Julep (company) explained

Julep Beauty Inc.
Type:Subsidiary
Industry:Personal care
Foundation:2007 in Seattle
Founder:Jane Park
Location:New York City
Area Served:United States
Parent:AS Beauty
Products:Nail polish, cosmetics, beauty products

Julep Beauty, Inc. New York based cosmetics company founded in 2007 by Jane Park. The company sells its products online and in its own branded beauty parlors

History

In 2007 Julep opened four nail parlors in the Seattle area that offered manicures, pedicures, facials, and waxing.[1] [2] Park sold Julep nail care products at the parlors— which was used as a testing ground for Julep product.[3] [4] [5]

Julep moved into e-commerce in 2008.[6] By 2013, Julep products were also available through retailers such as Sephora, and on TV though QVC.[7] Also in 2013, Julep opened its first pop-up store in New York City.[8] Julep reported it had tripled its e-commerce revenue in 2013.[9] In March 2015, Julep announced that they were laying off 8% of their staff.[10]

In December 2018, Julep's parent company, Glansaol, filed for bankruptcy.[11] As a result, Julep announced plans to close their two retail locations, lay-off over 100 employees, and relocate to its parent company's New York office.[12] Glansaol sold to AS Beauty for $18 million.[13]

Julep introduced its monthly subscription service, Julep Maven, in 2011. Subscribers or “Mavens” pay a monthly fee to receive custom boxes of nail polish and makeup.[7] Subscribers may also act as beta-testers in the company's Idea Lab, answering surveys and posting on social media, allowing Julep to see how their products in development are being received.[14] [15] In 2014, Julep's subscription service the company received an "F" rating from the Better Business Bureau. The BBB's David Quinlan said about the 173 total complaints made during that period.[16] Julep responded with a statement blaming the influx of complaints on a surge in business and shipping errors. The program relaunched in 2020.[17]

Financing

In 2013, Julep received funding from venture capital firms Andreessen Horowitz, Maveron, Troy Carter, as well as Precedent Investments, backed by Will Smith and Jada Pinkett Smith, and Jay Z and Beyoncé’s Roc Nation.[5] The following year, Altimeter Capital, Azure Capital Partners and Madrona Venture Group also invested in Julep.[18] By April 2014, Julep had raised $56M in venture capital financing.[19]

Products

Julep designs, produces and sells its own products.[20] The company sells in excess of 200 shades of nail polish,[21] each of which is given a woman's name. It also has a line of makeup and skin care products.[1] These have included both sun screens and moisturizers.[22] In 2014, Julep produced the Plié Wand, an ergonomic nail polishing brush that attaches to the top of nail polish caps.[23] The wand was first tested through a crowdfunding campaign.[9] [24] In 2021 the company released the Julep Beauty's Eyeshadow 101 Crème-to-Powder Eyeshadow Stick, which became the bestseller on Amazon.[25] The company promotes its products as free of fumes and toxins.[26]

Notes and References

  1. Web site: Chapman. Lizette. Julep Beauty Raises $30M to Give Big Beauty a Makeover with Crowdsourcing. The Wall Street Journal. April 14, 2014. November 23, 2022.
  2. Jane Park's winning strategy at Julep. January 16, 2014. Seattle Business Magazine.
  3. Jane Park's winning strategy at Julep. Hilmes. Kelsey. Seattle Business Magazine. January 16, 2014.
  4. A Taste of Southern Hospitality — in Seattle. Schlosser. Nicole. Nails Magazine. December 1, 2007.
  5. Web site: Martinez. Amy. Julep raises $10 million for beauty-brand expansion. Seattle Times. 28 February 2013 . November 23, 2022.
  6. Web site: Julep's Original K-Beauty Guru: Jane Park . . 20 December 2017 .
  7. Tice. Carol. How Social Media Is Fueling The Next $1B Beauty Brand. Forbes. January 22, 2014.
  8. Web site: Julep pops up in New York. www.cosmeticsbusiness.com. December 11, 2013. November 23, 2022.
  9. Web site: Soper. Taylor. Venture-backed beauty startup Julep is crowdfunding its new bendable nail-polishing tool. Geekwire. January 27, 2014. November 23, 2022.
  10. Web site: Cook. John. Seattle cosmetics startup Julep cuts 8% of staff. Geekwire. March 31, 2015. November 23, 2022.
  11. News: Behind Glansaol's Bankruptcy. Collins. Allison. December 20, 2018. Women's Wear Daily. November 23, 2022.
  12. News: Julep Beauty plans to lay off 102 employees in 'closure'. Stewart. Ashley. December 26, 2018. Puget Sound Business Journal. November 23, 2022. American City Business Journals. subscription.
  13. https://www.geekwire.com/2019/happened-julep-high-profile-online-cosmetics-startup-went-acquisition-bankruptcy-2-years/
  14. Web site: Brodesser-Akner. Taffy. Taffy Brodesser-Akner. Minting Julep: How Former Starbucks Exec Jane Park is Reimagining the Beauty Business. Fast Company. January 13, 2014. November 23, 2022.
  15. Web site: Dunn. Laura. Women in Business Q&A: Jane Park, CEO of Julep Beauty. HuffPost. July 22, 2014. November 23, 2022.
  16. Web site: Thompson. Connie. Nail polish retailer Julep vows to polish up customer service. Komo News. September 19, 2014. November 23, 2022.
  17. Web site: Soper. Taylor. Beauty startup Julep receives 'F' rating from Better Business Bureau over subscription program. GeekWire. November 23, 2022. September 22, 2014.
  18. Web site: Julep raises $30M in oversubscribed round, looks to build big beauty brand. Cook. John. April 14, 2014. GeekWire. November 23, 2022.
  19. Web site: Rao. Leena. Beauty And E-Commerce Brand Julep Raises $30M To Disrupt The $160B Cosmetics Industry. 14 April 2014 . TechCrunch. November 23, 2022.
  20. Web site: Miller. Claire Cain. A Start-Up Aims to Upend E-Commerce by Selling Nail Polish. The New York Times. February 28, 2013. November 23, 2022.
  21. Web site: Nail Polish. Julep. 24 September 2014.
  22. Web site: This Sunscreen Won't Mess up Your Makeup or Show up in Photos & These Pics Prove It . 6 August 2018 .
  23. Web site: Chen. I-Chun. Jane Park's Julep just put a nice polish on crowdfunding. Biz Journals. March 13, 2014. November 23, 2022.
  24. Web site: Cosmetics startup Julep whizzes by rivals with its crowdsourced approach to making makeup. Grant. Rebecca. Venture Beat. January 28, 2014. November 23, 2022.
  25. Web site: Shoppers Say Amazon's Best-Selling Eyeshadow Stick Lasts up to 24 Hours Without a Touch-Up .
  26. Julep's Original K-Beauty Guru: Jane Park. Grinnell. Sunhee. Vanity Fair. December 20, 2017.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Julep (company)".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.