Breaking Barriers, Building Brands: Women in Beauty Entrepreneurship

History

As beauty historian, makeup artist, and entrepreneur Lisa Eldridge notes, the history of cosmetics is deeply intertwined with the history of women. Cosmetics usage by women marks pivotal moments in time as a sacrament, a symbol of social status, a colorful act of rebellion, a subtle sign of seduction, a path to self-care, or a clue to counterculture. From ancient ages until today women adorn themselves in reaction to the societies they live in. 

The history of cosmetics is also the history of women entrepreneurs. Black hair care guru Madame C.J. Walker was the first woman self-made millionaire. Mabel Williams was the secret genius behind brother Thomas Lyle Williams’ Maybelline. Estee Lauder founded a legacy brand that encapsulated luxury and opulence for the American consumer. Bobbi Brown innovated beauty branding in a clean, natural package. Today, the legacy of innovation, inspiration, and expression of women-led beauty brands continues with founders like Huda Kattan of Huda Beauty, Rihanna of Fenty Beauty, and Ruth-Ann Thorn of N8iV Beauty.  

Barriers

Despite these extraordinary success stories, the path to achieving success in the beauty industry is becoming increasingly difficult for women. To make an impact these trailblazers have to navigate a playing field that is heavily dominated by global goliaths, competition for venture capital, market saturation, and discrimination. The beauty industry's primary consumers are women yet women only account for 34% of boardroom seats and 24% fill executive roles. The exact number of personal care companies owned by women is hard to pinpoint but with an estimated 39.1% of all U.S. firms being founded by women the landscape suggests that women are in a battle to gain more market share of the industry’s $446 billion revenue and expected 3.35% growth rate from 2025 to 2029.  

Black women are particularly marginalized in the industry. While Black women spend roughly $7.4 billion on cosmetics annually Black brands are severely underrepresented, garnering 2.5% of earnings. Funding disparities persist with venture capital raised for a Black beauty brand averaging $13 million in contrast to the $20 million allocated to non-Black brands. Barriers to accessing crucial research, development, and marketing tools create systemic challenges for Black founders. Recognizing these challenges, several initiatives have emerged to provide financial support, mentorship, and education to help level the playing field. 

Opportunities

Forward thinking organizations are stepping up to the challenge of empowering women to enter the beauty arena by offering enrichment programs to boost the numbers of women entering the beauty industry and bolster education and growth.  

• Ulta Beauty’s MUSE Accelerator is a 10-week program designed to support early-stage BIPOC beauty brands with funding, education, and mentorship to achieve retail success. Each year, eight emerging brands receive $50,000 in financial support, expert-led training on brand strategy and retail readiness, and guidance from experienced BIPOC founders and Ulta Beauty partners to help them scale in a competitive industry. 

• Sephora’s Accelerate program is a six-month brand incubation initiative that supports innovative beauty founders—particularly people of color—by providing essential business skills and mentorship. Participants receive training in brand strategy, product development, and financial management, with the opportunity to launch their brand at Sephora. 

• The LIFT Beauty Accelerator by Rare Beauty Brands supports early-stage beauty entrepreneurs from underrepresented backgrounds by providing non-dilutive funding, mentorship, and retail opportunities. In 2024, five selected brands will receive at least $10,000 each, hands-on coaching from industry experts, and a chance to pitch to national retailers like JCPenney for potential distribution. 

• Beauty Changes Lives is a grant program that supports beauty-focused businesses, offering financial assistance to entrepreneurs aiming to advance their ventures. These initiatives demonstrate the beauty industry's dedication to promoting diversity and inclusion by equipping underrepresented entrepreneurs with essential resources, mentorship, and opportunities for success. 

• Olay’s Introduction to Cosmetic Science and Ingredients course on Coursera educates learners on skincare and beauty product development, covering industry history, key ingredients, formulation techniques, and safety practices. As part of its #FaceTheSTEMGap initiative, Olay is providing $2 million in scholarships to support women in STEM, aiming to double female representation and address AI bias in beauty. 

Brooklyn Public Library is also committed to supporting aspiring beauty entrepreneurs through education, mentorship, and access to essential business resources. Glow & Grow: Beauty Business Essentials, a BKLYN Incubator program, was designed to equip emerging beauty founders with the knowledge and tools they need to succeed in an increasingly competitive industry. Through workshops, expert-led discussions, and access to cutting-edge research and technology, this program empowers participants to develop strong business strategies, navigate industry challenges, and build sustainable brands. By fostering innovation and inclusivity, Glow & Grow ensures that more women—especially those from underrepresented communities—can carve out their space in the beauty world and drive meaningful change. 

This Women’s History Month, let’s not only celebrate the legacy of women beauty entrepreneurs but also take action to support their continued success. Explore their inspiring journeys, learn from their resilience, and equip yourself with the tools to create your own impact. Join us for upcoming Glow & Grow programs to gain hands-on knowledge, connect with industry experts, and build a thriving beauty business. Don’t forget to check out our curated booklist for deeper insights into the trailblazers shaping the beauty industry. Together, we can uplift and empower the future of beauty!

Glow & Grow 

Glow & Grow: Beauty Business Essentials - Beauty Business Research Part 1, Register here.

Thursday, March 20th, 4:00pm - 6:00pm, Virtual

Glow & Grow: Beauty Business Essentials - Beauty Business Research Part 2, Register here. 

Thursday, March 27th, 4:00pm - 6:00pm, Virtual

Find the Glow & Grow booklist here. 

For current Glow & Grow events click here. 

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Citations

McKinsey & Company. (2023, June 27). The beauty market in 2023: A special State of Fashion report. Retrieved February 20, 2025, from https://www.mckinsey.com/industries/retail/our-insights/the-beauty-market-in-2023-a-special-state-of-fashion-report

Statista. (n.d.). Beauty & Personal Care - Worldwide | Market Forecast. Retrieved February 20, 2025, from https://www.statista.com/outlook/cmo/beauty-personal-care/worldwide

Ulta Beauty. (n.d.). MUSE Accelerator. Ulta Beauty. Retrieved February 20, 2025, from https://www.ulta.com/company/dei/muse/muse-accelerator

Sephora. (n.d.). Sephora Accelerate. Sephora. Retrieved February 20, 2025, from https://sephoraaccelerate.com

Rare Beauty Brands. (n.d.). LIFT Beauty Accelerator. Rare Beauty Brands. Retrieved February 20, 2025, from https://rarebeautybrands.com/lift-beauty-accelerator

WWD. (2024, February 16). Olay partners with Coursera to launch new cosmetic science course for women in STEM. Women's Wear Daily. Retrieved February 20, 2025, from https://wwd.com/beauty-industry-news/beauty-features/olay-coursera-cosmetic-science-course-support-women-stem-1236250631/

Olay. (n.d.). Introduction to Cosmetic Science and Ingredients course. Olay. Retrieved February 20, 2025, from https://www.olay.com