Evolution of Smooth (EOS) is a $250 million company that sells over a million lip balms a week in many delicious tasting flavors, leaving lips healthy and smooth. Evolution of Smooth produces lip balms in different flavors anywhere from blueberry, passionate fruit and coconut milk to grapefruit and honeydew. The success of EOS for the last seven years is attributed to entrepreneur Sanjiv Mehra, EOS co-founder and managing partner, and entrepreneur Jonathan Teller whose interests had been enhancing more beauty products in drugstores. So, together with entrepreneur Craig Dubitsky, Mehra and Teller conducted research and found that lip balm is an everyday commodity, the same way that toothpaste and shampoo are commodities used on a daily basis, and used and sold to both females and males.
In a consumer research, Mehra, Teller, and Dubitsky found that more women than men use lip balm in their daily routines to nourish and smooth lips. “The products that women depend on every day should deliver moments of delight that elevate these daily routines,” Mehra says to Elizabeth Segran of Fast Company.com.
Eventually, Dubitsky adventured out to manage other oral care products, such as toothbrushes and toothpaste, before EOS introduced lip balm products to the consumers. EOS lip balm invested their own funds and start-up capital to develop, market, and distribute innovative lip balm products tailored for women in stores like Walgreens, Ulta, Walmart, and Target. “We were trying to make the product as imaginatively as possible and not create an incremental variant over what was already in market,” says Teller to Segran from Fast Company.com.
With EOS lip balms, hand lotion, and shaving cream products, the company plans to meet the projected demands for natural and organic products in the global lip care market to increase to $2 billion by 2020, say Kline Research to Segran.