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Piyush Jain is the CEO of Maesa, a beauty brand incubator "making luxury beauty solutions accessible to all consumers." Here, Jain shares his thoughts on where beauty is heading in 2024. -Editor
The beauty industry is constantly evolving with new trends and game-changing innovation driving consumer demand. The winning beauty companies are curating individualized consumer experiences while finding new and different ways to meet unmet consumer needs.
1. Purpose-Driven Brands
In this era of conscious consumerism, the beauty industry is experiencing a paradigm shift where brands with purpose have become a necessity. At Maesa, we recognize that the success of a brand lies in its ability to resonate with the deeper values and unmet needs of our consumers.
We are dedicated to identifying gaps in the market and creating brands that address these gaps authentically. Whether it’s an affordable collection of luxury hair care such as Kristin Ess Hair or wellness rituals-focused products such as Being Frenshe, we strive to bring purpose to the forefront of our brands.
We expect this trend to continue to strengthen. However, having purpose alone is not sufficient and brands need to provide a holistic superior experience to consumers to generate brand love and create long-term loyalty.
From product formulation to packaging design and marketing strategies, we strive for excellence in every aspect of the brand mix. This holistic approach is the key to our success as an incubator.
In an industry where less than 1 out of 10 beauty launches succeed, Maesa’s success rate is better than 1 out of 2. Purpose-driven brands create a lasting impact with people and the planet and I'm proud to say that our portfolio reflects this commitment to meaningful, purposeful beauty.
2. Inclusive Beauty Narratives
2024 is gearing up to be a transformative year for the beauty industry as it rallies behind inclusive beauty narratives. The traditional beauty standards are giving way to a more diverse and representative approach.
Across the board, brands are embracing inclusivity, celebrating different skin tones, gender identities, ages and ethnicities. The world is experiencing a fundamental shift towards a more inclusive and welcoming beauty landscape.
As the #1 beauty incubator in mass globally, Maesa has a responsibility to drive industry-wide change, and we’re proud to do so through our brands and the #MaesaMagicIncubator that we launched earlier this year–an incubator program designed specifically for beauty and wellness entrepreneurs from under-served communities.
3. Category Blur
It is no longer just about selling a moisturizer or a lipstick; it's about offering a complete and interconnected beauty experience to the consumer.
As a beauty incubator, Maesa fosters innovation, encourages collaboration, and creates brands that are navigating this exciting and dynamic landscape. The days of rigidly defined beauty categories are fading away and the future of beauty lies in the ability to create strong brands that offer holistic and personalized experiences that resonate with the evolving preferences of today's consumers.
4. Sustainable Mindsets
Consumers demand that brands today are more and more environmentally conscious and mindful of the impact the industry has on our planet.
I believe we’ll see this integrated more into all aspects of the brand, such as doing away with wasteful choices and practices where possible, making conscious adjustments for more sustainable production and thinking through better packaging solutions that protect the product but have a minimal environmental footprint.
It is an exciting time to be in the beauty industry and we can expect to see revolutionary changes through more eco-friendly packaging, revamped production processes, reduced carbon footprint and overall sustainability at the core of brands of the future.