Retail

Goop Inc Taps Into Booming Wellness Market

Goop luxury products

While Gwyneth Paltrow's Goop Inc. is most famous as a luxury goods platform, it has also reportedly grown into the center of the wellness industry. The Global Wellness Institute found that the market for those kinds of offerings was value at $4.2 trillion in 2017 and rose from nearly 13 percent two years before, Bloomberg reported.

As it stands, the outlet reported that the company “is partially responsible for this growth” and the company has “dominated the conversation among women seeking alternatives to traditional medicine.” The outlet also reported that wellness event and product revenue has almost tripled in the prior two years. Chief Revenue Officer Kimberly Kreuzberger said, according to the outlet, “We’re marketing to a very actionable consumer because they’re a shopper.”

Goop has also notched over $82 million from outside investors and venture capital funds and reportedly has a value of more than $250 million. At the same time, major brands have backed integrations taking place during conferences. New Enterprise Associates General Partner Tony Florence said, according to the report, “Gwyneth was super sophisticated in how she thought about the market opportunity.” Florence continued, “She saw the trends around self-care early.”

The news comes as lifestyle brand Goop was opening its first permanent store in New York City’s SoHo district after experimenting with a pop-up shop on Long Island, among other locations. Kreuzberger told Glossy in October that 12 percent of the company’s online sales come from the New York metro area (more than Los Angeles and San Francisco). And, in terms of the retailer’s brick-and-mortar blueprint, Kreuzberger told the outlet, “Our strategy has always been about opening a small number of stores where we have the deepest penetration.”

The brand’s new store in New York City, however, was said to be a bit different than its Los Angeles brick-and-mortar location. The store was to have more of a seasonal focus and as well as more expensive items. It was to have exclusive brands like Sidney Garber, which has bracelets that sell for $8,600 and up.

——————————

NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

TRENDING RIGHT NOW