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February 2021 (Revised July 2022)
Case

Sarah Breedlove: Changing the World

By: Robert Simons and Max Saffer

This case describes the rise of Sarah Breedlove, who later called herself Madam C.J. Walker, from the cotton fields of Louisiana to the head of a successful, nationwide beauty company providing opportunity and hair care products to Black women. The case describes how... View Details

Keywords: Brands; African-american Entrepreneurs; Entrepreneurship; Values and Beliefs; Personal Characteristics; Success; Work-Life Balance; Business Startups; Brands and Branding; Marketing; Personal Development and Career; Beauty and Cosmetics Industry; United States

September 2020
Teaching Note

First Aid Beauty

By: Karen G. Mills and Annie Dang

Teaching Note for HBS Case No. 319-082. View Details

Keywords: Entrepreneurship; Venture Capital; Term Sheets; Decision Choices And Conditions; Preferred Shares; Common Stock; Beauty and Cosmetics Industry

August 2020 (Revised January 2021)
Supplement

Facelift at Olay (B)

By: Sunil Gupta, Rajiv Lal and Olivia Hull

This supplement to Facelift at Olay (A) explains the major steps Procter & Gamble’s skincare brand Olay took to reverse several years of declining sales. View Details

Keywords: Advertising; Advertising Campaigns; Demographics; Age; Brands and Branding; Marketing Channels; Competitive Strategy; Competitive Advantage; Digital Marketing; Transformation; Marketing Strategy; Social Marketing; Beauty and Cosmetics Industry; United States; Ohio

August 2020 (Revised September 2020)
Case

Facelift at Olay (A)

By: Sunil Gupta, Rajiv Lal and Olivia Hull

By October 2017, Procter & Gamble’s skincare brand Olay has been struggling with declining sales for several years. The team has tried many remedies, but none has returned the brand to growth. As pressure grows from Olay’s competitors, including hundreds of new... View Details

Keywords: Advertising; Advertising Campaigns; Demographics; Age; Brands and Branding; Marketing Channels; Competitive Advantage; Competitive Strategy; Digital Marketing; Transformation; Marketing Strategy; Social Marketing; Beauty and Cosmetics Industry; United States; Ohio

July 2020
Case

Amanda and Kristen: Mented Cosmetics

By: Steven Rogers, Jeffrey J. Bussgang and Alterrell Mills

The co-founders (Black HBS alumnae) of an e-commerce beauty startup explore the unmet needs within the beauty industry. This case study examines the entrepreneurial opportunities that come from identifying an underserved market, specifically within the Black community... View Details

June 2020
Teaching Note

Shiseido Acquires Drunk Elephant

On October 7, 2019, the Shiseido Group announced that it would acquire clean skincare brand Drunk Elephant for $845 million, a valuation of 8.5 times sales. Did Shiseido pay too much or too little for this brand asset? How much was the Drunk Elephant brand worth and... View Details

May 2020
Teaching Note

Shiseido: Reinvesting in Brand

Teaching Note for HBS Case No. 519-026. Shiseido was in the midst of a six year corporate turnaround, trying to reverse the effects of decades of under-investment in R&D and marketing that had led to a vicious cycle of declining customer support and brand value. Would... View Details

Keywords: Brand Management; Marketing ROI; Brand Portfolio Strategy; Growth Strategy; Marketing; Marketing Strategy; Brands and Branding; Growth and Development Strategy; Beauty and Cosmetics Industry; Beauty and Cosmetics Industry; Japan; Asia

April 2020
Teaching Note

Glossier: Co-Creating a Cult Brand with a Digital Community

Teaching Note for HBS No. 519-022. Flush with cash from its Series C fundraise, cult beauty brand Glossier considers its next phase of growth, facing critical decisions on how to allocate its capital to support various marketing communications and distribution... View Details

Keywords: Digital Marketing; Crowdsourcing; CRM; Startup; Direct-to-consumer; DTC; Marketing; Marketing Strategy; Brands and Branding; Consumer Behavior; Customer Relationship Management; Venture Capital; Business Startups; Entrepreneurship; Social Media; Beauty and Cosmetics Industry; United States

February 2020
Case

Leading Change in Talent at L'Oréal

By: Lakshmi Ramarajan, Vincent Dessain and Emer Moloney

Jean-Claude Le Grand just stepped into a new role as Executive Vice-President for Human Resources at the global cosmetics company, L’Oréal. He is now responsible for the hiring, development, promotion, and retention of 83,000 employees worldwide. The highly successful... View Details

Keywords: Advertising; Business Headquarters; Business Divisions; Business Organization; Change; Change Management; Transformation; Competency and Skills; Experience and Expertise; Talent and Talent Management; Demographics; Diversity; Gender; Nationality; Multinational Firms and Management; Human Resources; Employees; Recruitment; Retention; Selection and Staffing; Innovation and Management; Jobs and Positions; Employment; Human Capital; Leadership; Leadership Development; Leadership Style; Leading Change; Management Practices and Processes; Marketing; Brands and Branding; Product Marketing; Organizations; Organizational Change and Adaptation; Organizational Structure; Personal Development and Career; Planning; Strategic Planning; Problems and Challenges; Networks; Social Psychology; Attitudes; Power and Influence; Social and Collaborative Networks; Business Strategy; Advertising Industry; Advertising Industry; Advertising Industry; France; Paris

