On the occasion of the launch of the new online edition of the Salon du Luxe Paris 2020, which will be accessible from July 1st, Cyril Chapuy, General Manager of L’Oréal Luxe, shares his insights on the resilience of the beauty industry. Despite the impact of the Covid-19 crisis, Chapuy believes that the beauty market has been less affected compared to other sectors. While the market contracted by -8% in Q1 2020, it is expected to rebound in the second half of the year, with encouraging figures from June.
During the lockdown, consumer habits changed, with a shift in focus from makeup to self-care with toiletries and skincare products. The desire to take care of oneself and indulge in pleasure remains strong, and there is a growing wish to return to more seduction as the world adapts to wearing masks. Chapuy predicts that makeup, especially eye makeup, will benefit from this desire, as well as perfumes.
The crisis has also accelerated certain trends in consumer behavior. Living a healthy life will become a top priority, with consumers seeking products that promote health. The pandemic has also heightened awareness of the impact of human activity on nature, making sustainability more relevant than ever. Moreover, customers’ concerns about social issues will continue to increase, making brand ethics an important criterion in purchasing decisions, particularly in the luxury sector.
The impact of the crisis is also being felt in the retail beauty experience. Nearly 80% of American women no longer want to test beauty products in-store. In response, L’Oréal has temporarily removed physical testers from their stores and introduced Virtual Try-On technology through Modiface. This allows consumers to virtually test products and shades at home or in-store using a QR code. Chapuy believes that physical retail needs to reinvent itself to provide more experiential and service-oriented experiences that complement online retail.
Chapuy emphasizes that resilience is built on a company’s culture and this is where L’Oréal excels. The company’s agile, creative, and entrepreneurial spirit, combined with its ability to adapt and drive change, have been instrumental in its success. The teams at L’Oréal Luxe have shown great initiative, self-questioning, and commitment during this crisis, further demonstrating their ability to navigate challenging situations.
Looking to the future, Chapuy sees the beauty industry as brilliant, exciting, and challenging. Luxury beauty will need to be reinvented, with a focus on rarity and creativity. Three key concepts will be essential for luxury brands: meaning and purpose, going beyond social status or cultural inspiration; excellence, going beyond quality and innovation through sustainability and transparency; and superiority, going beyond omnichannel by emphasizing personal relationships.
The Salon du Luxe Paris 2020 offers valuable insights and content for the luxury sector, with over 55 speakers and twenty hours of exclusive video content. It provides a platform to explore the challenges and opportunities of the industry in the face of resilience.
[Useful Links] Salon du Luxe Paris 2020: https://www.salonduchocolat.fr/L’Oréal Luxe Website: https://www.loreal.com/en
