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| It may have been 9 in the morning, but the mood was festive at the opening of Cosmoprof Miami, as a guitarist strolled and mimosas were served. And why not? The inaugural event was a success, drawing 19,000 attendees and expanding Cosmoprof’s purview into the Latin American market.
Cosmoprof’s timing couldn’t be better. Taken together, Latin America is the fourth largest beauty market in the globe. Although it’s been hailed as beauty’s next big bet for over a decade, many signs point to significant growth in the years ahead, particularly in Mexico and Brazil, as the macroeconomic picture improves, said Circana’s Daniel Morimoto during an in-depth presentation at Cosmoprof.
That’s good news for beauty marketers, particularly with a slowdown anticipated to continue in 2024 for beauty’s second largest market — China. As WWD’s Denni Hu reports, luxury beauty sales are expected to increase only 5 percent in the year ahead and the landscape is changing dramatically, with C-beauty brands comprising over 50 percent of total market sales for the first time.
Click through for complete coverage of both markets, and don’t forget to sign up sign up for our new Beauty Inc Debrief, as well, which comes out every Friday and features the key news of the week. — Jenny B. Fine, executive editor, beauty, WWD + Beauty Inc. |
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| | | Beauty Features The Clinique owner just unveiled a restructuring plan. |
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| | | Beauty Features The world's second-largest beauty market will be marked by polarization, a fragmented retail landscape and new consumption needs. |
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| | | Wellness The Blink-182 drummer discusses his new brand Barker Canna Co. and his personal approach to THC. |
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| | | Wellness With customers seeking total-body solutions, a crop of brands are launching new deodorizing products that can be used anywhere. |
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