The Beauty Industry’s Transformation to Beauty-Tech

Covid-19 has changed lots of things we took for granted. Hugging. Taking a sip of our friend’s cocktail. Visiting a makeup counter and trying on foundation from a tester pot – now that feels like something from a prehistoric era. According to recent research by McKinsey, prestige cosmetic and fragrance brands saw a massive decline in purchasing in 2020, ranging from 55% to 75%.

The Covid-19 pandemic exposed a huge weakness in the (pre-pandemic) $532bn beauty industry: its absolute reliance on human interaction and in-store purchasing. In addition to shop closures and a work-from-home lifestyle, applying a full face of makeup – let alone buying new products – felt redundant when half your visage was covered by a mask. However, the crisis also kickstarted a new era of digital transformation, enabling the beauty industry to embrace the change and become the beauty-tech industry.

Read the full article on Little Black Book.