How Brianne West made her first million

Monday, 2 December 2019

Kiwi company Ethique has saved over 4 million plastic bottles entering landfill in New Zealand and around the world. (First published May 24, 2019)

Ethique founder Brianne West built her eco-friendly cosmetics company, now turning over more than $10 million a year, on the back of her student loan.

West said, while she did not have $1m sitting in cash in the bank, her wealth was linked to the company, which had grown 999 per cent in revenue over the past three years according to Deloitte's Fast 50 Index.

'I was 30 when I was worth a million,' West said. 'I didn't really notice until my accountant pointed it out.'

The 32-year-old said she started Ethique at a financially 'bad time', deep in student loan debt and recovering from another business that had grown too quickly and struggled to meet demand.

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'I didn't have any money to put into Ethique so I used the living costs available through my student loan to buy some of my first ingredients, and started from there.'

The University of Canterbury chemistry student made about a kilogram of bar soaps a week to sell to friends and family.

West started Ethique at the age of 24, with the goal of reducing the amount of plastic in circulation. Now, she claims Ethique has prevented 4.2 million plastic bottles from entering landfill, based on one shampoo bar saving three 350 mililitre plastic bottles.

West said there was a misconception that social enterprises did not perform well financially.

'It's often thought that companies with a charitable component aren't doing well. But social enterprises or any business with a purpose tend to actually do better because they get longer loyalty from their customers, they can tell a better story and give greater growth rates.

Brianne West, founder of the natural and environmentally friendly beauty brand Ethique, turned a 'side hustle' into a profitable business.

'We are sought after by various investment funds and companies around the world because we are profitable and in a very healthy financial state, especially for a company growing as fast as us and doesn't have profit as our number one motivation.'

In 2017, Ethique raised half of its $1 million goal through crowdfunding within the first two hours the campaign went live.

While Ethique was her best financial investment, West said she had experienced a fair number of mistakes, which led to her becoming better at managing money.

'I borrowed too much while I was at university.

'I had a job but still took money out of overdraft, which was unbelievably stupid. I didn't really think about the fact I had to pay that back one day.'

West said she had become better at saving with age and sustainability had shaped her spending habits.

'I don't buy things unless I need to, I don't believe in fast fashion. I don't buy random trinkets, I don't go to malls very frequently so I avoid those temptations.

'I'm a slow purchaser now but I never used to be. When I was 23 I'd burn a hole in my wallet.'

West said having a successful business did not make her feel rich, but it made her feel lucky.

'I have enough finances to make choices, so I can support causes and have freedom. To me that's much more important than feeling rich.'

Ethique donated 20 per cent of its profits to charities every year.

West said there was such a thing as having too much money, but as her business grew , philanthropy would continue to be big focus for her.

'When you have money it's easier to make more, through interest and investment. But there is an optimum amount.

'Whatever money I gain I will spend the rest of my life giving it away and that's what makes me happy.'