On Future-Proofing the Beauty Industry Post-Pandemic

FIT Cosmetics & Fragrance Marketing & Management Capstone Research 2022

Beauty After Covid-19: Beauty’s Reformation and Renaissance, a two-part global study conducted by the Fashion Institute of Technology’s “Beauty Think Tank”, examines the paradigm shift within the beauty industry since the pandemic, with the need to adapt to both consumer and employee expectations. The Class of 2022 has delved into research on two critical topics: (1) how beauty organizations can reform internal behaviors to unlock their full potential, execute more dynamic strategies, and thrive in the “new age” of the industry. (2) how emotional tensions and technological advancements have converged to catalyze the rebirth and realignment of the beauty consumer. Together, the cohort completed an in-depth analysis including quantitative and qualitative research inclusive of over 900 respondents, global field work, and interviews with top beauty executives and market experts across the globe.

CFMM Market Opportunity #1: Beauty Reformation

Historically, the Reformation period was an intellectual up-rush, which questioned the motives of authority – helping society break free from structure. Today, the Great Resignation, an unprecedented mass exit from the workforce brought on by COVID-19, has left the industry to reassess its ways of working.

Threats to Organizations: Much of the way we work has remained unchanged since the installation of the 5-day work week in 1926. Now, Covid-19 has sparked four critical, but overlooked, challenges within beauty corporations and their employees:

1. Complexity. 53% of industry professionals agree structure and policies often stifle agility and experimentation.
2. Burnout. 80% of industry professionals surveyed agree that a five-day work week is an outdated model.
3. Turnover. 26% of employees say they only plan to stay with their employer between 0-2 years.
4. Rigidity. 71% would look for another job if they weren’t granted the flexibility to work from home. (results sourced by FIT Workplace Survey, 2022)

The C.I.R.C.L.E. Approach: The over-prioritization of two key stakeholders: Consumers and Investors, is hindering industry potential. After extensive research on the ways of working within the beauty industry, FIT’s Beauty Think Tank recommends that beauty organizations come full circle, with the creation of their CIRCLE model. The model is a network, developed with the intention for the beauty industry to form, grow, and work together as a whole. By considering four additional areas of importance, beauty organizations can better navigate post-COVID threats by utilizing these innovative tactics:

• Resources: by creating a Chief Agility Officer position (C.A.O.), building a Central Artificial Intelligence (C.A.I.) hub, and creating a pool of flexible freelancers
• Culture: by defining organizational and personal purpose, fueling DE&I, and offering flexibility of time
• Leadership: by implementing an adaptive “hierarchy,” being mentality changemakers, and re-imagining retention
• Environment: by appealing to new employee needs, leveraging the Metaverse, and embracing fluidity

CFMM Market Opportunity #2: Beauty Renaissance

During the Renaissance, society emerged from the Dark Ages to make exceptional innovations in the arts, architecture, society and culture. Today, we see a similar emergence out of the COVID-19 period’s darkness and are drawing parallels to the beauty consumer.

Covid has Changed Beauty Consumers Forever: Lines are blurring between physical and digital worlds and beauty consumers are facing a complex reality with unlimited ways to interact with brands. Despite excitement around technological advancements and innovation, there is a profound sense of anxiety brought on by the rapid acceleration of society and technology. The consumer research conducted by the cohort uncovered four key insights on the post-COVID beauty consumer:

1. Restless and stagnant. In the 18-29 age group, 62% of respondents stated they have feelings of restlessness and lower energy.
2. New ways to make connections. 57% of consumers stated that they have changed the way that they find and interact with new people since the pandemic began.
3. Consumers don’t trust brands. 66% of survey respondents showed a fear or distrust of companies or brands acquiring and having their data.
4. Tech-ceptance is on the horizon. For phygital innovations that bridge the gap between digital and physical,  such as virtual try on, the gap between awareness and interest is only 11%. (results sourced by FIT CFMM Consumer Survey, 2022)

The Neo Consumer & Going Beyond: With the evolution of the beauty consumer post-COVID, and considering their anxieties, beauty brands must transcend what was. In order to future-proof their businesses, corporations must go beyond current strategy and form deeper, more meaningful relationships with consumers. The cohort suggests  that brands adapt the following:

• Neo Consumer Landscape: a fluid spectrum where consumers seamlessly navigate online and offline worlds

