Beauty runs online – and it’s broadening its digital reach. The numbers behind SkinLabo, an all-Italian beauty startup bent on making high-quality cosmetics affordable, bear testament to its growth: over 1.2 million active customers, growing at a rate of 100.000 per month, and a gross sales projection of €30 million for 2022 – up from 17 million in 2021.
Founded in late 2016, SkinLabo deals in skincare and make-up products in the European Union and the United States. With a modern twist: it’s an online-only, exclusively direct-to-consumer brand offering personalised consultancy services via chat and phone, in 15 languages, around the clock.
Mix that with products that significantly undercut other brands (SkinLabo claims to offer €10 products worth €50 from the competition) and you get a company capable of taking the beauty business by storm. It entered the US market in December and started making waves there, too, having already garnered 10,000 customers and witnessed a high level of satisfaction and repurchases.
Thus, it’s no surprise it’s the fastest growing company in the European market. In 2018 the “Smart Beauty Company” controlled 0.1% of the EU’s market share (by products sold); now it claims to control 2,4% and believes it can reach 11,5% in 2025. Which means, as CEO and founder Angelo Muratore predicted, that SkinLabo can achieve 5 million active clients and a €100 million turnover come 2026.
Mr Muratore’s latest financing round raised 6 million from 8a+ Investimenti, Banca Generali and pre-existing partners, bringing the grand total since its birth to 23 million garnered in equity financing. With more financing planned for 2022, the company appears to be on track to become one of the few global players capable of reaching a valuation between €500 million and 1 billion with less than 70 million in investment.