NYX Cosmetics

NYX Cosmetics
Industry Cosmetics
Founded May 1999
Founder Toni Ko
Headquarters Los Angeles, California, United States
Area served
 Worldwide
Parent L'Oréal
Website www.nyxcosmetics.com

NYX Cosmetics (pronounced "niks") is a cosmetics company founded in Los Angeles by Toni Ko. Started as a small company in May 1999, it was named after Nyx, a Greek goddess of the night.[1] By 2014 the company said its products were sold in seventy countries with yearly sales of $93 million.[2]

History

Founder Toni Ko's family moved to the United States from Korea when she was thirteen. At age 25, she founded NYX Cosmetics in her 600 square foot building in California, using a $250,000 loan from her parents.[3] The first products developed and sold were jumbo eye pencils,[4] which brought in revenue of $2 million within the first year.[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 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. Sales in 2014 were $120 million.[5] Ulta Beauty carries mass market NYX products as well as top-end brands.[6]

L'Oréal

In 2014, Ko decided to sell NYX to the international beauty company L'Oréal for five hundred million dollars.[1] After the sale, which had a five-year non-compete clause, she retired for a few months, and later founded a sunglasses company.[7] Forbes estimated her 2016 net worth at $260 million.[1]

NYX Cosmetics continues under other management as a part of L'Oréal, and now provides 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 launched 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, 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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