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23-Year-Old Sophia Hutchins, Jenner Family Insider, Raises Millions For Post-Makeup Sunscreen Mist

Sunscreen and makeup: a game of compromise, imperfection, skin damage and expensive products. 23-year-old Sophia Hutchins, who calls Caitlyn Jenner her “cheerleader,” aims to win that game with Lumasol, the FDA-approved odorless SPF 50+ sunscreen mist engineered to be applied after makeup. With a $3 million seed round from Peter Thiel’s Founders Fund and Greycroft Ventures, she’ll be able to expand her team of 30 employees and bring the product to market in early 2020.

“It’s SPF millennialized,” says Hutchins, surrounded by her three-person media team and director of operations in the Jersey City, New Jersey Forbes office. “We are a health and tech company and [sun protection] is an extraordinarily unaddressed health issue that we’re trying to attack.”

Hutchins, who lives in LA, is a first-time founder but no stranger to cosmetic titans. As a close friend of Caitlyn Jenner, Hutchins witnessed the Olympian-turned activist/socialite’s battle with skin cancer in 2018. And because of her closeness with Caitlyn Jenner, she spends significant time learning from Kylie Jenner and Kim Kardashian, who have built billion-dollar makeup brands Kylie Cosmetics and KKW Beauty from Instagram.

“I have a really good relationship with all of them,” says Hutchins. “What Kylie [Jenner’s] done is amazing. I admire that she’s been able to convert fans, likes and shares into buys—and she works nonstop.”

Hutchins transitioned to a woman as a freshman at Pepperdine University and graduated from the University in 2018 with a degree in economics, with the intention of going into investment banking rather than entrepreneurship. During her senior year, she lamented with her friend, the daughter of Kiehl’s founder, about the impossibility of flawless makeup and sun protection.

From that conversation, she was advised by Nick Drake, CMO of T-Mobile and worked with big three consulting firm to develop a sunscreen product for makeup wearers. Lumasol was born, and with her board of scientific advisors from UCSF, the U.S.-manufactured product was approved by the FDA as an over-the-counter product. The recyclable product will protect from 98% of UV and UB rays and will be sold direct-to-consumer via subscription, according to Hutchins.

“You could compare it to Dollar Shave Club or Harry’s,” says Hutchins. “I know this business is going to be a success.”

For Ian Sigalow, founder of Greycroft Ventures, who has previously led the firm’s investments in Venmo, Braintree and Shipt, he saw the potential for the product from the hundreds of dollars his family of five spends on goopy sunscreen every single year. “There’s an opportunity to do what Juul did for the cigarette category by changing the delivery mechanism and changing the formula somewhat to win really big market share,” says Sigalow, noting that the design firm behind Juul also designed Lumasol, as a conscious effort habituate healthy habits after doing the opposite with the e-cigarette giant.

Lumasol will not be the only ‘mastige’ post-makeup sunscreen spray on the market. Semi-premium sunscreen brand Supergoop retails a SPF 50 setting spray product at $12 per ounce. Coola, Kate Sommerville, Shisheido and Ulta Beauty, among others, offer makeup setting sprays with SPF.

So what compelled Founders Fund send Hutchins a term sheet within an hour of her pitch presentation? “Founders Fund invests in founders, first and foremost. Sophia [Hutchins] was such an incredibly strong person when she came in and pitched us on her vision.” says Cyan Bannister, the partner at Founders Fund who led the round. “She’s identified an underserved market and a product that people would want. The fact is that she can leverage her connections to power the distribution behind the product.”

Lumasol’s packaging is also a huge draw for the investors. The bottle changes color when exposed to UV and UB rays, letting its owner know it’s time for another spritz, and habituating reapplication. Additionally, the product’s design and functionality make it highly ‘grammable—a deliberate strategy for Hutchins’ plan to rely heavily on Instagram influencer marketing, with probable Jenner/Kardashian spots, to market the product.

“There’s obviously precedent with the Jenners in the skincare industry. That was not lost on me when we made the investment,” says Sigalow. “One of our theses around next generation brands is: If you attach an influencer with a huge following to a consumer product, it’s like having your own media channel, so Lumasol’s starting on third base—they’re going to take off.”