November 2019 (Revised June 2020)
Case

Shiseido Acquires Drunk Elephant

On October 7, 2019, the Shiseido Group announced that it would acquire clean skincare brand Drunk Elephant for $845 million, a valuation of 8.5 times sales. Did Shiseido pay too much or too little for this brand asset? How much was the Drunk Elephant brand worth and... View Details

Keywords: Personal Care; Startup; Brand Equity; Brand Valuation; Brand Value; Brand Storytelling; Brand Management; Brands and Branding; Valuation; Marketing; Marketing Strategy; Mergers and Acquisitions; Entrepreneurship; Business Startups; Beauty and Cosmetics Industry; Beauty and Cosmetics Industry; United States; Japan

October 2019 (Revised December 2019)
Case

La Roche-Posay: Growing L'Oreal's Active Cosmetics Brand

By: Jill Avery, Vincent Dessain and Mette Fuglsang Hjortshoej

As 2018 neared its end, Laetitia Toupet, international general manager of L’Oréal’s La Roche-Posay brand reflected on the brand’s achievements over the past year. At €1 billion in revenue, La Roche-Posay had recently become the number one dermocosmetics brand in the... View Details

January 2019
Case

First Aid Beauty

By: Karen Mills and Annie Dang

In 2008, Lilli Gordon, an experienced financial and skincare entrepreneur, founded First Aid Beauty (FAB). She had discovered a white space in the prestige beauty market: high-end skin solutions that were suitable for sensitive skin. After initial success through... View Details

Keywords: Prestige Beauty; Skincare; Preferred Shares; Common Stock; Entrepreneurship; Venture Capital; Private Equity; Decision Choices and Conditions; Beauty and Cosmetics Industry

January 2019 (Revised October 2019)
Case

Glossier: Co-Creating a Cult Brand with a Digital Community

Glossier’s proclaimed strategy was “born from content; fueled by community.” The digital-first, direct-to-consumer beauty brand had experienced rapid growth, with sales up 600% in 2017 and a customer portfolio that grew by threefold. But, its founder, Emily Weiss, was... View Details

December 2018 (Revised October 2020)
Case

Shiseido: Reinvesting in Brand

By: Jill Avery and Nobuo Sato

Shiseido was in the midst of a six year corporate turnaround, trying to reverse the effects of decades of under-investment in R&D and marketing which had led to a cycle of declining customer support and brand value. Would the CEO’s VISION 2020 plan, centered on four... View Details

2018
Working Paper

Sustainability and Green Business in Latin America During Globalization Waves

By: Geoffrey Jones

This working paper examines the impact of modern business enterprise on the natural environment of Latin America during the globalization waves between the 19th century and the present day. It argues that although global capitalism created much wealth for the region,... View Details

Keywords: Globalization; Natural Environment; Outcome or Result; Business History; Pollutants; Environmental Sustainability; Green Technology Industry; Green Technology Industry; Green Technology Industry; Latin America

February 2018 (Revised October 2019)
Technical Note

The Art and Science of Brand Valuation

Brand valuation, the art and science of calculating the economic value accruing to a firm from its use of an intangible brand asset, yields frustratingly inconsistent, discrepant, and, therefore, controversial results. While it is widely accepted that brands are... View Details

November 2017 (Revised October 2018)
Case

Brandless: Disrupting Consumer Packaged Goods

Brandless, an online direct-to-consumer seller of upscale private-label consumer packaged goods, offered consumers a limited assortment of values-conscious products delivered directly to their homes with the simplicity of one fixed $3 price point that promised an... View Details

2017
Book

Profits and Sustainability: A History of Green Entrepreneurship

By: Geoffrey Jones

This book explores whether profits and environmental sustainability are compatible through the lens of a global history of green entrepreneurship between the nineteenth century and today. It tells the story of the extraordinary and often eccentric men and women who... View Details

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April 2017 (Revised February 2023)
Case

Helena Rubinstein: Making Up the Modern Woman

By: Geoffrey Jones and Kathy Choi

This case examines the entrepreneurial career of Helena Rubinstein before 1938. Rubinstein is widely considered the single most important female entrepreneur in the United States in the 20th century. She was born in Poland but immigrated to Australia where she started... View Details

Keywords: Female Entrepreneur; Brands and Branding; Luxury; Entrepreneurship; Personal Development and Career; Beauty and Cosmetics Industry

Spring 2017
Article

Globalizing Latin American Beauty

By: Geoffrey Jones

This article discusses the growth over time of the beauty industry in Latin America and its bias towards celebrating whiter rather than darker skin. Although alleged Latin American fascination with beauty is regularly ascribed to culture, Latin sensuousness, and... View Details

Keywords: Latin America; Race And Ethnicity; Globalization; Race; Ethnicity; Prejudice and Bias; Beauty and Cosmetics Industry; Latin America

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