Bobbi Brown's Jones Road is on track to be the entrepreneur's next billion-dollar brand.
The make-up company, best known for its Miracle Balm, was launched by the entrepreneur in 2020 after a 25-year non-compete agreement with Estée Lauder Companies (ELC).
The self-funded venture reportedly made US$20m in its first year of trading and is forecast to achieve $150m in 2024.
Jones Road's Chief Marketing and Revenue Officer, Cody Plofker, described the brand's trajectory to billion-dollar status.
"We’re not near revenue yet. That’ll be a while. But in terms of the valuation we’re pretty close,” he said in an interview with The Financial Times.
The brand's Miracle Balm line – a multi-purpose product that can be a blush, highlighter or foundation alternative depending on the shade chosen – contributes to 30% of Jones Road sales.
The popular product, said Plofker, is estimated to achieve more than one million in sales this year.
If Jones Road achieves the coveted billionaire status, it will be the second brand to do so for Brown.
She launched her namesake brand in 1991 and sold to ELC for a reported £75m as it hit $1bn in annual sales.
“My non-compete ran out on Saturday 24 October, so I launched the brand [Jones Road] on Monday at 7am. Everybody told me not to, but I was insistent,” Brown previously told Cosmetics Business.
“They said, ‘It is a week before the presidential election and we are in the middle of a pandemic and social unrest, why would you do this?’
"And I just said, ‘Am I going to wait for the right time? No. I have already built a billion-dollar brand and I can do it again’.”
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