The Best of BoF 2023: Beauty’s Year of Change

2023 marked a yr of change for the sweetness business – and for The Enterprise of Magnificence.

Our purpose was to carry the identical rigour and evaluation that The Enterprise of Trend is understood for to the worldwide magnificence and wellness industries. We now ship two must-read weekly magnificence newsletters; revealed a particular version of BoF’s “State of Fashion” report with McKinsey & Firm and deep-dive case research on E.l.f. Cosmetics and hero products; and debuted the invitation-only The Business of Beauty Global Forum to carry our on-line group to life and join with leaders over three days in Napa Valley, California.

The timing couldn’t have been higher. This was the yr that Gen-Z’s affect got here into larger focus, with that era’s individualistic attitudes and signature shiny yellow color infiltrating magnificence manufacturers’ merchandise, social media campaigns and experiential activations. Younger customers’ relentless seek for dupes, cheap options to premium merchandise usually discovered on TikTok, additionally turned inconceivable to disregard. And developing behind them is Era Alpha, more and more vital prospects for manufacturers like Drunk Elephant and Sol de Janeiro.

Manufacturers raced to achieve prospects with personalised merchandise and messaging. Direct-to-consumer traces embraced retail partnerships, reorienting from chasing progress to prioritising income. Inflation drove residence the significance of catering to customers in search of good worth, not simply good advertising and marketing. Fragrances remained a bright spot, with firms like Richemont doubling down on the class. However different once-hot sectors, like clean beauty, struggled to seek out its footing as customers turned more and more sceptical about such claims.

We lined all of those adjustments and rather more this yr. Keep tuned for much more from The Enterprise of Magnificence in 2024.

High Tales

Why Gen-Z Yellow Will Never Be Millennial Pink: Gen-Z’s shiny aesthetic could also be rising in recognition, however the era’s individualistic nature might preserve it from turning into a full-blown phenomenon.

How Beauty Brands Are Preparing for 2023: As firms plan for an additional turbulent yr, they’re emphasising worth, taking larger retail bets and remaining optimistic.

The Companies Behind Fashion’s Biggest Fragrances: Regardless of quick progress for impartial perfume manufacturers, designer scents nonetheless make up most gross sales, and some firms are the engines behind them. BoF unpacks the important thing gamers.

Richemont Creates New Beauty Division, Doubles Down on High-End Fragrance: The luxurious group is seeking to increase its in-house experience — a transfer that would spell hassle for the likes of Coty and Interparfumes, which presently manufactures lots of Richemont’s model fragrances.

The Battle for India’s $16 Billion Beauty Market Intensifies: Digital-native manufacturers with a razor-sharp concentrate on the newest developments jostle for place in a market set for speedy progress as large magnificence conglomerates attempt to tighten their grip on energy.

Isamaya Ffrench’s New Take on ‘Sex Sells’: Overtly sexual advertising and marketing has lengthy been a promoting level in magnificence, however the make-up artist pushes boundaries additional with a brand new assortment of lip colors in anatomically appropriate tubes.

The BoF Podcast | Five Themes Shaping the Global Beauty Industry: BoF’s Imran Amed sits down with Priya Rao, govt editor of The Enterprise of Magnificence, to go contained in the findings of our new report ‘The State of Trend: Magnificence.’

Thank you for being a valued member of the Nirantara family! We appreciate your continued support and trust in our apps.

If you haven’t already, we encourage you to download and experience these fantastic apps. Stay connected, informed, stylish, and explore amazing travel offers with the Nirantara family!