The additional funding comes from existing investors, such as Maveron and Andreessen Horowitz.
According to Jane Park, chief executive officer and cofounder of Julep, “Things are going so well that all the investors wanted us to expand our horizons and move faster [on some initiatives]. Taking on an additional $5 million enables us to be even more aggressive and push forward our innovation faster.”
Jason Stoffer, partner at Maveron, explained, “We’re all very excited about the progress of the business. The company has a number of compelling opportunities and we thought they can move more aggressively going ahead without any interruption with fund-raising.... Fund-raising is a distraction. I think [we] saw an opportunity to help the company grow and not have the ceo distracted with additional fund-raising.”
Stoffer spoke of fast-fashion firms such as Zara, Forever 21 and H&M, and likened Julep as the equivalent in the beauty space: “Beauty companies are beholden to the retail distribution of their products and they need to keep introducing new ones at a certain rate. When you’re doing business online, you’re not as beholden to the traditional retail [set-up]. Julep can do [product introductions] at a faster clip.” He also said that in the last generation of new beauty firms, Bare Escentuals and ProActiv reached out to consumers directly via the television channels. Julep represents the next generation at the forefront, utilizing social networking and video channels, such as YouTube, to garner consumer interest.
Park said one product introduction that got investors’ attention was the sell-through results of its new DD Cream, or dynamic duo cream, which combines first-generation beauty balm with foundation and sun protection and second-generation formulation with complexion correction and brightening agents. The cream was launched two months ago in four shades, and two skin-tone colors have already sold out. The plans for the additional funding include building out a cosmetics line, working on a digital strategy and a reformulation of its nail polish line.
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye
Did you know: @carlychaikin of "Mr. Robot" has been painting for about a decade? The actress, who plays Darlene on the show, is a self-taught artist who lists Salvador Dalí and Chuck Close as some of her idols. Chaikin told WWD that painting is a form of meditation for her — A much-needed one given the intensity of "Mr. Robot." See a piece Chaikin is working on at WWD.com (📷: @jilliansollazzo) #wwdeye