COVID-19 has put 2020 on the map as the most historic year of our generation. As the virus first came into play at the end of 2019, the global health, economic, social and political consequences of the pandemic became truly apparent in January, with lockdowns, social distancing and the ‘new normal’. Changing the landscape of beauty, and the world as we know it.
As the world takes a long-awaited hiatus, department stores and retail have all but dried up. As e-commerce boomed, M&A activity slowed to a halt, picking up as sentiment timidly increased alongside discussions of a recovery in recent quarters. Businesses once reliant on archaic five-year plans have torn the rules and redefined their leadership and strategies to adapt to a more nimble and unpredictable economy, as heritage was lost and independents missed a turn. Health, hygiene, digital and wellness became pandemic success stories as consumers adopted new habits destined to last, while ultra-luxury and mass markets shunned the middle of the market. industry as the recovery of K-shaped GVCs began.
The death of George Floyd spurred the onslaught and resurrection of the Black Lives Matter movement, another turning point offered by 2020, sparking an industry-wide retrospective and a harsh reality that also shaped a new unprecedented turning point for the world of beauty. Good intentions and baseless claims are no longer accepted as a bargaining chip for real change – change which, make no mistake, is not easy for companies with a legacy steeped in white agendas. . But a revolution which, little by little, continues to make the legs grow.
What next? What can follow the monumental global upheaval that has literally hit us in the head this year? As 2020 has given the world the chance to hit the reset button, how can we as an industry learn the lessons, reshape our offering, and, to paraphrase US President-elect Joe Biden, rebuild better?
First, as the economy strengthens, it is essential that the lessons of 2020 are not lost. Businesses should be held accountable that the heady allure of capitalism does not go beyond the real and urgent need for ethical, genuine and sustainable business growth, growth that does not come at the expense of the environment, which does not come at the expense of the environment. do not ignore minorities, and that allows a fair and honorable competition for all. We need to ensure that the BLM is a movement, rather than a moment, that diversity strategies, appointments and leadership disruptions are not a PR speech act implemented in times of conflict, and that CSR , action on climate change and growing commitments to a circular economy continue to shape the business world in which we operate.
We, as an industry and as a society, have been given a golden ball in the form of 2020. A chance for change, to strip our oversaturated market of people and products, and to embrace the glorious freedom and liberation offered. to break old habits and establish new behaviors. There has never been such a clear opportunity for gradual transformation. Whether it’s a disruption in the supply chain to produce more sustainably, a shifted business approach to clearing dead inventory and investing in COVID-19 winners such as health, good -being and digital, or a true self-analysis and action to play a role, whatever the size of the company, in campaigning for a more diverse industry.
As we know, the world of beauty is nothing if not resilient, and its comeback story will undoubtedly be one to watch in 2021. The hope is that alongside this revival, a new, stronger and more respectable industry. is formed – because beauty is not going anywhere, and we have a captive audience. Therefore, it is the responsibility of our consumers to emphasize how an ethical, sustainable and genuine business can perfectly align with financial triumph.
