Created by BoF’s journalists and editors, in conjunction with our wider network of leading fashion creatives, thought-leaders, and innovators, Masterclasses are in-depth webinars with supporting resources, designed to deliver key learning outcomes on critical industry topics.

From skin care and hair care to makeup and fragrance, growth prospects for the beauty industry are bright, with global retail sales set to reach an estimated $580 billion by 2027, according to BoF’s report, “The State of Fashion: Beauty,” created in partnership with McKinsey & Company. But in today’s hyper-competitive market, being part of that growth is not a given for many brands and retailers.

Beauty companies now need a new playbook to thrive, as McKinsey experts explained in this Masterclass hosted by Priya Rao, executive editor of The Business of Beauty.

Joined by her fellow co-authors of the report, Rao and McKinsey senior partner Kristi Weaver and partner Sara Hudson explored today’s growth dynamics are changing, including the need for global market strategies that encompass a broader mix of countries and the increasing allure of untapped product categories such as wellness and ultra-luxury.

“The barriers to entry are quite low, so markets are becoming increasingly competitive, and we see that everywhere,” said Hudson.

However, one thing hasn’t changed, said Weaver: while innovation and new product lines are important, brands first and foremost need focus, built around their core offerings.

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