Skin-care brand Sunday Riley is lowering the price of its cult-favorite Good Genes product, according to an exclusive Elite Daily report.
The $105 lactic-acid product, which will soon cost $85, is also being reformulated to make sure the product is “as sustainable and clean as possible,” the brand’s namesake founder Sunday Riley said in a press release sent to Elite Daily.
Speaking to Elite Daily, the company’s founder said the price drop will likely be a “huge hit” to her company, as it’ll probably owe retailers “hundreds of thousands of dollars.”
Riley said she believes her company is making the right choice. She’s also previously spoken about working to lower the prices of her products.
Visit Insider’s homepage for more stories.
Skin-care brand Sunday Riley is making big changes to one of its cult-favorite face products.
On Friday, Elite Daily’s Theresa Massony exclusively reported that the Texas-based brand is lowering the price of Good Genes, a lactic-acid treatment that’s said to retexturize the skin. Prices on both the regular and value-sized bottles ($105 and $158 respectively) will drop 20% starting January 21, while bundles that include samples of Good Genes will also be marked down, according to Elite Daily.
Brand founder Sunday Riley told Elite Daily that the price drop will likely hurt business at first
Speaking to the news outlet, founder Sunday Riley said she’s focusing on “becoming a better version of self, both personally and as a company,” throughout 2020. To start, the brand is dropping the price of Good Genes by 20% — which means you’ll now be able to purchase the product starting at a price of $85.
“The cost of Good Genes hasn’t set well with me for years,” Riley told Elite Daily. “I’ve talked about it in internal meetings and retailer meetings for a while. It’s a 10-year-old price tag and out of date with today’s economy and goals.”
“I haven’t run any financial analysis on what the impact will be to our revenue to reduce the price of each bottle by 20%, but I know at first it will be a huge hit to us,” she continued.
“I know that we will start out 2020 probably owing hundreds of thousands of dollars to our retail partners, who bought into Good Genes at our previous wholesale price versus the new one,” Riley said. “We’ll have to make that right. And with 20% less earnings per bottle, we’ll have less immediate cash to pay that difference off. But I think it’s the right thing to do, and it’s what we are going to do as a company.”
The price change of Good Genes likely reflects its new formula
According to Elite Daily, some ingredients in the product will be changed to make sure the treatment is “as sustainable and clean as possible.” For example, a preservative called DMDM hydantoin is reportedly being swapped for a cleaner, alternative blend of sodium phytate and potassium hydroxide.
The product’s packaging will also be altered slightly, according to Elite Daily’s report. Rather than storing the …read more
Source:: Business Insider