Lime Crime has entered a new phase in the business world. Recently, the private equity firm Tengram Capital bought a majority stake in the company. With this shift in ownership comes the supervision of new CEO Stacy Panagakis.
Although a change in leadership can bring unsettling feelings, Panagakis is making every effort to bridge a seamless transition. She has her eyes set on growing the brand and expanding its reach so that it becomes available to more international customers. Panagakis has a deep history in the makeup industry. She gained experience working for famous names like Estee Lauder and Stila Cosmetics. She hopes to accomplish her goals for Lime Crime by listening to existing customers, improving the business’s direct-to-consumer model, and expanding the management team.
The History of Lime Crime
Lime Crime was originally introduced in 2008. Under Doe Deere, its founder, the brand hit the public and became a sensation. With a whirlwind of ideas, Panagakis looks to triple the size of the current business. In 2017, Lime Crime enjoyed approximately $30 million in sales. Much planning is necessary to gain success, but Panagakis is ready and excited for this obtainable task.
When Ms. Panagakis was asked about her development strategies, she explained that the company’s direct-to-consumer approach is still a top priority. She hopes to make a true connection to customers and to speak to as many individuals as possible. With one-on-one communication, the company can develop customized products that fill the gaps of what is missing in the world of cosmetics.
A Bold New Direction
Thanks to digital technology, this task is a bit easier. Social media is a beneficial platform that makes it possible to track where consumers are located, pinpoint their buying habits, and introduce products that meet their preferences. She stresses the importance of taking the effort to truly understand customer needs. Time and careful consideration is essential. When going too fast, assumptions are made. This can lead to mistakes and poor decisions.
The best way to fulfill a customized buying experience is to uncover how to create products that solve the issues of individual consumers. The heart of the matter is honoring the wants of the people who are loyal to the brand. Addressing needs of a larger population will draw new customers as well. An exciting change is on the horizon for Lime Crime. It is beginning to be sold online at various chain store websites and will be available in certain physical locations.
Since it makes sense to bring offerings to the places where customers are located, the most common stores that will be stocked with the Lime Crime line will be located in bigger cities. As time progresses, the brand will expand internationally as well. During the summer, the brand was launched in United Kingdom department stores. This is a market that has responded well to the products.
Never Skimping On The Fun
Lime Crime stands out from the competition with its whimsical nature. Introduced as a “vegan and cruelty-free makeup for unicorns,” it brings mystical feelings and happy thoughts to its customer base. Thanks to the unique approach to cosmetics, the executives at the company hope to continue to build brand awareness and to create a successful niche within the segment of an industry that tends to get cluttered with various products for hair, face, and nails.
Get the most perfect brows you’ve dreamed of and with a VEGAN and CRUELTY-FREE formula? YES PLZ. 💁♀️
💜 | BROWNIE Strong Hold Gel + Precision Pen
🎥 | makeupbykyran pic.twitter.com/CECCvI9GWD
— Lime Crime (@limecrime) November 3, 2018
Customers appreciate the authentic personality of the brand. Panagakis hopes to capitalize on these special characteristics. It is key to maintain digital dominance. However, pop-ups will bring a tangible presence. It will be a nice way to introduce new users to the special offerings of the business. Since Lime Crime’s largest demographic is younger women, the brand will be a welcome addition to stores that are looking to attract this age group. Creating great vendor relationships will be quite beneficial for everyone involved.
Within the line of products, Panagakis looks to increase its hair segment. Its “Unicorn Hair” was introduced in 2017. Also, there is talk of expanding the makeup offerings. For example, consumers have been asking for things like lip pencils and similar items. The place where the brand excels is its boundless color. Cosmetic palettes will continue to deliver limitless opportunities for women who want to bring bright and creative hues to their appearances.
What the Future Holds
The future of Lime Crime looks very bright. Tengram was selected for its comprehension of the brand’s identity. Staying true to the company’s roots is essential. Stacy Panagakis was approved directly by Doe Deere as well. The plan is to build on the needs of existing customers and to expand on an international platform. For 2019, Lime Crime is looking to hit Ireland. Other countries are not far behind. Being on a solid path ensures long-term success. The public can be sure that this brand is going to take the world by storm and add excitement and interest to an industry that is constantly evolving.