Julie Fredrickson

And I think what was appealing to Gary in this case is that the beauty industry is heavily entrenched, heavily consolidated, and is selling a product that people don't finish.

And it's very expensive to acquire customers again and again and again.

I would rather acquire a customer that comes back and repeats.

So one of the metrics we're most proud of is that 40% of our revenue last month came from repeat purchasing.

And of that, 77% were repeat purchasing a product they finished.

That's a statistic.

because they're repurchasing a product that they've already bought.

So say you buy a concealer, and then four months down the road you buy the exact same concealer.

The chances of it being a lost concealer definitely exist, but it's most likely you finished the concealer like it bought again.

Now this isn't an industry in which no one finishes anything.

And the default behavior is launch a new product with, say, a fancy, extremely expensive celebrity.

And that works really well if you're large and entrenched, but isn't really great for the consumer.

So Gary really understands that brands are shifting to having more direct relationships, that they care about having repeat purchasing, that CRM really makes a big difference.

And I think that Gary also saw in the brand the chance for

someone to take on the incumbents that he has a lot of exposure to that and gary loves entrepreneurs and i think he and i have a very similar belief system of how one works and what one should do when working on a startup which is uh you don't think about anything else

Yeah, so it's a great question.

So the reason this palette in particular is very interesting is one, most palettes actually typically weigh one to two pounds and are actually quadruple the size.

So in this case, we've made something markedly smaller.

The best-selling palette on the market is the Urban Decay Naked palettes.

And they range anywhere between $60 and $200.