In short
The David Rubenstein Show: Episode Summary - Bobbi Brown
Podcast Overview
- Title: The David Rubenstein Show
- Description: A series of peer-to-peer conversations exploring leadership through the stories of influential business leaders, hosted by David Rubenstein.
Episode Title
Bobbi Brown
- Guest: Bobbi Brown, renowned celebrity makeup artist, entrepreneur, and author.
- Date Recorded: December 16, 2020
- Location: Montclair, N.J.
- Episode Focus: Bobbi Brown discusses her journey from launching Bobbi Brown Cosmetics to starting Jones Road Beauty and the evolution of the cosmetics industry.
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Key Takeaways
Early Career and Company Launch
- Starting Bobbi Brown Cosmetics:
- Initially sold lipsticks out of her garage.
- Transitioned to the cosmetics industry after a career as a freelance makeup artist.
- Sale to Estee Lauder:
- Sold Bobbi Brown Cosmetics in 1995; bound by a 25-year non-compete clause.
- Emphasized the importance of maintaining brand integrity during the transition.
Transition to Jones Road Beauty
- Reinvention:
- Launched Jones Road Beauty in 2020, shortly after the non-compete ended.
- Found inspiration for the name while driving to the Hamptons.
- Business Model:
- Focuses on direct-to-consumer sales through their website, with minimal reliance on traditional retail.
- Emphasizes simplicity in packaging to keep costs low.
Evolution of the Cosmetics Industry
- Impact of Social Media:
- Acknowledges the significant role of social media influencers in shaping consumer behavior.
- Describes social media as a cost-effective marketing tool compared to traditional advertising.
- Consumer Demographics:
- Identifies a target audience primarily in their 30s to 60s, contrasting with trends toward younger demographics using makeup.
Product Philosophy
- Natural Makeup Revolution:
- Advocated for natural-looking makeup rather than heavy applications.
- Emphasized products designed to enhance natural beauty and self-confidence.
- Health and Wellness Focus:
- Transitioned to a focus on clean ingredients and health-conscious formulations with Jones Road.
- Derived from a personal journey toward wellness, including her studies as a health coach.
Personal Insights and Legacy
- Advice to Younger Self:
- Would advise a younger Bobbi to relax and trust the process, emphasizing that everything will work out.
- Philanthropic Efforts:
- Engaged in various charitable endeavors, including local organizations and educational institutions.
- Legacy Goals:
- Hopes to be remembered for helping people feel good about themselves and instilling confidence.
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Discussion Highlights
- Challenges of Starting Over:
- Expressed initial fears about being a "one-hit wonder" but found excitement in starting Jones Road Beauty.
- The Role of Experience:
- Emphasized the importance of experience in developing successful products and businesses.
- Advice for Aspiring Entrepreneurs:
- Encouraged working for established companies to gain insights before launching a new venture.
Personal Life
- Bobbi reflects on her close family relationships and how they contribute to her happiness.
- Noted the importance of personal fulfillment and happiness over legacy concerns, emphasizing close family ties and friendships.
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Conclusion Bobbi Brown's journey illustrates the power of resilience, reinvention, and authenticity in leadership. Her insights into the cosmetics industry reveal the evolving landscape of consumer preferences and the importance of staying true to one’s values while adapting to new challenges.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOBobbi Brown's Journey in Beauty
1:00 to 2:52
Bobbi Brown discusses her successful career in cosmetics and the launch of Jones Road Beauty.
“I think it's fair to say that I'm not an expert on beauty or cosmetics, but I had a chance recently to sit down with somebody who is an expert, Bobbi Brown.”
Starting Over in the Beauty Industry
2:53 to 4:38
Bobbi reflects on the challenges and excitement of relaunching her brand after a long non-compete.
“but I've never really heard of a 25-year non-compete.”
The Evolution of Makeup and Self-Expression
4:39 to 6:08
Discussion on the role of makeup in self-expression and the appropriate age for young girls to start using it.
“So it really does depend what age do you think?”
The Impact of Social Media on Cosmetics
6:09 to 7:59
Bobbi shares insights on how social media has changed the marketing landscape for beauty products.
“Where back in the day, you know, you had to spend a ton of money and do advertising in this new world, it's much easier to get your messages out there.”
