‘I’m just thrilled’: Jessica Alba reacts after The Honest Company is valued at $2 BILLION… as she credits core values for its success
Jessica Alba says she’s ‘thrilled’ after The Honest Company got a $2 billion valuation after going public on the stock market this week.
The businesswoman, who co-founded the ethical consumer goods company in 2011, talked to Drew Barrymore about the huge achievement on her show The Drew Barrymore Show on Friday.
‘I just I feel like this is the beginning of our next chapter and I’m just with my kids and my husband, it’s been such a journey getting to this point and I’m just thrilled.’ Alba, 40, told Barrymore.
Jessica Alba says she’s ‘thrilled’ about her company The Honest Company going public and being valued at around $2 billion this week
Asked by Barrymore whether she ever envisioned being a successful business owner as a child, Alba said, ‘No, I mean I had this idea to create this company because it just made sense that people shouldn’t have to choose between what works and what’s good for them.
‘And putting people’s health and wellness and thinking about the planet and sustainability, and then also like diversity and inclusion and representation.
‘And all of those values to me is really I think why we’ve been able to take the business to this point.’
The Honest Company has been valued at $2.1 billion after going public on the stock market Wednesday.
Catch-up: Alba, 40, appeared on the Drew Barrymore Show where the actress was asked about how she feels about the big achievement
‘I just I feel like this is the beginning of our next chapter and I’m just with my kids and my husband, it’s been such a journey getting to this point and I’m just thrilled.’ Alba told Barrymore.
Shares of the Hollywood star’s company traded 37.5% higher than the IPO price on their Nasdaq debut, trading at around $22 on Wednesday afternoon in New York.
This means that the Hollywood star’s 6.1% stake in the company is now worth a staggering $124 million.
‘This is an incredible jump off into building a company that I hope will be around for 100-plus years,’ Alba said in an interview Wednesday.
‘It just made sense that people shouldn’t have to choose between what works and what’s good for them. ‘And putting people’s health and wellness and thinking about the planet and sustainability, and then also like diversity and inclusion and representation.’ Alba said of the key values that have made the company a success
‘Our growth, fueled by being public, will enable us to drive more product innovation and consumer accessibility,’ added Alba, known for her acting roles in the film Fantastic Four and TV series Dark Angel.
Honest’s offerings include eco-friendly baby products, vitamins, sunscreen lotions and sanitizers that are sold online and through partnerships with brick-and-mortar stores including Costco and Target.
Co-founded in 2011 by Alba, Honest is backed by investment firms Lightspeed, Fidelity and General Catalyst, among others.
Alba stepped down as chair of the board but remains a director of the board and is also the company’s chief creative officer.
Big week: Alba is seen on Thursday in a business chic outfit in New York
Honest was valued at as much as $1.7 billion in 2015 before it came under scrutiny in 2016, when a lawsuit said its products contained a harsh chemical it had pledged to avoid.
Honest then reached a $7.35 million settlement for wrongly labeling ingredients in some products as natural, plant-based or chemical free.
Honest reported a 28% surge in revenue to $300 million last year, as the COVID-19 pandemic bolstered sales of its cleaning products. Its losses narrowed to $14.5 million from $31.1 million a year earlier. It has never turned a profit.
Morgan Stanley, J.P. Morgan and Jefferies are the lead underwriters for the company’s offering.
Gone public: The actress is pictured with Honest Company CEO Nick Vlahos and Adena Friedman, President and CEO of Nasdaq during The Honest Company’s IPO on Wednesday