StockX is partnering with Revlon to sell limited-edition lip gloss, eyeshadow palettes and other products, betting that the hype-driven formula that’s proven a hit with sneakerheads and baseball card collectors can work for makeup addicts, too.
Though best known as a resale marketplace, StockX has over the last year added more categories to its “DropX” model, where brands sell new products directly to consumers. The platform’s first major beauty drop, a Revlon collaboration with Megan Thee Stallion, nods to the scarcity strategy that can send prices for certain pairs of sneakers into the stratosphere: the collection must be purchased as a complete set, with prices starting at $40 and rising by $5 for every 50 units sold, up to $60. Only 450 sets will be sold, in what Revlon is terming “hyper limited-edition.”
The drop is an attempt on Revlon’s part to reverse a long decline, particularly among younger customers online, where the brand was slow to realise the importance of social media in driving makeup sales. Rivals with a strong TikTok following, years-long partnerships with beauty Youtubers or fronted by celebrities ranging from Rihanna to Selena Gomez to Lady Gaga, have stolen market share. Revenue plunged 21 percent last year, partly due to the pandemic, but was declining for years prior. The onset of Covid-19 accelerated makeup’s shift online, with e-commerce expected to make up 28 percent of sales this year, compared with 17 percent in 2019, according to NPD Group.Business of Fashion