Clarkston Consulting Partner, Steve Rosenstock, Featured in Forbes Article
May 21, 2021 | Durham, NC
Partner at Clarkston Consulting, Steve Rosenstock, featured by Forbes. The article shares information on direct-to-consumer strategies, the age of digital for startups, and consumer interaction. An excerpt from the article is shared below:
Two years ago Ann McFerran met 11 girls on Bumble BFF and invited them to her Koreatown, Los Angeles apartment to do their makeup and take pictures. However, Bangkok-born McFerran was not looking for a new BFF; she was looking for free models for Glamnetic, her magnetic eyelash startup. It’s a typical move for her scrappy company, which now sells magnetic lashes and press-on nails mostly direct-to-consumer around the world. Without accepting a cent of venture cash, she hustled Glamnetic to $50 million in sales last year.
…Younger consumers are driving most of Glamnetic’s sales. About 33% of U.S. women ages 18 to 24 regularly wear fake lashes, as compared to 10% of U.S. women overall, according to Mintel beauty analyst Lauren Goodsitt. The false lash industry is expected to grow to $1.8 billion by 2024, a 7.4% CAGR from 2021 . This is largely due to social media as millions of users post ultra-glam looks makeup—over 75 million posts on Instagram make use of the hashtag #MUA (makeup artist).
“Businesses like Glamnetic are interacting with their core consumers across a variety of digital channels all the time,” explains Clarkston Consulting partner Steve Rosenstock. “Companies that are born digital and have a deep understanding of consumer needs will continue to gain market share in the beauty industry.”
Read the full article here.