In this episode, Ethan speaks with Manica, the founder of Top Not Ventures. Manica shares her journey from investment banking to founding her own venture capital fund dedicated to consumer investments, particularly in beauty. With 16 investments in 14 portfolio companies, Manica explains why the beauty sector is attractive for investments, citing high margins, customer loyalty, and strong exit opportunities with large conglomerates. She also discusses the growing importance of wellness in beauty, the challenges of celebrity-backed brands, and offers insights on the current investment landscape for beauty startups. Key points include the need for early product-market fit, the strategic value of maintaining a direct-to-consumer presence, and the potential shifts in the M&A landscape.
00:40 Manica's Career Journey02:09 Why Beauty?07:47 Sustainability and Wellness Trends in Beauty11:17 Global Beauty Trends and Consumer Preferences14:40 Challenges and Opportunities in Beauty Investments23:00 The Future of Beauty Brands and Investments32:12 Closing Remarks and Future Outlook
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