Holly Turnbull

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PROFIT

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Profit is how much a company earns after deducting its expenses (Williams, 2020). A profit margin is a percentage of the portion of sales revenue that a company gets to keep as profit (Segal, 2023). The cosmetics industry is expanding massively, with growth of over 15 percent in 2022 compared to 2021 (Petruzzi, 2023). The global beauty market is currently valued at $625.70 billion (2023), and is expected to grow at a compound annual growth rate (CAGR) of 3.32% between 2023 and 2028.The cosmetics industry is often split into five categories: make-up, perfume, skin care, hygiene products and hair care. In 2020 the UK’s beauty industry was ranked the 7th largest cosmetics market in the world (Statista, 2023). Skincare is the leading sector in the industry with a 41% market share, haircare with 22%, makeup with 16%, fragrances with 11% and hygiene products with 10%. The beauty category that grew the most in 2022 was fragrance, driven by new consumers and luxury perfumes becoming more affordable (L’Oréal 2022 Annual Report, 2022).  A brand should focus on the customers, partners and clients they already have rather than trying to branch out to new ones during uncertain economic times, strengthening these relationships will lead to economic gain later on. Many brands cut marketing budgets when an economic recession hits, however studies show that brands who do maintain or increase advertising do actually gain more market share than those who cut back. Companies could put time into improving technologies and building content to drawn in more customers. Providing certainty to customers and partners is very important, leading to stability and longevity being associated to the brand (Clausen, 2020). Creativity is incredibly important when it comes to business, having a creative mindset leads to new ideas, different approaches and more possibilities which ultimately leads to higher levels of success within the business (Whitaker, 2018). To bridge the gap between creativity and commerce, directors need to have as much knowledge in both fields as possible so that relationships can be formed between the two. Business and making connections must be focused on first to allow creative opportunities to be available in the future, especially for collaborations with other businesses. Creative processes can be unstable so by proving that the business side of things is serious first, will give collaborators that security they need and increase the chances of them forming a partnership (Young, 2015).

Works Cited

Clausen, E., 2020. Marketing Rules To Follow During Uncertain Economic Times. [Online] 
Available at: https://www.forbes.com/sites/forbesagencycouncil/2020/04/03/marketing-rules-to-follow-during-uncertain-economic-times/
[Accessed 22 October 2023].

L’Oréal 2022 Annual Report, 2022. Beauty market. [Online] 
Available at: https://www.loreal-finance.com/en/annual-report-2022/beauty-market/#scrollto-anchor-44893
[Accessed 22 October 2023].

Petruzzi, D., 2023. Cosmetics industry – statistics & facts. [Online] 
Available at: https://www.statista.com/topics/3137/cosmetics-industry/#topicOverview
[Accessed 22 October 2023].

Segal, T., 2023. Profit Margin: Definition, Types, Uses in Business and Investing. [Online] 
Available at: https://www.investopedia.com/terms/p/profitmargin.asp
[Accessed 22 October 2023].

Statista, 2023. Beauty & Personal Care – Worldwide. [Online] 
Available at: https://www.statista.com/outlook/cmo/beauty-personal-care/worldwide
[Accessed 22 October 2023].

Whitaker, A., 2018. Bridging the gap between art and business [Interview] (31 October 2018).

Williams, S., 2020. Profit. [Online] 
Available at: https://www.fe.training/free-resources/accounting/profit/
[Accessed 22 October 2023].

Young, B. E., 2015. How do you bridge the gap between creativity and business?. [Online] 
Available at: https://uncannycreativity.com/how-do-you-bridge-the-gap-between-creativity-and-business/
[Accessed 22 October 2023].

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PEOPLE

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This pillar describes the generation of people being targeted by brands and businesses. Generation Z are people born between 1997 and 2012 (Dimock, 2019), major events of this generation include the new digital age, increased concern for climate change and COVID-19 (McKinsey & Company, 2023). Gen Z as consumers typically care about how a product affects the planet, whether it’s ethical and if it’s accessible to all (Francis & Hoefel, 2018). A business targeting this generation needs to be sourcing materials ethically, doing what they can to contribute to and lessen the effects of climate change and making sure their products are accessible to people of every background.

