The Looksmaxxing Economy
david gabeau@david
+5.4%
since Sep 29
The idea
I believe GLP-1 drugs are just the onramp to a much bigger, decade-long shift in how people spend on their appearance. So this basket spans five layers: the drugs themselves, fitness, aesthetics and procedures, beauty, and protein-heavy nutrition, including aesthetics names the market wrongly sold off as GLP-1 losers. It's spread across roughly twenty names with no single bet dominating, plus a modest cash reserve, built to be held for years while the spending wave plays out.
What it owns
- GLP-1 drugs and the telehealth channels that deliver them are the entry point for the spending shift that follows. · Eli LillyIt is one of the two leading makers of GLP-1 obesity drugs, with Zepbound and Mounjaro driving the initial wave of weight-loss prescriptions., Novo NordiskIt pioneered the GLP-1 market with Ozempic and Wegovy, and remains one of the two largest suppliers of the drugs underpinning this take., Hims & Hers HealthIt operates the telehealth platform where millions access GLP-1 prescriptions without seeing a specialist, making it the primary distribution channel., Viking TherapeuticsIt is developing next-generation GLP-1 drugs including oral formulations that could expand access and increase the total patient population taking these medications.26%
- Maintaining new weight requires gym memberships and new athletic clothing, creating recurring spending that extends years beyond the initial weight loss. · Planet FitnessIt operates low-cost gyms where newly thin people maintain muscle and fitness, creating ongoing revenue from weight-loss users seeking to preserve their results., Lululemon AthleticaIt sells premium athletic apparel to people who have lost significant weight and seek clothing that showcases their new body., Life Time GroupIt operates upscale fitness and wellness clubs that appeal to people spending heavily on appearance and fitness recovery as part of a comprehensive lifestyle upgrade., On HoldingIt makes premium running and training shoes purchased by newly active people who join fitness programs after weight loss.22%
- Rapid weight loss leaves skin and body contours that require professional treatment, creating demand for injectables and devices. · AbbVieIt owns Botox and Juvederm fillers, the standard treatments for skin laxity and aging that follow significant weight loss., InModeIt makes radiofrequency and ultrasound devices for skin tightening and body contouring, addressing the body composition changes that weight loss alone cannot correct., Establishment LabsIt manufactures breast implants and body contouring products used in procedures that address the physical aftermath of major weight loss., EvolusIt offers Jeuveau as a lower-cost Botox alternative aimed at younger patients who view injectables as a routine beauty treatment rather than a medical procedure.18%
- People investing in their appearance increase spending on skincare and makeup, the most accessible entry point for self-improvement. · e.l.f. BeautyIt is the fastest-growing mass-market makeup brand, capturing spending from consumers increasing their investment in beauty products and cosmetics., Ulta BeautyIt is the retail destination for beauty, skincare, and wellness products that people buy as they invest more in their appearance., Oddity TechIt builds digital-first beauty brands using artificial intelligence to match products to customers, capturing online beauty spending as e-commerce grows.16%
- GLP-1 users eat less overall but must consume more protein to preserve muscle, driving steady demand for shakes and high-protein snacks. · BellRing BrandsIt makes Premier Protein shakes consumed daily by GLP-1 users who must eat high-protein diets to preserve muscle during weight loss., Simply Good FoodsIt produces high-protein snack bars and nutrition products under Quest and Atkins brands, serving people who adopt low-calorie, protein-forward eating habits.10%
- Cash8%