Strategic Partnership Overview

From Endorsement to Equity

A skincare venture built for Tini, not celebrity skincare, a heritage brand

Thank you for the conversation today. What follows is a structured overview of the opportunity we discussed, designed for your evaluation. This document covers the economics, the competitive landscape, the risk profile, and the specific value-adds that come with this partnership.

Our thesis is straightforward: skincare is a no-brainer - it is health, it is wealth, it is the future. Tini has spent 14 years building one of the most powerful install bases in Latin American entertainment. This venture converts that install base from a depreciating endorsement asset into a compounding equity asset, moving from fast fashion to permanent wellness. We are ten steps ahead, and we want to share the plan.

Strategic Framework

The Brand Extension Ladder

Most talent stays at Step 1 forever. The economics at each step are fundamentally different. This venture takes Tini from Step 1 to Step 3, with a clear path to Step 4.

  1. Step 1: Face Rental (where Tini is today)
    Ambassador and endorsement deals. Flat fees, renewal risk, zero ownership. The brand controls the product. Tini currently has 7+ partnerships at this level, including Maybelline, Pantene, Under Armour, and Pandora.
  2. Step 2: Name Licensing
    Royalties on sales (typically 5-10%), but someone else builds the brand, controls the product, and captures the upside. Talent builds equity for others.
  3. Step 3: Equity Ownership (this venture)
    Real ownership in a compounding asset. Tini shapes the product, controls her brand narrative, and builds permanent wealth. Equity escalates based on activations she controls, not sales she cannot.
  4. Step 4: Dynasty
    Where Selena Gomez (Rare Beauty, $2.7B+), Rihanna (Fenty), and Hailey Bieber (Rhode, $1B in 3 years) sit today. This is the destination. The path from Step 3 to Step 4 is proven.
The Economics

Why Equity Ownership Is Transformational

The financial difference between endorsement income and equity ownership is not incremental. It is categorical. Celebrity-attached beauty brands operate in an entirely different valuation universe than standard consumer brands.

50x
Celebrity Exit Multiple
15-20x
Standard Consumer Brand
2-3x
PE Acquisition Premium
40-60%
CAC Arbitrage
The CAC Arbitrage
Celebrity-attached brands save 40-60% on customer acquisition costs because the founder IS the marketing engine. The fanbase is the distribution channel. This is not theoretical. Rare Beauty spends a fraction of what legacy brands spend on acquisition because Selena's install base converts organically.
Competitive Landscape

Comparable Exits and Valuations

The data on celebrity-founder beauty brands is clear: ownership creates generational wealth that endorsement income never approaches.

Brand Founder Category Valuation / Exit Key Takeaway
Rare Beauty Selena Gomez Makeup + Skincare $2.7B+ Founder kept majority ownership, brand now exceeds her entertainment earnings
Rhode Hailey Bieber Skincare $1B / 3 years Zero to billion-dollar exit in three years, proving speed-to-value in skincare
Fenty Beauty Rihanna Full Beauty ~$600M/yr revenue 50/50 JV with LVMH, but LVMH controls ops. Our model gives talent more agency
Casamigos George Clooney Spirits $1B exit Payout exceeded Clooney's entire three-decade film career. Proves equity > income
Risk Intelligence

Lessons from Those Who Got It Wrong

Not every celebrity beauty brand succeeds. The failures share common structural mistakes that this venture is specifically designed to avoid.

Cautionary Precedents
◆
Kylie Jenner / Coty: Sold 51% to Coty for $600M. Coty overpaid, the brand underperformed post-acquisition, and Kylie lost control of product direction. Our structure: talent never gives up majority.
◆
Lady Gaga / Haus Labs / Amazon: Launched as an Amazon exclusive. Single-channel dependency killed the brand. Had to rebuild from scratch. Our model: DTC-first, fan-driven, no single retail dependency.
◆
Ariana Grande / r.e.m. beauty / Forma Brands: When Forma (Morphe's parent company) went bankrupt, r.e.m. beauty was nearly destroyed. Our model: Tini owns her SubCo, isolated from partner collapse.
Structural Protection
The SubCo model means Tini's brand entity is legally separate. A 1-year opt-out ensures she is never locked into something that does not work. Equity escalation is tied to activations she controls, not sales targets she cannot. Every protection is built in from day one.
Market Opportunity

The LatAm White Space

No Latin American female artist currently owns a premium skincare brand. The category is entirely unclaimed. Tini has first-mover advantage in a market with zero direct competition.

