Three points in the cosmetic industry 2023
In 2023, the Japanese government eased the entry and movement restrictions. We are looking at the sign of active domestic and international travellers. So, what next step do we want to take in business through the COVID experience? Here are three points to understand what is happening in the cosmetic industry.
1. Business expansion
We saw that some brands have partnered for business expansion to enter foreign markets, such as ISTYLE and Amazon. Another exciting thing is that a few Japanese brands are aiming to become global brands, such as YA-MAN putting resources into China market.
2. Mastering the basics
Some view the times as going back to the starting point – reviewing the sales method, products, brands, brick-and-mortar stores, eCommerce platform, linkage of on-and-off stores and consumers’ purchases. Also, some publish their media to communicate where their roots are.
3. Reformation of structure
Some brands are cutting back existing brands and reforming the in-house system. We learned that Bain Capital was improving the organisation at Mash Beauty.