Despite the difficulties of 2020, some beauty brands made strides that have set them up for long-term growth. Case in point: customized and personalized Function of Beauty, best known for its hair care products.
The 4-year-old startup closed out December 2020 with a $150 million Series B raise led by L Catterton, which it followed with a brick-and-mortar retail expansion with Target. And before that, the brand made several strategic moves, such as extending into body care and skin care, and launching national linear television ads.
Of the success, on this week's episode of the Glossy Beauty Podcast, Function of Beauty co-founder and CEO Zahir Dossa said, "It's getting borderline politically incorrect to ever say you had a great 2020, so I will not commit to having a great one. For the business itself, we've had some wins, but we had a lot of tough challenges to overcome, as well. Overall, I think it was a huge success with the ability to carry out all our ambitious plans, all in one year."