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.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)