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Julep (company)

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Julep Beauty Inc.
Company typeSubsidiary
IndustryPersonal care
Founded2007 in Seattle
FounderJane Park
HeadquartersNew York City
Area served
United States
ProductsNail polish, cosmetics, beauty products
ParentAS Beauty
Websitewww.julep.com

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

[edit]

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.[5][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

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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

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Julep designs, produces and sells its own products.[20] The company sold 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]

References

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