The share price of Oddity Tech (Nasdaq: ODD) has reached an all-time high recently, and CEO Oran Holtzman has exploited the opportunity to sell a substantial part of his holding in the company for $385 million ($375 million net). Holtzman sold 5.5 million shares at $70 per share, through JP Morgan.
After the transaction was reported, Oddity Tech’s share price fell 8.9% in late trading yesterday to $63.85. Investors apparently saw Holtzman as selling at the peak, and decided to do the same.
Before the sale, Holtzman held more than a third of the shares in the company (Oddity Tech has two types of share). His stake has now fallen to 23%, but he retains a majority of the voting rights. His remaining shares are worth $824 million at the price set in late trading.
This is not Holtzman’s first sale of shares in Oddity Tech. Before its flotation in 2023, he sold shares for tens of millions of dollars, and in the flotation itself he sold shares for $200 million in an offer for sale. Louis Vuitton’s L Catterton has also sold shares in the company at a handsome profit.
Oddity Tech said in its announcement that “the transaction will enhance the free float and trading liquidity of ODDITY stock.” It added that Holtzman did not plan to sell more shares, and intended to preserve his control of the company. He has entered into a lock-up agreement for a period of one year.
Oddity Tech, based in Tel Aviv, describes itself as “a consumer tech company that builds digital-first brands for the beauty and wellness industries in the United States and internationally.” It owns the Il Makiage cosmetics brand. Holtzman, then 29, bought control of the company, which had debts amounting to NIS 40 million, for NIS 12 million, using loans and a mortgage on his home.
In the following years, together with his sister Shiran Holtzman-Erel, who was appointed chief product officer, he put together a strategic plan for the company, expanded its international activity, and branded it as a technology company facilitating online purchases of personalized cosmetics. Its market cap is $3.9 billion.
In its first quarter 2025 financials, Oddity Tech beat analysts estimates, reporting revenue of $268 million, 26.7% more than in the corresponding quarter, and non-GAAP earnings per share of $0.63, $0.10 higher than in the corresponding quarter. The company also raised its guidance, and sees revenue of $790-798 million in 2025, adjusted EBITDA of $157-161 million, and earnings per share of $1.99-2.04.
Published by Globes, Israel business news – en.globes.co.il – on May 13, 2025.
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