Last weekend, more than 200 signatures and 20,000 fans gathered at the Los Angeles Convention Center for BeautyCon, an annual festival that allows companies and fans to discuss and stay updated on the beauty industry. Among companies launching new lipsticks, there were so-called "unicorns," a term that originated in Silicon Valley and is used to refer to startups valued at $ 1 billion or more.
It's the ideal climate to engage in the beauty industry: growth has been significant and investors have shown a willingness to invest. However, not every venture will have the success of a $ 1.2 billion Huda Beauty or Glossier. How did names that are now cult, such as Anastasia Beverly Hills 's Anastasia Soare or Huda Beauty' s Huda Kattan?
Anastasia Soare, who founded her company, focused on eyebrow products, in 1997, succeeded in noticing the shortcomings in the market.
?When I got into this job 20 years ago, people thought I was crazy. But there were no eyebrow products in the 90s, so I started developing a whole line of products. In 2000, we went to Nordstrom, and the rest is known, "says Soare, whose empire is now worth $ 3 billion.
Huda Kattan, the Iraqi-American influencer who became the founder and CEO of Huda Beauty was also present at the festival. Her company is worth about $ 1.2 billion. "I think we built a community and that is the impetus behind the success of the company," she said. Like Glossier, Huda Beauty has numerous followers across a variety of platforms, followers that he uses as consultants when developing new products.
"Because our followers are very engaged, we use them to identify a deficiency in the market and to create products that serve a purpose," Kattan said. ?When we were developing the FauxFilter Foundation, I asked our audience on Isntagram to figure out how much coverage they wanted, what texture they prefer. Thousands of people helped us. ?
Source: The Guardian
