July 29 is National Lipstick Day!
Every year on July 29, we celebrate National Lipstick Day! The concept of lipstick originated in Mesopotamia where humans would ground precious gems into dust and decorate their lips. As time passed, lipstick has evolved from deer tallow, castor oil, beeswax, and berry-derived dyes; proving lipstick and cosmetics have come a long way. Companies like Joy of Beauty, a cosmetics company who specialize in diabetic friendly body-care and lifestyle products, have contributed to the evolution of those cosmetics products.
Challenge
Founded in 2007, Joy of Beauty began as a full-service spa, distinguished by its expertise in diabetic pedicures and its commitment to providing complimentary services to cancer patients during their treatment (with medical clearance). Developed by a licensed beauty practitioner with over two decades of experience, these specialized products are now available for purchase through their website JoyofBeautyBrand.com, BSPA, and medical partners. With the opportunity to continue business expansion, Joy of Beauty needed to find solutions for reaching markets outside the United States
Solution
In 2022, Joy A. Johnson, CEO of Joy of Beauty, discovered the Export-Import Bank of the United States (EXIM) during the ByBlack Conference in Washington, DC, hosted by the U.S. Black Chambers Inc. It was there that she connected with a member of EXIM’s Minority & Women Owned Business Outreach Team. This encounter proved pivotal as Joy of Beauty now gears up to expand internationally, supported by EXIM’s new and innovative financing tool – Equity Express Select (EQS) Export Credit Insurance. This product is specifically designed to bolster underserved business communities by shielding U.S. exporters against nonpayment thereby boosting their global competitiveness.
“EXIM Bank has benefitted my company by knowing, as a small business, I can aggressively and confidently pursue international buyers knowing I have the tools available to help mitigate the potential risk with exporting. Now that I am aware of EXIM’s products, I don’t see myself doing business internationally without them.” - Joy Johnson, CEO & Founder of Joy of Beauty
Results
In tandem with securing their export credit insurance policy from EXIM, Joy is also looking to leverage EXIM’s Working Capital Loan Guarantee Program to manage foreign purchase orders effectively and unlock necessary cashflow to fulfill orders. The company is now poised to embark on its international journey, aiming to connect with potential buyers at the upcoming 2024 Beauty World conference in Dubai later this year. With their EXIM-backed insurance policy in place, Joy of Beauty anticipates a substantial uptick – 10 times their current annual sales, as they seize upon inquiries and contracts from overseas markets.