Distribution Strategies in the Beauty Market
8:00 to 9:48
Exploration of how Bobbi's brands distribute products differently, focusing on direct-to-consumer sales.
“Our formulas are top-notch, but our packaging is more simple, so we can keep the cost down.”
The Business Side of Cosmetics
9:49 to 11:48
A look at the cosmetics business landscape and Bobbi’s perspective on large corporations in the industry.
“So whether it's geopolitics, energy, tech or markets, you're hearing it while it happens.”
Bobbi's Early Life and Career Path
11:49 to 14:06
Bobbi shares her upbringing, education, and journey into the makeup industry.
“I went to Nutria High School, big high school in the suburbs.”
The Birth of Bobbi Brown Cosmetics
14:06 to 16:29
Learn how Bobbi Brown transitioned from freelance makeup artist to brand founder.
“and I started working as a freelance makeup artist.”
Navigating the Estee Lauder Partnership
16:30 to 18:55
Discover the dynamics of Bobbi's relationship with Estee Lauder and the challenges she faced.
“And I didn't know those people back then.”
Reinventing After Departure
18:56 to 23:38
Explore Bobbi's motivations and strategies after leaving Estee Lauder to start anew.
“Okay, so because now you can start your own company once the non-compete were off.”
Show all 11 chapters
Beauty Secrets and Personal Insights
23:39 to 25:56
Bobbi shares her personal beauty tips and reflections on success and happiness.
“or is it too small right now to go outside the United States?”
Transcript
Automatic transcript. May contain errors.0:01Bobbi Brown:The news doesn't stop on the weekends. Context changes constantly. And now Bloomberg is the place to stay on top of it all. Hi, I'm David Gurra. Join us every Saturday and Sunday for the new Bloomberg This Weekend. I'm Christina Ruffini. We'll bring you the latest headlines, in-depth analysis, and big interviews. All the stories that hit home on your days off. And I'm Lisa Mateo. Watch and listen to Bloomberg This Weekend for thoughtful, enlightening conversations about business, lifestyle, people, and culture. On Saturday mornings, we put the past week's events into context, examining what happened in the markets and the world.
0:35Bobbi Brown:Then on Sundays, we speak with journalists, columnists, and key political figures to prepare you for the week ahead. Join us as soon as you wake up and bring us with you wherever your weekend plans take you. Watch us on Bloomberg Television, listen on Bloomberg Radio, stream the show live on the Bloomberg Business app, or listen to the podcast. That's Bloomberg this weekend, Saturdays and Sundays starting at 7 a.m. Eastern on February 28th.
0:58David Rubenstein:Make us part of your weekend routine on Bloomberg Television, Radio, and wherever you get your podcasts.
1:10Bobbi Brown:I think it's fair to say that I'm not an expert on beauty or cosmetics, but I had a chance recently to sit down with somebody who is an expert, Bobbi Brown. She launched an iconic company, Bobbi Brown Cosmetics, a number of years ago, and in 2020, she launched another company called Jones Road Beauty. I had a chance to sit down with her recently to talk about all of this and learned a lot more about beauty than I knew before. Let's talk about the cosmetics world, which is not a world that I'm that familiar with. When you built your initial company, it was a gigantic success. What was it like starting all over again?
1:44Bobbi Brown:One day you're in a big company, you're a big parent, and then you have to start all over again.
1:48David Rubenstein:You know, it was really exciting and invigorating. I felt like a young kid again when I started Jones Road. and right before we launched, I definitely had a sudden, like, you know, like, emotion of saying, uh-oh, what if I'm a one-hit wonder? I was a little scared, but then I just threw it up into the wind and went for it.
2:07Bobbi Brown:Well, I can understand why you would have called your first company Bobby Brown, since that's your name, but Jones Road, where'd that name come from?
2:15David Rubenstein:Well, I sold the rights to Bobby Brown, to Estee Lauder, when we sold the company, so I couldn't use it again. and why would I want to do something that I've done before? So we needed a name because I wanted to launch Jones Road the day my 25-year non-compete was up. It was in 2020, a week before the presidential elections, and so I needed a name, and I didn't have one. And I was driving to the Hamptons with my husband. My head was down on Waze, and I looked down, I saw Jones Road. And I said, Jones Road Beauty. He said, I like it. And that's how it became Jones Road.
