For many emerging beauty brands, the early days of getting up and running has been the relatively easy part. Now, they need to confront even greater challenges to continue their growth trajectories, according to The State of Fashion: Beauty.

The State of Fashion: Beauty explores why outsized influence of today’s teens and twentysomethings over consumer industries mean beauty brands face a fast-changing challenge to adapt their businesses — from marketing to pricing strategies — to remain attractive to this hugely discerning cohort.

The State of Fashion: Beauty finds that brands have a growing opportunity to tap into emerging wellness subcategories — from sleep to sexual intimacy to ingestible beauty — by upgrading existing products or expanding portfolios, provided they do so with credibility and authenticity.

Beauty megadeals may be few and far between over the near term, but M&A will still be critical for buyers and sellers seeking growth, innovation and competitive product portfolios, reports The State of Fashion: Beauty.