Is your beauty routine not living up to your routine? Raconteur explores how the beauty and cosmetics market is exploding with possibilities and new brands as the big conglomerates fail to meet the rapidly changing needs of women. And surprise our CEO Julie is featured prominently!
“Too big to fail” may be a phrase more readily applied to banks, but might it also find resonance in the beauty market, traditionally dominated as it is by just a few giants?
“That’s the problem with it,” says Julie Fredrickson, the founder, just 18 months ago, of new US cosmetics company Stowaway. “Beauty is one of the most consolidated sectors on the planet. Some 70 per cent of make-up brands are controlled by just ten conglomerates. But those brands have locked themselves into a particular way of doing things, which makes them slow to react to changing demand.”
Not so the small and, more importantly, niche startup.