2:51Bobbi Brown:Now, in my business, sometimes I'm familiar with non-competes, but I've never really heard of a 25-year non-compete. That's unusually long, isn't it?
2:59David Rubenstein:You know, I didn't know because when we sold the company and my husband said, the deal is done, however, they want you to sign a 25-year non-compete. I was around 34 years old, and I'd never heard of a non-compete, let alone thought about a 25-year one. But I thought to myself, well, it's not a problem because I'm not going to want to work when I'm in my 60s.
3:20Bobbi Brown:So in the cosmetics world, the giants over the years have been Helena Rubinstein, not related to me. Elizabeth Arden. Elizabeth Arden, Charles Revson, Max Factor. Let's see who else, Estee Lauder. And these were people that all invented something novel at the time. And in your case, you kind of invented what, would you say?
3:43David Rubenstein:I revolutionized natural looking makeup because it was not popular at all. You know, where foundations used to be white and then painted in, you know, cheekbones and all this artificial color. Women looked better when they came in with no makeup than after they had like a full on makeover. So I started making products that were easy to apply and just made you look better. Like it was not complicated to me. Well, let's talk about why people put makeup on. I personally believe that women wear makeup to feel better. However you choose to wear your makeup, there's many different styles. I think it is such an amazing thing to be able to make yourself look and feel better.
4:27David Rubenstein:So for me, it's the way you feel even more than the way you look, if that makes sense. I like a more natural makeup. There are plenty of makeup brands that cater to women that like a very strong aesthetic. That's just not me or Jones Road. So it really does depend what age do you think?
4:44Bobbi Brown:Girls or young women should put makeup on I have a young granddaughter seven at what age is she gonna come and say She needs makeup.
4:51David Rubenstein:Well, I think that young girls are always love watching their moms put makeup on they love the colors I have a three-year-old granddaughter Lily is quite good with the lip gloss and puts you know my miracle bomb on my cheek Does she wear it to school? No, but it's you know, it's gonna be in her blood. So I don't think it's ever a big deal However, I've written two books about teenage girls and the only time I ever tell you know mothers to really pay attention If your kids are doing things like putting black lipstick on and looking, you know Goth you might want to just you know stop for a minute and check and say, you know, are they okay?
5:30Bobbi Brown:So who do who is the biggest customer for makeup? Is it women who are but say in their teenage years? Women in their 20s their 30s their 40s the 50s what age group is the biggest customer for cosmetics?
5:42David Rubenstein:Well, I think any Woman is a customer for cosmetics of any age Jones Road our target audience is 30 You know just in the 60s and some 70s, but I think it is definitely you know changing now the big thing are is makeup for young girls I don't understand I don't think seven and eight and nine year old girls should worry about what's in their skincare products but there's so much on social media now
6:11Bobbi Brown:that it's becoming a thing let's talk about social media some people say that influencers on social media are driving people to buy the beauty products is
6:20David Rubenstein:that true a hundred percent true but you know the great thing about social media it's a free way to market your products. Where back in the day, you know, you had to spend a ton of money and do advertising in this new world, it's much easier to get your messages out there. I wanted to share my three favorite products. It's hard to choose. It's like, which of my kids do I like best? It depends what day it is.
6:44Bobbi Brown:Cosmetics and beauty products are sold today. Is it mostly online through Amazon? Or is it big retailers like Walmart?
6:51David Rubenstein:I mean, there's definitely different distributions. My first brand was in higher-end stores. We launched in Bergdorf, then we were in Saks and Bendel's, and by the time I left the company, we had just started opening Macy's stores. And that's how businesses grow, is distribution. Jones Road has been following a different playbook. We are a direct-to-consumer. Probably 85 % of our business is direct-to-consumers through our own site, just online. And now we have 10 or 11 retail stores. We're in one account department store, Liberty in London.
7:29Bobbi Brown:Some people say that the price of cosmetics and makeup and beauty care products is relatively high because the cost of packaging and the cost of advertising. Is that a big factor in the pricing of your products?
