Totalbeauty.com, which goes live this fall, will be the most comprehensive bank of impartial advice, opinion and information, according to its creator Emrah Kovacoglu.
Emrah Kovacoglu was heading up P&G's digital cosmetics marketing before he quit his job last year to pursue this ambitious project.
Venture capitalists are providing $10m, which represents all the funding for totalbeauty.com.
Kovacoglu said the website would be independent of any particular beauty company so as to guarantee the impartiality and credibility of the information and opinions it provides.
"We did not take any money from P&G because we were concerned about independence.
What companies are realizing is that if we are perceived as independent then their advertising on site will be more effective," added the entrepreneur.
Once the site is off the ground, the principle source of income from the site will be advertising.
In addition, brands will be able to sell their products on the site and totalbeauty.com will take commission from these sales.
One of the distinguishing features of the site will be the total personalization facility that will allow users to consult the views of other consumers with similar beauty requirements.
For example, when someone with dry skin is looking to buy a facial cream they will be able to read the product reviews of those people with the same skin type.
This feature will be up and running once a database of opinions has been built up.
In the meantime consumers will be able to log into a comprehensive library of beauty products and read reviews and advice articles written by independent industry experts.
Consumers will therefore be able to educate themselves as to the features of certain products and find out which products work best together.
Kovacoglu said the information would be provided in a number formats with audio and video being used to make accessing the information as fun and user friendly as possible.
Comparing totalbeauty.com with the magazines and beauty blogs that are appearing on-line, Kovacoglu said the information and advice on the new site would be more comprehensive and exciting for the beauty consumer.
In particular, he flagged up the total personalization service, describing it as an unprecedented way for buyers to view opinions that are both trustworthy and highly relevant to them.
Internet sales of beauty products are rising and, according to a recent Forrestor report, 42 per cent of internet beauty buyers tell friends about products they have discovered.
Furthermore, the report found that 46 per cent of female consumers are more likely to purchase products advertised online than if they had they seen the same advertisement in a print publication.
The differing reactions were attributed to the promotional tools found on internet sites, such as free product samples and product coupons.
The study concluded by encouraging firms to embrace these trends and, in particular, to capitalise on the lucrative 'word of mouth' marketing tool.
Kovacoglu's totalbeauty.com is doing exactly that.