With Gen Z being so confident in today’s digital era, online shopping is something the majority of this generation use, over 40% shop online to purchase more than half of their clothing (Brewis, 2023). To grab the attention of this audience, a business must have a well-functioning online platform. Gen Z have a massive impact on the beauty industry, ‘trendsetting’ on platforms such as Tik Tok and Instagram and sending products viral. The industry needs to keep up with these rapidly changing trends to ensure the products they’re creating stay relevant (Copping, 2022).

Gen Z are passionate about brands being diverse and inclusive, for example multiple shade ranges in foundation, hair treatments that are suitable for every hair type and skincare for all skin types from oily to dry and young to aged. ‘Consumers continue to feel that there are unrealistic standards of beauty and some groups feel entirely ignored by brands.’ Such brands need to take care not to market products to remove or cover up ‘imperfections’, for example ‘anti-cellulite’ creams and to instead promote their products using diverse models that relate to the gen Z population and increase their self-esteem (Mintel, 2022). A company that responded to diversity is Kohl Kreatives, who released a brush collection in 2018 that catered to those with a motor-disability. The brushes were able to stand up on their own, had high flexibility and handles with an easy grip (Hitchon, 2020).

Figure 1 Kohl Kreatives Flex Brush Collection

In terms of making a brand successful, good communication is a key skill, you need to be able to translate information to manufacturers, marketers, laboratories etc, but most importantly the consumer (Gravel AI, 2022). Another vital skill is individuality and the ability to be creative, in terms of the product itself, the branding and the marketing – especially across social media. This will allow the product to succeed by exceeding competitors and engaging more customers (deBara, 2019).

Works Cited

Brewis, D., 2023. What Generation Z expects from the online retail experience. [Online] 
Available at: https://www.imrg.org/blog/generation-z-online-retail-expectations/#:~:text=Instore%20remains%20important%20to%20them,of%20their%20clothing%20items%20online.
[Accessed 16 October 2023].

Copping, E., 2022. Gen Z & TikTok’s influence on Beauty. [Online] 
Available at: https://www.dalziel-pow.com/news/gen-z-tiktok-and-the-influence-on-beauty#
[Accessed 16 October 2023].

deBara, D., 2019. Cosmetics branding: how to build a brand in the beauty industry. [Online] 
Available at: https://99designs.com/blog/logo-branding/cosmetics-branding/
[Accessed 16 October 2023].

Dimock, M., 2019. Defining generations: Where Millenials end and Generation Z begins. [Online] 
Available at: https://www.pewresearch.org/short-reads/2019/01/17/where-millennials-end-and-generation-z-begins/
[Accessed 16 October 2023].

Francis, T. & Hoefel, F., 2018. ‘True Gen’: Generation Z and its implications for companies. [Online] 
Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies
[Accessed 16 October 2023].

Gravel AI, 2022. Which skills are required to be a cosmetics NPD manager?. [Online] 
Available at: https://gravelai.com/what-skills-are-required-to-be-a-cosmetics-npd-manager
[Accessed 16 October 2023].

Hitchon, R., 2020. A Guide To The Most Inclusive Beauty Brands. [Online] 
Available at: https://keiseimagazine.com/a-guide-to-the-most-inclusive-beauty-brands/
[Accessed 16 October 2023].

McKinsey & Company, 2023. What is Gen Z?. [Online] 
Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z#
[Accessed 16 October 2023].

Mintel, 2022. Demand for inclusivity in beauty gets louder: 25% of Gen Z feel left out of beauty advertisements. [Online] 
Available at: https://www.mintel.com/press-centre/demand-for-inclusivity-in-beauty-gets-louder-25-of-gen-z-feel-left-out-of-beauty-advertisements/
[Accessed 16 October 2023].

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Planet

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The cosmetics industry has been drastically failing our planet for decades. The use of chemicals are polluting water systems and harming aquatic life (Khalid & Abdollahi, 2021). 80% of countries still allow cosmetics to be tested on animals, subjecting 100 million to experience suffering and death (Kitenest, 2022). Tonnes of product packaging is sent to landfill every day, a staggering 70% of the industry’s waste comes from packaging (Borunda, 2019). Products such as wet wipes, cotton pads and face masks are only used once before they are binned and left to pollute the planet. Forests are being wiped out to make room for palm oil plantations. Perfume, hair spray and deodorants are said to be polluting the environment as much as car emissions. And transport of products across the globe are contributing to carbon emissions being at an all-time high. 

