Mona Kattan has been collecting fragrances for most of her life. That obsession eventually became Kayali — a fragrance brand she built inside Huda Beauty, the global cosmetics company she co-founded with her sister Huda Kattan.
In 2020, something shifted. Mona entered therapy and uncovered a pattern that ran through her entire entrepreneurial journey: she had never built anything entirely on her own. She began to ask herself what it would mean to do something, fully, by herself.
“I am a very collaborative person, but I don’t want to sacrifice my vision,” she says. “Sometimes, in a partnership … having to move both feet in the same direction doesn’t really work if you’re not able to decide on your own. That’s where I realised that if I want Kayali to survive and thrive, I need to create my own path.”
That path was made possible through a complex corporate carve-out that separated Kayali from the Huda Beauty group and brought in General Atlantic in as Kayali's new backer.
Mona joined BoF founder and CEO Imran Amed on stage at The Business of Beauty Global Forum in Napa Valley, California, to pull back the curtain on that corporate split and dive deeper into the realities of building a brand within a multi-stakeholder ecosystem.
Key Insights:
- The Operational Friction of Brand Incubation: While incubating Kayali within Huda Beauty provided crucial baseline resources, it created structural constraints. Kattan notes that operating within a shared family framework required sacrificing her distinct product and brand vision to ensure consensus across the broader group.
- Structuring a Mutual Corporate Carve-Out: The operational split was catalysed by the need to solve for private equity backer TSG’s eventual fund exit. Mona engineered a simultaneous solution: carving out Kayali into an independent entity with new investment, while allowing her sister Huda to take the flagship cosmetic business private again.
- Selecting Private Equity for Long-Term Value: As part of the carve-out, Mona secured backing from General Atlantic, intentionally prioritising non-monetary board dynamics over pure valuation maximisation. Key operational criteria included deal terms that preserved creative freedom, patient alignment on the long-term health of the brand, and seasoned founder-friendly board members.
- The Discipline of Multi-Year Operational Planning: To counteract the short-term pressures of the beauty landscape, Mona emphasises the necessity of maintaining a rolling five-to-eight-year strategic timeline. This framework includes a definitive checkpoint scheduled for Q1 2028 to evaluate structural options between an initial public offering (IPO), a sale to a strategic conglomerate, or raising further capital.
Additional Resources:
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