Beauty Industry Snapshot

How the pandemic impacted the market

 

Beauty wasn’t the only industry that experienced economic turmoil during the pandemic, but for color cosmetics, the fallout was almost immediate. By the end of March 2020, the share price of global beauty company Coty, which owns brands like CoverGirl and Rimmel, had plunged 52 percent. Just six months later, Mintel predicted that U.S. retail sales of color cosmetics would be down nearly 11 percent for the year.

More consumers began investing in new masks, serums, and other innovative skincare products as a way to engage in self-care and destress from a challenging year

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Becca Anderson
Becca@lneonline.com

is the director of product development and education at Cosmetic Solutions Innovation Labs, a globally recognized contract manufacturer and innovation partner that offers the operational excellence of large-scale contract manufacturers with the proactive leadership and flexibility to help brands grow on their terms.