2023 was a year of change for the beauty industry and the beauty business.
Our goal was to bring the same rigor and analysis we are known for in the business of fashion to the global beauty and wellness industry. We currently have two weekly must-read beauty newsletters from him. We have published a special edition of BoF’s ‘State of Fashion’ report with McKinsey & Company and detailed case studies on Elf Cosmetics and Hero Products. And over three days in Napa Valley, California, he debuted The Business of Beauty Global Forum, an invitation-only event to energize the online community and connect with leaders.
The timing couldn’t have been better. This year brought Gen Z’s influence into the spotlight, as their individualistic attitude and signature bright yellow color permeated beauty brands’ products, social media campaigns, and experiential activations. It has also become impossible to ignore young shoppers’ relentless search for camo, a cheaper alternative to the premium products often seen on TikTok. And looming behind them is Generation Alpha, an increasingly important customer for brands like Drunk Elephant and Sol de Janeiro.
Brands raced to reach customers with personalized products and messages. Direct-to-consumer lines embraced retail partnerships and pivoted from pursuing growth to prioritizing profits. Inflation drove home the importance of not only good marketing, but also catering to shoppers who want good value. Fragrances continue to be a hot topicwith companies like Richemont Double the categories. But other sectors that were once hot, beautiful beautystruggled to find its footing as shoppers became increasingly skeptical of such claims.
This year we covered all of these changes and more. Stay tuned for more information on “The Business of Beauty” in 2024.
top stories
Why Gen Z yellow isn’t turning into millennial pink: Gen Z’s bright aesthetic may be growing in popularity, but this generation’s individualistic nature may be preventing it from becoming a full-fledged phenomenon.
How beauty brands are preparing for 2023: Companies are planning for another turbulent year, focusing on value, making bigger bets on retail and remaining optimistic.
The company behind the biggest fragrance in the fashion world:Despite the rapid growth of independent fragrance brands, designer fragrances still make up the majority of sales and are driven by a few companies. BoF reveals key players.
Richemont launches new beauty division, doubles luxury fragrances: The move could cause difficulties for the likes of Coty and Interparfume, which currently make many of Richemont’s branded fragrances, as the luxury group looks to strengthen its in-house expertise.
The battle for India’s $16 billion beauty market intensifies: As major beauty conglomerates seek to tighten their grip on power, digitally native brands with a sharp focus on the latest trends are vying for position in a market poised for rapid growth.
Isamaya French’s new take on “Sex Sells”: Overtly sexual marketing has become a selling point in the beauty industry, but makeup artists have pushed the boundaries even further with a new collection of lip colors packaged in anatomically correct tubes.
BoF Podcast | 5 themes shaping the global beauty industry: BoF’s Imran Amed speaks with Business of Beauty Editor-in-Chief Priya Rao to discuss the findings of her new report, The State of Fashion: Beauty.