The one-SKU strategy behind Eye of Horus’ retail growth

In Byron Bay, Holly Schleich started with one product and the patience to build it properly.It was 2010 when, alongside her mother, Heather Spierings, Schleich founded Eye of Horus, a beauty brand shaped by mythology and modern formulation science. The hero product was a mascara for sensitive eyes, known as the Goddess Mascara, representing “the cornerstone of the brand and still to this day”. Since this genesis, Eye of Horus has grown into a nationally distributed cosmetics and skincare business, stocked across leading pharmacy and specialty beauty retailers, supported by an expanding bricks-and-mortar presence in its hometown, Byron Bay, and underpinned by a viable sustainability model.The origin story matters because it explains the discipline. “From the very beginning, EOH was built around intention rather than volume,” Schleich told Inside FMCG.Inside the all-seeing empire“One of the most defining early decisions was choosing to create fewer, better products, instead of launching a complete range. The brand began with a single mascara designed for sensitive eyes, which set a clear foundation around performance, ingredient integrity and longevity.”The beauty category often rewards velocity, SKU proliferation and relentless newness; Schleich’s decision reads as countercultural, but it was also commercially astute. A hero product can constitute a marketing asset but shares a dual purpose as a supply-chain anchor. Eye of Horus’ cult mascara did the heavy lifting of brand recognition, retailer confidence and repeat purchase. For pharmacy partners and specialty beauty stockists, it offered clarity with one product that had a strong margin, steady sell-through and a point of differentiation.This clarity proved foundational as the brand expanded beyond Byron Bay’s boutique beginnings into national distribution. Today, Eye of Horus is stocked in major Australian retail networks, including Adore Beauty, The Iconic and Oz Hair and Beauty. It has also built a growing direct-to-consumer channel that complements its wholesale footprint. The beauty brand operates its own physical retail presence in Byron Bay, reinforcing its provenance while functioning as a testing ground for new launches and refill initiatives.Ritual language and visual codesBut the mythology – ancient Egyptian symbolism, ritual language and visual codes – was never ornamental but a way to embed meaning in a repeat-purchase category. “Ritual and storytelling were ways to create meaning and connection around everyday beauty,” Schleich said. “We also made conscious choices early on to prioritise cruelty-free formulations, natural ingredients, and ethical manufacturing, even when those decisions slowed growth or limited scale.”That tension between pace and principle is a familiar one across FMCG, particularly as sustainability shifts from brand positioning to regulatory and reputational risk management. Eye of Horus’s approach has been incremental and not so declarative.“For us, sustainability is measurable and ongoing,” Schleich explained. “It’s not a single initiative, it’s how formulation, packaging and manufacturing work together. We prioritise natural, ethically sourced ingredients that deliver performance, and we design packaging to minimise single-use waste through refillable, recyclable or reusable systems wherever possible.”The brand has implemented an in-house TerraCycle recycling program, offering customers a pathway to return hard-to-recycle beauty waste. In an FMCG environment where end-of-life responsibility is becoming central to ESG reporting and retailer negotiations, such initiatives move beyond marketing to risk mitigation and long-term brand equity.Schleich is also pragmatic about the boundaries. “Where we draw the line is at compromise without purpose. Performance matters. If a product doesn’t work, it won’t be used, and unused products are the most wasteful outcome of all. Our responsibility is to ensure sustainability enhances the experience rather than diminishing it.”That sentence could sit comfortably in a supermarket private-label strategy document, and it certainly speaks to a wider truth – sustainability without sell-through is self-defeating. In beauty, as in grocery, waste often begins with overproduction or underperformance.“For us, differentiation isn’t about being louder but probably more about being clearer,” Schleich said. “EOH doesn’t aim to compete on excessive newness. We deliberately choose not to participate in trend cycles that encourage overconsumption.”Eye of Horus has largely resisted that rhythm; instead, it invests in longevity, in products that earn their place through performance, longevity and intention.“Our customer is looking for considered beauty and products that feel personal, elevated and aligned with their values,” Schleich added. “That means we’re disciplined about where we show up, who we partner with and how we grow. In a saturated market, restraint has become one of our strongest differentiators. By slowing down and standing for something clear, we’ve built trust, and trust is far harder to replicate than any trend.”It is becoming clear that trust, in FMCG, is currency; it underpins retailer ranging decisions, justifies premium price points and buffers brands during supply disruptions. Eye of Horus’s partnership strategy reflects that understanding.“We assess partnerships through alignment, not scale,” Schleich said. “The right partners share our values around integrity and quality, whether that’s retail, manufacturing, ambassadors or collaborators. We look for relationships that are mutually respectful and strategically additive, rather than transactional.”In practice, that has meant working closely with Australian suppliers and artisans, strengthening local manufacturing capability and reducing supply-chain complexity. “Working closely with Australian suppliers and artisans has allowed us to maintain quality control, reduce supply-chain complexity and build resilience as we scale,” Schleich explained. “When partnerships are grounded in genuine connection, they resonate more deeply.”Scaling, however, demands governance. As Eye of Horus has expanded its product portfolio into complexion, colour and skincare, creative vision has needed commercial scaffolding.“Balancing creativity with commercial discipline has been essential to sustainable growth,” Schleich said. “For us, creative control isn’t just about aesthetics, it’s about protecting the integrity of the product, the formulation and the customer experience.”Eye of Horus has leveraged a hero SKU into national distribution, built retailer partnerships without surrendering brand identity, and embedded circularity before it became regulatory shorthand.Looking ahead, Schleich is clear-eyed about the terrain. “The next phase of beauty will be defined by accountability,” she said. “Consumers are becoming more informed and more discerning. They expect brands to substantiate sustainability claims, demonstrate performance and offer solutions that genuinely reduce environmental impact.”Accountability, in other words, is the new competitive frontier, and in FMCG, that frontier is measured in ingredient traceability, recyclability percentages, refill uptake rates and retailer scorecards. In beauty, it is also measured in texture, wear time and the loyalty of a consumer who returns for the same mascara, year after year.In Byron Bay, the light still turns everything cinematic. But beyond the symbolism and the mythology, Eye of Horus is built on something less mystical and more enduring.This feature originally appeared in the April edition of Inside FMCG.