Beauty Business Agility Is Key With Few Segments Growing During Virus Shutdown
Market researcher The NPD Group identifies the few prestige beauty categories that posted sales growth in the US for the week ending 28 March. Companies that can pivot or ramp up activities in winning segments – and reach consumers digitally while they shelter at home – may fare best during the coronavirus pandemic.
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“It's unfortunate, but it's the Darwinian side of this industry,” L’Oreal CEO Jean-Paul Agon said on 16 April while discussing newer players’ prospects for survival through the COVID-19 crisis and L’Oreal’s own first-quarter results – down 4.8% like-for-like, but ahead of the market.
Cosmetics and personal-care manufacturers are certainly not alone in facing unprecedented challenges during the COVID-19 pandemic. Manufacturers today are uniquely vulnerable to supply chain breakdowns, and the current crisis is a perfect storm for impacts to come and already here.
No one is saying that it will, but the Independent Cosmetic Manufacturers and Distributors is concerned that it might. The trade group is surveying its members and wider industry on COVID-19 challenges and future prospects in order to represent their interests in Washington and dissuade “uninformed cosmetics legislation.”