Let's talk $$$.
The beauty industry is notorious for strong profit margins. We benefit from that too, so we want you to know what you're paying for and how we choose to spend our money.
Our values as it relates to pricing and profitability are as follows:
- Prices under $25: We care about providing high quality formulas at a more reasonable price. We don’t charge “what we can” based on industry precedent. Our skincare products are under $25; we set prices that allow us to use high quality formulations AND take care of those in the cocokind ecosystem.
- What’s inside the bottle > the bottle itself: We don’t use custom bottles unless we are investing in a material that can potentially have a lower carbon footprint than plastic. We strongly believe that what is inside the bottle should cost companies multiples more than the bottle itself. This seems like it should be obvious, but you’d be surprised at how often that is not the case in the beauty industry.
- Community > marketing: We spend less on marketing than most growing beauty companies. We’re a community brand, which means we don’t use traditional marketing tactics that feel aspirational and exclusive. We choose not to overspend on glitzy marketing so we can put those dollars into our product and charge a lower price.
- Reinvestment and impact: Since inception, every dollar of profit that we have made has been reinvested in our growth or donated. We strive to be a for-profit business that makes a positive impact - our profits should further our purpose. We won’t always get things right, but we are forever committed to growing responsibly.
- Retailers = accessibility: We are materially less profitable in our retail channels, but our retail partners help us gain volume and increase accessibility. Both of these points are critical to our values and success. It doesn’t matter where you buy cocokind - every purchase supports our broader mission and we are so appreciative.
Companies are oftentimes scared to talk about things like this. It is my view, however, that our customers deserve to know who we are and how we make decisions that impact you (like our product pricing!). Our customers are a part of our team, and I want you to be a part of these conversations.
Thank you for being on our team.
-P
