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This week, head honchos from the world's most important beauty companies gathered in Palm Springs, Florida, for WWD's massive Beauty CEO Summit. There were panels, key notes, round tables, etc, and lots of people in suits discussing the state and future of the beauty industry. (Thankfully, there were also Iman and Eva Chen, to brighten things up a bit.) Anyway, today's issue of WWD is dedicated to all the most important news from the summit, and we've gleaned the eight most interesting facts from the articles for your abbreviated reading pleasure after the jump. Enjoy.
· On the Latina customer: Univision's Graciela Eleta says that within the next five years, 35 percent of all growth in beauty and personal care in the U.S. is expected to come from Latinas. In her words, “This consumer is beauty obsessed.”
· On the influence of teenagers in beauty: “Our readers live and breathe the Internet,” said Teen Vogue's Eva Chen, who added that the magazine's readers spend an average of nine hours a day on Facebook. “We’re looking at a point in time when teens and youth in general can influence the larger masses.”
· On ramping up the drugstore beauty experience: Walgreen's acquired NY mainstay Duane Reade two years ago, and has been attempting to rewrite the mass-market beauty rules ever since—most notably by introducing in-store Look Boutiques, which provides services such as manicures. Today, there are 40 Look Boutiques, and the company says there will be “several hundred” more over the next few years. “What we are trying to [do is] create an experiential shopping environment," a rep told WWD. "Where else can you go and pick up sushi?have your scalp analyzed, and get your nails done?” Where, indeed.
· On global expansion: Estee Lauder President John Demsey said growth lies within the aspirations of emerging populations and communities around the world, as in Russia, China, Brazil and India—which should mean some interesting innovations in beauty product diversity.
· On African American beauty: Johnson Publishing's CEO Desirée Rogers: “From the First Lady to YouTube do-it-yourself videos about hair, makeup and fashion, [the African American cutostomer is] looking for a woman who they can respect for beauty advice,” she said. “Social media is playing a particularly important role in quickly passing beauty opinions and a great dialogue between this younger group. It really is the new word of mouth and the new stamp of approval?”
· On beauty in India: Beauty sales have doubled between 2006 and 2011, and it's not just women who are buying. Male grooming is also growing, boosted by products such as scent and shower gel. Indian men are interested in spa and wellness treatments in salons, too.
· On the awesome power of celebrity fragrance: Macy's says 10% of their fragrance sales come from celebrity scents, and that's good for business in general. When the department store launched Justin Bieber's fragrance, she says “There were 12-year-olds sleeping outside the store, waiting to be the first ones to come in and to get a chance to see him.” We can only imagine the crew that will be sleeping on sidewalks for Macy's fall launch of the Lady Gaga and Nicki Minaj fragrances.
· On the importance of beauty bloggers: When Iman decided to launch liquid foundation, she went to bloggers for press. "Last year, I decided to create a liquid foundation, which I have been told numerous times by the retailers, ‘Oh, black women don’t buy liquid foundation,’ right?” she said. Rather than do the standard beauty-editor breakfast, she invited 40 beauty bloggers to an event. Within three months, the foundation was the number-one product in her brand, she said.
· All beauty coverage [Racked]