Inflation and improvement in the quality and innovation of private label beauty is making the sector more attractive to consumers, and US retailers are responding.
Private Label Beauty Rising; Value, Innovation Driving Consumer Demand
Claire’s Holdings LLC, Sprout’s Farmers Markets and Walgreen Company are the latest US retailers to build on beauty and personal care store brands in response to growing consumer demand.
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Target’s Beauty division was its strongest business unit in fiscal 2024, nearly doubling in six years to reach $13.2bn on strong in-store presentation and digital support, the retailer says.
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K-beauty (Korean beauty)’s success in US e-commerce in 2024 was independent of overall US market beauty growth, surging 63% year-over-year on average, according to Samsung Securities.
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Ulta Beauty, Inc. CEO Dave Kimbell retires after 11 years with the beauty retailer and is replaced by president and chief operating officer Kecia Steelman, as a strong holiday sales period prompts the firm to update its fiscal fourth quarter projections.
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The US prestige beauty market is approaching the holiday season with stronger sales momentum than it achieved the same time last year, despite ‘some pullback’ in spending throughout 2024. Industry experts predict how current trends/consumer sentiment may impact the critical fourth quarter.
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Chinese consumers are now routinely taking supplements for a variety of health reasons, helping to drive up sales of the Swisse Plus+ brand by 20% in 2024.
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US FDA Commissioner nominee Martin Makary is being embraced by industry, and Senate Democrats, as a more traditional pick than other Trump Administration nominees, but the Make America Healthy Again agenda still is clearly coming to the agency.
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FDA says “extension affords covered entities the additional time necessary to ensure complete coordination across the supply chain in order to fully implement the final rule’s requirements—ultimately providing FDA and consumers with greater transparency and food safety.”