The fashion show isn’t over just yet, with New York Bridal Fashion Week now in full swing. Running from today until Friday, the One Fine Day Bridal Market is the place to be to preview the next Big Day trends in fashion and bridal beauty (we’re wondering if SJP’s much buzzed-about, long black hair bow — which she teamed with a tulle cocktail dress for the New York City Ballet 2023 Fall Gala — may inspire a few bridal party bows of the future). In Paris, meanwhile, LVMH Moët Hennessy Louis Vuitton reports a 12% organic growth within its Perfumes & Cosmetics group in the first nine months of 2023. The luxury goods group, which includes Louis Vuitton, Christian Dior, Guerlain, Givenchy, Benefit Cosmetics and Sephora in its beauty armoire, reveals that the most significant growth was seen in its fragrance category. In other news, here at CEW, Anna Mayo, VP of Beauty Vertical NIQ, explores the significant decrease in beauty product innovation over the last three years. The company’s research revealed a worrying 19% drop in beauty and personal care innovation. In its BASES report, Building a Modern Innovation Ecosystem, NIQ found that 60% of industry leaders make innovating a priority, recognising its key role in maintaining brand relevancy in a busy marketplace. “Those who persevered in their innovation efforts during this period reaped substantial rewards, being 2.9 times more likely to experience sales growth compared to those who scaled back their innovation initiatives,” writes Mayo. “In the face of change, it’s clear that evolution is a lasting principle, and companies that prioritize innovation appear to be leading the way.”
Read on for more on these and other breaking beauty stories.
Why innovation in beauty matters: Anna Mayo, VP of NIQ, shares the Beauty Vertical’s expert insights in response to the falling level of innovation in the beauty industry (19% over the last three years, according to its research). For CEW today, Mayo explains why this is a concern, and unpacks the type of innovations — from ingredients to inclusivity — which are making the difference to beauty success stories, and what’s giving them the edge. (CEW)
LVMH reports 12% growth in organic revenue within its Perfumes & Cosmetics category, citing its innovative approach and selective distribution among the reasons for its success (most notably for Christian Dior, with the popularity of Miss Dior and J’adore, and Sauvage ongoing. The Dior Addict and Prestige skin care collections, it says, continue to thrive). Guerlain’s iconic Acqua Allegoria fragrances are going strong, and the Terracotta Le Teint cosmetics range was well received. (Beauty Packaging)
Fenty arrives in Ulta Beauty at Target. Following the brand’s successful introduction to Ulta Beauty in 2022, Rihanna’s make-up range is making its debut in Ulta’s stores-within-stores at Target. Christina Hennington, Target’s Executive Vice President and Chief Growth Officer, reports strong growth figures for both Target’s main beauty business and Ulta Beauty at Target (a doubling in sales). (WWD)
Sephora goes from strength to strength in Canada. Research company IBISWorld reports that Sephora holds the sales top spot in Canada’s $1.1 billion beauty industry, with 107 stores across the country (and counting). (Beauty Matter)
It’s all a blur: Perricone MD is growing its No Makeup Skincare Collection with the introduction of its Instant Blur Priming Moisturizer. Formulated with antioxidant Alpha-Lipoic Acid (ALA), the new launch joins other ‘soft focus’ skin care heroes in helping to blur lines, reduce shine and create a smoother canvas for make-up. (Happi)