The omnipresence of digital, the on-demand economy and collaborative consumption have fundamentally altered consumer expectations. Tech startups have changed the way we move (Uber), eat (Seamless), and whether we buy or rent (Rent the Runway).
Fast fashion disrupted production cycles, creating a ripple effect that forced the rest of the industry to completely reevaluate the number of collections, change their distribution models, and move to more consumer-centric timing.
Until now, the beauty industry has lagged in disruption, but the indie players have instigated a revolution. Emerging players like Memebox, Frank Body, and Ipsy have gone from zero to multi-millions overnight. In 2016 alone (and the year is not over yet), beauty startups raised nearly $300 million in funding. With the changing pace of product innovation, increasing market fragmentation, and digital, it’s impossible to keep doing business the same old way. Airbrushed perfection is no longer synonymous with beauty ideals, the customer is a creator, and the rule breakers are getting rave reviews.
The future is now. Is the beauty industry ready?
Read the full report below!