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09 March 2020
The international beauty industry is valued at US$532 billion, a market that sees year-on-year growth even during a recession. With access to instant platforms, people have created and found communities to share their passions, and are now establishing full-scale businesses as well. The Future of Beauty Summit 2020 was an opportunity for one of 10 female-owned beauty businesses to win R1 million in business support to upscale their businesses and R100 000 in cash. The glitzy gala dinner took place at the Balalaika, Sandton, on 5 March and saw one small business walking away with an incredible opportunity.
Ten businesses were chosen to give an elevator pitch about their businesses to a room of potential investors and mentors. The set of criteria to become a finalist was no small task. They needed to be a brand that services the beauty industry, had been in existence for more than two years with an annual turnover of between R1 million and R10 million, and had a solid business plan to scale their business exponentially. In essence, they needed to be a beauty disruptor. In the spirit of collaboration over competition, the approach to choosing a winner meant that each business received mentorship from the sponsors rather than judgement. The mentors were Bridget Nkandu from Nedbank Executive Youth Segment; Kanchana Moodliar and Yasmin Kathori, Co-founders of Beauty Revolution; Jo Farah, Founder of Sneaker Lab; Tamryn Taylor, Marketing Director of Unilever Beauty and Personal Care; and Pride Maunatlala of Foschini.
Prior to the event each disruptor was scored on five criteria, including route to market, inclusivity and diversity, sustainability, and vision for growth. The mentors scored the 10 disruptors without meeting them in person and on business merit alone to avoid any bias. The final criterion point was the elevator pitch which was scored on the night. The real beauty of this event was not the major brand sponsors, but the collaboration and solidarity seen between the participating disruptors. Women were supporting other women despite the fact that they are all operating in the same market.
The 10 disruptors will take the teachings gained from Nedbank, YFM, Instagram and Foschini to unlock their business potential. These businesses will go on to employ more people, helping curb the unemployment rate in South Africa. It is clear that they are up to the challenge of making HERstory in a once Eurocentric, male-dominated industry. The future of beauty is not only bright but also unique, based on collaboration and inclusivity.
The 10 disruptors were:
Chick Cosmetics was chosen as the overall winner at the end of the gala dinner, walking awayvwith the coveted R100 000 cash prize and R1 million in business support from the mentors. Its Founder and Chief Executive, Nomfundo Njibe, is a disruptor who took on the makeup industry with her unique products, which are aesthetically pleasing and affordable in the South African market. Nedbank is proud to partner with them to see beauty differently. Beauty is power. Congratulations to Chick Cosmetics - you secured the bag!
We understand that the face of business has changed and, as money experts who do good, we wanted not only to be part of the change, but also to enable that change. We believe in seeing the bigger picture and starting small. We know that scaling a business in this economic climate is not easy, which is why we see disruptors differently. Nedbank will continue to invest in young females to unlock their hustle and potential. We are here to guide and aid these disruptors as they
scale and take on the global market.
Beauty Revolution will take place on 13 and 14 March at Sandton Convention Centre, Johannesburg. Tickets are available on Unlocked.Me.
This information is intended for general information purposes only and does not constitute legal advice.
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