Queen V, the female powered, gen Z & millennial-focused vaginal hygiene & wellness brand, kicked off 2021 announcing its acquisition by consumer packaged goods (CPG) conglomerate Reckitt. Though the financial terms were not disclosed, the company, backed by Lightspeed Venture Partners, has sold products at Walmart and CVS. Queen V will join Reckitt’s health global business and bring a female-driven balance to the portfolio’s family of Durex condoms and KY lubricant.
Queen V, founded in 2018 in California, is dedicated to improving the accessibility and agency of vaginal wellness. The company introduced a line of pH-balanced, better-for-you products that are easy-to-use, and accessible to women everywhere. Products include The Spritzer, a deodorizing rosewater spray and P.S. I Lube You, an aloe-based lubricant.
An increasing number of purpose-driven brands in our space are being acquired by CPG conglomerates
Reckitt’s purchase is the latest in the trend of CPG conglomerates seeking innovation via purpose-driven brands. In 2019, P&G acquired organic period care startup, This is L., for $100 million. P&G highlighted L’s focus on social responsibility as a key driver for their wellness portfolio: for every L. product purchased, a donation is made to improve product accessibility to girls and women in need in the US and around the world. That same year, according to a report in the Wall Street Journal, Kimberly-Clark invested $25 million in Thinx, maker of reusable period underwear.
A 2020 McKinsey report stated that consumers, especially younger consumers, want to engage with brands that understand them and share their values. They also want to know that the brand is virtuous on local community contributions, equitable commerce and environmental performance. For them, trust and purpose matter more than ever.
Why Queen V represents a massive opportunity for disruption in the underserved women’s health sector
Queen V sets the precedent for the women’s sexual wellness startups that are ripe for CPG conglomerates. The feminine hygiene market expects to eclipse fifty billion dollars by 2027, but the underserved women’s health sector currently only receives 4% of healthcare R&D. This presents a massive opportunity for disruption in a space that has seen little evolution since Kimberly-Clark introduced Kotex sanitary napkins in the 1920s. We predict this sector will continue to be a critical focal point for CPG conglomerates in the coming years.
The landscape looks promising for women’s startups who have the agility to innovate like Gennev, which is leading the change in the menopause CPG space, Attn Grace that is pushing boundaries in incontinence and Awkward Essentials, that is developing new CPG products for “awkward” hygiene. These women’s health and sexual health pioneers boast the potential to provide real long term value to the larger players, and in turn the opportunity to ultimately exit at a strong valuation.
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