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Luxury skincare is driving record profits in the beauty industry

https://qz.com/1544306/luxury-skincare-products-fuel-record-profits-in-beauty-industry/
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Feb 11, 2019 8:00 AM 2+ mon ago

Luxury skincare is driving record profits in the beauty industry

2018 was the year of expensive skincare for Big Beauty. Per recent earnings reports from beauty industry giants, and analyses from several research firms, skincare has overtaken makeup and is showing no sign of slowing down.

On Feb. 5, Estee Lauder reported second-quarter sales of just over $4 billion, a new quarterly high for the cosmetics company. Its rival, L'Oreal, beat analyst expectations in its annual report Friday, with its best sales growth in over 10 years, pushing its stock to a record high.

For both companies--which are two of the seven major manufacturers in the beauty industry--the skincare category (made up of lotions and moisturizers, serums, cleansers, toners, masks, and more) was their biggest cash cow.

For Estee Lauder, skin products brought in $1.7 billion in sales, up 16%, in its latest quarter. The sharp spike was due to the stellar sales of prestige brands ...

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