An Australian investment bank analyst left her full-time job to launch a beauty company that made $ 5 million in the past fiscal year, and she plans to double that by 2020.
24-year-old Michelle Hu made $ 200,000 a year in the financial industry when she ran away in October 2018 to focus on her hustle and bustle, a makeup storage organization company called Etoile Collective.
Etoile had grown without press, employees, or marketing to become a small earner of $ 20,000 a month, so Michelle bet on the priority and sold palette, lipstick, brush, and compact holders to beauty fans.
24-year-old Michelle Hu was making $ 200,000 a year in the financial industry when she left in October 2018 to focus on her hustle and bustle, a makeup storage organization company called Etoile Collective
“Within a few months of working full-time, we reached seven figures within the company where we grew with an average monthly growth rate of 25 percent,” said Miss Hu, who is based in Melbourne, news.com.au.
“Our next financial goal is to reach an annual run rate of $ 10 million.”
Miss Hu pursued a high profile career after studying in the banking industry and was firmly convinced that it was her passion to start with.
“But as a junior analyst, my daily routine was very analytical and didn’t involve as much operational or creative thinking as I would like,” Michelle told FEMAIL.
Etoile Collective is known for its ring lighting and mirrors with lighting around it
“I always wanted to be on the other side thinking about customer acquisition, growth levers, marketing strategies, how to create the most phenomenal customer experience, and so on.
“While it was a great platform for developing commercial insight, I just wanted to grow my little baby.”
Etoile was not Michelle’s first foray into e-commerce, as she had incorporated her parents’ old Levi’s jeans as frayed shorts, studs and rips into them as a teenager, and sold them on eBay.
The process of transforming and marketing a product for a group of people fascinated her.
Etoile had grown without press, employees or marketing to become a small earner of $ 20,000 a month, so Michelle took a gamble and made it her priority
“I spent hours and hours on YouTube watching makeup tutorials, which led me to have an exorbitant makeup collection,” she said.
“I spent hours and hours on YouTube watching makeup tutorials, which led to my exorbitant makeup collection,” she said.
I scrolled on Pinterest in 2016 for makeup organization ideas and found these beautifully organized vanities that I couldn’t find anywhere in Australia. Not long after, Etoile was born. ‘
In the first 12 months of leaving her job, Michelle moved from working from her home to an office warehouse and made $ 200,000 a month in October 2019.
But she humbly admitted that Etoile didn’t “explode” on the stage as soon as she got the idea.
“In the beginning, everything happened organically on Instagram and while I am extremely lucky in an industry where the public is super engaged and active on social media, our Instagram followers grew much faster than sales,” she said.
“It wasn’t until a very famous Australian beauty showed Youtuber Etoile in a video that we had more eyeballs on us.”
Former Miss Universe Australia Tegan Martin with a ring light from Etoile (photo)
This was not Michelle’s first foray into e-commerce as she had incorporated her parents’ old Levi’s jeans as frayed shorts with studs and rips and sold them on eBay
In the year since she focused on it full-time, Etoile turned $ 1.7 million with the goal of hitting a run rate of $ 5 million by the end of 2020. But she has already surpassed it.
Michelle’s focus is on listening to customer feedback and recognizing every like, survey, review, email and comment.
Etoile has the longest warranty available on all vanity mirrors – that’s three years – and offers four-hour delivery on mirrors and furniture in Melbourne’s metropolitan areas.
The site now sees about 2,000 visitors a day and makes between 40 and 50 sales every 24 hours.
“I think we’ve been able to hitch a ride on an industry that keeps exploding – beauty,” said Michelle.
“I think we’ve been able to hitch a ride on an industry that keeps exploding – beauty,” said Michelle
“At Etoile, our mission was to improve the beauty culture for everyone. So if you really love skincare and want nice lighting in the morning, we’re here for you, ”she said
“At Etoile, our mission was to improve the beauty culture for everyone. So if you really love skin care and want beautiful lighting in the morning, we are here for you.
“If you are one of many women and men who want to become a makeup artist and are looking for a purposefully built travel package, we are here for you.
“If you’re just starting to dabble in makeup and looking for storage so your drawers don’t look like a bomb site, we’re here for you, too.”
She also attributes the company’s success to the proliferation of SKUs, gradually increasing the number of products you offer.
“We’ve grown from selling makeup organizers to makeup travel bags, lighting equipment, makeup mirrors, and furniture for your beauty salon,” she said.