What is still touted as one of the fastest growth industries anywhere in the business world has been unable to hide from the ravages of the coronavirus according to authoritative sector sources.
Cosmetics Design Europe.com, one of the continent’s leading and highest read news websites in the cosmetics industry providing information on the cosmetics and personal care sectors for more than a decade, is reporting that the still-rampaging pandemic has changed the face of the beauty industry as we know it, with the Makeup sub-sector taking the heaviest hit with personal care faring better.
The website says that a “dig into the financials” reflects mixed blessings for the sector with some of the heavy hitters in the sector weathering the storm better than others. The internet information provider says that what may have, up until now, saved businesses in the sector from complete collapse was the fact that once the COVID-19 crisis kicked in, “beauty businesses across the globe went into ‘response’ mode.” It says that while companies in the sector stuck to their philanthropic guns by supporting charities and organizations worldwide through cash and product donations, restructured manufacturing operations, and protected retail staff, the current focus has now switched to long-term survival, “in a very different post-COVID world.”
