Last month, we asked indie beauty brands to share their sales forecast for the holiday season and more than 40 responded. Getting them to divulge their forecasts for 2024 was a bit harder. We received a lot of nos, which may be reflective of brand founders’ discomfort with talking about money, especially if they’re fundraising, and an uneasiness about the state of business.
Ultimately, 11 founders agreed to participate in this edition of our ongoing series posing questions relevant to indie beauty by answering the following seemingly straightforward question: What’s your sales projection for next year?
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Christina Uzzardi Founder and Aesthetician, Cheeks+Co The Cheeks+Co Pasadena location is projected to be up 25%, which is lower than normal as we are being cautious due to the uncertainty in the market. We are also scheduled to open our second location in the West Adams neighborhood of Los Angeles late December 2023 and have high hopes for growth in the coming year. Even during the current economic climate, we are seeing an avid interest in professional services and at-home care, i.e., skincare.
Our Cheeks+Co product line is projected at 100% as we are launching two more products and moving into retail in the coming year.
- Calvin Quallis Founder and CEO, Scotch Porter
Our brand is expecting roughly 32% YoY growth, largely driven by continued expansion of our Amazon business and doubling down on supporting our retail partnerships to continue to drive velocity and productivity. There is also focus on driving efficient, profitable growth in 2024, with fixation on daily/weekly/monthly benchmark goals like AOV, ROS, discounts as a percentage of net sales and channel contribution margins.
- Gina Elmanasterly Founder and CEO, Fully Fyne
As we look ahead to the coming year, our sales projection for 2024 is optimistic and driven by several strategic initiatives. Firstly, the introduction of our new shampoo and conditioner line represents a significant expansion of our product offerings. This expansion is rooted in our commitment to providing a comprehensive haircare solution, catering to our target audience.
The momentum gained from our current bestselling products, The Fyne Mask and The Fyne Comb, will serve as a catalyst for the demand of our upcoming shampoo and conditioner line. Positive customer feedback, brand loyalty and increasing consumer trust will contribute to the success of our new offerings, creating a ripple effect that boosts overall sales.
Additionally, our strategic partnerships with retail outlets are expected to play a pivotal role in driving sales growth. Collaborating with reputable retailers aligns with our goal to establish a strong presence in the market and capitalize on the existing demand for our products.
Looking further ahead, we anticipate a surge in demand in 2024, driven by a consumer trend towards more customizable products. We estimate to achieve $1.2 million in sales revenue. We foresee that the heightened awareness among consumers about their unique hair needs will lead to an increased appetite for specialized products. This projection aligns with our commitment to staying at the forefront of industry trends and offering innovative, tailored solutions to our customers.
To sum it up, our sales forecast for the next year is based on a plan with several parts. We're working on expanding our product range with new shampoo and conditioner, teaming up with retail partners and leveraging the momentum from our existing product successes. As we position ourselves to meet the evolving demands of the market, we are confident that these growth levers will contribute to a successful year ahead.
- Brandie LaBomme Founder, LaBomme Beauty
LaBomme Beauty expects sales to grow 150% in 2024 with our launch in Anthropologie, Urban Outfitters and most recently Amazon. LaBomme Beauty also hopes to expand our footprint next year by looking at additional retailers.
- Jamila Powell Founder, Naturally Drenched
Our sales projection for next year is anchored on a comprehensive strategy focused on expanding market reach and strengthening partnerships. The goal of a 25% increase in sales revenue is based on increased outreach to retailers, fostering solid relationships with existing partners, engaging with salons and stylists and implementing targeted activations within core communities.
These growth levers are strategically chosen to tap into new markets, enhance brand visibility and foster sustainable relationships, aligning with our commitment to sustained growth and market expansion.
- Miranda Coggins Founder, Mirabella Beauty
In 2024, Mirabella expects a significant year-over-year growth of 15% to 20%, which can be attributed to several factors. First, we have expanded our product assortment and introduced new shade options such as increasing our Invincible For All Anti-Aging HD Foundation from seven to 24 shades. This has resulted in larger order values from our professional customers, as well as new retail customers, and we anticipate this growth will continue in 2024.
Furthermore, we have been actively expanding our partnerships with cosmetology schools and makeup salons/spas, which will further fuel our growth. Collaborating with these institutions enables Mirabella to reach a wider audience and build an even more substantial customer base.
Our presence in the market has been expanding through successful partnerships with J.C. Penney Beauty's brick-and-mortar and dot-com retail outlets, celebrity-backed lifestyle sites such as Poosh and additional e-commerce platforms.
These new collaborations are allowing us to reach a much more expansive audience and further drive sales. We expect a substantial increase in our online business in 2024, as we have prioritized our website development and added PR in the last half of 2023.
Overall, with our expanded product offerings, shade expansions, partnerships with key retailers and the growth of our online presence, we are confident in our projected increase for 2024.
- Yve-Car Momperousse Co-Founder and CEO, Kreyol Essence
This year, we grew by almost 100%. We invested in growth, so net margins will close at 15% to 20%. Next year, we are focused on increasing growth by 80% to 100% and increasing net margins to 40% by optimizing COGs and increasing marketing efficiency.
- Femi Oloruntoba Founder, FOOPE
I am aiming for FOOPE to hit our first seven figures in 2024. It's ambitious, but we believe we have what it takes to make it happen. This growth will be driven by local vendor partnerships across North America, the launch of new product categories and brand-building initiatives on social media.
- Amanda Schuler Founder, Ember Wellness
We have solid plans in place for an exciting 2024. We are projecting triple-digit growth, driven by continued innovation in our growing solid beauty category, new retail partnerships and continued investment in unique IRL and digital marketing initiatives.
- Sarah Power General Manager, Revive Collagen
The sky’s the limit for us next year. We have super strong retailers with our listings in CVS and Saks. We are about to break the independent beauty stores, too. So, for me, this is how big we dream we can be.
With Chris Appleton as our global brand ambassador, we are attracting a lot of attention, and with the beauty market becoming increasingly global, we are seeing the traffic to our website becoming increasingly diverse, particularly with the U.S.
- Mal Tayang Founder and CEO, Multi
We're hoping for an upper six-figure to pushing seven-figure year. Since we're only a couple of months old, we've got a lot coming up in the new year. This is due to multiple factors including expansion into retail, launching new SKUs and raising capital to be able to execute our product dev and marketing and brand-building initiatives.
What we're really focusing on in the new year is honing in on creating amazing problem-solving products, marketing through clear, simple communications to be able to increase conversion. We are also looking to trailblaze as an innovative and disruptive brand in the wellness space.
Always top of mind are also experimenting with and working on methods to increase new customer acquisition, frequency of purchase, consistency of purchases and increasing AOV.
If you have a question you’d like Beauty Independent to ask indie beauty brand founders, please send it to editor@beautyindependent.com.