In preparation for Lumasol’s Q1 2020 rollout, Hutchins is hiring an “extraordinarily experienced CMO,” adding to the “hundreds” of user tests, and developing her influencer, popup and outdoor event event strategy. “I have a social obligation to give people a product that can seamlessly fit into their lives and also save their lives,” she says.

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I’m the assistant editor for Under 30. Previously, I directed marketing at a mobile app startup. I’ve also worked at The New York Times and New York Observer. I attended the University of Pennsylvania where I studied English and creative writing.

Source: 23-Year-Old Sophia Hutchins, Jenner Family Insider, Raises Millions For Post-Makeup Sunscreen Mist

Sophia Hutchins is an entrepreneur at the crossroads of health, beauty and tech. She is both founder and CEO of Luma Suncare Inc. She successfully closed her first round of venture funding in March 2019. She is busily preparing for the launch of her company. Hutchins is an outspoken advocate for women and equality in the workplace. People can often find her speaking to groups within corporate America and her favorite of all groups to speak with are entrepreneurial women. Prior to starting her venture, she served as CEO of the Caitlyn Jenner Foundation.

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How Effective CFOs Are Driving Companies to Success and Profitability

For more than 30 years, there have been articles touting the CFO as someone who “needs to be strategic: a business partner and not just a bean counter.”

Business writers still publish these articles today, but it’s time to stop. CFOs know they need to be strategic, and they know they need to operate the finance function. They don’t need an article to tell them that anymore. They do, however, need clear vision and technology to help them juggle new balls in the finance ecosystem: regulatory changes, artificial intelligence and Blockchain. Finance must add these balls to its mix while still juggling its “traditional” responsibilities of internal controls, compliance and closing the books quickly.

The future of finance is chockablock with new regulations, technologies and business models. The CFO must handle responsibilities beyond the finance function. They must also use strategic skills to transform the organization. Using the old, heavy, rigid ERP offerings will not provide the tools to nimbly break out of the “Old CFO” role.

This eBook provides a guide to the new technologies every CFO needs to succeed as well as a strategic framework for balancing traditional CFO responsibilities with their new, highly strategic ones.

By: Oracle View

 

Source: How Effective CFOs Are Driving Companies to Success and Profitability | Inc.com

Global 2000 – The World’s Largest Public Companies 2019

  • The List: 2019 Global 2000

    • Filter list by:
    • #1 ICBC
    • #2 JPMorgan Chase
    • #3 China Construction Bank
    • #4 Agricultural Bank of China
    • #5 Bank of America
    • #6 Apple
    • #7 Ping An Insurance Group
    • #8 Bank of China
    • #9 Royal Dutch Shell
    • #10 Wells Fargo
  • Inside The Global 2000

  • Methodology

  • We compile our Global 2000 list using data from FactSet Research systems to screen for the biggest public companies in four metrics: sales, profits, assets and market value. Our market value calculation is as of April 18, 2019, closing prices and includes all common shares outstanding.

    All figures are consolidated and in U.S. dollars. We use the latest-12-months’ financial data available to us. We rely heavily on the databases for all data, as well as the latest financial period available for our rankings (the final database screen was run in early-April). Many factors play into which financial period of data is available for the companies and used in our rankings: the timeliness of our data collection/screening and company reporting policies, country-specific reporting policies and the lag time between when a company releases its financial data and when the databases capture it for screening/ranking. We quality-check the downloaded financial data to the best of our ability using other data sources, including Bloomberg and available company financial statements.

    Publicly traded subsidiaries for which the parent company consolidates figures are excluded from our list. For most countries, the accounting rules for the consolidation of a subsidiary is when the parent’s ownership (control) of the subsidiaries stock is more than 50%. Some countries accounting rules allow for the consolidation of a subsidiary at less than 50% ownership.

Source: Global 2000 – The World’s Largest Public Companies 2019

Betting The Company… And Winning

In July 2016, the biggest thing in security was ransomware. Several major ransomware attacks had made headlines in the preceding months, with healthcare hit particularly hard. This was in the early days, before ransomware like WannaCry and NotPetya would take down organizations on a global scale, but even so it was taking up a lot of real estate on security blogs and tech websites.

Source: Betting The Company… And Winning

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