NYX cosmetics: A top fashion dealer
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NYX Cosmetics is a company founded in Los Angeles in 1999 by Toni Ko. The company is a subsidiary of L’oreal. NYX is name of the Greek goddess of the night. The company said its range of products were sold in seventy countries worldwide by 2015, making yearly sales of $93 million. When it comes to fashion, it’s among the top across the world.
History of NYX cosmetics
The family of the founder Toni Ko moved to the US from South Korea when she was only thirteen years old. At the age of 25, she founded the cosmetic company using a $250,000 loan from her parents. Toni established NYX cosmetics in California in her 600 square foot building. The very first products designed and sold were only jumbo pencils that brought in a revenue of $2 million within the first year of business. Initially, the products developed were only sold to beauty professionals before Ko decided to expand sale to market outlets. The products she came up with were sold at “drugstore prices” with “department store quality”. To promote their products, NYX used social media for instance, they sent free product to independent vloggers and YouTube make-up artists.
During the economic slowdown experienced in 2008, the sales of NYX products increased. This was as a result of consumers shopping for cosmetics at prices that were below those in high-end stores. Consumers found the same NYX products and Catrice Cosmetics at mass market outlets for example Sephora. The sales were $120 million in 2014. Ulta beauty has a mass market for NYX products.
L’Oreal acquisition
Ko sold the company, NYX to the international beauty company L’Oreal for $500 million. This sale had a five-year non-compete clause. The sale materialized in 2014.
Up to today, NYX Cosmetics still continues under the management as a part of L’Oreal. Moreover, it now provides products including mineral foundation, lip gloss, and lipstick. In September 2015, L’Oreal came up with brick-and-mortar stores devoted to NYX cosmetics. Currently, NYX operates standalone stores in numerous companies. These companies include France, Australia, Canada, Austria, Germany, Belgium, Estonia, Lithuania, India, Spain, Latvia, the USA, and the UK. In 2016, NYX recorded growth in annual sales by 4.7 percent. The company later developed and launched NYX Professional Makeup.
For the lip care makeup category, NYX Company creates a range of lip cosmetics like Lipstick, Lip sets, Lip liner, Lip gloss, Liquid Lipstick. They also include an engraving collection, a cream, liquid and pencil formula. They incorporate full, medium and sheer coverage and a matte, glossy, shimmer, metallic, satin, vinyl and glitter finish. The price ranges from under $10 to $50 and above.
For the face makeup category, NYX comes up with foundation, concealer, bronzer, blush, highlight plus contour, setting spray, primer, and the powder. They also have a full, medium and sheer coverage, and formulas include gel, cream, pencil, liquid, solid and powder. They have a wide finish of glitter, matte, satin, shimmer and sheer. The price ranges from under $10 to $50.
Under the eye makeup category, NYX develops mascara, false lashes, palettes, eyebrows, eye shadow, eyeliner, eye shadow primer, and an engraving collection. The coverage for the eye cosmetics is full, medium, light, buildable and sheer. The formula is solid, cream, gel, liquid, pencil and powder and the finish is satin, glossy, matte, metallic, cream, glitter, shimmer, and vinyl. The price of eye cosmetics is under $10 to $50.
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