
Photo courtesy Brandefy
When you think of renowned beauty or technology brands, you likely think of them as being based in cities such as Los Angeles or New York. However, cosmetic company Brandefy has made its mark on the beauty world by breaking the mold from Richmond.
The company launched an app in 2018 that allows users to compare premium cosmetic and skin care products to more affordable alternatives using a similarity score based on factors such as ingredients, consistency and smell. In the years since the debut, Brandefy has fostered a community of cosmetics consumers seeking transparency in what they buy. The insights learned from the app led the company to create a line of products, which customers can purchase through the app, website or Amazon.
Meg Pryde, the company’s CEO, founded Brandefy in 2017 as part of the University of Virginia’s startup incubator program while earning her MBA at the institution’s Darden School of Business. The idea sparked as she was working in the consumer-packaged goods industry and seeing how packaging and brand names could affect the price of a product. “We would put the exact same product into [two different] containers and sell one for $80 and one for $10, and I was horrified by that,” Pryde says.
Curious shoppers have fueled the company’s rise. Since its launch, the app has amassed more than 500,000 downloads. “We’re helping consumers compare products and know when it’s worth it to pay $100 for something or when they can get it for $10,” Pryde says.
The online platform also offers a forum where consumers can share feedback and ask each other for product recommendations. “We have a unique community through our mobile app, and that’s the part I love the most about Brandefy,” Pryde says. “You can see people going on there and asking what primer they should wear on their wedding day.”
That digital community led Pryde to create Brandefy Skin, which made its first sale in 2022. The product line was developed in response to inquiries about affordable skin care alternatives and the lack of options available on the market. Products including a dual retinol renewal cream, tri-lipid replenishment treatment and Retinol Age-Defying Eye Serum are designed to provide high quality skin care at an economical price.
The reduced cost is made possible by using simpler packaging and a direct-to-consumer business model. “We’re using all the same world-class chemists and dermatologists and manufacturers [as other brands],” Pryde says. “The difference is that we’re not paying 50% to a retailer, we’re delivering it directly to the consumer’s door.”
Brandefy’s approach to transparency in beauty products has earned attention from local and national media outlets. In December 2023, Richmond BizSense named the business No. 1 in its list of the 25 fastest-growing companies in the city. And Pryde hopes to continue that track. “We did over [$]1 million in revenue over the past 12 months,” she says. “It’s exciting.”