7:43David Rubenstein:Not my products, not our products. That is a big factor. I come from a brand that spent a lot of money on packaging and marketing and teams. Jones Road is a different playbook. We spend money on marketing, but we don't spend a ton of money on our packaging. Our formulas are top-notch, but our packaging is more simple, so we can keep the cost down. Where are your products made? They're mostly made in the U.S., a lot of them in New Jersey. The pencils, like all cosmetics, pencils are made in Germany. Our brushes are made in Italy. You know, our packaging comes from Asia. Not China, mostly it comes from Taiwan and other places.
8:29Bobbi Brown:So let's talk about for a moment the business of cosmetics generally. It's a business that's now really largely controlled by large public corporations. I mean, your company's not public yet, but is it mostly the large companies that are doing the business of selling these products?
8:46David Rubenstein:It's definitely mostly large companies. And, you know, most founders start these businesses for one reason, to sell. I mean, Jones Road, I mean, I never thought about selling Bobby Brown Cosmetics until we got, you know, Leonard. We had other people call. it was never in my mind that that is something you would do. And so now I know eventually someone, the right person will come. And honestly, it's like this is my passion.
9:14Bobbi Brown:Hello, I'm Stephen Carroll. I'm in Brussels where many of Europe's biggest decisions get made. And I'm Caroline Hepker in London. We're the hosts of the Bloomberg Daybreak Europe podcast. We're up early every weekday keeping an eye on what's happening across Europe and around the world. We do it early so the news is fresh, not recycled, and so you know what actually matters as the day gets going. From Brussels, I'm following the politics, policy and the people shaping the European Union right now. And from London, I'm looking at what all that means for markets, money and the wider economy. We've got reporters across Europe and around the globe feeding in as stories break.
9:51Bobbi Brown:So whether it's geopolitics, energy, tech or markets, you're hearing it while it happens. It's smart, calm and to the point And it fits into your morning You can find new episodes of the Bloomberg Daybreak Europe podcast by 7am in Dublin or 8am in Brussels, Berlin and Paris On Apple, Spotify, YouTube or wherever you get your podcasts What I do So the trick in makeup is to look like you don't have a lot of makeup Yes What is the no makeup makeup look?
10:20David Rubenstein:Well, it's choosing colours that work with your skin tone that don't make you too pale and don't make you too bright And if you are someone that is going to wear a little bit of powder on camera, I would probably Just give you a little bit and you're not going to look like you're wearing it And by the way, it's not supposed to feel like you're wearing it.
10:39Bobbi Brown:Wow Like look look at how good you look So people are going to come up to me in the next couple of minutes and say wow you look so great
10:45David Rubenstein:Have you been on a vacation? Then I've done my job.
10:48Bobbi Brown:So what am I looking at here?
10:49David Rubenstein:This is the famous product that started it all. This is called Miracle Balm And what you do, it's a skincare and makeup in one. And what it is, is you dip your finger in it. You take it like this. Pat it on your cheeks. It gives you color. It gives you a glow. You could use it on your neck. You could even use it on your body. Comes in all colors. And this is a miracle to most women because it adds moisture and color to the skin. When there's a new product, do you have to look at every new product and approve it before it goes out? I don't want to call myself a micromanager, but I ideate the product.
11:25David Rubenstein:I work with the team. I approve. And then I'm the one, you know, a year later that says, uh-oh, something shifted. What happened? So, yes, I am very involved.
11:35Bobbi Brown:Let's talk about how you got into this business.
11:37David Rubenstein:So, where were you born? Chicago. Suburbs of Chicago. And what did your parents do? They were 20 and 21 when I was born. My dad, a lawyer. My mom was always a homemaker. And by the time they were 25, there were three of us that lived in the house, you know, three kids. Okay.
11:54Bobbi Brown:And so where did you go to school?
11:56David Rubenstein:I went to Nutria High School, big high school in the suburbs. Very famous high school in Winnetka, Illinois.
12:02Bobbi Brown:Right.
12:02David Rubenstein:Winnetka and Wilmette. And really what I think really taught me a lot about life was being around my grandparents. Papa Sam, who came from the Ukraine, who came here not knowing anyone. And by the time he was, you know, in his elder years, he was very known in Chicago as Cadillac Sam. He sold cars to all the big guys and some of the gangsters. Meyer Lansky, Al Capone. And work was everything to Papa, followed by his family. And so that's really what raised me.
