Toni Ko
Toni Ko | |
|---|---|
| Born | 1973 Daegu, South Korea |
| Occupation | Entrepreneur |
| Known for | Creator of NYX Cosmetics |
Toni Ko (born 1973) is an American entrepreneur and the creator of NYX Cosmetics. She established the brand in 1999 and expanded it until its 2014 acquisition by L’Oréal for $500 million. Currently based in Los Angeles, Ko oversees two enterprises: a venture capital firm supporting female founders and a beauty brand incubator.
Early life
Born in Daegu, South Korea, Ko moved to the United States at the age of 13. Without prior knowledge of English, she was enrolled in seventh grade. During her adolescence, she assisted her parents, who operated a cosmetics wholesale business. Ko attended Glendale Community College on weekends but soon left to dedicate herself full-time to managing her family’s wholesale operations.
NYX Cosmetics
Drawing on her background in cosmetics, Toni Ko launched NYX Cosmetics in 1999 with an initial investment of $250,000 provided by her mother. The brand’s name derives from the Greek goddess Nyx and was created to deliver premium-quality makeup at affordable drugstore prices. In its inaugural year, NYX generated $4 million in revenue.
The original product range included six eye liners and twelve lip liners priced at $1.99 each, considerably less than competitors’ offerings around $10. This inventory sold out within just one month. Ko’s approach tapped into increasing consumer interest following the 2008 financial downturn and leveraged early collaborations with YouTube beauty influencers, successfully cultivating a youthful customer base and positioning NYX for acquisition.
In 2014, Ko finalized the sale of NYX Cosmetics to L'Oréal for close to $500 million.
Ventures after NYX Cosmetics
Bound by a five-year non-compete agreement with L'Oréal, Ko introduced Perverse Sunglasses in 2016, which was later renamed Thomas James LA. The business shifted focus to e-commerce after closing its physical stores and was sold in 2019.
Ko also founded Butter Ventures, a California-based venture capital firm that primarily invests in startups led by women.
Bespoke Beauty Brands
Following the expiration of her non-compete clause with L'Oréal on September 30, 2019, Toni Ko founded Bespoke Beauty Brands (BBB), concentrating on cosmetic collaborations with celebrities and social media influencers. The company’s debut collection, KimChi Chic Beauty, launched on October 16, 2019, in partnership with drag artist Kim Chi. On January 17, 2021, BBB released Jason Wu Beauty at Target in collaboration with fashion designer Jason Wu.
Awards and honors
Ko has received numerous distinguished recognitions throughout her career. NYX Cosmetics was named WWD Inc.’s Beauty Brand of the Year in 2013. That same year, she was honored with the Lifetime Achievement Award from the Beauty Bus Foundation. In 2014, she earned both the Entrepreneur of the Year Award from the Asian Business Association and the Leadership Award from NAWBO. The National Women's History Museum included her among its Women Making History honorees in 2016. Forbes ranked her #94 on its 2021 list of American Self-Made Women, estimating her net worth at $260 million.