EOS, or Evolution of Smooth, came into an oversaturated market and became the number one lip balm choice for the young generation. For over one hundred years, when people bought lip balm, they searched the store for the small cylinder, Chapstick. Seven years ago, EOS changed the world of lip balm with their pastel-colored orbs.
According to fastcompany.com, EOS’ lip balm quickly took over stores like Walmart and Target. The products are now also sold by online retailers Lucky Vitamin and ULTA. EOS quickly gained support from celebrities Christina Aguilera and Kim Kardashian. The cute lip balm were featured in tons of beauty and fashion magazines.
EOS lip balm quickly created a $250 million company that has become the second-best selling lip balm in the country. They even rose above the likes of Chapstick and Blistex, which have been around for decades.
This fast-growing company sells over 1 million orbs a week and their future is even more promising. The lip balm market is expected to increase to $2 billion in the next few years. This projection is driven by the consumers’ demand for natural and organic products; something EOS specializes in.
Beginning as a small start-up, EOS started out focusing every bit of their attention on creating quality products and getting them distributed. Co-founders, Sanjiv Mehra, Jonathan Teller, and Craig Dubitsky, had an impossible idea of shaking things up in the beauty industry.
Their prime candidate for a change was the lip balm category. They noticed that most lip balm were unchanged from decades before. They believed that most brands were driven by only cutting their costs and still competing on price with other brands. There lied their opportunity.
They targeted women, who studies have shown overwhelming use lip balm in comparison to men. The co-founders started creating a product that would be customized for a woman’s everyday experiences. They needed a product that was effective and also very pleasurable to use. Thus, EOS Lip Balm was created, and has flourished ever since.
Read full article here: https://www.fastcompany.com/3063333/startup-report/the-untold-story-of-how-lip-balm-upstart-eos-outdid-chapstick?utm_content=buffer47040&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer