When we think about billion-dollar ideas, we tend to picture social-media mavericks and innovative new forms of tech. We don’t think about lipstick. However, thanks to a plethora of female-led businesses shaking up the US$675 billion beauty industry, skincare and make-up firms have become the darlings of venture capitalism.
“Statistically, the start-up world is really male driven; that’s a fact,” says Pocket Sun, the co-founder of venture capital firm SoGal Ventures. “But slowly investors are starting to realise the very high price they’ve been paying for this bias. We work with female-led companies across all sectors, and there is a lot of money to be made in beauty. I’d suggest anyone deciding whether to invest in a beauty brand consider three things: whether they are offering a product people need and will continue to need, whether they connect with customers, and whether the product actually works.”
The women and companies that have rapidly become household names tick all three boxes. Pat McGrath Labs and Kylie Jenner’s Kylie Cosmetics were awarded billion-dollar-plus valuations by investors thanks to their unique formulations and clever brand marketing that targeted entirely new demographics. Drunk Elephant—which makes skincare products using only biocompatible ingredients—began as a small, home-run start-up and was sold for $845 million last year to Shiseido, which beat Estée Lauder in the very last round.
This story is from the June 2020 edition of Tatler Hong Kong.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 2020 edition of Tatler Hong Kong.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
THE LAST WORD
Every issue, we ask our cover star a round of quickfire questions that give us a little more insight into their personalities. This month: Takashi Murakami
GOING WITH THE FLOW
How does one approach the ancient philosophy of feng shui in a modern way? Three leading Hong Kong-based designers share their thoughts on this revered art of placement and how to introduce its principles into our spaces
SCENE MAKER
Italian architect Antonio Citterio reflects on his enduring collaboration with Maxalto and how far the furniture brand has come since its early beginnings
MODERN FAMILY
Kourtney Kardashian's California sanctuary by famed designer Martyn Lawrence Bullard, is where elegance meets comfort
A TO Z COSMETIC TREATMENTS
From Botox to glass skin facials, here are the most talked-about cosmetic treatments to know
CHANGING THE GAME
Our world is ever-changing, and so is the way we experience it. Tatler explores how the travel industry is adapting to the needs and values of a new generation
ACTS OF SERVICE
Go on, then. Ask Vea and Wing's chef-owner Vicky Cheng what his love language is
THE BIRTH OF A MOVEMENT
More women are taking back their birthing experience and their power by challenging the institutionalised norms surrounding childbirth, honouring the healing process and leaning on the magic of sisterhood
THE RIGHT INGRDIENTS
Oscar nominee Tran Anh Hung, who won Best Director at Cannes last year, evolves the language of cinema to present the simple beauty of Vietnam
THIRST TRAP
Marilyn Minter takes an exclusive self-portrait for Tatler and reminds the world why raw, honest, non-conforming beauty is the most compelling kind