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subscribe to beauty blog via RSSEmerging Markets, Beauty’s (New) Bread And Butter
November 21, 2008 6:44 pm
When the nonprofit organization the Fragrance Foundation held its annual State of the Industry luncheon this week, the mood at New York’s Metropolitan Club was fairly somber. With the financial crisis providing a grim prognosis for the holiday season, which is typically a time for the beauty industry and its myriad gift sets to shine, the panel of experts in attendance all but counted out domestic and European sales profits. “Flat will be the favorable scenario” was the general consensus, according to a report from Cosmetics News. Scrappy by nature, however, purveyors of perfume, makeup, and general grooming products are not about to admit defeat. When the going gets tough, the tough get visas—and set their sights on emerging markets. Apparently, a booming economy in Brazil, strong buying power for luxury items in Russia, and what they’re calling “tremendous potential” in the Indian and Chinese sectors will be where the industry shifts its focus for 2009. Here’s to a beautiful future, or “Prekaraasnyy Budushchiy,” as they say in Russian.
tags: Fragrance, Makeup, Skincare, The Fragrance Foundation
