Jessica Alba's Honest Co. is getting a vital lifeline.
The consumer goods company co-founded by the actress announced Wednesday it's receiving a fresh round of funding from L Catterton, a private equity firm that invests in various health and wellness brands. The minority stake is worth $200 million.
Honest said the investment will help the company reach a global audience.
CEO Nick Vlahos said in a statement that L Catterton was the "right partner," because of the firm's expertise in global supply chains. Viahos said Honest will focus its business on its baby and beauty categories going forward, hoping the strategy and investment "will fuel our evolution into an iconic global brand."
Honest said it is already planning a European expansion. It will sell its beauty products at select Douglas stores in the spring of 2019.
L Catteron oversees $15 billion in assets, including investments in Chopt, Equinox and Bliss.
Honest Co. has been on shaky ground over the past few years. In 2016, Unilever was eying an acquisition of the six-year-old company but ultimately bought its competitor Seventh Generation. It was also planning an IPO, but didn't go through with it.
The company's valuation has fallen from as high as $1.7 billion in August 2015 to reportedly losing its unicorn status. That means it's worth less than $1 billion. Honest Co. didn't immediately respond to CNNMoney about its current valuation.
In addition to financial issues, the brand has dealt with several recalls and a leadership shakeup.
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