Leading players in the luxury goods industry are looking for ways to diversify their product portfolios, according to market research analyst Euromonitor, and many are doing so by launching new beauty and personal care lines or collections.
“While there is nothing new about fashion houses developing their own branded fragrances, what is new is luxury fashion houses ramping up exposure across the full beauty care remit,” said Fflur Roberts, Global Luxury Manager at Euromonitor International.
This includes, according to Roberts, products such as nail polish, lipstick, eye and facial make-up, body lotions, self-tanners and even bath/shower products.
Euromonitor also noted that Marc Jacobs, Michael Kors, Tom Ford, Tory Burch and Giorgio Armani have teamed up with big name beauty care products to enhance their own store, while others, such as Burberry, have adopted a more independent strategy.
“One way or another, almost all the industry-leading players are looking for a bigger piece of the action,” said Roberts. “Marc Jacobs has gone as far as opening his own Manhattan based store dedicated solely to cosmetics and fragrances (pictured), and this October, Tom Ford launches his men’s cosmetics line.”
Euromonitor has forecasted that by 2018, the US, with 34 million high income earners and a projected retail value of $90bn, will continue to lead the world in total value sales of luxury goods, followed by China. However, countries with fast-growing populations of high earners, such as India, Malaysia, Indonesia, Mexico and Brazil, will present the greatest opportunity.
