LUXASIA’s Post

Great insights at the CEW UK event on the future of beauty retail with speakers from Boots, Harrods, Grown Alchemist, Outform and Circana, moderated by Catherine Bossom. Key takeaways from Circana's premium beauty research (Aug 2024): - Skincare continues to lead growth in prestige, driven by volume - Makeup and fragrance follow, with "feel-good" purchases and price increases respectively - Prestige beauty continues to thrive post-COVID, with ~80% of US consumers practising self-care, making skincare a key part of their wellness routine - Social media fuels growth, through viral moments, with ~40% of beauty sales happening online, especially in skincare Leading trends: - Social commerce (e.g. TikTok shop) - Personalization (e.g. Skin+Me) - Innovative store concepts (e.g. Tamburins, part of Gentle Monster) - Self-guided in-stores experiences Big opportunities & challenges: - Seamless omnichannel integration - Customer-centric approach: building customer insights, identifying tribes and connecting on passion points beyond beauty - Keeping pace with evolving retail landscape and customer expectations - Operational excellence in the customer journey #luxuryretail #beauty #skincare #trends

💄 Innovating Beauty: KIKO MILANO's Global Growth Strategies KIKO Milano is an Italian brand of professional cosmetics, offering a range of cutting-edge makeup, face, and body treatments. Kiko disrupted the beauty market by making high-quality beauty products accessible to everyone. In this panel, their CEO Simone Dominici, interviewed by Diana Lee Director of Research & Analysis of The Business of Fashion, shared KIKO's strategies to drive global growth through innovation and collaboration. As a crowded industry, Kiko owns the intersection between brands and retailers. Being in Milan, the center of beauty in the world allows them to be innovative and on top of trends. With 300K customers walking into their stores every day and selling 150 glosses every minute around the world. They want to grow these numbers expanding worldwide, aiming to grow in the US and India, and accelerating their digital transformation. Transitioning from a mass retailer to a global brand, Kiko invests in four key areas: 1️⃣ Creators and Social Media. 2️⃣ Store Expansion: Opening 120 stores in the last 24 months with plans for 80 more. 3️⃣ Skincare Line Launch: Recognizing that beauty isn't only about makeup. 4️⃣ Unified Commerce and Digital Investment. 🎬 In today's consumer landscape, individuals seek avenues for self-expression. Collaborating with numerous influencers, Kiko appointed Emma Roberts as the brand ambassador for her creativity and global appeal. Recognizing the importance of the entertainment industry, Kiko sponsors Bridgerton and released a limited edition collection to commemorate the series. 📱Mobile technology serves as a crucial connector for sales associates, allowing them to access real-time inventory and accept payments. Unlike traditional cashier transactions, mobile payments enable ongoing conversations with customers. 🌎 Embarking on a Data Culture Learning Journey involving 150 team members, Kiko aims to continuously understand global trends and preferences. ⚠ Reflecting on their experiences, Kiko acknowledges that implementing digital screens in stores was a misstep. While digital screens may enhance e-commerce experiences, they do not effectively engage customers in-store, where tactile product experiences are preferred. #kikomilano #kikomilanoit #simonedominici #ceoadvice #insights #shoptalkeurope #shoptalkoffbounds #bridgerton

The Beauty Market in 2023: A special State of Fashion report by McKinsey & Company and The Business of Fashion The beauty industry is undergoing significant transformation, driven by evolving consumer preferences and dynamic market conditions. The global beauty market is projected to expand from $427 billion to over $580 billion by 2027, with e-commerce expected to account for 26% of total sales, followed by specialty retail at 20%. In the Middle East, the beauty market is anticipated to grow from $42 billion to over $47 billion by 2027, reflecting a compound annual growth rate (CAGR) of 12% from 2022 to 2027. Gen-Z consumers are reshaping the market with their unique preferences and substantial influence on social media. Luxury and wellness presents a $40 billion opportunity in the luxury beauty segment, with wellness-related products gaining traction and an expected annual growth rate of 10%. Link : https://lnkd.in/dBvt2tmM #beautyindustry #marketgrowth #ecommerce #middleeast #genz #luxurybeauty #wellness #consumertrends #fmcg #cpg #beauty

DAMDAM Tokyo has landed at SEPHORA! 🌟 This clean, sustainable Japanese skincare brand is now available in select Sephora stores, featuring fan favorites like the Mochi Mochi Luminous Cream & Citrus Glow Serum 💧 This marks yet another DTC brand launch for Sephora. Retailers that want to compete with this large beauty retailer must have the data-backed insights they need to succeed. With Charm’s in-depth ecommerce data, you’ll be able to access in-depth insights into millions of DTC brands tracked across 160+ metrics. You can compare brands by growth, success, tech stack, ad count, and more. Get the ecommerce insights you need to discover new brands, make smart merchandising decisions, and drive sales: 👉Book a demo today: https://hubs.li/Q02Y34Z20 #DTCdata #BeautyTrends #CleanBeauty #RetailInsights #Retailer #Sephora #DTCbeauty

eMarketer Key stat: US sales of store brand beauty products grew 10.5% in 2023, according to February 2024 data from the Private Label Manufacturers Association and Circana. Beyond the chart: 17% of US shoppers said they were buying more store brand products to cut costs, per a December 2023 survey by Intelligence Node in partnership with Dynata. Many beauty shoppers have begun turning to dollar stores to find low-priced beauty products, with many stores selling dupes of popular brands and even some national brands like Garnier and Maybelline. To court cost-conscious consumers, Target recently launched a new private label brand, dealworthy, offering an assortment of items (including beauty, home, and essentials) for lower prices, with most items under $10. #privatebrands #plma #beauty #emarketer

