Mink Beauty

Part
01
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Part
01

Mink Beauty Slides Presentation

    • The findings from the completed Mink Beauty overview and competitors project have been provided to in the attached branded slides presentation.
    • The presentation includes Overview, History, Product, Claims, Team, and Competitors.

Part
02
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Part
02

Mink Beauty Competitors Overview 2

Foreo is a Swedish company focused on providing high-tech self-care products to consumers worldwide. Neutrogena is a global skincare brand owned by Johnson & Johnson (J&J) since 1994. An overview of the competitors was included in the attached spreadsheet with brief insights below.

FOREO

  • In 2013, the company was established with the idea of developing better and more gentle skincare products by its founder Filip Sedic.
  • The company quickly earned the reputation of bringing high-end technology to handheld devices. Foreo is dedicated to revolutionizing self-care with smart, innovative, and effective technology.
  • By 2017, the company won more than 100 awards and was selling about one product every three seconds worldwide. The company was expected to cross $1 billion in revenue in 2018.
  • Foreo offers products across three categories, i.e., skin care, oral care, and mens.
  • To gather investment for new a new product, the company turned to crowdfunding platform KickStarter in 2018. The company secured a funding of $1.572 million pledged by nearly 9,500 supporters.
  • Foreo has collaborated with specialists in dermatology, engineering, dentistry, and ethics to create effective beauty devices that offer exceptional functionality, performance, and design.

NEUTROGENA

  • The company was first launched by Emanuel Stolaroff in 1930 as Natone. In 1954, Stolaroff brought a newly developed soap, Neutrogena, to the US.
  • Lloyd Cotsen was the son-in-law of Stolaroff is credited for the success of Neutrogena across the world. In 1973, Neutrogena was publicly listed.
  • From 1973 to 1980, company sales grew by 339% and reached $29 million. By 1985, the Neutrogena soap was responsible for generating nearly a third of the company revenue with sales of $75 million.
  • In 1994, Johnson & Johnson acquired the company for $924.1 million at a premium of 63% from the market price.
  • The company offers product across four categories, i.e., skin care (175 product), sun care (46 products), makeup (52 products), and hair care (10 hair products)
  • The recent earnings report by J&J states that Neutrogena is one of the primary revenue generators for its beauty segment valued at $4.4 billion in 2018.
  • Neutrogena claims to be the No.#1 brand recommended by dermatologists. Additionally, the company claims to not perform product tests on animals worldwide.
  • Some key members of the leadership team include Richard Harper (CEO), Michelle Freyre (President), and Kerry Sullivan (VP Marketing and Head for Neutrogena)

RESEARCH STRATEGY

We could only analyze two companies in this response because we've only identified 5 companies in total. This is because Mink Beauty is the first company in history to successfully create a 3D printer for makeup, and it is the only product of the company and, therefore, the only product we could find competitors for. All identified companies are aiming to create 3D printers for makeup, but their products are still in the prototype stage.
Part
03
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Part
03

Mink Beauty Competitors Overview 1

Panasonic and Seymourpowell are two companies that are working on technologies that will compete with Mink Beauty's 3D printing capabilities. Adorn also has a device that is similar, but it seems they are defunct.

An analysis of the three companies may be viewed in the attached spreadsheet.

PANASONIC

  • In March 1918, Konosuke Matsushita founded Matsushita Denkikigu Seisakusho.
  • The company was incorporated as Matsushita Electric Industrial Co., Ltd. on December 15, 1935.
  • In December 1990, the company made its first acquisition of MCA INC. (MCA), a then leading entertainment company, now known as Universal Studios.

SEYMOURPOWELL

  • Seymourpowell was founded in 1984 and is a private company.
  • They are located in London and were founded by Richard Seymour and Dick Powell.
  • Seymourpowell has made no acquisitions or mergers, nor have they been acquired.
  • Over the years, they have worked with Ford, Virgin Galactic, Tefal, Casio, Nokia, Guinness, Samsung and Unilever. Seymour is also consultant global creative director of design to Unilever’s Dove, Axe/Lynx and Vaseline brands.

