The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
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Beauty founders Ben Gorham of fragrance label Byredo, and Monique Rodriguez of hair care brand Mielle Organics, both took their businesses from indie beauty darlings with cult followings to high-profile exits to major conglomerates: Byredo sold to Spanish luxury giant Puig for $1 billion in 2022, while Procter & Gamble bought Mielle Organics earlier this year.
But the two founders didn’t start their businesses with the sole focus of cashing in quickly. “We live in a climate where expectations are that you start a company and you build it to great heights, and then you sell it, and you make lots of money. And this is how we define success stories,” said Gorham. “For me, for many years, it was really about just the craft. It was really about the product. It was really about learning how to operate a business.”
As Rodriguez learned after building a loyal customer base, a sale impacts many other stakeholders. “When you build a brand in the Black community, it’s not my brand, it’s their brand,” said Rodriguez. Yet she doesn’t downplay the personal importance of the exit. “It’s a true testament to — especially as a Black woman, a woman of colour — what we build is very valuable… I didn’t grow up seeing this. So to accomplish just having a conversation [with investors, including P&G] was rewarding for me,” she said.
This week on The BoF Podcast, Gorham and Rodriguez sit down with Priya Rao, executive editor of The Business of Beauty, to share how they navigate entrepreneurship and success in a conversation from The Business of Beauty Global Forum 2023.
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As in-person retail continues to recover, store owners and marketers are working hard to press the main advantage analogue shopping has over digital: its appeal to all the senses.
What had once been a nimble, innovative company, Neutrogena became slow-moving and cautious. It retreated precisely when rivals went all in – and missed out on a big chunk of the market.
According to an email viewed by The Business of Beauty, the company will be on hiatus while it establishes a sustainable path to return as a new company.