The beauty landscape in 2024 showcased an undeniable enthusiasm for lip products, particularly among younger consumers eager for new trends. Although this year’s anticipated mergers and acquisitions within the makeup sector faltered, the prestige cosmetics market thrived, revealing a growing preference for high-quality products over mass-market offerings. According to Circana, the prestige makeup category experienced […]
The Best of BoF 2024: Fragrance Defies the Beauty Slowdown
In a year marked by stagnation in luxury fashion and a slackening pace in beauty sales, the fragrance sector emerged as the fastest-growing category within the beauty industry in 2024. Despite challenges elsewhere, fragrance offers a compelling case study in innovation and investment that will shape future trends. Several high-profile brands, including Bottega Veneta and […]
Saks Finalises Acquisition of Neiman Marcus Group
In a significant development within the luxury retail sector, Saks Global has concluded its $2.7 billion acquisition of Neiman Marcus Group, a move that positions it as a formidable player in the high-end market. This merger not only expands Saks Global’s portfolio, which already includes Saks Fifth Avenue and Saks Off Fifth, but also successfully […]
Model Rights Bill Signed into Law in New York
In a landmark move for the fashion industry, New York has enacted a significant law aimed at protecting models from exploitation, harassment, and the increasing encroachment of Artificial Intelligence. Known as the Fashion Workers Act, this legislation was signed into law by Governor Kathy Hochul and will take effect in June 2025. This development comes […]
Nordstrom Goes Private in $6.25 Billion Deal
In a significant move signaling a new chapter in retail strategy, the Nordstrom family has decided to take their iconic department store chain private. This announcement, made by the company’s board of directors, highlights an all-cash transaction valued at $6.25 billion, setting the price at $24.25 per share. This transaction marks a critical turning point […]
L’Oréal Acquires South Korea’s Dr.G in Skincare Deal With Migros
In a strategic move that highlights the rising demand for K-beauty products, L’Oréal, the French cosmetics titan, has announced its acquisition of Gowoonsesang Cosmetics, which includes the acclaimed South Korean skincare brand Dr.G. This transaction, agreed upon on December 23, 2024, marks a significant step for L’Oréal in solidifying its presence in the lucrative Asian […]
The Best of BoF 2024: Fashion Adapts to a Tough Reality
In the past year, retail operators have faced significantly heightened challenges. Declining consumer sentiment has compelled shoppers to be increasingly selective in their purchases, resulting in a landscape where brands must work harder than ever to capture attention and sales. Amid rising freight costs and high interest rates, a shift towards profitability and operational discipline […]
The Best of BoF 2024: Fashion’s Obsession Reaches Fever Pitch
As 2024 draws to a close, the sneaker and sportswear industries have endured a tumultuous year characterized by significant challenges and striking transformations. Leading the charge, Nike, the once-unquestioned titan of this domain, encountered a sharp decline in sales and brand fervor, ultimately resulting in the ousting of CEO John Donahoe. The upheaval at Nike […]
The Best of BoF 2024: Navigating Risks and Opportunities Around the World
In 2024, fashion businesses across Asia, Africa, the Middle East, Eastern Europe, and Latin America navigated a complex landscape of opportunities and challenges. With economies worldwide experiencing various shifts, brands have had to strategically adapt to remain competitive. China’s luxury market has faced significant hurdles due to economic slowdowns, prompting brands to reevaluate their strategies […]
The Best of BoF 2024: Where Skincare Will Go Next
As we move into 2024, the skincare industry finds itself at a crossroads. Initially a pandemic winner, it has begun to stabilize, leading consumers to seek products that deliver immediate results, align with niche markets, and provide in-office treatments. This shift signals a significant transformation in consumer habits and expectations, reshaping the landscape for both […]