Few beauty startups have managed to completely take over an entire industry in just a few years. However, when EOS founders Sanjiv Mehra, Jonathan Teller and Craig Dubitsky boldly set out take on the unimaginative world of lip balm, they hit the jackpot.
The company, now worth $250 million, had a simple idea when they were trying to decide on a new product to launch. They challenged themselves to offer an alternative to Chapstick, the 100-year-old company that had dominated the lip balm industry, with a new product that would be drastically different in every way.
What EOS created was a lip balm that looked radically unique in its packaging. Instead of packaging their product in yet another cylindrical tube, they opted for spheres in different shades of bright pastels.
Another decision that would set EOS lip balms apart from its competitors was creating a unique formula. These lip balms use only natural ingredients, appealing to health-conscious beauty consumers.
Mehra, Teller and Dubitsky intended for their product to appeal to women. For a century, lip balms were a unisex product with every brand’s packaging looking almost exactly the same. By offering pastel-colored balls, women now see EOS lip balms as a fashion accessory as much as a lip moisturizer.
Needless to say, it didn’t take long for this drug store product to become a huge success. The products made its way to large stores like Well and even online on Amazon. When Christina Aguilera and other celebrities were photographed pulling these products out of their purses, beauty industry enthusiasts all around the world took notice. Soon, EOS lip balms were being featured in high fashion magazines. http://www.ebay.com/bhp/eos-lip-balm.
Today, the company’s founders feel optimistic about the future of their product. As the lip balm industry is set to be worth $2 billion by 2020, they feel confident that their product will continue to rise. With innovative thinking and a flare for marketing, these entrepreneurs plan to continue to take the lip balm industry by storm for years to come.