Introduction
Oddity Tech, a leading technology-centric company in the beauty industry, is making its debut in the public market on Wednesday. With an eye-catching ticker symbol “ODD” on the Nasdaq Global Market, Oddity’s shares were priced at $35 each, surpassing the anticipated range of $32 to $34.
The Visionary Leaders
Oran Holtzman, the co-founder and CEO of Oddity, along with his sister Shiran Holtzman-Erel, the co-founder and Chief Product Officer, are spearheading the company. Oran Holtzman will retain an impressive 76.9% of the voting power of outstanding share capital.
A Global Presence
Oddity operates from its dedicated Research and Development center in Tel Aviv and maintains its business headquarters in New York. The company introduced its renowned brands, IL Makiage in 2018 and SpoiledChild in 2022. Furthermore, in April, Oddity Labs was established with the acquisition of Revela, a biotechnology firm focused on developing innovative molecules for the beauty and wellness sector.
Embracing Technology for Transformation
Profitability in a Competitive Landscape
Unlike many companies that have gone public despite operating at a loss, Oddity Tech stands out as a profitable entity. Its net income for the three months ending on March 31 reached an impressive $19.6 million, a significant increase from the $3 million recorded in the previous year. Similarly, net revenue climbed to $165.7 million from $90.4 million, indicating sustained growth.
Future Prospects
Oran Holtzman, in a securities filing, expressed his commitment to continually expanding Oddity Tech’s brand portfolio. The company aims to target highly lucrative markets that are currently dominated by traditional brands. Leveraging its technology, Oddity intends to address genuine consumer pain points within these markets.