○        Real Me: lives in the moment and values meaningful in-person connections, services, and experiences

○        Meta Me: craves new forms of expression and escape as they experiment with new technologies and metaverse worlds

• Transcend what was: brands must go beyond

○        Beyond Individual to an Inter-Collective: inspire consumers to come together and emotionally invest in each other and the brand

○        Beyond Trust to Factual-Faith: grant full transparency into product, process, and progress

○        Beyond Product to I-mmersion: provide tools for consumers to creatively express themselves in an unprescribed way across platforms and worlds

Takeaways

To ensure future success in the beauty industry, corporations must adapt to the changes brought on by the COVID-19 pandemic. Internally, Beauty’s Great Reformation will impact the future of working for all. Consumers, investors, resources, culture, leadership, and environment must be integrated, interconnected and interdependent for organizations to thrive, not survive. The FIT Beauty Think Tank’s C.I.R.C.LE model revolves around the need for corporations to remember that employees are human beings with a well-being to prioritize. As such, the ultimate goal for a successful beauty company of the future will be to reform existing out-dated ideals and practices, and replace them with a human-centered approach. For the beauty consumer, the convergence of emotional tensions and technological advancement has ignited the Post-Covid Beauty Renaissance, creating an urgency for the industry to evolve with the Neo Consumer. Brands must go beyond traditional frameworks to form intercollectives, earn factual faith, and create I-mmersions. These actions come together to form the Neo Marketing Model, a new framework that will guide brands to overcome the challenge of “Thinking Beyond” to fluidly reach the “Real Me” and “Meta Me” personas across the Neo Consumer Landscape.

About FIT & The Beauty Think Tank

FIT, a part of the State University of New York, has been an internationally recognized leader in career education in design, fashion, business, and technology for 75 years. The college offers nearly 50 majors and grants AAS, BFA, BS, MA, MFA, and MPS degrees, preparing students for professional success and leadership in the new creative economy. The FIT Master of Professional Studies (MPS) in Cosmetics and Fragrance Marketing and Management (CFMM) program, one of seven advanced degree programs in FIT’s School of Graduate Studies, was developed in collaboration with industry as a leadership development program for outstanding mid-career executives. Global luxury firms including Chanel, Shiseido, Estée Lauder, L’Oréal and LVMH, and global consumer packaged goods companies including Coty and Unilever, nominate talented emerging executives to participate in the two-year program. The CFMM program has become the beauty industry’s recognized think tank, producing high-level research presented to industry executives and organizations, and during specialized panels, symposia, and forums in both academia and industry. Visit fitnyc.edu/cfmm. For more information on FIT visit fitnyc.edu.

This year, the research was sponsored by Cosmoprof North America, the leading B2B trade show in the Americas, who regularly host the students to present their research to industry.

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THE FRAGRANCE FOUNDATION ANNOUNCES 2021 CIRCLE OF CHAMPIONS HONOREES

The Fragrance Foundation (TFF) has announced the 21st annual Circle of Champions event honoring Fashion Institute of Technology’s Virginia Bonofiglio, assistant professor and head of the Bachelor of Science program in Cosmetic and Fragrance Marketing; and Stephan Kanlian, professor and head of the master’s degree program in Cosmetic and Fragrance Marketing and Management. The event will take place in New York City at 583 Park Avenue the evening of November 4th in accordance with New York City and New York State health guidelines. Proof of vaccination will be required for all attendees.

The Fragrance Foundation Circle of Champions honors individuals within the fragrance industry who have made an exceptional impact over a significant period of time. With more than 40 years of industry experience, Virginia Bonofiglio brings a wealth of fragrance and cosmetic marketing experience, business, brand strategy, and corporate management to her leadership of FIT’s Cosmetics and Fragrance Marketing Department. In her 15 years at FIT, she was instrumental in creating the Annette Green Fragrance Foundation Studio, the only one of its kind on a U.S. college campus. Professor Bonofiglio developed and teaches the specialized curriculum for the undergraduate program in Cosmetic and Fragrance Marketing, and also created a specialized certificate program in perfumery. Moreover, in conjunction with Allure magazine and FIT’s Center for Continuing and Professional Studies, she developed a fully online certificate program for the beauty industry, Beauty Industry Essentials.

