It started as a glittering success story. When influencer Therése Lindgren launched the vegan beauty brand Indy Beauty (formally Independent Beauty Sweden) in 2018, it quickly became a talking point. But in May 2022, the star chose to step down and sell her brainchild to CCS Skincare Brands.
The recently published annual report for 2025 shows that the company's sales have continued to decline since the change of ownership. During the latest financial year, the company had a turnover of 7.5 million Swedish krona.
This compares to 2022, the year the company changed owners, when turnover was 23.5 million Swedish krona. This means that just over two-thirds of the revenue has disappeared in three years.
At the same time as sales are declining, profitability is also showing a negative trend. The result after financial items for 2025 amounted to minus 1.3 million Swedish krona, which is a deterioration compared to the previous year when the loss was 900,000 Swedish krona.
In the annual report's management discussion and analysis, the board briefly comments on the development:
Net sales have decreased compared to the previous year due to lower-than-expected sales.
Decreased cash and changes in the board
The notes to the accounts show that the company's liquid funds, which are managed as receivables from other group companies, have also decreased. In 2024, these funds were close to 2.3 million Swedish krona, to fall to just under 1.1 million Swedish krona at the end of 2025.
The company has a small board where Christoffer Lorenzen has been a regular member and sole signatory since the beginning of 2023. During the summer of 2026, an adjustment was made to the composition when Karine Chabanis took over as new deputy member, thereby replacing Egil Mølsted Madsen.
Part of a larger group
Despite declining revenue, the company is on a financially stable footing. Since the sale, Indy Beauty has been owned by CCS Skincare Brands. They, in turn, are part of a broader group structure linked to Karo Healthcare, via Trimb Healthcare.
Ultimately, the entire operation is controlled by investment funds managed by the private equity firm KKR.
There are therefore enormous financial muscles in the background. This financial security is also reflected in the balance sheet where the equity ratio is 72 percent.