12:35Bobbi Brown:So you graduated from New Trier High School. Right. Then what did you do?
Read the full transcript
12:40David Rubenstein:I graduated six months early to follow a boyfriend. went to University of Wisconsin at Oshkosh, because there was no way I was getting into University of Wisconsin in Madison. I didn't have the grades. I was there six months and then transferred to University of Arizona with all of my friends from high school, because school for me was about fun and not about what I was going to learn. And at the end of the year, I told my mom I was going to drop out, and she said, you can't. You have to go to college. She never did. Mom, It's so boring. And she said, forget about anything. Forget what you want to do.
13:15David Rubenstein:If today's your birthday, you could do anything you want to do, what would you want to do? And I said, I don't know. Maybe go to Marshall Fields and play with makeup. She said, that's it. Why don't you be a makeup artist? I said, I don't want to go to beauty school. She said, I'm sure there's a college somewhere. And through a friend of my dad's, I found Emerson College in Boston, and they let me design my own major in makeup.
13:37Bobbi Brown:That's Emerson.
13:37David Rubenstein:Emerson. All right.
13:38Bobbi Brown:And so you majored in theatrical makeup?
13:41David Rubenstein:Right, with a minor in photography.
13:42Bobbi Brown:That's a very unusual combination.
13:44David Rubenstein:It was my two things I liked.
13:46Bobbi Brown:All right. So then you graduated. Yes. And then what did you do?
13:49David Rubenstein:So I got a waitressing job. I lied to get the job because I had no experience, and I did that for a year. And then I moved to New York. I didn't know anyone. I opened up the yellow pages and looked up makeup, models, and I just started cold calling people. and somehow I figured out how to put a portfolio together and I started working as a freelance makeup artist. Really, the main thing I wanted was to be in fashion. So I did a lot of fashion shows. I eventually, you know, did all the magazines. I got a Vogue cover. You know, I started to get a name for myself and then lo and behold, while I was working, I also somehow was a frequent guest on Oprah Winfrey to go on there and do makeup.
14:36David Rubenstein:And I became a regular on the Today Show.
14:39Bobbi Brown:Talking about makeup.
14:41David Rubenstein:Talking about makeup, which I did for 14 years, never once talked about my products or my brand. I was the expert. When did you start Bobby Brown Cosmetics? Started Bobby Brown Cosmetics when I married my husband and we moved to Montclair, New Jersey because I didn't want to be in New York City. and then I just had this idea. I didn't want to travel anymore for work because being a freelance makeup artist, you're always on a plane going to some exotic place. And I just said, you know, why don't I, you know, think of something else? I met a chemist at a shoot and told him how much I hated lipstick that was in the market and what I was looking for.
15:24David Rubenstein:And he said, I can make it for you. So he did. He made me a lipstick. And I thought, wow, this is like amazing. I bet I could sell it to my friends, to models. And I started doing that.
15:37Bobbi Brown:So you ultimately started a company which had 10 different shades of lipstick, right?
15:42David Rubenstein:Mm-hmm. And I sold them out of my house, and my husband would mail them. They didn't even have a box. They were in an envelope. So they were, you know, very indie. We put the ingredients on a card and started shipping them. And then one day we were at a party, and I said, you know, thank the hostess for inviting us. I had never met her before. And she said she was a fan of mine. I'm like, oh, you know who I am? That's so nice. I said, what do you do? She said, oh, I'm a cosmetics buyer at Bergdorf Goodman. I said, oh, I sell these cosmetics out of my house. And she agreed to take them and sell them at Bergdorf.
16:21Bobbi Brown:And the venture capitalists didn't come along and said, we'd like a piece of your company and we'll give you some money? Or did you just finance it yourself?
16:27David Rubenstein:We totally financed it ourselves. And I didn't know those people back then. We had people reach out to us when our business started to grow that wanted to buy us. We weren't for sale until we got a call from Leonard Lauder because I fell madly in love at first sight.
16:47Bobbi Brown:I did know Leonard, a very impressive person. So he convinced you to sell the company. Right.
16:52David Rubenstein:I think we were maybe four and a half years in business when we sold the company to Leonard.
16:57Bobbi Brown:And so when you did that, you kept the name Bobby Brown Cosmetics, or did you say? Well, they bought it.
