As the year comes to a close, ’tis the season for beauty reflections and predictions. Today on CEW, Anna Mayo, VP for NielsenIQ’s Beauty Vertical, unpacks a pivotal moment in 2023: the U.S. launch of TikTok Shop. With 81% of dollar sales coming under the Health & Beauty category since its fall debut, its impact on the retail landscape has already been significant. “In a nutshell, TikTok has made the buying process seamless, removing any barriers from being redirected to outside sites,” writes Mayo. “When looking at the top selling Health & Beauty categories on TikTok Shop, beauty is rising to the top with facial skin care, lip cosmetics, cologne and perfume, and body lotion and treatments ranked in the top five.” In her report for CEW, Mayo shares four secrets for success on the platform—noting that “it is important to understand that it is more than an online retail outlet, this is social commerce.”
In indie beauty news, portable beauty brand Subtil, founded by Rachel Reid in 2019, has raised $5.5 million in Series A funding. Cult Capital invested $5 million, with returning investors Grouse Ridge Capital and Innovation Works investing just under $500,000. “She’s really revolutionizing the convenience factor with a product that offers functionality and versatility that no one else is creating,” Sarah Woelfel, Cult Capital’s co-founder and partner, commented at Beauty Matter. “It caters to a specific audience that’s underserved in the beauty market, which is the time-strapped woman, whether that be a working professional, mom or even a makeup novice who wants easy-to-use products.”
Looking ahead to next year, mark your calendars for CEW’s State of the Industry: Global Trend Report 2024. Registration is now open for this annual virtual event taking place on Thursday, February 8, 2024, in which NielsenIQ, Mintel, Circana, Google, Spate, and Iced Media will discuss what moved the needle in 2023 and where the trends are going in 2024 and beyond.
Read more on these and other stories at the links below.
How To Be A Hit On TiKTop Shop. Anna Mayo, VP for NIQ’s Beauty Vertical, reveals her top tips for retail success on the platform. (CEW)
Wendy C. Arlin Joins Kohl’s Board of Directors. The former chief financial officer at Bath & Body Works has joined the company as an independent director, as part of its “ongoing board refreshment process”. (BUSINESS WIRE)
Cult Capital invests $5 Million In Subtl. The portable makeup brand founded by Rachel Reid in 2019 has raised $5.5 million in Series A funding. (BEAUTY MATTER)
Chelsea Riggs Promoted To CEO of Amika. The hair care company’s President will start the new year as its new Chief Executive Officer, following the brand’s acquisition by Bansk Group last year. (WWD)
Uoma Saved From Closure. The makeup brand, founded by Sharon Chuter has received investment from MacArthur Beauty LLC. (BEAUTY INDEPENDENT)
FDA Launches Cosmetic Direct Portal for MoCRA. Following the release this week of the Food & Drug Administration’s Final Guidance on Registration and Listing of Cosmetic Product Facilities and Products, a new portal has been launched as a resource for firms to access, using a designated FEI number. (COSMETICS DESIGN)
Registration Is Open! Put the CEW’s State of the Industry: Global Trend Report 2024, a virtual event on Thursday, February 8, 2024, 1:00 PM to 4:00 PM ET, on your calendar now. (CEW)
