Faculty Launches Men's Nail Polish with Estée Lauder Funding

Faculty: Beyond Nail Polish – A New Vision of Masculinity

Fenton Jagdeo, co-founder of Faculty, immediately clarifies a common misconception: “It’s not a nail polish company.” Established in 2019 alongside Umar ElBably, the Toronto-based startup currently offers a limited selection – three nail polish shades and accompanying stickers – but these products represent a strategic entry point into a much broader ambition, according to Jagdeo.

Expanding Beyond Current Offerings

The company intends to introduce a wider range of merchandise. This expansion will include foundations specifically formulated for men, eyeshadow palettes, and potentially even hair dye. All of these products will be centered around a redefined concept of “new wave of masculinity,” as Jagdeo explains.

Faculty has effectively “mastered the drop model,” similar to how influential culture publications like Hypebeast cultivate demand for novel products. This involves advertising limited product quantities, inevitably leading to sell-outs. The initial nail polish shades and sticker set are already examples of this successful strategy.

Blurring the Lines Between Streetwear and Cosmetics

Jagdeo acknowledges the deliberate ambiguity surrounding Faculty’s categorization. The company aims to intentionally “blur” the distinction between streetwear and cosmetics brands. This strategic positioning is proving effective.

The cosmetics industry leader, Estée Lauder, recently spearheaded a $3 million seed funding round for the five-person Faculty team. Joining the round were RareBreed Ventures, Maple VC, Debut Capital, Creative Connectors, AUFI, 10K Ventures, actress Maisie Williams, and recording artist Iann Dior, demonstrating significant investor confidence.

The Power of Storytelling and Brand Loyalty

The differentiation between cosmetics brands often hinges on compelling storytelling and the cultivation of a dedicated customer base, rather than purely on product formulation. Glossier’s substantial valuation serves as a prime example of this principle.

Jagdeo concedes that Faculty’s nail polish isn’t chemically distinct from existing market offerings. However, he effectively conveys a compelling vision, while also highlighting the storytelling prowess of his co-founder, Umar ElBably, who shares his business school background.

A Growing Market for Men’s Personal Care

Their core proposition – providing men with innovative products for self-expression – resonates with current market trends. Grand View Research projects the men’s personal care market to reach $75 billion within the next six years. Currently, there’s a relative lack of established grooming brands catering specifically to millennials, creating a significant opportunity.

The streetwear market is even more substantial, reaching $185 billion in sales in 2019 according to PwC. New brands are consistently emerging, including those that challenge traditional notions of hyper-masculinity, mirroring Faculty’s approach.

Leveraging Estée Lauder’s Expertise

Estée Lauder’s investment is particularly noteworthy, given the company’s infrequent direct investment in startups or leadership in seed rounds. While the funding will support Faculty’s marketing, research and development, and operational needs, Jagdeo emphasizes the invaluable mentorship and access to networks that Estée Lauder provides.

As Jagdeo states, “It’s a lot easier for us to say, ‘Hey, you know, we’re working with Estée Lauder and Estée Lauder is one of our investors,’ versus, ‘We’re two guys with a dream.’”