The ways in which the industry is destroying the planet are truly catastrophic. 

The Ellen MacArthur Foundation helps businesses to create better solutions to reduce their damage to the planet. They promote the idea of a circular economy; this system stops materials becoming waste by recirculating through processes such as recycling and refurbishment amongst others. It also regenerates nature by reducing the consumption of finite resources and instead using biodegradable materials that will be absorbed back into the earth (Ellen MacArthur Foundation, 2023). Companies such as Unilever and L’Oreal, have already signed on to the Ellen MacArthur Foundation’s ‘New Plastics Economy’ goals. 

Sustainable development means advancing to meet our current needs without hindering the ability of future generations in meeting their needs (Meredith, 2023). Many companies are developing in a sustainable way by using solar and wind power, manufacturing with lower temperatures, using less water and recycling energy. Strategies such as these, allow for the regeneration of finite resources, reduce emissions and carbon footprint (Bom, et al., 2020). For example, L’Oreal aims to make all of their packaging reusable, refillable, or compostable by 2025 (Borunda, 2019). Single-use plastic regulations may also be implemented in the near future (Howard, et al., 2019). 

‘Life below water’ is goal 14 of the sustainable development goals set by the United Nations, it is to ‘Conserve and sustainably use the oceans, seas and marine resources for sustainable development’ (United Nations, 2015). Single use products and plastic packaging are detrimental to the health of creatures below water. Oxybenzone is a chemical used in sun cream and has been found to be contributing to the damage of coral reefs. BHT, sodium Laureth sulfate, and BHAs have also shown evidence in causing changes to the biochemistry of aquatic life (Borunda, 2019). Research into alternative ingredients and measures to protect life below water need to happen before it is too late. 

Works Cited

Bom, S., Ribeiro, H. M. & Marto, J., 2020. Embracing Sustainability: Important Practices and Impact in Cosmetics. [Online] 
Available at: https://www.cosmeticsandtoiletries.com/research/methods-tools/article/21835698/embracing-sustainability-important-practices-and-impact-in-cosmetics
[Accessed 7 October 2023].

Borunda, A., 2019. The beauty industry generates a lot of plastic waste. Can it change?. [Online] 
Available at: https://www.nationalgeographic.com/environment/article/beauty-personal-care-industry-plastic
[Accessed 7 October 2023].

Ellen MacArthur Foundation, 2023. Circular Economy introduction. [Online] 
Available at: https://ellenmacarthurfoundation.org/topics/circular-economy-introduction/overview
[Accessed 7 October 2023].

Howard, B. C., Gibbens, S., Zachos, E. & Parker, L., 2019. A running list of action on plastic pollution. [Online] 
Available at: https://www.nationalgeographic.com/environment/article/ocean-plastic-pollution-solutions
[Accessed 7 October 2023].

Khalid, M. & Abdollahi, M., 2021. Environmental Distribution of Personal Care Products and Their Effects on Human Health. [Online] 
Available at: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8170769/
[Accessed 7 October 2023].

Kitenest, 2022. How do cosmetics impact the environment?. [Online] 
Available at: https://kitenest.co.uk/blogs/news/how-do-cosmetics-impact-the-environment
[Accessed 7 October 2023].

Meredith, D. E., 2023. Sustainability. [Online] 
Available at: https://www.ctpa.org.uk/sustainable-cosmetics
[Accessed 7 October 2023].

The Humane Society of the United States, 2023. Cosmetics animal testing FAQ. [Online] 
Available at: https://www.humanesociety.org/resources/cosmetics-animal-testing-faq
[Accessed 7 October 2023].

United Nations, 2015. The 17 Goals. [Online] 
Available at: https://sdgs.un.org/goals
[Accessed 7 October 2023].

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My Favourite Cosmetic Brand

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Charlotte Tillbury is a staple in the cosmetics industry. From the Hollywood Flawless Filter to the Beauty Light Wands, her products instantly go viral across social media and for all the right reasons. Although on the pricey side, her products have beautiful packaging that give consumers a glamorous feel. She does offer the option of refills on some products which allows it to be cheaper for the customer and reduces waste, which I thing is a really great option. The formulation and colours of the products are particularly stunning, her products are silky smooth and blend really well into the skin. They truly give that flawless finish that everybody raves about.

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