Ethique Limited By Brianne West

Pledgeme equity

About Ethique Limited




In 2012, Brianne started making unique solid formulas from her kitchen in Christchurch, New Zealand. With her knowledge of chemistry & biology she wanted to create better cosmetics and wasn’t afraid to do things differently. We’ve quickly outgrown the kitchen and set up in our fancy new lab. So we are now raising investment through our crowd (again) to expand further in New Zealand, Australia and the United States, to improve our e-commerce platform, and research future products.



Ethique was started because hair and skin care needed a shake up: simple, concentrated and sustainable products that deliver on results, without the unnecessary packaging.

Our core guiding principle remains the same: quality beauty products made with sustainable - naturally derived - ingredients.


What does that mean for us?

It’s about ignoring the status quo and doing things our own way.


Bars are our answer!

 – no bottles, no harsh chemicals – just good things in high concentration.


We’re all about taking beauty products and making them super dense. Each bar is packed full of only good things that will work to bring out the best in your skin and hair. With up to 80% of liquid products being made of water, why not remove it and use the water already supplied in your bathroom?


Why bars?

Solid cosmetics have loads of benefits. They last for ages because they’re so concentrated. One Ethique bar can last as long as five bottles of its liquid relative and because there’s no water, they don’t usually need preservatives. ‘First do no harm’ is our priority, we can do that by making solid formulas that are vegan, crueltyfree and sustainably sourced.

Ethique is certified cruelty-free by PETA, SAFE & Choose cruelty free. We don’t test on animals, or use ingredients that are tested on animals.


What have we done so far?

In FY17 alone we saved the world from over 200,000 plastic bottles. We also established third party warehousing in the USA, moved into a larger, custom built lab and manufacturing facility, grew our team and brought on operational and manufacturing expertise, and secured online distribution in the USA and Australia.



What's next?

We are looking to raise up to $500,000 through our crowd, and an additional $500,000 from wholesale investors.


 Our share offer:


We are issuing up to 62,500 non-voting shares at $8 each which will equate to a total of 4.3% of the shares in Ethique Limited.

Our pre-money valuation is just over $10million ($10,009,200 to be exact) and was completed by the board and validated by our accountant and an investment banker. This valuation is based off our silver forecast at a 4.5x multiple of our current years revenue.

The minimum individual investment is $504 for 63 non- voting shares at $8 each.


The non-voting shares do not give the holder the right to vote at meetings of shareholders. In very limited circumstances (to ensure the shareholder’s core rights are protected) each non voting share gives the holder the right to one vote. This only occurs where there is a proposal or resolution:

• that will affect the rights attached to the Investor Shares

• to put the company into liquidation

• for the disposal of the whole, or a material part, of the property, business and undertaking of Ethique Limited


Non voting shares will give the holders:

• The right to an equal share in dividends and other distributions made by Ethique Limited (subject to the rights of any other class of share)

• The right to an equal share in the distribution of surplus assets of Ethique Limited.

The constitution sets out other terms that will apply to any shareholding in Ethique Limited. You should read the constitution before pledging for shares.


All shareholders will receive wholesale price on all products purchased through our website. 

Our Team

Brianne - Founder & Formulator Extraordinaire

Brianne started Ethique in 2012 out of frustration with the disgraceful amount of packaging produced by the cosmetics industry. A quali ed scientist, Brianne formulates all our products and runs the show. Brianne has started and sold two other small companies but is now devoted to ridding the world of cosmetic plastic bottles.

Fave bar: Pinkalicious


Janette - Alchemist
Janette is Brianne’s Mum and came on board in February 2015. Janette is our alchemist and produces up to 5000 bars a week in our lab. She brings a wealth of administrative and bookkeeping experience and keeps the lab looking tip top. Janette has a background in manufacturing & quality control & practises re exology in her downtime. 

Fave bar: The Perfector


Ella - Formulator-In-Training
Ella is our Formulator Extraordinaire in training! She is learning the ropes from Brianne and Janette whilst also working full time as a lab technician. 

Fave bar: Saving Face Serum


Jacqui - Lab Lady

Jacqui is our multi-talented lab assistant who also helps out in the warehouse at times. She’s learning the manufacturing ropes and ensures everything runs smoothly.

Fave bar: Pinkalicious


Helen - Lab Lady

Helen is our dedicated production assistant and has been us since the very beginning. She ensures our bars are spick and span and dressed in their best before being shipped around the world.

Fave bar: The Perfector


Danella - Lab Lady

Dee is one of our production assistants. She moulds, trims and wraps to ensure our bars are perfect each time. 

Fave bar: In Your Face


Gen - Marketing Coordinator

Gen handles our social media, content creation and works on our website to keep you updated with our new products.

Fave bar: Saving Face


Ange - Dispatch Queen

Ange is our warehouse manager and all round dispatch queen. She gets to drive our shiny new forklift and runs the warehouse like a well oiled machine.

