Huda Kattan, Founder of Huda Beauty, has dismissed any idea of an IPO for her $1 billion cosmetics company, telling Arabian Business that her business motive is to make an impact, rather than make a profit.
Referencing Tesla co-founder and CEO Elon Musk’s recent IPO attempt, Kattan stated that going private places unnecessary pressure on a company.
She stated, “Elon Musk is realising he can’t go private, but when he wanted to go private, he tweeted something and all of a sudden people started selling their shares. I get that there are other things going on with Tesla right now, but he’s still brilliant.”
Social media influencer Kattan, who boasts 27 million followers on Instagram, suggested an IPO would not be the right course for the successful beauty brand, which has an incentive to make an impact on consumers rather than financial gain.
She continued, “I don’t think I’d be interested in going public. It’s unwarranted. What is the purpose of going public? I don’t see the benefit of it. Is it just to make money? I don’t care about making money. I don’t think it’s necessarily the right way for our business. Our goal is not to make lots of money. Our goal is to create impact.”