Fashion Institute of Technology’s Virginia Bonofiglio, assistant professor and head of the Bachelor of Science program in Cosmetic and Fragrance Marketing;

Professor Bonofiglio trained in perfumery at the Givaudan Corporation, expanding her portfolio with many executive positions throughout her career, where she developed fragrances for a wide variety of product categories, including fine fragrance, personal care, and home care. Today, she maintains those strong industry connections, continually consulting with professional advisors, refreshing equipment and consumable supplies, and updating the curriculum in order to ensure student preparedness for internships and jobs in the cosmetics and fragrance industry.

Stephan Kanlian, professor and head of the master’s degree program in Cosmetic and Fragrance Marketing and Management at FIT.

Professor Stephan Kanlian joined the FIT graduate faculty in 1999. He founded and continues to lead FIT’s master’s degree program in Cosmetics and Fragrance Marketing and Management for emerging leaders in the cosmetics and fragrance sector. Recognized as the industry’s think tank in the U.S., the CFMM program, which celebrated its 21st anniversary in 2021, develops holistic thinkers, with dual competency in creative and analytical business skills, through both academic and experiential learning. Professor Kanlian mentors the program’s graduating students in qualitative and quantitative global research on business and leadership, which are presented annually to an audience of 700 industry leaders and press at the college, and at business and academic conferences in the U.S. and abroad. He developed the original fragrance knowledge course for the Masters Program, which he taught in Paris, and has since developed two global field study courses which he leads each year, providing students with access to industry and thought leaders, including perfumers and executives at all the major fragrance houses, in multiple regions of the world.

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NEW YORK, NY – FEBRUARY 6: Jeffrey Katz, Renée Willett, Christine Ledes, Walter Harvin, Ann Caruso, George Ledes, Daphne Oz  and Christopher Crellin (Photo by Patrick McMullan/PMC)

Hosted by Christopher Crellin, Founder and CEO, American Influencer Association & Awards; Christine Ledes, Founder and President, American Influencer Association; Melissa Shea, Founder and CEO, Fashion Mingle; and George Ledes, Founder and Publisher, This Week with George Ledes and TheBeautyInfluencers.com; the well attended event was sponsored by Symrise – the leading edge global fragrance company.

Lifestyle/Wellness influencer Daphne Oz, Influence Marketer Jeffrey Katz and CreatorIQ’s Jonathan Kroopf  (Photo by Patrick McMullan/PMC)

A panel discussion on Luxury, Lifestyle & Loyalty featuring Emmy Award-winning lifestyle and wellness influencer Daphne Oz, cohost of The Dish on Oz —a weekly series on The Dr. Oz Show; along with other beauty, fashion and lifestyle influencers and experts including Harper’s Bazaar’s  Ann Caruso; The Uncommon Magazine’s Walter Harvin; Influence Marketer Jeff Katz; and CreatorIQ’s Jon Kroopf, was moderated by actress and influencer Renée Willett.

@JeremyFragrance

The fragrance influencer known as @JeremyFragrance – who recently broke a Kickstarter campaign record raising more than $850,000 in just 30 days to launch his first fragrance, Fragrance One – Office for Men, was in Germany celebrating his birthday, but sent a congratulatory video.  Jeremy will also appear in an educational video produced by Yellowbrick for the American Influencer Association later this year.

Peter Price with Coty’s Simona Cattaneo, Andra Mielnicki and Edgar Huber (Photo by Patrick McMullan/PMC)

Guests included: Coty’s Edgar Huber, Andra Mielnicki and Simona Cattaneo; Estee Lauder’s Daniel Rachmanis and Damon Burrell; Symrise’s Achim Daub; Peter Price; FIT’s Virginia Bonofigliio; Gloss Genius’s Danielle Cohen-Shohet; Creator IQ’S Nate Harris; Yellowbrick’s Rob Kingyens; Fragrance Foundation’s Linda Levy; Erica LaSala, The Sexiest Beauty’s Heather Fink; Laubahn Perfume’s Stacey Bresnahan; Sky Advertising’s Phil Kaminowitz; Kamil Schuetz; Brandsway Creative’s Kelly Brady; Film Director Foad Farid; Buchwald’s Scott Kaufman; Fashion Illustrator Danielle Final; Whitney & Meredith Schott; Eldonie Mason; Connie Chi; R. Couri Hay; Vinnie Potestivo; Batsheva Weinstein; David Melnik; Stylez; Liana Zavo and others. 