Fave bar: Bombshell



Bryan - Chair of the Board

As a company director, investor and consultant strategist, Bryan Pearson draws on more than 20 years experience in chief executive and governance roles in Australia and New Zealand. He has held a number of governance positions including Chairman of Macpac independent director of J. Ballantyne and Co. Ltd and is currently a trustee of several third party private entities and Chairman at Lane Neave. In his capacity as consultant strategist he supports a range of public and private sector organisations in developing strategic direction, resolving strategic issues and mentoring leaders. 

Fave bar: Tip-to-Toe



Our Financials




Our assumptions underpinning the forecast include:

Revenue assumptions:

  • Wholesale NZ - $220,000 per month based on 400 customers each spending $500 per month on average. This could be higher as current average sits higher.
  • Wholesale AU - Assumption made that we will onboard 200 pharmacies in AU, each spending $500 per month plus continue with AU Online distributor @$50k per month.
  • Wholesale USD - Amazon subscription of 140m, converting 0.05% of that base (70,000 subscribers) each spending $50 per month.
  • Wholesale OTHER - Planned entry into Japan market

Please review our full financials (including a current balance sheet) in our investment memorandum. Note to the financials.



Our Risks (and how we'll mitigate them)

Copycat brands:  At this point, we have decided not to patent our products as the costs will outweigh the benefits. There is the potential for this to change with new innovative products in the future. We have to rely on developing a great world-leading brand, great products and our customers loyalty.

Cashflow: As we expand into international markets and distribution models, cashflow will be impacted. We are mitigating this by negotiating extended terms with our suppliers and favourable payment terms with our distributors. Whilst we will always exhibit caution and forward planning with budgets, we would consider a further capital raise in the future if necessary.

Manufacturing premises disabled: The possibility of our Christchurch lab being disabled by a natural disaster is low risk as it is a new building built on stable land. Our plant and fittings are all easily removed (or replaced) to quickly equip another premises. Our secondary facility is also a good redundancy should something happen to our primary facility such as a fire.

Distance to market: New Zealand is one of the most remote countries on the planet, but manufacturing here does have the benefit of stamping ‘NZ made’ on the product. We expect we will open further manufacturing facilities in the future, in Europe and possibly North America to keep up with the demand.


Unusual product line: Whilst having an unusual product line has advantages, it is also a confusing concept for new people who come across it. Consumer education will form a very large part of our PR and marketing plan, in particular when rolling out into new markets. This will provide excellent content to provide value and interest. 

Note from PledgeMe

We have completed a Veda check on the company and their directors, as well as a google check. There were no adverse findings.




    You need to pledge to see this update.

    Offer Details

    Current Valuation 10,009,200
    Raise Minimum 350,000
    Raise Maximum 500,000
    Share Price 8.00
    Maximum Shares Offered 62,500
    Explanation of valuation:

    Our pre-money valuation is just over $10million ($10,009,200 to be exact!) and was completed by the board and validated by our accountant and an investment banker. This valuation is based off our silver forecast at a 4.5x multiple of our current years projected revenue.

    Financial Summary

    Prev Year Current Year Est. FY 2019 Est. FY 2020
    Revenue $972,550 $2,266,982 $5,379,000 $10,551,832
    Operating Expenses $556,801 $1,428,969 $2,207,890 $2,303,982
    EBITDA -$71,640 $44,659 $1,771,531 $5,718,680
    Net Profit -$71,121 $44,659 $1,321,607 $4,117,406

    Company Details

    Company Name: Ethique Limited

    Company Number: 3152626

    Company details are currently being synced with the Companies Office, please wait.

    Company Documents

    Documents no longer available to download, as this campaign has closed

    Director Details

    Name Role Profile URL Invested?
    Brianne West Managing Director
    Bryan Pearson Chair

    Ask a Question (You must login to ask a question)

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    Hi Brianne, is the constitution uploaded yet? I cant see it on the list at the moment. Thanks

    Posted on 29-09-2017 by Klara Bedggood-Nimmo

    Hi Klara, I've just uploaded that for you! Anna from PledgeMe (on behalf of Brianne)

    Answered on 29-09-2017 by Brianne West

    It looks like from the PledgeMe website that you need to be a NZ resident (unless a wholesale investor) to be able to invest - is that correct? Thanks

    Posted on 29-09-2017 by Kate Marsh

    Hi, how would I sell my shares at a later date? Are there any restrictions on this? Is Ethique planning to pay dividends?

    Posted on 29-09-2017 by Susannah Bailey

    In the update your said that the final shares would be released in late October. I have not had any contact what so ever from ethique regarding my investment. When should I expect to hear from you?

    Posted on 20-11-2017 by Michelle Windle

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      This project was successful and got its funding on 29/09/2017 at 4:22 AM.

      This campaign has closed, but this company may choose to do more equity raises on PledgeMe in the future. If you're interested in investing in Ethique Limited, you can sign up to be notified when a new equity campaign from this company is published.

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      Investor Perks

      NZ $504+

      Let's sweeten the deal

      All shareholders will receive wholesale price on all products purchased through our website.

      Disclosure Statement:

      An associated party of PledgeMe holds an interest in this company, the interest is as follows:

      Note: PledgeMe associated people Anna Guenther, Nicholas Lewis, and some of our minority shareholders own small shareholdings from the first equity crowdfunding round.

      Warning statement about equity crowdfunding

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