A new report from Circana reveals that prestige sales have increased by 8% in the first half of 2024, reaching $15.3 billion. Meanwhile, mass market sales have remained flat. “An accelerated bifurcation is emerging in the beauty industry highlighted by the continued strong growth in prestige in relation to the mass market,” said Larissa Jensen, Global Beauty Industry Advisor at Circana. “Within prestige, drivers of growth point to a similar pattern, indicative of a consumer who is seeking elevated value.” At CEW today, we highlight the key findings within each category, from fragrance – which has seen the biggest growth – through makeup, skin care and hair care.
Also at CEW, don’t miss our special report on Cosmoprof Las Vegas 2024, and the trends you might have missed. The exhibition, which took place July 23 to July 25 showcased an exciting array of new brands that targeted a broad spectrum of generations, and was attended by beauty’s biggest players and a fresh cohort of executives.
In breaking news, e.l.f. Cosmetics has created a limited edition beauty bundle, Beauty For Every Eye, in collaboration with world champion blind swimmer, Anastasia “Tas” Pagonis. The kit includes a trio of her favorite e.l.f. products – the Big Mood Waterproof Mascara, Glossy Lip Stain in Power Mauves and SKIN Suntouchable Whoa Glow SPF 30 in Sunbeam – with a scannable QR code linking to a how-to audio recording by Pagonis. “She redefines limitless,” says Kory Marchisotto, Chief Marketing Officer, e.l.f. Beauty of the brand’s partnership with Pagonis. “We are on a journey to make beauty even more accessible to every eye, lip, and face.”
Making investment headlines, the Los Angeles-based nontoxic body care brand Salt & Stone has announced that it has gained minority investment from Humble Growth. Meanwhile, L’Oréal has acquired a10% stake in Galderma Group AG, from Sunshine SwissCo AG, Abu Dhabi Investment Authority (ADIA), and Auba Investment Pte. Ltd. “I am very pleased to announce this strategic investment and partnership with Galderma,” said Nicolas Hieronimus, Chief Executive Officer of L’Oréal. “It allows us to explore partnering in the fast-growing aesthetics market, a key adjacency to our own pure beauty play.”
In scent news, Calvin Klein Fragrances’ CK One Essence has just dropped, created by DSM-Firmenich perfumer Albero Morillas, and doubling-down on the strength of the original unisex eau de toilette.
Catch up on these and other stories at the links below.
Prestige Beauty Soars, While Mass Stays Flat. A new report by Circana reveals that prestige sales increased by 8% in 1H 2024, while sales at mass merchants held flat. (CEW)
What You Missed At Cosmoprof Las Vegas 2024. CEW reporters Andrea Nagel and Faye Brookman report on the fresh and modern vibe at last month’s exhibition. (CEW)
E.l.f. Takes The Plunge With Anastasia Pagonis. E.l.f. Cosmetics has teamed up with the world champion blind swimmer to create an accessible Beauty For Every Eye, limited edition product bundle. (BUSINESS WIRE)
Humble Growth Acquires Minority Investment In Salt & Stone. The nontoxic body care company is based in Los Angeles. (WWD)
L’Oréal today Acquires 10% Sake In Galderma. The companies say they will work together towards a “strategic scientific partnership”. (L’ORÉAL FINANCE)
CK One Essence Drops. The new scent amplifies the concentration of the original scent, and was created by perfumer Albero Morillas of DSM-Firmenich. (HAPPI)
The Smooth Company’s Slick Move. The viral Irish brand founded by Aine Kennedy helps customers create perfect slicked-back hair. (BEAUTY INDEPENDENT)
