Fashion Group International:

The Beauty Game Changers April 09
Is it all doom and gloom in the beauty industry?

On April 30, the same day The New York Times reported that the economy is shrinking at its fastest rate since the 1950s, The Fashion Group assembled a panel of industry experts to share their strategies—and successes—in responding to the challenges of a deep recession. “Innovation” was the word most frequently used by these beauty game changers. While innovation is at the heart of the industry, the focus was on new approaches that target the buying soul of the consumer.

Panel members included Gina C. Drosos, president, global personal beauty, P&G; Nicky Kinnaird, founder and president, Space NK; John Demsey, group president, The Estée Lauder Companies; and Pauline Brown, managing director, The Carlyle Group. The beauty symposium was moderated by Karen Young, CEO, The Young Group.
In her introduction, Young brought up the topics that would factor into how to play the game including:
• Creating a “wow” experience
• Understanding that the brand is defined by the relationship with the consumer
• Recognizing the importance of transparency in this age of tweets and blogs.

The game changers recognize that the game is being played by rules that are evolving by the day rather than the year. To win at the game, you need to be savvy about your brand, your customer and the story you tell.