Artist Beauty Category Skincare Position
Shakira Haircare (Isima) None - took haircare, skincare wide open
Other top LatAm artists None in skincare No LatAm female artist owns a premium skincare brand
Anitta Fragrance only (collabs) No equity in beauty, only MAC/Skol collabs
Tini Zero skincare in 14 years Complete blank canvas, first-mover opportunity
~$6B
Argentina Beauty Market
+14.8%
K-Beauty Export Growth (H1 2025)
14 yrs
Zero Skincare
Manufacturing Partner

Cosmax - The World's #1 Beauty ODM

This is not a startup experiment. Cosmax is a publicly traded company and the world's largest beauty manufacturer, producing products for the most recognized names in the industry.

$1.66B
Annual Revenue
Publicly traded, operating across 6 countries with all-time-high operating profit
600+
Scientists
World-class R&D with 1,500 patents and the ability to produce 10.2 cosmetics per second
Client Portfolio
The brands behind the brands
Manufactures products for L'Oreal, Chanel, LVMH, Estee Lauder, and Rare Beauty (Selena Gomez). Korea overtook France as the #1 cosmetics exporter globally
Innovation Speed
2-3 months vs. 12 months
Korean formulation cycles run 4-6x faster than US/EU equivalents, enabling rapid iteration and trend responsiveness
The Relationship
The Cosmax CEO is a personal friend of Tejune. This is a warm, principal-to-principal relationship, not a vendor arrangement. Tini would have direct access to the labs, the scientists, and the formulation process.
Portfolio Impact

Brand Enhancing, Not Brand Diluting

A critical question for any manager evaluating this: does this help or hurt her existing portfolio? The right delivery is brand-enhancing for her. The evidence is unambiguous - professional activation, not passive endorsement.

  1. Founder status elevates every existing deal
    A founder-owner commands higher fees, better terms, and more leverage than an ambassador. Maybelline, Pantene, Under Armour, Pandora - every partner benefits from a Tini who is also a skincare founder. Rihanna became more desirable to brands after Fenty, not less.
  2. No category conflict with existing partnerships
    Maybelline is makeup-only (zero skincare products on their site). Pantene is haircare. This is a different category entirely. The SubCo structure isolates this venture from her other deals.
  3. Professional activism, not passive income
    This is not waiting for deals to come to her. This is proactively building an empire. FUTTTURA already signals entrepreneurial ambition. A skincare brand extends that narrative. The positioning: not celebrity skincare, a heritage brand.

Immediate Value-Adds Beyond the Deal

Key moments we can arrange. These opportunities come with the partnership and cost Tini nothing. They are pipeline assets the team gets access to through this alliance - Cannes, FIFA, Korea.

June 2026
FIFA World Cup Performance
Chris Phoenix has Fox connections and can potentially get Tini to perform at Argentina's matches in Dallas (June 22 and June 27). 2B+ global viewers. Argentine pride on the world stage.
June 22-26, 2026
Cannes Lions Invitation
Chris is the Clio Awards' exclusive partner since 2011. Cannes Lions is where every beauty CMO, L'Oreal exec, and agency head gathers. Tini would be there as an owner, not a spokesperson.
Timeline TBD
Korea Lab Tour and Entertainment Introductions
Tejune opens the door to Cosmax's facilities in Seoul - 600+ scientists, world-class labs, the "red carpet to the labs" experience. Plus introductions to Korean entertainment industry contacts, opening the Asian frontier for Tini.
Category Thesis

Why Skincare, Why Now

Skincare is not like other beauty categories. It is the highest-margin, highest-loyalty, most recurring segment in the industry. Customers become an install base - monetization into the future - returning monthly, not seasonally. Long-term passive income. Reach to Asia as the next frontier.

Skincare vs. Other Categories
◆
Highest recurring revenue: Skincare customers repurchase monthly. Unlike fashion (trend-dependent) or fragrance (seasonal), skincare builds compounding value over time.
◆
K-Beauty exports grew +14.8% in H1 2025. Korea overtook France as the world's #1 cosmetics exporter. Korean beauty manufacturing is the innovation engine for the entire global industry.
◆
Argentina's ANMAT reform (January 2026) streamlined beauty product registration, making it significantly easier to launch skincare brands in the Argentine market.
◆
Fan conversion is already proven: Tini mentioned Baccarat Rouge 540 once, unpaid, and created an entire dupe economy in Argentina. 8+ media outlets covered it. Imagine that conversion power directed at her own skincare line.
This is not about moving from fast fashion to another trend cycle. It is about moving from trend-dependent income to a permanent wellness asset. Skincare is an install base, and Tini's fanbase is the distribution channel.

Toward a Second Conversation