The Luxury Beauty Market Is Booming. But How Can Brands Stand Out From The Crowd?
Limei Hoang, Luxury Society
25 May 2023
If the next few years in the beauty industry are anything like the past few, exciting times lie ahead.
Demand for skin care and make-up is higher than ever, and luxury brands are rushing to create offerings to reflect this increase, but in such a crowded marketplace, how can brands stand out?
Name a major luxury brand that doesn’t have a skincare or beauty line. Stella McCartney has a refillable skincare line. Hermès launched a cosmetics line three years ago. Valentino introduced cosmetics to its offering last year. These days, if you’re a luxury brand of a certain size and you’re not launching beauty products, you’re already late to the game.
This is made all the more urgent by the fact that the most prominent players in luxury are making equally big moves to solidify their offerings in beauty. Earlier this year, when LVMH announced that it had appointed Stephane Rinderknech as the new chairman and CEO of its beauty division, it marked a new chapter for the industry, marked by significant announcement after significant announcement that luxury beauty is where brands are paying big bucks to play.
The move followed Kering’s announcement in February that it was building a new area of beauty expertise within its group to ensure its brands could fulfill its potential in this category, hiring Raffaella Cornaggia, a seasoned industry executive, to lead the new division. And also comes as Estee Lauder acquired Tom Ford for $2.8 billion last year in its biggest deal to date.
Clearly, the landscape for luxury beauty has never been more competitive.
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