Board Overview · May 2026

From stagnation
to a $300M brand.

&vest in the operating seat. An honest diagnosis of Kopari today, and the play to win across consumer, channel, and category.

&vest · Beauty Transformation Platform
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01 · Executive Summary

The thesis in four sentences.

i.

&vest is a beauty-native operator with a proven track record in distressed situations, having led the turnaround of Morphe, increasing EBITDA by $65M and retail sales by $200M over three years.

ii.

Kopari is a brand with real equity in sun and body care but is impaired by high concentration in SPF, lack of brand clarity, a failed sub-collection launch, a leadership gap, and a meaningful reforecast of FY26 revenue, EBITDA and cash.

iii.

Partnering with &vest, Kopari can become a balanced sun, body, and skincare portfolio with clear brand vision that translates to hero franchises, channel discipline, and structural margin expansion, achieving the growth required for a $300M+ financial outcome.

iv.

&vest is in the operating seat with an embedded team across all key functions and will balance critical near-term decision-making with a methodical approach to rebuilding the Kopari strategic roadmap over the next 90-180 days.

02 · How We Got Here

Six months. Three inflection points. From prospective acquirer to embedded operator.

Click any node to expand.

November 2025
LOI Signed

$145M EV at 14.8x trailing EBITDA based on $8M. Full commercial and confirmatory diligence executed and finalized over next 4 months. We were attracted to Kopari's unique foothold in SPF and its distribution plan with Ulta.

Click to expand
February 2026
Acquisition Terminated

QoE rejected $1.7M of EBITDA add-backs; trailing EBITDA reset from $8.1M to $6.4M. No flexibility on purchase price. Other deal points did not reach compromise (definition of debt tied to payables, sales tax liability, buyback liability).

Click to expand
April 2026
Kopari Returned

Significant underperformance at Ulta. Reforecast EBITDA down 48% and flat year over year. CEO Susan Kim left the business. The Company re-engaged &vest on operator-led terms.

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Our diligence didn't stop. Seven workstreams over six months, ~$2M of third-party resourcing. Williams Marston QoE; 13-week cash; NWC normalization; consumer survey work; all-channel sell-through analysis; excess inventory diagnosis; brand health audit; full legal diligence. We understand this company from the inside out.
03 · The Diagnosis

A brand built on body and skincare. A business now 80% sun and body.

Watch the portfolio drift. Hover or click any year to see what changed.

2022 · $21.9M
Body-led, true to heritage.
Body care 62% of net sales. Deodorant, Body Butter, Coconut Melt in the top 4. Skincare 22%, suncare ~5%. The brand looks like what consumers describe in surveys: coconut-scented body rituals.
2023 · $31.7M (+45%)
SPF arrives. Body still dominant.
Sun Shield Body Glow becomes #1 product line at 27%. Body still 52%. Coconut Melt drops below $1M, signaling the brand's pivot away from its coconut heritage.
2024 · $45.8M (+44%)
Sun and body now tied.
Suncare and body each at ~49% and 38%. Sunglaze Sheer Body Mist (new) jumps to #2 in 12 months. Newness driving 21% of sales.
2025 YTD · $65.3M (+43%)
80% of sales from sun + body. Skincare withers.
Three of top four SKUs are Sunglaze/Sun Shield mists. Skincare collapses to 11%. The brand is now a SPF business with a body line, not the balanced sun/body/skin portfolio its NPS and equity would support.
Net Sales ($M) by Category
$0M
12%
22%
4%
62%
2022
$0M
14%
33%
52%
2023
$0M
12%
38%
49%
2024
$0M
11%
11%
28%
50%
2025 (Nov)
Suncare
Body
Skincare
Other
Cross-Cat Kits
The trap: revenue grew +45% CAGR through 2024, but on the back of trend-led SPF newness and at the expense of the body and skincare franchises that justify the brand's NPS of 50 and 7.8 loyalty score. The growth is fragile.
04 · What's Working, What's Not, What We Do

Real equity. Real problems. A clear play.

What's Working

Real brand equity, intact.

  • Strong growth, one of the leaders in SPF at Ulta
  • Widely distributed; 3 ft of space in all-doors Ulta chainwide with additional space coming
  • Early signs of strong international businesses in UK (+106%) and Australia
  • Heritage in skin and body
  • NPS of 50, loyalty score 7.8 / 10 (top 4 in competitive set)
  • Profitable
What's Not Working

Concentration risk and a leadership gap.

  • Overly reliant on growth from SPF with limited TAM across existing retailers
  • Failed Paradiso sub-collection launch in 2026; high excess inventory
  • 2026 underperformance at Ulta leads to revenue reforecast at -16% vs. plan
  • CEO resigned in May 2026, leaving a leadership gap
  • Underdeveloped skin and body categories due to limited focus and spend outside SPF
  • Gross margin below 60%
&vest's Play to Win

Reset, rebuild, return.

  • Reset North Star brand and product strategy into a balanced sun / skin / body brand
  • Professionalize brand marketing look/feel and tactics with best-in-class &vest practices
  • Revisit new product development to create true hero franchises
  • Expand distribution and improve performance at point-of-sale
  • Clean up low-hanging operational fruit to improve holistic performance
  • Three-year build to $300M+ enterprise value
05 · The Strategic Bet

Own the gap between mood-led vacation brands and clinical SPF authorities.

