Sep 26 2023 46 mins
Beauty is booming…
In 2022 the global beauty market – defined as skincare, fragrance, makeup, and haircare – hit $430 billion in revenue according to McKinsey and is expected to reach $580 billion by 2027.
While this explosion in consumption provides enormous opportunity, it also presents beauty brands and retailers with a number of challenges, particularly within the supply chain.
Inefficiencies in the supply chain and over-production can lead to wasted product before it even reaches the retailer, let alone the consumer. While excess or impractical packaging and part-used product means a build-up of waste on the consumer side.
Not only is this bad news for the planet, but it also puts pressure on profit margins. To look at how beauty can address these issues, TheIndustry.beauty has teamed up with globally renowned materials science and supply chain solutions expert Avery Dennison on this series of podcasts.
In each episode, Lauretta Roberts, Editor in Chief of TheIndustry.beauty, will speak to an expert at Avery Dennison and a leader of a beauty brand who will share their experiences and advice to help others in the market.
Our first episode ‘Trust in Data to Balance the Stock’, we look at the first place to start on your journey towards supply chain efficiency to taking stock of exactly what you make, exactly where it is and exactly which channels it is being sold through.
First up, we hear from Avery Dennison’s Senior Director of Market Development Uwe Hennig and once Uwe has shared his words of wisdom, we speak to the Co-founder of natural and science-led skincare brand Balance Me, Clare Hopkins on how the highly successful British brand built its business sustainably and how it’s working across its supply chain to minimise its impact on the planet.
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