Thrive Market launches personal care brand
Thrive Market is the latest retailer to go after the personal care category with a new private brand line.
Thrive Market debuted in 2014 and offers natural and organic food and products at reduced prices through its yearly membership model. (It costs $59.95 to join.) This month, it launched an 11-piece proprietary collection of shampoos, conditioners, body lotions and hand washes. All products are $5.99 and retail for about 33 percent less than the industry average for similar beauty and bath products, according to Glossy.
“When we launched, we thought about how to make healthy living accessible, and for us, that started with what you put in your body, like food and supplements. But we heard a lot of feedback from our members that they aren’t just thinking about their health in terms of what goes into their bodies but also what goes on them and what’s around them,” said Nick Green, Thrive Market CEO and co-founder. This is parallel to Unilever’s strategy for creating a master beauty wellness brand with its Love Beauty and Planet and Love Home and Planet lines. The latter launched in 500 beauty and wellness Target locations in early January.
According to Green, Thrive Market’s bath and body and beauty categories, which had previously consisted of only third-party brands, have outpaced even its food segment among its members, and have been experiencing double-digit year-over-year growth since 2016. (The company would not disclose 2018 revenue.) Thrive Market, which raised $111 in a Series B funding round in July 2016 and another $10 million in October 2016, has over 500,000 paying members, up from 300,000 just two years ago. Though Green said its average customer is anyone interested in healthier living, most members are “middle class, middle American moms.” According to Glossy. the average household income of ThriveMarket.com customers is $75,000, and 85 percent are women. Additionally, over half of Thrive Market’s customers are based in the Southeast and the Midwest, with Minnesota and Texas serving as key markets. This is contrast with the customers of competitor Whole Foods, a large percentage of whom live in California and make upward of $200,000.
To read the Glossy article, click here.