eBusiness Weekly
In October 2011 a study was released by Proctor and Gamble on how people respond to the same face — bare and made-up. The results were fascinating and sparked a global conversation that left many a head reeling; wearing makeup could boost your pay grade!
The study states that ‘The strong motivational influence of facial beauty has been shown in studies of labour markets suggesting that there is a ”beauty premium” and “plainness penalty” such that attractive individuals are more likely to be hired, promoted, and to earn higher salaries than unattractive individuals.’
While this may be arguable, fast forward six years and today the global beauty industry is valued at $445 billion in sales. Sixty-two privately held beauty companies were acquired in 2016, 38 percent more than the previous year and a record since 2012, according to analytics firm CB Insights.
So far in 2017, there have been 14 transactions, says CB Insights. Experts predict that 2017 will keep up with, if not surpass, last year’s number of deals. That could spell great news for self-made women building beauty businesses.
Enter ‘Vault’, a high quality, affordable makeup brand founded by Jackie Mgido, a Zimbabwean Hollywood makeup artist. The company was launched in 2012 in Zimbabwe and has since set up operations in South Africa, America, and England and is looking to enter Kenya soon.
“We have the opportunity that comes with an increasingly diverse world and not only confine yourself to a limited range. We are in America, Zimbabwe South Africa but plans are underway to engage partners in Kenya. Zambia is in my mind as well” shared Ms Mgido.
Vault recently extended its product line by introducing their new liquid eyebrow pen that is sweat resistant and lasts for 24hrs which is a game changer for the local brand. They have also improved their oil controlled liquid foundation and changed the pump into a tube which reduces wastage and increases ease of use.
Vault’s customer focused approach could position the company to break ground into the growing international beauty market.
“With our ever-expanding range of shades, our innovative technology and our own new look, we continue to lead the way in embracing and enhancing multicultural beauty in our country and embracing the international community” Mgido shared.
With cosmetics having such a major impact on the way women view themselves and, from what we’ve gathered from the Proctor and Gamble study, how other people view them and possibly pay them, the question lingers whether makeup is definitive of women’s beauty.
“We believe that being our best, true selves is a way of life and we encourage everyone to live their own reality” commented Mgido.
The fact remains that beauty, and as it turns out, being beautiful is big business. Cosmetics and makeup have their historic roots in North Africa after all, with Egyptians embracing the enhancement of natural beauty for centuries.
Beauty however, comes from the inside out so it is encouraged to drink plenty of water, eat healthy and exercise regularly to maintain naturally beautiful skin.