17:02David Rubenstein:I mean, it was called Bobby Brown Cosmetics.
17:05Bobbi Brown:But it was still called that Bobby Brown Cosmetics. It didn't say with Estee Lauder. No.
17:09David Rubenstein:We were the second brand they bought that they didn't make internally. And Leonard's thing was to run everything independently. Everything about Leonard was supporting the founder, supporting the integrity of the brand. When we first joined Estee Lauder, I'll never forget, they wanted our lipsticks to be made in their lab. And so it was, you know, we started the project and it was terrible. I couldn't recreate them properly. And finally, Leonard got involved. He said, absolutely not. If you, you know, if you do not, if you change them, women are going to know. So, no, we will work with the lab that makes your lipsticks.
17:46Bobbi Brown:Well, Bobby Brown Cosmetics, did they sell in the same place that Estee Lauder would sell, which is the big department source?
17:52David Rubenstein:Well, when Leonard approached me, we were the number one line in Neiman Marcus and Bergdorf. So we were beating Estee Lauder's in the store, and we did not even have a full line. It was really a phenomenon.
18:06Bobbi Brown:So as you worked through Estee Lauder for some 20-plus years, you were building the brand, building the brand. and now when you left Estee Lauder, you decided to start a new company, right? Right.
18:18David Rubenstein:I left Estee Lauder. Did I quit or get fired? To me, I got fired. Why would they fire you? Because there was a lot of angst in the year or so before I left. And it's all in my biography, or in my memoir, so it's all out there. It was tough. I mean, Leonard wasn't as involved in the company and there was a new, you know, CEO and a new, you know, a lot of new things were happening. And it was not a good time at all. And so it was honestly really tough. And it's the best thing that ever happened to me getting fired, if you want to know the truth.
18:58Bobbi Brown:Okay, so because now you can start your own company once the non-compete were off. Yes. But why not say, look, I already conquered the cosmetics world once. Why do I have to do it a second time?
19:07David Rubenstein:Well, I wasn't planning on doing it. Like I didn't, you know, when it first happened, I had no, it was 22 years of having a full calendar, full schedule, cars following me around, PR people, you know, with clipboards following me around. And all of a sudden it was gone. I didn't know what I was going to do and I didn't think I was going to start another cosmetics company.
19:27Bobbi Brown:If you could give advice to the 25-year-old Bobbi Brown, what would the advice be? You wish you had known then something you know now.
19:36David Rubenstein:She wouldn't have listened, but I would have told her to chill and relax. It's all going to be fine.
19:42Bobbi Brown:When you have successful companies, you obviously get some money, and you can have money, you can give it away. Are there particular philanthropies or charitable things that you're engaged with?
19:51David Rubenstein:Well, we have an organization in our hometown called Reaching Out Montclair. Our affluent town is not just an affluent town, so that's like something. And, you know, my husband and I have given to all of our colleges. You know, there's Bobby Brown, Stephen Plavker, Jim at Emerson. We have something at Rutgers and at Harvard. And, you know, different times we have different philanthropic.
20:14Bobbi Brown:So do you ever go back to Emerson and say, see what you did for me? I graduated, created this big business. Are you a very famous graduate? I guess you were one of the more famous graduates.
20:23David Rubenstein:You know, I actually, I do go back and I just went back for a talk when my memoir, when I did the Boston talk. And it was really, we did it in the gym. So it was really nice.
20:36Bobbi Brown:When people go into a freestanding store to buy cosmetics or beauty products, what is the chance they're going to walk out not having bought anything?
20:44David Rubenstein:As long as they walk out with a sample that we give them, I'm happy.
20:48Bobbi Brown:And the markups in this business are still reasonably good? The margins are, you say, reasonably good in the retail products?
20:55David Rubenstein:We make sure that we have a good price point. and we make sure that we have a good profit. I'm one of those weird people. I really believe in profit.
21:04Bobbi Brown:Now, your new brand is focused more on, I would say, healthy and wellness to some extent. So why is it healthier to put on Jones Road than Bobby Brown? What's different about it that makes it healthier?
