When Tiffany Masterson was a stay-at-home mom, she was always looking for ways to make a little extra money. So when the opportunity came around to start selling a brand of bar cleanser as a side hustle, she didn’t think much of it.
Little did she know that she would soon develop a passion for skincare, cultivate her own philosophy around what skincare should look like, and launch Drunk Elephant—a brand that was eventually sold to Shiseido in 2019 for a whopping $845 million.
In this podcast episode, Masterson takes us through her unexpected journey as an entrepreneur—from having her brother-in-law as her first investor to snagging a partnership with Sephora, to building an incredible company culture.
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Key Takeaways
How Masterson, a stay-at-home mom of four children, started selling bar cleanser as a side hustleWhy she developed a fascination with the world of skincareMasterson’s skincare philosophy, and how she started to create her dream product on paperWhat it was like to have her brother-in-law as her first investorWhy Masterson kept the launch of Drunk Elephant in 2013 as minimal as possibleHow Drunk Elephant caught the eye of SephoraThe cost of formulating, producing, and packaging 5,000 units of six productsThe tough financial conversations Masterson had to haveWhy Masterson chose to take things day-by-day instead of looking too far into the futureThe biggest trap Masterson believes most founders fall intoHow Masterson has kept her turnover rate at less than 2% since 2013The reason why people get excited about the Drunk Elephant brandWhy Masterson doesn’t believe in trying to “outcompete” other brands