A summit was recently held at Claridges, London which was hosted by BeautyMatter in conjunction with the British Beauty Council.  Key players from Fable & Mane, Grown Alchemist, Moda Operandi, The INKEY List, Lush, Dr. Dennis Gross Skincare, and others offered their insights into trends, e-commerce, regulatory issues and intellectual property. 

The morning started with understanding the US consumer and marketplace, noting that the US beauty industry will be worth approximately $114b by 2027, easily surpassing China that is estimated to reach approximately $96b. Interestingly, the Canadian beauty market grew by 18% in 2023. The beauty industry is evolving and growing at scale.

The speakers highlighted the benefits of utilising digital marketplaces, such as Amazon and TikTok Shop to take advantage of each digital touchpoint. Of particular note was the discussion around TikTok Shop currently being a less competitive marketplace which is able to engage with users on a large scale and in a cost-effective manner. 

From a legal and regulatory point of view, we were reminded of the importance of compliance with the Food and Drug Administration (FDA) and the Modernisation of Cosmetics Regulation Act (MoCRA), a US law which expands the FDA's authority to regulate cosmetics in the US. MoCRA brings in new changes to the compliance requirements, setting deadlines to adhere with items including facility registration, product listings, and labelling requirements. 

Intellectual Property was also raised, with speakers highlighting the importance of clearance searches and obtaining trade mark protection of brands and product lines to avoid running into legal complications.

The summit closed with thoughts on how to drive success in the US market (notwithstanding other countries).  Take away points included engagement with the consumer base, especially with respect to AI and the Metaverse, where these tools can assist in boosting sales. 

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