NEW YORK, United States — The fashion business moves fast, but beauty moves faster. Especially in today’s competitive, social media-fuelled market.
“You have to be on top of your game every day,” said Jane Hertzmark Hudis, group president of The Estée Lauder Companies, on Thursday night at Spring Place, during an intimate gathering of beauty industry leaders and influencers to celebrate The Business of Beauty, a new initiative from The Business of Fashion.
Later this month, BoF will launch a newsletter dedicated to the ever-changing market, penned by its new beauty correspondent, Rachel Strugatz.
Guests included Revlon chief creative officer Linda Wells, global president of Bobbi Brown and La Mer at The Estée Lauder Companies Sandra Main, Fivestory founder Claire Olshan, Beautycounter founder Gregg Renfrew, makeup artist and entrepreneur Gucci Westman, Maesa chief executive Julien Saada and Coveteur co-founder Stephanie Mark. Over a menu of lobster clubs, short rib and tiramisu, they discussed the new frontiers of change shaping the beauty market, from distribution to globalisation and retail to product innovation.
“The consumer has a much stronger voice than ever before,” said Peggy Elsrode, the senior vice president of luxury at Coty. “When you’re in the beauty industry — whether its fragrance or colour or skincare — you never want for new opportunities, ideas, creativity. It’s constantly changing and evolving. That’s what exciting and now with digital, it makes it go faster.”
“We operate one way this year, next year we come back and we operate a different way,” said Philippe Pinatel, senior vice president and global general manager of MAC Cosmetics.
“[Digital] opens up the opportunity for smaller businesses and smaller brands,” added Joanne Bletz, the senior vice president of Calvin Klein at Coty. “The bigger fashion brands have the challenge.”