04.26.22
Oddity, the parent company of several d2C beauty brands including Il Makiage and SpoiledChild, has launched the Oddity Token, a digital security token built on the Ethereum blockchain. (Some say the blockchain is the future of the beauty industry, and it can even encourage recycling.)
The token provides a new way for investors to participate in the company's performance. The launch makes Oddity is the first non-crypto company to ever tie a digital security to equity ownership—a first of its kind "financial innovation," the company says—connecting the world of digital assets to conventional markets.
“By offering this trailblazing token, we are democratizing investor opportunity by broadening individual access to Oddity securities, as we continue to disrupt and redefine the beauty and wellness category,” said Oran Holtzman, the company's co-founder and CEO.
The Oddity Token is a digital security that automatically converts into Oddity Class A ordinary shares at the time of an IPO. The security token has the benefit of encoding key data on the blockchain and deploying smart contracts to perform certain functions. When done at scale, this innovation can have large, cascading capital efficiency benefits across the capital markets
Holtzman adds, “Crypto and blockchain technology unlock massive opportunity for consumers and capital markets. With this offering, we are building a new bridge to link traditional markets with the vibrant world of digital assets, where the innovation potential is huge."
Lindsay Drucker Mann, global CFO, Oddity, comments, “We believe in a future where securities are not just records of ownership, but also functional lines of code. The potential use cases of this technology are enormous, and as a digital and technology powered company, we believe we are especially well positioned to help drive it forward.”
The Oddity Token offering will be open from April 26, 2022 until May 11, 2022.
Photos: (L) via Instagram @ilmakiage / (R) Ivan Babydov at Pexels