Centrality → Distinctiveness → Low High

Where Kopari can win.

There is a clear open space between mood-led vacation brands (Vacation, Summer Fridays, Saltair) and clinical SPF authorities (LRP, Supergoop). Kopari can own that space by making "paradise" feel signature, while building trust through innovation and evidence.

06 · Value Creation Levers

Three pillars. Three enablers. One plan.

C

Consumer

Brand & Consumer Clarity
  • What the brand stands for, who it targets, why it exists
  • Where is the white space and how do we own it
  • Improve education to unlock conversion
  • Reduce seasonality while protecting brand equity
Demand Efficiency & Marketing
  • Balanced role of brand vs. lower-funnel marketing
  • Improve paid media efficiency via stronger creative signal
  • Build a repeatable creator and content engine
  • Scale what works without brute-force spend
Ch

Channel

Channel Role Optimization
  • Clarify roles of DTC, Ulta, Amazon, intl, channel 2
  • Align assortment, launches, marketing to channel
  • Reduce overlap and margin leakage across channels
Ulta Partnership & Retail Execution
  • Treat Ulta as the most critical retail partner
  • Balance new launches with building hero SKUs
  • Focus on launch excellence and in-store storytelling
  • Improve sell-through via tighter execution
Cat

Category

Product & Portfolio
  • Double down on hero franchises in sun and body care
  • Identify un-articulated opportunities with existing SKUs
  • Chart viable path to diversified category mix over 2-3 years
  • Improve launch discipline and reduce long-tail complexity
  • Fewer, bigger platforms with repeatable success
Enablers

Gross Margin Discipline

Establish north star 2030 target; treat margin as a design constraint across product, pricing, and GTM. Prioritize initiatives with clear contribution margin thresholds.

Data & AI

Thoughtfully leverage automation and tooling where it removes friction. Establish discipline around KPIs. Email/SMS and customer service hygiene as quick wins.

Operating Cadence

Faster decision-making rhythms. Reporting consistency across demand, margin, and inventory. A corporate culture of hard work, discipline, and analytical rigor.

07 · The Financial Bridge

From $70M and $7.7M EBITDA, to $125M and $25M.

The path to a $300M+ valuation. To be aligned with shareholders over the next 60-90 days.

Where we're going.
From 11% EBITDA margin today to 20%+ margin at maturity. ~50% net revenue growth. 800 bps of gross margin expansion.
Net Revenue
$70M → $0M
+79% revenue lift
Gross Margin
57% → 0%+
+800 bps structural
Adjusted EBITDA
$7.7M → $0M
11% → 20%+ margin
Retail Sales Targets · By Channel
Channel
Current
Target
Lift
Ulta
$30-35M
$60M
+~2.0x
DTC / Amazon
~$35M
~$50M
+~1.4x
Other North America
~$25-30M
~$50M
+~1.8x
International
~$2M
~$40M
+~20x
08 · The 180-Day Roadmap

Optimize the business today. Build the strategic plan in parallel.

Click any workstream to see ownership, focus areas, and decisions on deck.

Workstream
May
Jun
Jul
Aug
Sep
Oct
Nov
Operating
Critical 90-day decisions
Operating
Daily business optimization
Strategic Planning
Consumer / brand reset
Strategic Planning
Channel strategy
Strategic Planning
Product pipeline reset
Strategic Planning
Value Creation Plan
★
Financial / Board
Weekly reporting · 13W cash
Financial / Board
FY26 reforecast / FY27 budget
★
Board Milestones
★
Kopari ELT × &vest Workshop · NY
★
Board Meeting
★
Board Meeting
★
Board Meeting
Workstream
Select a workstream above
&vest Lead
—
Kopari Lead
—
Near-Term Focus Areas
—
The operating system. Weekly: Mon ELT sync · Wed cross-functional standup · Fri commercial scorecard · 13-week cash flash. Monthly: KPI dashboard, board pack issued 10th, board call 15th, EOM variance walk. Quarterly: results, reforecast, strategic projects review.
09 · Next Steps

June 10-11 kickoff workshop. New York. Two days.

Wednesday, June 10
  • Welcome & Expectations
  • P&L Grounding: YTD-26 and Latest FY Forecast
  • The Franchise: Brand Restatement
  • New Product Pipeline
  • Paradiso Decision Tree
  • 2H Marketing & Execution
Thursday, June 11
  • Day 1 Recap & Day 2 Framing
  • Channel Architecture and Go-Forward Strategy
  • Cash & Gross Margin Management
  • Marketing Model & Tech Reset
  • Operating Cadence & Commitments
Next 30 Days

&vest + Kopari ELT Offsite Readout

  • Summary of outcomes from June kickoff
  • Recommendations on near-term commercial, marketing, and cash priorities

Business Reforecast

  • Re-baseline the business where Kopari actually stands today
  • Updated full-year revenue, EBITDA, and cash trajectory
Next 60 Days

Value Creation Plan

  • Comprehensive roadmap across brand, product portfolio, channel, marketing, financial discipline
  • Three-year build to $300M+ enterprise value
  • 2027 focused on stabilization; 2028 the first year of meaningful uplift