Priya Rao and Imran Amed / Photo Credit: Rowben Lantion/BFA.com for The Business of Fashion
MagicLinks was proud to sponsor The 2023 Business of Fashion Global Beauty Forum, held in Napa Valley last week. The event provided a powerful platform for industry leaders and brand experts to delve into the ever-changing landscape of the beauty industry.
Our VP of Strategic Partnerships, Jennifer Piña, and Head of Business Development Aleksandra Chojnacka, were both in attendance. They shed light on several key insights from the event that are shaping the way we perceive beauty, drive growth, and forge meaningful connections with consumers.
1. What beauty means now.
The meaning of beauty is undergoing a profound transformation. There is no longer one standard or a set of criteria for beauty; it’s for each person to determine for themselves. As Sharareh Siadat, Founder of TooD Beauty expressed during her session, “Beauty is your aura. It’s when you are connected to yourself.”
With the democratization of marketing, there is an influencer for every individual, allowing brands to embrace a broader spectrum of beauty and foster inclusivity. Authenticity, relatability, and a sense of belonging have emerged as vital elements in branding.
Takeaway: Brands need to tap into what empowers individuals to embrace their unique beauty. One way to achieve this is to partner with micro-influencers who can establish deeper connections with diverse and niche audiences.
2. Growth through innovation.
To unlock growth opportunities, the beauty industry is expanding its horizons into new markets. China, India, and the Middle East have emerged as hotbeds of untapped potential, where brands can establish their presence and cater to the evolving needs and desires of these burgeoning consumer bases.
Additionally, exploring new distribution channels opens doors to reaching wider audiences. Gaming platforms like Twitch came in multiple conversations as expanding brands’ creative opportunities with influencers. Jean-André Rougeot, the CEO of Sephora, emphasized how the beauty retailer is leaning into community-building, influencer marketing, and diversity efforts to both delight consumers and give them seamless ways to interact.
Takeaway: By embracing innovation and adapting to new channels, brands can stay at the forefront of market expansion and drive their business to new heights. Look for spaces where communities of your audience already exist and create authentic, valuable experiences for them to immerse themselves in your brand.
3. Connected commerce is driving customer loyalty & sales.
The concept of social commerce is evolving. Brands are now seeking to foster genuine connections with their current and potential customers, transcending mere transactions. The world’s leading beauty brands understand the significance of building long-lasting relationships and meaningful experiences, which is more challenging than ever.
Founder and Creative Director of the fragrance brand Byredo, Ben Gorham, spoke on meeting the consumers where they are – which means taking an omnichannel approach.
“That helped us navigate the pandemic, but it’s also helping us navigate skyrocketing [customer] acquisition costs, digital marketing and the turn of social media, the complexities of influencers, the downward turn of American department stores. Our diverse channel mix was how we were able to pivot,” Ben said in an interview.
On the final day of the BoF Beauty Forum, Jen Piña summed up the conversation around connected commerce with, “The world’s best brands are ultimately seeking to create meaningful connections with their current and future customers. Creators, changemakers, and our modern-day trendsetters are by far the most effective for finding and activating customers over time because they relate on such an intimate level. But only when done right.”
Takeaway: Through platform diversification and immersive brand storytelling, brands create ecosystems that inspire, engage, and connect with their supporters. This shift toward connected commerce empowers brands to create a lasting impact and drive customer loyalty.
The Business of Fashion Global Beauty Forum provided invaluable insights into the dynamic landscape of the beauty industry. By staying attuned to these trends, brands can navigate the ever-changing beauty landscape and drive success in an increasingly nuanced, interconnected world.
At MagicLinks, we are committed to helping world-class brands navigate the complexities of the beauty industry and forge impactful connections with influencers and their fans. Check out our Instagram wrap-up for more scenes from the event, and for more data-driven beauty insights to inform your influencer marketing strategy, download our Influencing Beauty Playbook.