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Julep (company)

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Julep Beauty Inc.
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. is a 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 CrÚme-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. 1 2 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. 1 2 3 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. 1 2 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. 1 2 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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