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.
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