The deal will help Bic, which has traditionally leaned on its classic products, such as ballpoint pens, lighters and razors, cater to younger generations that are more interested in self-expression, but may not want the commitment of a permanent tattoo. We apologize, but this video didn't load.
Here you can see other videos from our team. If you're not getting married to a tattoo for the rest of your life, it's ten to 14 days, Bic chief executive Gonzalve Bich told the Financial Post. Inkbox was founded in Toronto in 2015 by brothers Tyler and Braden Handley and sells semi-permanent tattoos made with plant-based ink that last one to two weeks. Users can choose from a selection of designs online or submit their own custom design that can be adapted into tattoo form. The acquisition would build on Bic's human expression portfolio which already includes a line of markers that can be used for body art designs lasting one to three days, according to Bich. He said a series of stencils with the NFL logos had been a success.
The skin creative market is valued at around US $400 million and is expected to reach US $1.5 billion by the year 2031, according to the company. In a release from Bich, consumers are craving newness, desire creative freedom and embody authenticity. Inkbox has partnerships with recognizable pop-culture figures such as the South Korean band BTS and the estate of American artist Jean-Michel Basquiat. Bich said he planned to pursue more collaborations and he hopes to leverage Inkbox's strength in e-commerce. Walmart plans to create its own criptocurrency and NFTs, filings show.
That is one of the many cool things about the Inkbox brand, according to Bich. The K-Pop band BTS was very successful in the collaboration we did with Korea. I want to multiply that, because it is the beauty of the vertically integrated manufacturing we have in Inkbox. It is all made in-house, cut in-house. Your imagination is the only limit to your creativity. He told the Post that there was no plans to shake up Inkbox's operations or move them out of Canada and that he would give the co-founders a degree of autonomy to carry out their business. Tyler Handley, Inkbox's chief executive, said Bic was the right fit. Bic is the ideal partner to help Inkbox achieve its full scale-up potential, he said, beyond our shared commitment to creative expression. In the year 2018 Inkbox raised US $10 million in net sales and reached about US $27 million in net sales in 2021.