm focused on investments in consumer and lifestyle products and services, announced an investment of an undisclosed size in Glow Recipe last year, according to a statement.

Co-founded by Sarah Lee and Christine Chang in 2014, the company appeared the TV show Shark Tank. The Korean beauty-inspired brand, best known for its watermelon moisturiser, started selling in retailer Sephora in 2017.

By Crystal Tse

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