Titled “The Shape of Things to Come- the Importance of the UK Cosmetics Sector,” the event is being organized by Cosmetics Executive Women UK, an organization which promotes female leaders in the industry.
140 Mps and industry leaders have been invited to the reception, which is hosted by MP Iain Wright and will include keynote speaker Lord Digby Jones, as well as contributions from other speakers such as Carol Bagnald, regional commercial director of HSBC, which is co-hosting the event.
The reception will cover issues such as gaining recognition for cosmetics as an important component of the UK economy.
A spokesperson from CEW UK said: “The aim of the event is to promote the beauty industry in the UK and make sure that it is understood and its value recognized.
“The cosmetics industry is worth £17bn to the UK economy.”
CEW UK also noted that the event would provide a high-level networking opportunity to members of the organization and business figures, and to promote their work to the government.
CEW UK President Caroline Neville said in a statement: "As an industry we are often portrayed in the media as being frivolous – all lipstick and lycra – which could not be further from the truth. We needed to get organised as an industry."
"This is the first step towards getting recognition for the tremendous creativity, innovation and success of our industry."
Cosmetics and beauty have long been overshadowed in the UK by the prestigious £21bn fashion industry.
The UK beauty industry is nevertheless a powerful force: it employs around 1 million people and is forecast to grow by 16 per cent in 2016.
Neville said in an interview with the Financial Times: “People don’t realize how big the beauty business is. The government says we need more exports and more entrepreneurs, but they should just look at beauty.”