Celebrity beauty brands – level 3
Rihanna’s pause during the Super Bowl halftime show to blot her nose with a 35-dollar powder from Fenty Beauty was a powerful nod to the fact that her makeup company, not her music, has made her one of the richest female performers ever.
According to a 2021 Forbes estimate, Fenty’s worth 2.8 billion dollars. More than 50 celebrities and influences from singer Lady Gaga to tennis star Naomi Osaka have tried to replicate Rihanna’s success with Fenty Beauty, and they launched cosmetic, haircare, and skincare brands in the last three years. However, very few have come close to such success.
The US beauty industry is particularly alluring due to high operating margins and the daily-use nature of many products. Like other parts of the consumer sector, the boom was also fueled by cheap digital advertising and low interest rates. However, consumers are increasingly considering the brand’s quality and authenticity, and post-pandemic shoppers are more interested in skincare than makeup. Thanks to product reviews on social media, celebrity backing doesn’t matter to a majority of female shoppers.
Difficult words: replicate (to copy or repeat something), operating margin (how much profit a company makes after paying for costs of production), authenticity (the quality of being real or true).
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What strategies do you think will help the US beauty industry capture post-pandemic shoppers in the future?
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