ADORN

  • "The company's website is no longer working, and the product can be purchased through EZ Shop EX. Further research indicates the company is now defunct as the EZShop is the only place to purchase this device.
  • To compete with Mink Beauty, the UK company, Adorn created the Adorn 3D Makeup Pen and was released to the market in 2015.
  • The portable pen uses 3D printing technology to scan the user's face and determine the facial tone, then prints a makeup foundation that is perfectly accurate to the person's skin in more than 75,000 shades.
Part
04
of five
Part
04

Mink Beauty Competitors

While nine competitors for the Mink Beauty company could not be located, we identified five companies that are future direct competitors to the company's makeup 3D printer: Panasonic, Seymourpowell, Adorn, Neutrogena, and Foreo. An overview of the competitors was included in both the attached spreadsheet and the brief below.

1. PANASONIC

  • The company's website is panasonic.com.
  • Panasonic was founded in 1918 and is one of the world's largest electronics manufacturers.
  • The company offers a wide range of electronic products like entertainment systems, home appliances, beauty products, medical equipment, etc.
  • To compete against Mink Beauty's makeup 3D printer, in 2016, Panasonic presented its plans and first prototype of the Panasonic Smart Mirror.
  • This mirror will have the capacity to recognize the skin imperfections and blemishes in the user's face and a built-in 3D printer that will allow it to create instant makeup to cover those imperfections.
  • The product will create a makeup map and print a small film of makeup for the user to be able to follow that map and apply it to the face like a temporary tattoo.
  • The prototype was presented at Japan's Combined Exhibition of Advanced Technologies (CEATEC).

2. SEYMOURPOWELL

  • The company's website is seymourpowell.com.
  • Seymourpowell was founded in 1984 and is a global leader in innovation and design consultancy, information technology, product design, manufacturing, and emerging technologies.
  • To compete with Mink Beauty, Seymourpowell announced in 2019 their work to create a makeup 3D printer called Élever.
  • Élever will allow users to download makeup looks from the internet and print them directly on their faces.
  • The printer will look like a handheld mirror and will combine technologies like facial recognition, 3D-fabrication, and image analysis powered by AI to apply the makeup on the person.
  • The company has been working on the research for this concept design over the last two years, and although it has no release date, Élever is expected to revolutionize the makeup industry.

3. ADORN

  • The company's website is getadorn.com, but it's no longer working and the product can be purchased through EZ Shop EX.
  • To compete with Mink Beauty, the UK company Adorn created the Adorn 3D Makeup Pen and released it in 2015.
  • The portable pen uses 3D printing technology to scan the user's face and determine the facial tone, then prints a makeup foundation that is perfectly accurate to the person's skin in more than 75,000 shades.
  • The 3D makeup pen is available for $139, the refillable cartridges are available for $20 and last for a few weeks.

4. FOREO

  • The company's website is foreo.com.
  • Foreo was founded in 2013, and it is a global leader in beauty-tech, with more than 10,000 stores around the world, and over 120 design awards.
  • To compete with Mink Beauty, Foreo announced in 2015 the prototype for its makeup 3D printer called MODA.
  • The 3D printer uses FDA approved mineral ink to print makeup directly on the user's face. It allows users to upload an image of a makeup look and prints the look in coats of foundation, primer, and color on the person's face in 30 seconds.
  • The product is not available to the public at the moment.

5. NEUTROGENA

  • The company's website is neutrogena.com.
  • Neutrogena is a world-leading skincare, hair, and beauty company recommended by dermatologists.
  • To compete with Mink Beauty, Neutrogena announced in 2019 its new MaskID product.
  • MaskID combines 3D printing, AI technology, and a mobile app to take a selfie/picture of the user's face and print a personalized facemask for the chin, forehead, cheeks, eye area, nose, and nasolabial folds.
  • The mask is printed to the shape of the person's face with materials like vitamin C, hyaluronic acid, feverfew, niacinamide, and N-acetyleglucosamine, depending on each user's skin needs.

RESEARCH STRATEGY

To determine Mink Beauty's competitors, we started by searching through company databases like Crunchbase, D&B, Owler, among others. Our objective was to find readily available lists of competitors for the company or filters of similar companies. D&B provided, under its "Similar Companies" section the names of Bart & Han Supplies, Horvi Nederland, The Skin Company, and Ropharm International; however, these were based on their locations. Owler and other databases had no competitors listed for Mink Beauty, and the company filters of Crunchbase for the categories "3D Printing" and "Cosmetics" generated only two results, Mink Beauty and Delizioso Skincare. The second was not a makeup 3D printer manufacturer, but a company that uses 3d printing for the packaging of skin care products. Unfortunately, this search brought no results of companies that offer a similar product.

