Milani Cosmetics CEO Mary van Praag has successfully revitalized the brand and achieved explosive growth despite the challenging times faced by the color cosmetics industry. Joining the company in 2020 during the COVID-19 pandemic, van Praag faced a significant decline in sales, with the category experiencing a rapid 20 percent decline. However, through strategic planning and collaboration with her team and partners, she managed to turn the business around.
Milani Cosmetics is the only independent brand in the top 10, meaning it is not part of a multinational public company or brand conglomerate. Headquartered in Culver City, California, the brand was founded by Ralph Bijou and Laurie Minc in 2001 and was later acquired by private equity firm Gryphon Investors in 2018. Despite the challenges, Milani Cosmetics has seen substantial growth, with sales up over 30 percent on a year-over-year basis and more than 20 percent higher than pre-pandemic times.
To achieve this growth, van Praag rebuilt the team, bringing in Jeremy Lowenstein as the chief marketing officer. They made significant pivots early on, focusing primarily on their core competency in color cosmetics and investing in core product franchises. Despite having 390 different product stock keeping units (SKUs), their top 50 SKUs make up the majority of their business. By focusing on their strengths and core products, they were able to breathe life back into the brand.
The brand’s success can also be attributed to its commitment to democratizing prestige makeup and addressing the underserved needs of multicultural consumers. Milani Cosmetics has become the leading multicultural brand in the mass color market, offering high-quality formulas accessible to everyone. Their products, predominantly sourced from Europe and North America, can be found at various retailers, both online and in stores, including Ulta, Amazon, Target, Walmart, Walgreens, and CVS.
Milani Cosmetics has also embraced social media platforms like TikTok, collaborating with content creators to increase visibility and product awareness. They have successfully executed campaigns such as #GetReadyWithMilani and #NoFilterJustMilani, tapping into cultural moments and consumer conversations. By being responsive to consumer needs and focusing on key products and innovations in face, lip, and eye cosmetics, Milani Cosmetics has seen tremendous success.
One of their standout products is the Make It Last Setting Spray, which has experienced 70 percent growth and is among the top 10 in its category at Walmart. Milani Cosmetics strives to provide a compelling in-store experience for consumers, focusing on core product architecture, innovation, and effective communication. They plan to expand their range of products available in physical stores to provide customers with optimal value.
Through their dedication to their core values, commitment to diversity and inclusivity, and their ability to adapt to changing consumer needs, Milani Cosmetics has flourished under the leadership of Mary van Praag. With a strong team, partnerships, and a clear vision, the brand has achieved remarkable growth and solidified its position in the competitive color cosmetics industry.
