12 hot new brands that millennials can't get enough of

Rihanna's beauty brand, Fenty, which is owned by the world's largest luxury retailer, LVMH, only launched in 2017 but is already making waves in the beauty industry. Its products range from $19 for a lipstick up to $38 for powders. The collection is currently sold online and in Sephora stores in the US.

According to WWD, in its first month of operation, sales at Fenty were five times higher than Kylie Cosmetics, the $800 million beauty company owned by Kylie Jenner.

Operating almost exclusively online, Glossier is leading the way in beauty products. It has attracted more than $86 million in funding since founder Emily Weiss began selling beauty products in 2013. Revenues reportedly tripled from 2016 to 2017.

According to Bloomberg, the company sells one of its popular $16 "Boy Brow" eyebrow shapers every minute, accounting for an estimated $8 million in sales per year.

Known as "beauty that doesn't break the bank," ColourPop is an affordable makeup collection that sells lipsticks for as little as $5.50.

This digitally native athletics wear brand, which was co-founded by Kate Hudson in 2013, generates more than $300 million in annual revenue, a company spokesperson told CNBC in July.

It now has plans to open 75 more stores around the world, bringing its total to 100.

California-based label Fashion Nova is quickly becoming one of the most-talked-about brands on the internet. In 2017, it was one of the most-searched brands on Google, beating out well-known luxury brands such as Gucci and Louis Vuitton.

While the company actually started as a store, its success exploded when it launched on Instagram and was endorsed by celebrities like Cardi B. It now has over 13 million followers and posts new items several times a day.

The Ordinary is a skincare brand that's known for its affordable but high-quality products. It has risen to success by becoming the brand of choice for beauty editors, Instagram influencers, and celebrities like Kim Kardashian West.

Its parent company, Deciem, is partly owned by Estée Lauder.

This 100% vegan beauty brand has shot to fame in just two years. The brand's success is partly down to the fact that it was started by the founders of Milk Studios, a creative agency that has locations in New York and Los Angeles and is known for its buzzy fashion events. This gave the brand a head start in reaching the fashion crowd.

It has a mix of skincare and makeup products. Its best-selling mascara costs $24.

IT Cosmetics is a skincare and makeup brand that has been developed with plastic surgeons. The products are designed to target wrinkles, blemishes, and redness.

Its best-selling CC cream costs $38 and is available at Sephora.

Drunk Elephant is a synthetic-free skincare range that was created by Tiffany Masterson, a consumer who found herself disillusioned by what was available in the industry.

Since launching in 2013, it has gained a cult following, and many of its products have become Sephora best-sellers. Its serums cost between $52 and $134.

Sunday Riley is a product formulator who set up her namesake brand after being frustrated by the selection of skincare products on the market.

Her products are designed to treat signs of aging, acne, dehydration, and dryness in the skin. They are currently sold through beauty companies such as Sephora and BirchBox and in department stores across the US.

Direct-to-consumer brand Everlane, which prides itself on being transparent about its pricing and manufacturing, is quickly becoming one of millennials' favored brands.

While the company does not disclose sales numbers, according to Privco, a firm that analyzes private companies, Everlane hit $100 million in revenue in 2016. It was founded in 2010.

The brand now has two stores in the US, in New York and San Francisco.