Taste Beauty restructures in preparation for next phase of growth
Cosmetics manufacturer and marketer Taste Beauty, famous for its flavored lip balms, announced last Friday that it is introducing a new diversified business structure as it aims to accelerate growth.
The new structure will segment the company’s operations into three silos: Taste Beauty, Taste & Friends and Taste Labs. The first of these will continue to develop the brand’s core business, targeting Gen Z with pop culture-inspired, social media-friendly products.
Taste & Friends will manage the company’s licensing partnerships, creating beauty and personal care products with brand partners including Disney, Nickelodeon, Universal, General Mills and Pepsi.
Taste Labs, in turn, will be the company’s brand and product development incubator, working to innovate with new products and establish collaborations with retailers, media companies and lifestyle brands.
“We believe this structure will allow us to be an even more nimble, flexible & creative resource for the marketplace,” stated Alex Fogelson, Taste Beauty's Managing Partner, in a release, before explaining that the changes were decided upon after “closely listening to our customers and partners, and their needs in the rapidly evolving retail and media landscape.”
Taste Beauty was founded in 2015 and has gained a reputation for its fun, colorful cosmetics, as well as its original brand partnerships. Recent offerings such as Felicia the Flamingo, Glamspin and Frenchie the Bulldog proved popular upon release at Sephora, while influencer Jeffree Star’s YouTube video about the brand’s Nickelodeon 90's Eye Shadow Palette led to the product selling out in a matter of days.
According to the company, Taste Beauty is on track for sustained growth in 2018 and has plans to announce new partnerships shortly.
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