In the same days of the London Fashion Week
The beauty sector has become increasingly important in the global economy. Many celebs, from Rihanna to Victoria Beckham, are aware of the value of this industry and in recent years have decided to found beauty and make-up brands. The latest data confirm that the global cosmetics market will be worth around 550 billion euros in 2020, with an average annual growth of 5.8% by 2022.
Covent Garden and the British Beauty Council have decided to embrace this positive trend and are about to launch the first ever London Beauty Week. The event will be held from September 11th to 15th and will coincide with the London Fashion Week scheduled from September 13th to 17th. The location will obviously be Covent Garden, chosen because it has the largest selection of global beauty brands per square meter in the British capital, from Charlotte Tilbury to Tom Ford. Consumers and insiders will meet here to take part in a series of masterclasses, workshops and round tables on sustainability and the state of the industry. A competition called Britain’s Next Big Beauty Brand will also be launched during the week, where new companies will compete for mentorship.
Millie Kendall, Managing Director of the British Beauty Council, reiterates that the event’s debut coincides with significant growth of the industry, which is increasingly focused on sustainability and online sales:
“Beauty is a buoyant sector and contributes significantly to the U.K. economy. As a growing industry that is a force for good, we are focused on supporting brands and creating jobs via our three pillars: reputation, education and innovation.” – Millie Kendall
Earlier this month, the Council published The Value of Beauty‘s first report which quantifies and ranks the value of the industry to the UK economy. In 2018, the beauty industry generated £27.2 billion in consumer spending, contributed £28.4 billion to the nation’s gross domestic product and supported 590,500 jobs. Are you curious about the Italian situation? The market closed in 2018 with a turnover of more than 11.2 billion euros (+2.1% compared to 2017) with exports growing by 3.6% to a value of 4,800 million.
Author Kettj Talon