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Glossier is a good case study on how the beauty industry could be disrupted. Remarkable organic growth via DTC. However, as the quote below seems to imply, profitability may be the biggest challenge. wsj.com/articles/emily… 
It’s true that disrupters often start out unprofitable, but operating leverage is notoriously difficult in beauty. What the big brands offer is global distribution, massive marketing support, and large R&D budgets.
The big brands have also learned from the mistakes of blue chip CPG and have much better omnichannel strategies.
That said, blue chip CPG and big beauty face a similar upstart problem - if you keep buying them for huge multiples it only encourages more to pop up. Don’t buy them and you risk looking foolish in hindsight.