Symrise’s Jessica Leszczynski, Jessica Luc, Taryn Gallagher and Samantha Akhondi-Arsi (Photo by Patrick McMullan/PMC)

Product for gift bags were donated by Bond No 9, Elysée, Maybelline, Mugler, Hanami, One Ocean, Peter Thomas Roth, The Sexiest Beauty, Spritzing to Success by Annette Green, and Symrise.

Sketch Artist Danielle Final and Bennett Sobel charmed guests with Fashion Week sketches they could take home.

Bennett Sobel, Danielle Final and David Melnik (Photo by Patrick McMullan/PMC)

The American Influencer Association will connect its members with established brands and industry leaders for the purpose of providing educational seminars, professional certification, exclusive networking events, and career advancement opportunities.

FIT’s Virginia Bonofiglio and George Ledes (Photo by Patrick McMullan/PMC)

The organization also plans to vet its members for fake followers, fake engagement and other criteria, helping to bring some standards to this ”wild West” of an industry — currently estimated at $2 billion and expected to grow to $10 billion by 2020.

“We plan to be like the ‘Good Housekeeping Seal of Approval’ for influencers,” stated Christine Ledes, President of the American Influencer Association. “Its an enormous undertaking, but one we hope will not only be of great service to the emerging community of social media influencers, but to the brands who support them, and ultimately, the consumers who trust in them as well,” she continued.

Introductory membership to the Association is now available at

www.AmericanInfluencerAssociation.org and includes:

           Invitations to member-only networking events with brands and industry leaders

          Access to online influencer certification courses by accredited universities

          Subscriptions to AIA News and The Beauty Influencers – the official newsletters of the                                  American Influencer Association & Awards with a combined circulation of more than 125,000       

          Alerts to AIA Radio podcasts featuring interviews with top influencers and brand representatives

          And, the opportunity to be nominated for the American Influencer Awards which honors the                    greatest contributors on social media each year.

For more information, please visit: www.AmericanInfluencerAssociation.org

And follow us on social media @aiaawards

Folllow our Panelists and Sponsors:

Daphne Oz @daphneoz , Ann Caruso @ann_caruso, Walter Harvin @soberyungwalter, Renée Willett @reneewillett, Fashion Mingle @fashionmingle, Symrise @symriseAG, CreatorIQ @CreatorIQ

For additional information, please contact: Christine@AmericanInfluencerAssociation.org

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A Summary of FIT’s Class of 2018 Capstone Research Presentations

By Mary Palmieri, Founder, The Beauty Marketplace

On Wednesday, June 13, 2018, in an event titled, “Transparent Beauty,” sponsored by Coty in The Haft Auditorium at The Fashion Institute of Technology, leaders from the beauty industry, as well as FIT Alumni gathered to hear the graduating class of the Graduate Studies Cosmetics and Fragrance Marketing and Management program presented their Capstone Research Presentations.

The students’ research predicted how beauty brands and companies will evolve over the next ten years and examined the emerging consumer demand for transparency. On average, 71% of a person’s time is spent online today, and while consumers are actively searching for useful information, they are feeling overwhelmed with fake news. Brands must educate the increasingly savvy consumer about product formulations, supply chain, and marketing claims. 

Norman de Greve, CMO, CVS Beauty was the Keynote Speaker. His presentation focused on bottom up versus top down marketing where real people as opposed to celebrities or beauty industry executives will set the trends moving forward in a continuous feedback loop between social media and product development. Because the consumer is now most responsive to realness, relatable, attainable beauty, organizations like CVS have implemented initiatives that reward authentic versus perfection obsession in advertising. In their seal program, CVS places a signature seal on ads without airbrushing or touch-ups to remain transparent to the consumer and foster realistic expectations.

The secret for success in this era of digitization all comes down to one word: transparency. The more transparent companies are, the more trust from consumers. Transparency surrounding ingredients and the internal supply chain, as well as within the organization, a term now referred to as “glassbox” leadership, where an organization is fully accountable for defining and executing core values.

The beauty industry is at an inflection point where a once very structured and predictable supply chain is now being disrupted by advances in technology and new demands from digital consumers moving online en masse.  The future for beauty will involve demystify ingredients, aggregating data, utilizing blockchain to trace product journey, and the integration of the consumer into product development.

FIT’s Capstone presentations were followed by an awards ceremony and reception hosted by Coty celebrating the Class of 2018. Congratulations to all the graduates!

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