Beauty Store Business

SEP 2016

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Page 73 of 83

72 September 2016 | News BEAUTY IN A POST-BREXIT WORLD The fallout from Britain's controversial departure from the EU may take years to fully measure. Although analysts see potential for some silver lining, early predictions indicate the consequences are not good. The Dow Jones plummeted 611 points in one day as financial markets worldwide quaked and the British pound dived, but the affect on the American beauty industry and its retail outlets remains to be seen. But I wouldn't relax just yet. The British split from the EU has set a precedent other EU members may try to follow, which could further destabilize world markets. Following World War II, decades of talks and negotiations and false starts eventually led to the formation of the European Union, and a stronger, safer and more unified Europe than ever before in human history. Now, an integral building block has been removed. As a nation, we tend not to pay a lot of attention to what happens overseas, or at least examine multiple perspectives and the long-term aftermath. Whether we think of Brexit as something to be dealt with "over there," the ripples may be felt strongly over here. Suddenly, the global economy is less global, including trade between the U.S. and UK. This involves complex and thick trade rules that may make commerce between the U.S. and the UK more cumbersome and less profitable. These rules now have to be untangled and redone to fit Britain's new status, which may also shuffle it back as a priority in trade talks with bigger partners, such as the EU. Euromonitor International's Industry Forecast Model estimated Brexit's impact on beauty and personal care. Bottom line: UK sales over 2015-2020 are anticipated to be US $205 million less post-Brexit. According to the EI report, "…a mix of higher operational costs and lower consumer spending could result in the premium segment being hit hardest, especially at the mid- to low-end of this segment." Stay tuned for further developments—ED SALON SUPPLY STORE OFFERS SCHOLARSHIP A prize of $1,000 is up for grabs as Salon Supply Store released details of their inaugural scholarship compe- tition. Candidates currently enrolled in a cosmetology program are eligible. The contest is open to students studying all forms of cosmetology, including hairstyling, barbering, nails and makeup application. The ideal candidate, according to a spokesman, will exhibit creativity, passion and a commitment to advancing the art of cosmetology. "We are very excited to begin offering this scholarship fund," said Salon Supply Store CEO Gustavo Mitchell, "By assist- ing the next generation of great stylists, we're able to play a direct role in the future of this industry. And that's something we're very excited about." Applicants should submit a YouTube video of their best looks, showcasing their skills and offering beauty tips via the Salon Supply Store website. Applicants will also need to list their current GPA and degree focus. The application form can be found at salonsupplystore. com/pages/beauty-school-scholarship. Submission deadline is October 1. The winner will be announced sometime in November. Applicants will be considered on several areas and selection will be based on GPA (30%); originality and creativity of essay sub- mission (30%); emotional impact (20%); and relevance to topic (20%). For more information, visit BARNES & NOBLE OPENS 'THE GLOSSARY' This isn't your momma's Barnes & Noble. The bookstore giant has added some shelf space for a mix of high-end and drugstore beauty products and has cleverly called it The Glossary, which we're guess- ing refers less to words and more to lip glossing. Barnes & Noble College's new beauty store will only be on college campuses, at least for now, said a spokesman. The Glossary is designed like a cosmetics store, with the usual tester products and product displays. The concept has opened at Emory University, Southern Methodist University, Tulane University, the College of William & Mary and the University of California at Riverside as a section within the Barnes & Noble College store. The target market is clear: 18- to 24-year-old frequent buyers of beauty products, many of whom don't have easy access to transportation that would enable them to shop elsewhere. Barnes & Noble is betting popular brands + receptive audience + shopping convenience = sales, which it already has shown to do. It's earlier success with Burt's Bees and CoverGirl products encouraged the expansion, added the spokesman, as well as research gleaned from student focus groups. Niklas HalleÕn/AFP/Getty Images COSMOCUBE TURNS 3! CosmoCube, a leading beauty-storage brand, celebrated its three-year anniversary in style at Saint Felix in West Hollywood, Calif., July 17. Beauty bloggers and industry influencers joined the CosmoCube team for a brunch-time celebration filled with custom CosmoCube- inspired beverages, food and a candy bar. The event had photobooths, custom flower crowns, henna tattooing and Vanity Girl Hollywood mirrors surrounding the chic venue. CosmoCube's luxurious acrylic organizers lined the event for added bling. For more information about CosmoCube, visit Beauty infl uencer Jennifer Chan and Maxine Tatlonghari, CEO of Vanity Girl Hollywood, pose with BSB's managing editor Breanna Armstrong.

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