Merit Isn’t For Beauty Lovers. That’s the Point.

What do Amy Poehler, Martha Stewart and Walton Goggins all have in common? It’s not the casting for an episode of screwball prime-time TV.

All three of them have appeared in promotional content made by the US cosmetics brand Merit. They may be unusual bedfellows for a beauty brand, given the industry’s predilection for girlish young starlets — all three are over 50, and Goggins is, of course, a man — but their selection embodies Merit’s irreverent approach to marketing, emphasising real-life routines rather than mega-watt glamour.

Unlike many of its peers in the fast-growing premium cosmetics category, Merit is not a makeup artist brand, nor has it enjoyed social media virality. At times, it feels like an under-the-radar brand better-known by beauty editors and cosmopolitan women, but it does a roaring trade in middle American states and on Facebook, a decidedly uncool platform.

However ineffable its charm, it seems to have stuck the landing. Retail sales have been increasing around $50 million each year since 2023, ticking up to around $200 million in 2025. Chief executive Philippe Pinatel told The Business of Beauty that its range of easy-to-use, simple products like its finger-daubable Flush Balm Blush, $30, and The Minimalist foundation stick, $38, is by design, not by accident.

“We’re not an innovation brand, we’re a functional brand,” said Pinatel, who describes his customers’ relationship to beauty as “unemotional.” “It’s not that they don’t like beauty. They just don’t love it,” he added.

It’s an unconventional strategy. While other premium brands have targeted beauty-obsessed customers with trend-led formulas (Refy), lofty skincare claims (Westman Atelier) or professional clout (Makeup by Mario), Merit makes more simple products for a woman who is looking for ease and reliability, not complexity. Compared to makeup obsessives, they’re less likely to be plugged into platforms like TikTok or YouTube, and brands have to work harder to convince them their products are worth their price points.

But once these customers are won, they’re more likely to be loyal for longer. Some beauty brands are propped up by viral peaks in popularity when a certain look or trend hits fever pitch. It can make sales spike, but those trend-led, fickle shoppers converting into repeat customers isn’t likely. Brands like Drunk Elephant and Milk Makeup have struggled when consumers who were lured in by a single SKU drifted away. But you can’t lose a customer you never had, and Merit has deftly chosen consistency over virality.

Merit’s chic, simplistic aesthetic is far from drab, with accents of gold and chic typefaces. But its products are marketed on an almost pedestrian functionality: its sunscreen is called The Uniform, and it sells a set of cosmetics called The Five Minute Morning.

“Not everyone wants to be obsessed with beauty, but everyone likes to present the best they can,” said Virginia Bonofiglio, chair of the Fashion Institute of Technology cosmetics, fragrance and marketing programme.

Slow and Steady

While many brands rely on innovative new launches to power growth, Merit relies on a slower, steadier strategy: Making fewer products that are quickly replenishable, then adding some newness via limited edition sets or shade extensions. Its overall revenue growth is still led by its core collection of products, which include the foundation stick and Great Skin Serum, ($42). It added a fragrance, Retrospect $92, at the end of 2024, and a sunscreen in May 2025.

Courtney Nelson, a managing director at L Catterton, the private equity firm that took a stake in Merit in 2021, said its direct-to-consumer and retail businesses have grown in tandem without cannibalising one another. Many premium cosmetics brands become dependent on Sephora or another top retailer for revenue. “[Merit] does not have reliance on a single channel,” said Nelson.

It also doesn’t rely on one kind of product. By weighting its offering across multiple categories from cosmetics to skincare to perfume, Merit is further hedging against trend shifts in makeup.

Having strong direct-to-consumer muscle has also helped its internal expansion. When entering a new market like the UK or France, it does so with a DTC presence first, and also hires a domestic public relations agency and hosts events for local tastemakers to gain a deeper understanding of the market and its nuances. “It lets us test our messaging and see whether the core philosophy of the brand translates in a different country,” said Pinatel. The brand launched DTC in the UK in 2023, two years before entering Sephora in the region, which helped drive its uptick in revenue last year.

Still, to reach critical mass and show momentum, Merit still has to add newness and leverage the power of retailers. It’s now gearing up to launch in Spain and Italy in February, and just launched as a new lip product, Signature Lip Blush, $28, intended for comfortable, all-day wear.

Waiting for Merit’s Moment

For all its disruptive qualities, Merit has long been watched by observers who see it as a natural next acquisition for a major strategic firm. The company retains the services of the investment bank Goldman Sachs, but Pinatel said it is not actively pursuing a sale as it is waiting for the market to improve.

It could be waiting a long time. Firms like L’Oréal, Amorepacific and E.l.f Beauty have slowed down their colour cosmetics acquisitions, preferring skincare and fragrance makers. Despite dynamism in the category, many makeup brands that traded for high valuations in the aughts like Too Faced and It Cosmetics are now struggling to resonate with modern consumers, and trend cycles are shorter.

Even in their niche avenue, Merit still has rivals. Bonofiglio said the likes of Saie and Glossier, which also offer a nonchalant take on beauty, are natural competitors. As customers are becoming increasingly more interested in products’ clinical efficacy, both in skincare and makeup, shoppers could be swayed by a brand they feel has more skin-friendly or anti-ageing ingredients. “[Merit] is really for a very specific customer,” she said. “[The proposition] is not as wide as some of the other brands… but by being narrow and deep, you’re going to get a lot of repeat customers.”

Ultimately, Pinatel believes that Merit is catering to a customer the wider industry has left behind. [The ads with Poehler et al speak directly to what the company referred to as “modern, busy and gainfully employed” in an email.] Recalling the halcyon days of department stores, he said professional working women used to be very happy to buy many if not all of their beauty products from a single counter, and sold to them as a bundle or series of steps. While department store sales have rapidly faded, with some like Sak’s and Lord & Taylor going bankrupt, he believes that customer is still there.

“The department store distribution is gone. But that consumer is not gone,” he said. “This brand can go much higher [than $200 million]. And we are not going to be stuck in a certain subcategory.”

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