2023 was a year of change for the beauty industry – and for The Business of Beauty.
Our goal was to bring the same rigor and analysis that The Business of Fashion is known for to the global beauty and wellness industry. We now deliver two must-read weekly beauty newsletters; published a special edition of BoF's State of Fashion report with McKinsey & Company and in-depth case studies on Elf Cosmetics and hero products; and launched the invitation-only The Business of Beauty Global Forum to bring our online community to life and connect with business leaders over three days in Napa Valley, California.
The timing couldn't have been better. This was the year that Generation Z's influence came into greater focus, as this generation's individualistic attitudes and signature bright yellow color seeped into beauty brands' products, social media campaigns and experiential activations. Young shoppers' tireless search for duplicates, low-cost alternatives to premium products typically found on TikTok, also became impossible to ignore. And behind them comes Generation Alpha, increasingly important customers for brands like Drunk Elephant and Sol de Janeiro.
Brands competed to reach customers with personalized products and messages. Direct-to-consumer lines partnered with retailers and pivoted from chasing growth to prioritizing profits. Inflation highlighted the importance of targeting buyers looking for value for money, not just good marketing. Fragrance remained a bright spot, with companies like Richemont doubling their value in the category. But other once-popular sectors like clean beauty have struggled to gain traction as consumers have become increasingly skeptical of such claims.
We reported on all of these changes and more this year. Stay tuned for more from The Business of Beauty in 2024.
Top stories
Why Gen Z yellow will never be Millennial Pink: Generation Z's bright aesthetic may be growing in popularity, but the generation's individualistic nature may be preventing it from becoming a full-blown phenomenon.
How beauty brands are preparing for 2023: As companies plan for another turbulent year, they are prioritizing value, making bigger retail bets and remaining optimistic.
The companies behind the biggest fashion fragrances: Despite the rapid growth of independent fragrance brands, designer fragrances still account for the majority of sales, and a few companies are the drivers behind them. BoF unpacks the key players.
Richemont launches new beauty department and increases focus on high-quality fragrances: The luxury group wants to strengthen its internal know-how – a move that could spell trouble for companies like Coty and Interparfumes, which currently produce many of Richemont's branded fragrances.
The battle for India's $16 billion beauty market is heating up: Digital-native brands with a razor-sharp focus on the latest trends are fighting for position in a market poised for rapid growth as big cosmetics companies try to tighten their grip on power.
Isamaya Ffrench's new version of “Sex Sells”: Overtly sexual marketing has long been a selling point in the beauty industry, but the makeup artist is pushing the boundaries with a new collection of lip colors in anatomically correct tubes.
The BoF Podcast | Five issues shaping the global beauty industry: BoF's Imran Amed sits down with Priya Rao, Editor-in-Chief of The Business of Beauty, to discuss the findings of our new report, The State of Fashion: Beauty.
