As part of its strategy to multiply units in geographic hubs, Alchemy 43 has planted a location in Corona del Mar, an upscale enclave of Newport Beach, its fourth location in Southern California and tenth location overall.
The aesthetics concept, which opened its first location in Los Angeles in 2016 and has raised $30 million in funding, plans to accelerate growth. Founder Nicci Levy envisions it having as many as 250 to 300 locations in the United States.
“Obviously, that’s going to take capital. It’s going to take a lot of support and resources to get there, but we’re here for the battle,” says Levy. “And I think, ultimately, what does it look like at the end of all of that? Probably some kind of strategic exit.”
She explains focusing on placing several Alchemy 43 locations in hubs—along with California, it’s expanded in New York and Texas—enables it to build brand recognition in those areas. In addition, operating outposts in relatively close proximity helps maximize operational and marketing initiatives. Alchemy 43 can move employees between locations and combine training efforts.
From 2021 to 2022, the business’s revenues jumped 36%. Alchemy 43’s bestselling treatment is Hello Bright Eyes, a dusting of Botox for the elevens, crow’s feet and forehead lines. Its second bestselling treatment is the lip-plumping treatment Perfect Pout. Over 50% of Alchemy 43’s new clients haven’t had Botox or injections more generally before.
Notably, Levy mentions that customers increasingly enter aesthetics through lip filler rather than Botox, a change from what Alchemy 43 saw in the past. She notes Juvederm Volux, a hyaluronic acid-based filler from Allergan approved by the United States Food and Drug Administration last year to target the jawline, is rapidly becoming a popular treatment and bringing in men in droves. Roughly 25% of Alchemy 43’s clientele is men, greater than double the national average in the industry, per Levy.
She says, “It’s introducing a whole new customer to injectables, so we’re very excited about the impact and being able to offer services to a whole new group of people.”
Accessibility, both in branding and price, plays a pivotal role in Alchemy 43’s draw. Its social media features a bevy of pop culture memes with education about its less-is-more philosophy to attract people curious about trying aesthetics treatments who don’t want to appear overly done. Alchemy 43’s tagline is, “The best work goes unnoticed.” Levy says, “We really see ourselves as an ageless, genderless brand for everybody.”
Alchemy 43’s 1,232-square-foot location in Newport Beach showcases an updated design reflecting its accessible branding. The design was handled by RPG, a firm that counts Costa Brazil, Good Light, Ilia and Blushington on its extensive client list. “We really want it to feel like anyone can walk in, and it’s not too feminine or too masculine,” says Levy. “It just feels like a really welcoming environment that’s fun and aspirational.”
Alchemy 43’s members pay $99 a month via auto debit, and they receive 15% off of treatments and services, a complimentary annual Power Peel and invites to events, among several rewards. Membership spiked 40% from 2021 to 2022. Members visit Alchemy 43 one to two times more a year than non-members and spend about 35% more than non-members on average.
A decade ago, when Levy was a brand rep for Allergen, people getting injections were typically doing it twice a year although the effects of Botox usually last four months. She felt Alchemy 43’s minimal, but ritualistic take on treatments would lend itself to a membership service encouraging clientele to get treatments three to four times annually.
“If you go every quarter, which is really the right cadence, you’ll be able to maintain and always look fresh, which one could argue is more natural looking,” says Levy. “So, that’s how we approached outlining the membership program. If we want people to come four times a year, what is the best way to set this up?”
While below-the-neck body products, contouring and other minimally invasive treatments are on the rise, Alchemy 43 is sticking to facial services for now. Levy breaks “facial wellness” into five categories. Alchemy 43 has three covered currently: fine line and wrinkle protection and improvement addressed by neuromodulators such as Botox; deep wrinkles and skin enhancement addressed by fillers; and skin radiance and quality addressed by laser Clear + Brilliant, microneedling and platelet-rich plasma (PRP) treatments.
Two facial categories Alchemy 43 hasn’t touched are skin tightening—Levy points to Morpheus8 and Profound as modalities she’s considering introducing for it–and sunspots or uneven pigmentation.
“If you think of Equinox and SoulCycle, you can go to Equinox and you can take a spin class, of course, or you can go to the place that specializes in spin classes,” says Levy. “And, in that analogy, I think of us as more of the SoulCycle and then the typical med-spa being more of the Equinox model. We’re never going to offer a hundred things.”
Alchemy 43’s most recent funding round, a series B round, was in 2021 and led by Claritas Capital and Penultima Capital. They were joined by existing investors Forerunner Ventures, Rebecca Minkoff and Redo Ventures in the round. The “43” in Alchemy 43 refers to the 43 muscles in the face.
The concept’s investors—and backers of competitor concepts like Ever/Body and SkinSpirit in the aesthetics space—are banking on the growing normalization of injectibles. Market research firm FNF Research projects the global injectables market will hit $22.5 billion by 2026, up from $13 billion in 2020. A recent McKinsey study estimates that, over the last five years, 400-plus aesthetics clinics and care centers have pulled in $3.1 billion from investors.
Feature image photo credit: Celeste Cass
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