Female-backed SPAC, Powered Brands, aims to create new beauty conglomerate after public listing

Female-backed SPAC, Powered Brands, aims to create new beauty conglomerate after public listing

Katherine Power (left) and Dana Settle (right) formed the SPAC Powered Brands to be the next global beauty conglomerate.Source: Powered BrandsThe SPAC craze rippling across Wall Street has largely left out women. But one group of female founders and investors is looking to change that.A special purpose acquisition company, or SPAC, called Powered Brands priced earlier this month on the Nasdaq, under the ticker "POWRU," with the goal of creating a new kind of global conglomerate made up of sustainable and digitally focused beauty brands.Powered Brands was founded by serial entrepreneur Katherine Power, who has launched a number of beauty and wine brands, and Greycroft founding partner Dana Settle.Its bench of female executives and investors makes it one of very few SPACS to be founded and funded by women. Power also currently serves as chief executive of Clique Brands, a global media and consumer brands company that she co-founded in 2007, which owns among other things the trendy fashion site for women called Who What Wear.Following a successful public debut, Powered Brands says it's aiming to acquire between $800 million and $1.5 billion worth of assets. By reimagining what a global beauty conglomerate can be, it will compete with some