Color cosmetics stands out as one of the most successful categories of the beauty market, fueled by:
− Fashion
− Innovative concepts
− Interesting formats, and
− Stand-out packaging
At the heart of this category’s success are consumers. Consumers are driving sales with an unrelenting desire for products that make them look good in the real world as well as in their chosen digital space.
In today’s fast-paced world, color brands need to anticipate trends long before consumers are even aware of them. This means agility to churn out new products, shades and textures in order to stay ahead of the competition. It’s not easy to be first to market with a new idea or the targeting of a previously ignored demographic, so a strongly crafted USP is essential.
Charlotte Libby, global color cosmetics analyst, Mintel, believes that indie brands currently have the advantage. “Indie brands are nimble and bring products to market very quickly, often being the first to offer new colors and textures and leading beauty innovation.”
Mintel’s GNPD database has identified a number of trendsetters:
− Rihanna’s Fenty Beauty, leading the market in its understanding of shade diversity
− MILK make-up with its pioneering vegan formulations with the launch of the Kush range
− Glossier’s skin-first positioning focusing on complexion perfection
Many of the newer independent players, such as Glossier, became established online before considering a move into the physical space. They use the online environment and social media to convey their unique brand, personality and story. “This is creating a compelling proposition for consumers and appealing through their organically authentic messaging,” explains Mills.
Once established, they may become attractive proposition prospects for established beauty players who may lack the agility, perception of authenticity and independence that niche brands enjoy. Estee Lauder, for example, is reaping the rewards of acquiring cosmetics brands Becca and Too Faced. Both are plugging a gap in the Lauder Group’s portfolio for strong millennial-focused brands.
» Continue reading to understand the key factors that are contributing to the global color brands!