NYX Cosmetics

NYX
Industry Cosmetics
Founded 1999 (1999)
Founder Toni Ko
Headquarters Los Angeles, California, Unites States
Area served
 Worldwide
Website www.nyxcosmetics.com

NYX cosmetics (Pronounced "niks") started as a small company in May 1999, founded in Los Angeles by Toni Ko. It was named for Nyx, a Greek goddess of beauty.[1] By 2014 the company said its products including blush and eye liner sold in seventy countries, with yearly sales of 93 million dollars.[2]

Ko, whose family moved to the US from Korea when she was 13, started this product at the age of 25 in her 600 square foot building in California.[3] The first product from the Nyx company was jumbo eye pencils.[4] This product brought in revenue of $2 million the first year, after starting business with a two hundred fifty thousand dollar loan from her parents.[3] The products were initially sold only to beauty professionals, before Ko expanded sale to mass-market outlets.[3] The products were marketed as having "department store quality" while being sold at "drugstore prices."[1] Nyx used social media effectively to promote their products, such as by sending free product to independent YouTube makeup artists and vloggers.[5] Sales of Nyx products increased during the economic slowdown in 2008, when consumers shopping for cosmetics at prices below those in high-end stores found similar Nyx products at mass market outlets such as Sephora. 2014 sales were $120 million.[5] Ulta Beauty carries mass market Nyx as well as top end brands.[6]

In 2014, Ms. Ko decided to sell her NYX business to the international beauty company L'Oréal for five hundred million dollars.[1] After selling to L’Oréal , with a five-year non-compete clause, she retired for a couple months. Then she realized that she wanted to be working, and set about creating a company to make and sell sunglasses.[7] Forbes estimated her 2016 net worth at $260 million.[1] The Nyx company continues under other management as a part of L’Oréal, and now offers a wide variety of products including lipstick, lip gloss, and mineral foundation.[3] In 2016, L'Oréal introduced brick-and-mortar stores devoted to Nyx cosmetics.[8] In 2016, Nyx reported annual sales growth of 4.7 percent and rolled out Nyx Professional Makeup.[9]


References

  1. 1 2 3 4 O'Connor, Claire"Banking On Beauty: How Toni Ko Built NYX Cosmetics Into A $500 Million Brand, Forbes, 1 June 2016. Retrieved 28 November 2016
  2. ↑ Roberts, Andrew, "L’Oreal agrees to acquire U.S. makeup-artist brand NYX Cosmetics," The Business of Fashion,18 June 2014. Retrieved 30 November 2016
  3. 1 2 3 4 Bhagwandas, Anita, "Everything you need to know about NYX cosmetics (because it’s awesome), Marie Claire, 21 April 2016. Retrieved 30 November 2016
  4. ↑ Jacques, Renee, "5 Things You Didn't Know About NYX Cosmetics," Allure (magazine), 24 February 2016. Retrieved 28 November 2016
  5. 1 2 Seo-young. Lee, "NYX Cosmetics’ Toni Ko, one of Forbes’ richest self-made women," The Korea Herald, 15 July 2016. Retrieved 30 November 2016
  6. ↑ Holmes, Elizabeth, "A beauty retailer that knows what you want," The Wall Street Journal, 21 June 2016. Calls Nyx " a mass brand from L’Oréal that has expanded its presence over the years at Ulta." Retrieved 30 November 2016
  7. ↑ White, Ronald D.,"Toni Ko's next fortune could be made in shades." Los Angeles Times, 17 April 2016. Retrieved 30 November 2016
  8. ↑ Directo-Meston, Danielle, "Nyx Cosmetics Is Opening Budget-Friendly Beauty Shops This Fall," Racked, Los Angeles edition, 25 September 2015. Retrieved 30 November 2016
  9. ↑ Buckley, Thomas "L’Oréal Shares Surge as Demand Grows for Premium Makeup," The Business of Fashion, 4 November 2016. Retrieved 30 November 2016
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