Beauty Store Business

JAN 2018

Beauty Store Business provides solutions for better retailing! New products, industry news, savvy business moves and important trends affecting both brick-and-mortar and online retailers are included in each issue.

Issue link: http://beautystorebusiness.epubxp.com/i/913903

Contents of this Issue

Navigation

Page 11 of 91

10 January 2018 | beautystorebusiness.com Industry News BEAUTY INDUSTRY TRENDS FOR 2018 Market intelligence agency Mintel announced four trends that the firm predicts will impact the global beauty and personal care market in 2018. 1 Biotechnology, together with a resurgence of local wisdom, will help brands face up to the challenges created by environmental issues. 2 As consumers across the world are creating their own definitions of beauty, which look beyond age, gender and body type, brands that try to appeal to the "mass" will miss the mark. 3 Beauty consumers won't just want to look good, but feel good too, by going beyond the logo and investing in brands with a personality and purpose to perform good deeds. 4 Beauty brands will be watching consumers' every move, as digital technology drives unprecedented customization of the shopping experience. Sarah Jindal, senior innovation and insight analyst from beauty & personal care at Mintel elaborates on the trends report find- ings. About the first surprising biotechnology trend, she explains, "Mintel predicts that the beauty and personal care market will experience a fundamental shift during 2018. In the coming year and beyond, the beauty industry will navigate the conflicting demands of the 'naturals-hungry' consumer with shrinking natural resources, and it will be through harnessing biotech advantages that a new generation of enhanced natural products is created." As inclusivity becomes requisite, it will increase personalization. Jindal says, "Meanwhile, personalization is set to reach new heights as brands strive to embrace total inclusivity." Elaborating on how brands will need to clearly communicate their values, she says, "When it comes to ethics, it will be imperative for brands to have a personality that is genuine and a viewpoint that clearly communicates their positioning." And last, on customization of the shopping experience, she says, "Finally, developments in biometric monitoring will see brands drive unprecedented customization of the shopping experience." For a full report, visit mintel.com. MALE GROOMING MARKET GROWTH CONTINUES The male grooming market segment has seen dramatic growth over the past few years, reaching a $4.5 billion dollar mark in the U.S. in 2016, according to data from Kline, a worldwide consulting and research firm. "The taboos are slowly dropping, and a growing number of men are using antiaging serums and masks, beauty devices and even makeup," says Naira Aslanian of Kline. "While makeup for men is a trend now and brands such as CoverGirl and Maybelline are debuting their first male ambassadors, it is categories like skin care and personal cleansing that see the most innovation and progression. Traditional male-oriented categories, such as deodorants and antiperspirants, also post strong gains driven by innovations like anti-mark antiperspirant technology." Celebrities are yielding great influence over consumers to take the notion of self care to a new level. Male consumers want to associate themselves with a lifestyle synonymous with success, which has men turning to barbershops and male-centric salons offering personalized services and pampering. Beard-wearing trends are also fueling the barbershop markets to grow at over 10 percent in Europe and the United States. Shaving products is the second fastest-growing category after skin care with over 6 percent growth, which is driven by direct-to-consumer brands such as Dollar Shave Club and Bevel. These types of brands have recorded remarkable triple-digit growth rates that have forged a path for a new category of subscription box providers. Large companies are leading, such as Dove Men+Care and Axe, yet a number of new smaller indie brands, such as Bevel and Anthony, are popping up and truly making this market innovative. Widespread acceptance of personal care and increased spending in the product category are expected to offer more business opportunities in this booming segment. L'ORÉAL USA SCORES PERFECT 100 FROM LGBTQ ADVOCACY GROUPS When it comes to LGBTQ equality and progressive work environments, L'Oréal USA is a leader. In November, it was announced that the beauty giant scored a perfect 100 on Human Rights Campaign Foundation's 2018 Corporate Equality Index (CEI) and was named "Best Place to Work for LGBTQ Equality." The Human Rights Campaign is America's largest civil rights organization working to achieve lesbian, gay, bisexual, transgender and queer equality. The CEI assesses non-discrimination policies and equal employment opportunities. "L'Oréal is proud to promote diversity in all forms, as creative self-expression and acceptance are at the core of our business. The unique perspectives, voices and contributions of our workforce are what distinguish L'Oréal and drive some of our most innovative products and ideas. We are committed to making beauty accessible to everyone and will continue to make progress on this issue and be a leader in the industry," said Xavier Vey, president of L'Oréal Luxe USA and executive sponsor of OUT@L'Oréal, L'Oréal USA's LGBTQ Think Tank. Along with receiving its perfect score on Human Resource Center's CEI, L'Oréal USA has taken additional steps to support equality for LGBTQ. These include launching several employee-driven Think Tanks focused on various dimensions of workforce diversity, partnering with the Ali Forney Center, an organization dedicated to protecting LGBTQ youth from the harms of homelessness, and achieving a top 20 ranking in the 2016 Thomson Reuters Diversity & Inclusion Index. "In celebration of our customers and workforce, we prioritize inclusion and engagement efforts with people from diverse backgrounds and communities, both internally and externally. We are focused on making strides in our efforts to champion the LGBTQ community and we are honored that HRC has recognized the magnitude of the work we have done thus far," said Angela Guy, senior vice president of diversity & inclusion at L'Oréal USA. Mario Castello/Corbis/VCG

Articles in this issue

Links on this page

Archives of this issue

view archives of Beauty Store Business - JAN 2018