EOS shook the beauty industry up seven years ago and one of the founders and managing partner Sanjiv Mehra shared the innovative company’s success story and business strategy with Fast Company recently.
Mehra (formerly of PepsiCo and Unilever) started the company with startup veterans Jonathan Teller and Craig Dubitsky (Dubitsky left EOS to lauch oral care company Hello Products). The idea to move away from a century of traditional tube packaging and introduce a colorful orb full of lip loving, natural, and cruelty-free ingredients evolved after research showed that lip balm is a beauty staple. With that knowledge, Mehra and Teller decided to reinvent the wheel and make a female targeted lip treatment that is fun to use and look at.
EOS lip balm soon became a celebrity and beauty blogger favorite that was (and still is) heavily marketed on social media and proved to be more than just a gimmick.
According to a LipBalm Company study, the $250 million company has singlehandily driven the growth of the oral care category and knocked popular brand Burt’s Bees down to second place while dinosaurs Blistex and Chapstick struggle to keep up, https://www.fastcompany.com/3063333/startup-report/the-untold-story-of-how-lip-balm-upstart-eos-outdid-chapstick. EOS sells over 1 million units a week and projections indicate that global sales could make the company worth $2 billion by 2020.
Mehra believes that his and Tellers different business backgrounds are the key to their success. “That approach of using an entrepreneurial mind-set and big-company discipline is part of how we do things every day at the company.”