Global business and financial updates in beauty: October
Europe regional spotlight: Brexit
The CTPA, a UK industry body for cosmetics, toiletries and perfumes, has released its latest impact fact sheet to inform the industry on the latest in the Brexit negotiations as they apply to the beauty industry.
The document, “The Impact of a ‘No deal’ Brexit on the Cosmetics Industry”, outlines for cosmetic companies (members and non-members) how a ‘no deal’ scenario would impact on their business. It is available in full on the CTPA website. Read our full coverage here.
The current state of the UK beauty market: Key findings
So how is the UK beauty market bearing up? A new report from Mintel in collaboration with CEW UK suggests the impact so far has been minimal, as the market remains strong.
“Following the Brexit vote, sales of beauty and personal care products continue to rise,” explain the report authors.
“CEW suggests this offers further evidence of ‘The Lipstick Effect’ – during periods of economic downturn, consumers tend to purchase more ‘little luxuries’, such as lipstick, treatments and cosmetics.” Discover our full report here.
Asia Pacific regional spotlight: China
Our Cosmetics Design Asia Editor, Amanda Lim, offers insight into this crucial market in her recent feature on top news from China’s cosmetics industry.
The report looks at exclusive partnerships, reduced import tax rates and why compulsory animal-testing will take more than five years to stop.
Read it in full here.
In-cosmetics Asia: this week
The major trade event for the APAC region, in-cosmetics Asia, is taking place this week, 30 October - 1 November, in Bangkok, Thailand.
The speaker programme includes a session from Cosmetics Design Asia Editor, Amanda Lim, with insights on sensory enhancers for beauty and personal care products.
Major K-beauty brand struggling
South Korean beauty brand Skinfood, considered an early leader in the k-beauty wave that has swept the globe in the recent few years, has filed for court receivership in a bid to save the now struggling business.
“Although the company is currently at stake in securing liquidity due to excessive debt, considering Skinfood’s unique branding and product competitiveness we believe the court restructuring and normalisation of the business will benefit everyone, including the creditors,” the company said in a statement.
Find our full report here.
US regional spotlight
International Flavors & Fragrances (IFF) has completed its acquisition of Frutarom, flavours and fine fragrances company.
The companies describe the acquisition as ‘a combining of companies’. Find our full report here.
Genomatica looks to boost its personal care ingredients business
Millions in funding and partnerships is set to bolster the biotech chemical company’s efforts in the beauty and personal care world, with Genomatica having announced recent funding from Casdin Capital, Viking Global Investors, and Ginkgo Bioworks.
Discover our full report here.
