Analysts estimate that the global lip care market is poised to reach $2 Billion in sales, by 2020. Generally, it is believed that the growth is due to the needs of consumers who have become accustomed to traditional lip balms such as chapstick and Blistex. However, the potential in the market is also the result of innovation by new upstarts such as EOS, Evolution of Smooth, https://evolutionofsmooth.ca/lip-balm.html.
This new company has revolutionized the traditional lip balm product by launching a unique and trendy sphere-shaped product. Not only the new lip balm contains organic products, but its new flavors have become favorites of editors of fashion magazines including Allure and Cosmo. Actually, it seems that the new product is set to become a new benchmark for the industry as many celebrities such as Miley Cyrus, Christina Aguilera, and Kim Kardashian are regularly seen using it. Evolution of Smooth can be bought from a wide range of retailers such as Well, Target, Walgreens, Wal-Mart(https://www.walmart.com/ip/Eos-Sweet-Mint-Lip-Balm-0.25-oz/15136069), Amazon, eBay and many more.
As one of the fastest growing companies, it is interesting to note that EOS found it difficult to compete with its large competitors who were backed by the big money. In the first few months, the company only managed to sell few thousands of its product. However, awareness among users skyrocketed the sales in subsequent years. In only its seventh year, the company is producing nearly $1 Million units every week. Its revenue has exceeded $250 Million, which is encouraging because lip care is a requirement of the millennial generation.
As such, the company initially focused on sales of its product, which was helped by an equally innovative production unit and supply chain that continues to roll out EOS lip balm products on par with the demand. Now, co-founders of EOS are ready to generate awareness by partnering with celebrities and media to increase its current potential. In fact, the entrepreneurial mind-set and big-company discipline has helped a small company topple giants in its sector.
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