As our second step, we scanned cosmetic and technology industry reports for trends and lists of companies and startups joining the 3D printer makeup territory. Our objective was finding companies in the makeup and cosmetics 3D printing industry that could be a competition to Mink Beauty, but not necessarily be listed under the same report. While we found some trend reports on how the cosmetic industry expects to see more 3D printing adoption, like the one that covers the investigation from London's College of Fashion, none of them included information or lists of companies in the industry.

As our third step, we looked for recent and older interviews with Mink Beauty's founder, Grace Choi, to see if she has mentioned her direct competitors. However, although we found multiple interviews to discuss the product, we were unable to find any where she mentioned the competitors.

For our fourth attempt, we search online magazines, technology blogs, and articles about the different companies planning to join, working on a prototype, or considering joining the makeup 3d printer industry in the future. We found articles and announcements made by five companies, Panasonic, Seymourpowell, Adorn, Foreo, and Neutrogena, explaining their interest and the work they've done to create their 3D printers of makeup or adapted this technology in a way that makeup users can print based on their needs, making them future direct competitors of Mink Beauty.

While we found five companies that can be considered future direct competitors to Mink Beauty, we were unable to find four additional companies. We found that Mink Beauty is the first company in history to create a complete 3D printer for makeup, and as its only product with no more similar products in the market to compare the company with others, this could be one reason why they have no real direct competitors already in the market and only five in the future.
Part
05
of five
Part
05

Mink Beauty Company Overview

Mink is an innovation-based beauty company founded in 2014. The first product of the company will be released in 2020. The spreadsheet contains all the information.

OVERVIEW OF THE COMPANY

  • Mink is an innovation-based beauty company that manufactures 3D beauty makeup printers. The company created a 3D printer that allows users to instantly transforms any image into wearable cosmetics.
  • Mink mainly focuses on creating new inventions that would elevate the beauty industry and provide innovative concepts to the community.

History

  • The company was founded in 2014 by Grace Choi and Janet Kim in New York.
  • The concept of the Mink printer was revealed at the TechCrunch Disrupt conference in 2014.
  • This new printer concept received press coverage from media entities such as NBC, CNN, CBS, and Forbes throughout the development process.
  • Five years after the release of the printer concept, the company released its first product for pre-order on June 18, 2019.
  • The company has not changed its leadership nor has made any acquisitions.

Products

  • The company still has only one product, which is the Mink printer, and it is officially set to release in Fall 2020.

Claims

Team

  • Grace Choi (CEO and Co-Founder) and Janet Kim (President and Co-Founder) are the only C-suite members in the company.

RESEARCH STRATEGY

Based on the request, we were able to find all the information except for the total funding received by the company. Our first strategy to find information on funding was to look into the company website for annual reports and press releases. We were able to find information on the company, products, team, etc. But there was no information on the amount of funding as the company had no annual reports and press releases. Since the company was private, and it has not yet released its first product, we assumed that the data is not publicly available.

Our second strategy to look for the information was to look into third party media sites such as Forbes, Business Insider to find mentions of fundings received by Mink. Most of the information was related to the features of its first product, upcoming launch, and the impact on the beauty industry. But we were not able to find any mention of fundings on these sources.

Our final strategy was to look into company databases such as Hoovers, Bloomberg, and Crunchbase for reports and information on fundings received by Mink. These websites had very little information, such as company overview, leadership information, and no information related to the amount of funding was available. Therefore, we concluded that the total funding was not available in the public domain.

Sources
Sources

From Part 02
Quotes
  • "We became part of the ‘100 million yuan group,’ with $25 million in sales on Tmall over 24 hours,” Foreo’s general manager for North America Beki Hoxha tells BoF, referring to the top brands that exceeded 100 million yuan (around $14.8 million) in gross merchandise volume throughout the event. “It’s insane, having been a four-year-old brand at the time.”"
  • "Two years after the company entered the country, China became its best-performing market"
  • "Before 2016, 50 percent of our business happened in the US, with 25 percent in Europe, the Middle East and Africa and the rest in Asia,” says Hoxha."
  • "After May 2016, Asia took off and became a huge part of our business. Now 60 percent of what we do goes to the Chinese [and] Asian market, the other 40 percent goes to the rest of the world."
  • "This explains Foreo’s strategy in China, which in addition to an online store, online and offline B2B distribution and social media marketing involves 62 physical stores. “It’s a very unique retail model that’s set up,” says Hoxha, who tells BoF that Foreo only has two standalone stores outside China, in Paris and Las Vegas. "
From Part 04