After years of phenomenal growth that has given way to countless spa-based skin care brands, the US market has been hard hit by the economic downturn, a new report says.
Companies should maintain their advertising spend even when times are tough to try to stop consumers from trading down, according to research company comScore ARS.
There is nothing like a recession to push consumers away from prestige cosmetics towards cheaper alternatives as a means of stretching the household budget.
New York-based luxury cosmetics provider Borghese is tapping into its kudos amongst the fashionista by signing a licensing agreement with eyeware maker Icon Eyeware.
The growth rate for cosmetics, toiletries and fragrance in Brazil has exceeded predictions made at the beginning of the year, which means the value of the market in 2009 is likely to be 11 per cent higher than 2008.
Global fragrance company Coty, announced the opening of a new subsidiary in Russia as part of a strategic initiative to establish direct in-house marketing control of the Coty products in Russia.
Industry insiders predict that natural and organic cosmetics will hold up well in 2009 even if they do not enjoy the dramatic sales growth of previous years.
To navigate through the economic gloom, cosmetics companies should turn to Austrian economist Josef Schumpeter who once compared the Great Depression to a ‘good cold shower’.
