Originally, the chap stick market was full of generic and cookie cutter little tubes that came a dime a dozen. All of that has changed though, since EOS, a company that sells lip balms, is the unspoken king of the market with a two-hundred-and-fifty-million-dollar valuation that is expected to increase to two billion dollars by 2020.
According to Fast Company, Jonathan Teller, Craig Dubitsky, and Mehra started EOS almost ten years ago after realizing that the chap stick market had a lot of untapped potential. Instead of going the traditional route and marketing a chapstick product for both genders, the three founders instead decided to market towards woman, which were the overwhelming majority of chap-stick users in the first place. When they created their product they realized that it really needed to stand out, so they made the EOS lip balm with all organic ingredients and used a unique packaging that is immediately noticeable in a sea of generic chap-sticks. EOS lip balms are also made with all organic materials, and in an age where people are coming increasingly more aware of what they are putting in and on their body, this becomes a huge selling point on Racked. Not only did EOS create a unique product, they also priced it competitively with more traditional chapstick products and brands, meaning that there really is no reason to buy a more traditional and generic chapstick brand when EOS has created something that is unique and vastly superior.
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