Beauty Mavericks and the Radiant Rise of Women Entrepreneurs
As we delve into the annals of history, women's enduring struggle for equality and active participation has been edged into every chapter. Their invaluable contribution, selfless sacrifices and achievements have intricately changed the narrative of human progress, shaping the world as we know it today.
It is now increasingly prevalent to witness women stepping into the role of budding entrepreneurs, taking charge of thriving businesses, an opportunity that was once a distant possibility.
Considering the influence of societal norms and customs that historically confined women to the domains of fashion, beauty and cosmetics, it is hardly surprising that a significant number of these businesswomen have found their niche in the beauty and personal care industry(BPC).
Falguni Nayyar is a shining example of the force driving this trend among women. Originating from a background in investment banking, she established Nykaa in 2012, swiftly transforming it into a household name in India's beauty sector. Her visionary approach and astute business acumen have been pivotal to this success. This trailblazing journey was followed by Ghazal Alagh's Mamaearth, Priyanka Gill's The Good Glam and Vineeta Singh’s Sugar Cosmetics. The latest buzz in the industry surrounds Tira, launched by Reliance Retail and headed by Isha Ambani
The growth of the BPC industry is primarily propelled by online platforms due to the prevalence of enticing offers, easy product comparisons and convenient doorstep delivery. With increasing penetration of the internet, coupled with rising disposable incomes and a heightened awareness of personal grooming, the industry is projected to experience a compound annual growth rate of 10%. It is safe to say that all these companies have considerable growth potential and with such capable leadership they are poised to effectively leverage the right opportunities.
Unilever, Colgate-Palmolive India Ltd, Emami Ltd, Dabur Ltd and Bajaj Consumer Care have also played pivotal roles in driving the BPC industry. Out of them, only some have made efforts to enhance the participation of women in key managerial and decision-making roles. However, they do realise the unique perspectives women bring to the table and are looking to leverage them in the coming times.
In recent times, a powerful trend led by remarkable women is reshaping the Beauty industry. Names like Kylie Cosmetics, Fenty Beauty, Rhode and Rare Beauty surely do ring a bell. Hollywood icons like Rihanna, Selena Gomez, Hailey Bieber and Kylie Jenner have not only launched their successful beauty lines but have also used their star power to drive them to astounding valuations, reaching millions.
This wave of entrepreneurship has not been confined to Hollywood, it has paved its way to the Indian beauty industry as well. Bollywood stars like Deepika Padukone with 82 degree E, Kriti Sanon’s Hyphen, Priyanka Chopra’s Anomaly and Sonakshi Sinha’s SoEazy have all entered the beauty arena, betting on an industry known for its lucrative returns. Furthermore, these actresses have the unique advantage of personally endorsing their brands reducing the need for heavy advertising.
In the Indian context, the fervent fan culture has proven to be a powerful asset. When these actresses showcase themselves using their beauty products, it goes beyond mere product promotion, rather it becomes a symbol of their grace and lifestyle. Their influence extends not only to the Gen-Z demographic but also resonates with individuals of all ages. The added touch of glamour makes a discernible difference, a fact that doesn't go unnoticed.
In essence, this trend not only underscores the entrepreneurial spirit of these women but also highlights their ability to shape industries and influence consumer behaviour. It is a powerful testament to the fact that beauty, often deemed superficial, transcends the surface, catalysing empowerment. This transformative journey is not a mere flash in the pan, but a sustained movement with boundless potential. As the adage goes, “The best is yet to come”, we indeed stand on the verge of an even more dazzling era in the intersection of women, entrepreneurship and the Beauty industry.
References
- https://www.financialexpress.com/business/brandwagon-star-power-brightens-beauty-business-in-india-3334924/
- https://www.livemint.com/companies/news/star-power-social-media-brighten-the-beauty-industry-11687974280440.html
- https://www.marketexpress.in/2023/03/emerging-brands-nykaa-mamaearth-and-sugar-cosmetics-what-is-common-in-them.html
- https://retail.economictimes.indiatimes.com/re-tales/trends-shaping-the-future-of-the-indian-beauty-and-personal-care-market/5278
