Dive Brief:
- Ipsy has named Galen Smith as its new chief executive officer, effective immediately, per a news release.
- Smith, who has over two decades of membership-based business experience, formerly served as CEO of Redbox Entertainment for six years and left the company in 2022 after it went public.
- Smith has also held positions at Morgan Stanley and leadership roles at Outerwall, per the announcement.
Dive Insight:
Ipsy is ushering in yet another leader as the company eyes growth.
The beauty company’s co-founder Marcelo Camberos served as the company’s CEO until January 2023, according to the executive’s LinkedIn profile. Scott Gilbertson succeeded Camberos in the CEO role and held that role through at least May of this year. Ipsy did not respond to emailed questions regarding when Gilbertson left the CEO role.
"Galen is a customer-centric leader who shares Ipsy’s dedication to our members, has a passion for our mission, and understands the power of a strong brand," Camberos, who now serves as chairman of the board, said in a statement. "He's a proven transformational brand builder and his experience guiding companies through new innovation cycles will be invaluable. I'm excited for his visionary leadership as we move into this next growth stage."
Smith takes over the CEO role at a time of growth for the beauty box subscription market. The beauty subscription market is projected to grow at a compound annual growth rate of 17.9% from 2024 to 2030, per Grand View Research.
Ipsy has been making changes in recent months to both executive positions and company structure. The company in May brought on Francine Li as chief marketing officer. Li came from Riot Games, where she was global head of marketing.
In Feburary 2023, Ipsy and BoxyCharm merged their respective businesses under the Ipsy brand as a way to streamline operations after the pandemic caused disruptions in the global supply chain and changed consumers’ buying habits.
By consolidating the two businesses, Ipsy offered four subscription options — Glam Bag, BoxyCharm by Ipsy, Icon Box and Refreshments.
Ipsy has continued to seek out unique collaborators for its quarterly Icon Box, bringing on makeup artist and beauty brand founder Patrick Starrr to curate its May offerings. The brand also brought on John Legend and Chrissy Teigen for its August box.
A number of beauty brands have recently made CEO changes, as founders are stepping aside to bring on experienced executives as they seek growth. Philippe Pinatel joined Merit after serving as president of MAC Cosmetics. Supergoop named a new CEO in February and Eighth Day tapped beauty veteran Savannah Sachs at the start of the year to take the helm.
