BFA Industries

About BFA Industries

BFA (Beauty For All) Industries is a beauty innovation platform that operates as the parent company for subscription brands IPSY and BoxyCharm, the personal care line Refreshments, and the brand incubator Madeby Collective. The company was formed in October 2020 when IPSY, a beauty sampling service, acquired BoxyCharm, a provider of full-size beauty product subscriptions. The formation of BFA Industries created a combined entity with a community of over 30 million beauty enthusiasts, which was on track to exceed $1 billion in annual revenue in 2020.

IPSY was originally co-founded in 2011 by Michelle Phan, Marcelo Camberos, and Jennifer Goldfarb. Camberos became the CEO of the newly formed BFA Industries, with Goldfarb as Chairwoman and BoxyCharm founder Joe Martin joining the board. The company's business model is centered on a personalized subscription service that utilizes machine learning technology. This tech, called IPSY Match, analyzes millions of product reviews and member quizzes to curate customized monthly beauty boxes for subscribers. Revenue is generated through these subscriptions and the sale of full-size products online.

Under the BFA umbrella, IPSY and BoxyCharm initially continued to operate as independent brands, catering to different segments of the market. BFA also launched Refreshments, a subscription for personal care essentials like face wipes and body cream. Its brand incubator, Madeby Collective, was created to develop direct-to-consumer brands, often in collaboration with influencers. Notable launches from the incubator included ITEM Beauty with Addison Rae and Treslúce Beauty with Becky G. However, in 2023, BFA disbanded the Madeby Collective to focus on partnerships with established brands. The company has received significant funding, including a $96 million investment led by TPG Growth in February 2022 to enhance its technology, expand its retail presence, and enter international markets.