The beauty retail industry in 2024 is undergoing a significant transformation driven by technological advancements, evolving consumer preferences, and innovative marketing strategies. Personalization, powered by AI, is at the forefront, allowing brands to offer tailored shopping experiences and targeted marketing based on consumer data. Sustainability is also a major focus, with biotech innovations creating eco-friendly alternatives to traditional beauty ingredients, such as bio-based silk proteins replacing petroleum-based compounds. Social media platforms like TikTok and Instagram remain crucial for engaging consumers and driving sales, with high engagement rates and influencer-driven content proving particularly effective. Additionally, there is a growing emphasis on holistic wellness, integrating mental well-being with skincare, and streamlined beauty routines that offer high-quality, multi-functional products for at-home use. Inclusivity continues to be paramount, as brands develop products that cater to diverse skin tones and preferences, ensuring all consumers feel represented. These trends illustrate the dynamic and responsive nature of the beauty industry, continually adapting to meet the demands of modern consumers. Watch a detailed video to know more about the Top Trends in Beauty Retail Industry: https://lnkd.in/dW7Spxqj #beauty #trends #trends2024 #retail #growth

Physical retail will be a significant growth driver across most beauty categories this year. According to a compilation of studies by Circana, brick-and-mortar stores remain important to the success of the beauty industry. In fact, the in-store experience is prestige beauty’s point of difference, compared to the mass market. For prestige beauty, the store is not only a destination, but an experience, allowing consumers to touch and feel the products and interact with others. This popularity won’t decline anytime soon, and as a result it is anticipated that the brick-and-mortar channels will outperform e-commerce in 2024. #retail #beauty #beautyindustrynews #beautytrends #beautyrecruiters #premierexecutiverecruiting

As a new D2C brand, one has the unique advantage of directly engaging with customers, building a loyal community, and challenging traditional market norms. By focusing on developing a strong brand identity and offering innovative products, D2C brands forge genuine connections with their audience. Click on the link below to know more... https://lnkd.in/gCYnHg3h 52 Sundaze | Tanisha Jain | Better Tea | Asaya | Cava Athleisure | Kingdom of White | Panchamrit | SEREKO #retailnews #retailtrends #retailsector #retailindustry #retailing #retailresults #retailupdates #businessnews #retailgrowth #retailsectornews #retailindia #retailtrends #retailbusiness #ir #IndiaRetailing

Ten of the fastest-growing beauty brands in the UK: These are the ones to watch based on their YOY increase in share of brand search demand in September: Sephora: +1.61% (+37.37%) Space NK: +1.34% (+41.70%) Lookfantastic: +0.71% (+9.72%) Huda Beauty: +0.57% (+123.37%) Rituals: +0.48% (+36.39%) L'occitane: +0.35% (+54.47%) Cult Beauty: +0.31% (+12.57%) Diptyque: +0.30% (+49.18%) Charlotte Tilbury: +0.25% (+4.73%) Beauty Pie: +0.21% (+18.22%) (Figures in brackets represent market share % change) Why share of brand search matters: Share of brand search is the amount of people searching for your brand versus the competition. It's a brilliant metric to evaluate brand health quickly and is often linked to profitability and even share price. It's one of the many challenges that Metis helps big retailers solve. Find out how to get this data weekly at: https://lnkd.in/duwxVcgd SEPHORA Space NK LOOKFANTASTIC.COM Huda Beauty Rituals L’OCCITANE Group Cult Beauty Diptyque Perfume Charlotte Tilbury Beauty Beauty Pie #seo #digitalmarketing #beauty #opportunityeverywhere

A interesting study I reed today #Data Strategic Moves in the #Beauty #Industry 🌟 As the tides of #War and #Recession , #LVMH cosmetic jewel, #Sephora, has carved out an enviable position. With an astute understanding of consumer behavior, Sephora rode the "lipstick effect" to an impressive $15.4 billion revenue, as shared by CEO Guillaume Motte with The Financial Times. Amidst economic fluctuations, this phenomenon – where consumers indulge in affordable luxuries – has propelled Sephora to become LVMH’s third-largest brand, trailing only the iconic #LouisVuitton and #ChristianDior This success story isn't just about beauty products; it's a masterclass in agility and market acumen. In the world of luxury and cosmetics, while one beauty giant takes a bold step forward, another adjusts its strategy, leading to a fascinating dance of business maneuvers. Sephora’s trajectory is a testament to that, showing that with the right insight and innovation, targets aren’t just met; they’re exceeded ahead of time. As professionals, let's take note of Sephora's strategy. Whether it’s the allure of a lipstick or the promise of a skincare routine, understanding customer inclinations can lead to substantial growth, even in times when purse strings tighten. Keep an eye on the beauty sector; there’s much to learn about the art of resilience and the science of consumer delight. #BeautyIndustry #BusinessStrategy #LVMH #Sephora #ConsumerBehavior #LipstickEffect #Innovation #LuxuryBrands #Startup #India, #asia #singapore #Innovation, #Management, #HumanResources, #DigitalMarketing, #Technology, and #creativity