Gwyneth Paltrow provided the latest updates on her company Goop in a cover story for Vanity Fair.
According to Pitchbook, Paltrow founded lifestyle brand Goop in 2008, raising more than $140 million from investors, including Greycroft and G9 Ventures. The brand is considered one of the first examples of successful lifestyle companies founded by actors.
However, the company has undergone several reforms over the past few years. Last June, Industry Insider’s publication Puck said Goop’s sales have been flat since 2021 and its beauty lines have not been doing very well either. Then, just a few months later, in September, Goop fired 18% of its 216 workforce, followed by another layoff in November. In 2021, Business Insider also reported high sales. It’s no wonder Goop began to question whether it had lost its advantage.
In a wide range of interviews, Paltrow once again tried to dispel these rumors. Previously, a spokesman told the outlet that the company is restructuring and still sees revenue growth. Paltrow gives more insight into it and informs Vanity Fair that it is undergoing changes as the company tried to optimize its EBITDA, known as interest, tax, depreciation and revenue before amortization.
Goop did not respond immediately to requests for comment.
Goop did not say whether it was a profit, but a spokesman told Vanity Fair that 2024 was still one of the best years, with revenues increasing by 10% since 2023. The company has Goop Beauty, a fashion unit called the G. Label, released in 2016, and Goop Kitchen, a delivery service launched in 2021, which recently shut down 15 million rounds from investors, including Travis Kalanick. The spokesman said all of these brands are also seeing growth.
Since Goop was first launched, the world of celebrity health has changed dramatically. Most often, celebrities recognize that if a brand is successful, billions of dollars can be made. Right now, Goop has more competition than ever before. This once stole product headlines ranging from Yoni eggs to $274 peptide serum. In beauty, Haley Bieber has a Lord, while Rihanna has a five-type beauty and skin. Even Meghan Markle is still about to launch a lifestyle brand in the coming months.
Obviously, Goop is trying to find its foothold again now in billion-dollar celebrity health, but Paltrow doesn’t see competition as a zero-sum game.
“I think there’s more than enough to always turn around. Everyone deserves everything they want to try,” she told Vanity Fair.