The State of Fashion: Beauty explores why the international growth strategies of beauty brands and retailers need a reset to capture opportunities in new markets, like India and Middle East, emerge along with industry juggernauts, the US and China.
China, the world’s second-largest beauty market at about $65 billion, will continue to grow at an 8 percent CAGR over the next four years, though economic and other challenges are prompting brands to seek growth in alternative markets.
At roughly $77 billion, the US market is expected to come into sharper focus, but hyper-segmentation and a diverse channel strategy will be required.
India and the Middle East stand out as emerging hotspots with underserved consumers open to local and foreign brands.
From skin care and fragrance to colour cosmetics and hair care, the outlook for the global beauty industry is rosy in the years ahead, even amid hyper-competition, channel mix challenges, and rapid innovation and production cycles. The State of Fashion: Beauty explores what lies ahead.
In 2017, the launch of Rihanna’s ground-breaking Fenty Beauty forced the beauty industry into unflattering light. Shade inclusivity was supposed to become table stakes, but in many ways, the industry is backsliding.
The Business of Fashion is pleased to announce the return of The Business of Beauty Global Forum, an invitation-only gathering bringing together 140 hand-selected senior executives, entrepreneurs and creatives from the global beauty and wellness industry. Taking place from June 3-5, 2024 at Stanly Ranch, in Napa Valley, California the forum will be inspiring and highly curated.
The glory days of backstage beauty are long behind us with front row makeup looks and social media “Get Ready With Me” videos taking its place. But true creativity and a-ha moments can still happen on the runway if we foster it.