Celebrity skincare from actors Deanna Yusoff and Lawrence Wong… and a Nobel laureate
The skincare market’s projected strong growth and consumers’ desire to try new products spell opportunities
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THEY say beauty is only skin deep. That may well be the case, but it hasn’t stopped people from hunting down and splurging on the latest skincare product – with money rolling in for brand owners.
Not only has the global beauty business made a strong recovery since the worst of the Covid-19 pandemic, the industry is expected to hit estimated retail sales of around US$460 billion this year, with the figure projected to increase to some US$580 billion by 2027.
“It’s now an industry that everyone, from top-tier financiers to A-list celebrities, wants to be a part of, with good reason,” says a report published by The Business of Fashion and McKinsey & Company.
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