NYX Cosmetics (pronounced "niks") is a cosmetics company which is part of the L'Oréal group. The company was founded in Los Angeles by Toni Ko. Started as a small company in 1999, it was named after Nyx, a Greek goddess of the night. By 2014 the company said its products were sold in seventy countries with yearly sales of $93 million.
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History
Founder Toni Ko's family moved to the United States from South 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. The first products developed and sold were jumbo eye pencils, which brought in revenue of $2 million within the first year. The products were initially sold only to beauty professionals before Ko expanded sale to mass-market outlets. The products were marketed as having "department store quality" while being sold at "drugstore prices." NYX used social media to promote their products, such as by sending free product to independent YouTube makeup artists and vloggers.
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. Ulta Beauty carries mass market NYX products as well as top-end brands.
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L'Oréal
In 2014, Ko decided to sell NYX to the international beauty company L'Oréal for five hundred million dollars. After the sale, which had a five-year non-compete clause, she retired for a few months, and later founded a sunglasses company. Forbes estimated her 2016 net worth at $260 million.
NYX Cosmetics continues under other management as a part of L'Oréal, and now provides products including lipstick, lip gloss, and mineral foundation. In September 2015, L'Oréal introduced brick-and-mortar stores devoted to NYX cosmetics. In 2016, NYX reported annual sales growth of 4.7 percent and launched NYX Professional Makeup.
References
External links
- Official website
Source of article : Wikipedia
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