2022 Capstone Research Presentation
Beauty After COVID: Renaissance or Reformation
Assignment Brief: Beauty After Covid
This year’s Capstone research focused on guiding organizations on how to best adapt to the corporate and consumer shifts within the beauty industry, and beyond, to ensure future success. The Class of 2022 delved into research on two critical topics: (1) the reformation of internal beauty organizations and (2) the renaissance of communication with the new beauty consumer and what it means for the industry moving forward. The 2022 Capstone Research Presentation was sponsored by Cosmoprof North America.
The Beauty Reformation
The COVID-19 pandemic has accelerated the re-evaluation of priorities, requiring organizations to thrive in this new environment, they will need to look beyond only satisfying consumers and investors, and unlock an organization's full potential by executing more dynamic strategies and optimizing in these additional areas: resources, culture, leadership, and environment. Historically, the Reformation period was an intellectual up-rush, which questioned the motives of authority. It is also recognized as helping society to break free from structure, sparking more freedom, more criticism, and newfound confidence. Today, the students of the CFMM Master’s program are drawing similar parallels, in the midst of a modern Reformation – which, if not addressed by organizations, threatens the future of industry around the globe.
The Beauty Renaissance
Just as the Renaissance period was born out of a period of darkness, in 2022, our more advanced society will experience a similar period of advancement with respect to commerce, economics, politics, science, and the arts. Powered by the convergence of beauty, health, and wellness, the industry is in the midst of experiencing a similar renaissance. And with today’s consumers living in a multi-channel, multi-device, and multi-platform world, consumers are constantly exposed to new products, brands, and information, and as a result, their expectations have become more complex with a need for holistic solutions rather than just products.
Research Partner and Sponsor: Cosmoprof North America
FIT's Cosmetics and Fragrance Marketing and Management (CFMM) master's degree program, known as the Beauty Industry's Think Tank, presents an annual global research project to industry that includes industry executives from all the leading firms doing field research overseas on a major business challenge facing the CPG sector. This year, the beauty executives in the FIT Class of 2022 visited Cosmoprof Bologna, and the Spanish and UK Markets, to research the "Beauty Post-Covid: Renaissance or Reformation," with research sponsor Cosmoprof North America. Past industry research sponsors and partners have included Procter & Gamble, L'Oréal, Estée Lauder, LVMH, Johnson & Johnson, Target, CVS, Beiersdorf, Unilever, Boston Consulting Group, Coty, Shiseido, Luminess and WSL Strategic Retail. The research has been featured in WWD, Marie Claire, the Wall Street Journal, FAST COMPANY, and Luxury Daily. Graduates of the FIT Master's Program hold senior leadership roles in industry, including CMOs at LVMH and e.l.f., General Managers at L'Oreal and Estee Lauder, and the Head of Fashion and Luxury at Google.
Cosmoprof North America (CPNA) is the leading business-to-business (B2B) trade show in the Americas. CPNA is recognized for its dynamic growth and unique programs, the event offers the entire beauty industry an opportunity to come together, make new relationships, and foster collaboration. The trade show is a powerful platform which has the continuous support and presence of key industry entities and leading beauty associations. In 2019, over 40,000 attendees engaged with a record-breaking 1,435 exhibitors from 43 countries. Discovering unique brand launches, product innovations, packaging, manufacturing, new channels for distribution, and to form key relationships with top industry professionals and retailers. The three-day event takes place under one roof, encompassing all sectors of the beauty industry.