21:17David Rubenstein:Well, when I started Jones Road, I was on my own path to really being the healthiest version of myself. So I went back to school, got my degree as a health coach, I started only eating organic when I can. And I started cleaning up, you know, what chemicals are in my products. And when I finally decided to really try to create a new beauty product, I was not going to do a traditional product. I really was curious if it was even possible to create something out of clean because the market has had shifted where women wanted clean makeup. So I didn't do it because I didn't believe in traditional. I did it because I didn't know if it was possible to do and I proved that it was
22:03Bobbi Brown:And can you tell if they're wearing one of your products?
22:06David Rubenstein:Usually if there's a nice sheen and a highlight on the cheek I could you know and then I I know and Often people come up to me and they like you know point to something and say dusty rose
22:18Bobbi Brown:Sunkissed and you say buy more no I say great So today if I wanted to start a company I wanted to be Bobby Brown and I want to start a cosmetics company, what would you recommend that I do?
22:32David Rubenstein:Well, first of all, there's nothing easy in life in general. But if you're a kid that is just coming out of college or even business school, I'd say go work for someone for a year. Go really learn what you can before you start something. And maybe start ideating and thinking what your company would be before you decide to do it. Don't start with a deck and investment. People make that mistake. Start with a product.
22:59Bobbi Brown:So today, if you were going to build this company out, is it your goal to ultimately find another Estee Lauder or to just take it public or just keep it private and owned by the family?
23:10David Rubenstein:You know, I don't know. I'm 68 years old. It's been five years. The business is growing. We do get a lot of calls from probably people that you have lunch and dinners with. We're self-funded. I don't need any money. We have enough cash in the bank to do what we want to do. You know, but I don't know what's going to happen in the future. I'm not opposed to the right situation on something. I just don't know what it is, and that's okay.
23:38Bobbi Brown:And do you try to expand your product outside the United States at this point, or is it too small right now to go outside the United States?
23:45David Rubenstein:No, we are available in Canada. We are available in the U.K., and now we're available in Europe. so you know would not freestanding stores yet I really want a freestanding store in in London because that's one of our biggest markets so what are the
24:02Bobbi Brown:most important beauty secrets you would give to somebody two or three beauty
24:05David Rubenstein:secrets well I would say first of all worry about your inside more than your outside take care of your health number two is worry about you know your your skin don't smoke wear sunscreen and and third just wear makeup so it just makes you look better end of story now did your parents live to see your success my father yes my father is still alive my dad's 90 he has proven how proud he is of me he's told me and he he just he always says I know you're not done and I
24:40Bobbi Brown:know I'm gonna keep hearing things so if you could give advice to the 25 year old Bobby Brown, what would the advice be? You wish you had known then something you know now.
24:50David Rubenstein:She wouldn't have listened, but I would have told her to chill and relax. It's all going to be fine. She wouldn't have listened because I still haven't figured out how to chill and relax.
25:00Bobbi Brown:Now, presumably the most important thing in life is personal happiness, which is also the most elusive thing in life. So as a result of having built these companies, I assume you're personally very happy with what you're doing now?
25:11David Rubenstein:I'm so incredibly lucky because I'm married 37 years. I still adore my husband. I have three sons, two grandkids. We are, you know, all very close. And, you know, I have not only old friends, I have new friends, people I've just met. So I feel very, very happy. And my, you know, Jones Road is a very young team, but they're my new posse.
25:36Bobbi Brown:Well, you're young to worry about legacies, but what would you like your legacy to ultimately be?
25:41David Rubenstein:You know, I hope my legacy will be that I was there to help people feel good about themselves and teach people how to be confident because I've figured out the secret of confidence. All it is is feeling comfortable in your skin.
25:56Bobbi Brown:Thanks for listening. To hear more of my interviews, you can subscribe and download my podcast on Spotify, Apple, or wherever you listen. Thank you.
From the publisher
World-renowned celebrity makeup artist, entrepreneur and author Bobbi Brown discusses her journey from selling lipsticks out of her garage to selling her company to Estee Lauder in 1995 - a deal that included a 25-year non-compete. She also talks about the evolution of the cosmetics industry, the impact of social media influencers and what it's like to reinvent herself in her 60s by launching Jones Road Beauty from scratch. She's on this week's episode of "The David Rubenstein Show: Peer to Peer Conversations." This interview was recorded December 16 in Montclair, N.J.
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