Trends in which activities beauty firms perform internally

"Historically, big beauty companies have been in charge of their own manufacturing, formulations and distribution, while relying on advertising agencies to market their products and retailers to sell them. But a generation of beauty startups, including Kylie Cosmetics, is upending that formula, selling directly to consumers and relying on social media for marketing, while farming out production and distribution to third parties."

Kylie Cosmetics generates  "$200 million in annual revenue with fewer than a dozen employees and virtually no ad spending."

WSJ, Jan. 2021.