If the sci-fi genre of books, films and video games has taught me anything, behemoth mega-corporations are, more often than not, never good news.
Although the narrative of a single company controlling huge industrial monopolies is relegated to these fantastical settings, here in the beauty world, Estée Lauder Companies (ELC) and Puig’s potential merger and L’Oréal’s acquisition of Kering Beauté signal a beauty industry now beginning to favour this megacorporation structure.
As such, are we seeing the demise of a variety of beauty conglomerates – with different styles, cultures and set-ups – and entering an era where a handful of megacorporations own the monopoly and have the biggest sway?
And if so, what does this mean for the beauty industry in terms of competition, innovation and more? Will it be stifled or strengthened? Will it create barriers for challenger brands?
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