What Estée Lauder and E.l.f. Can Tell Us About The Beauty Market in 2023

Business of Fashion reports that Estée Lauder and e.l.f. Beauty's outlook for 2023 couldn't look more different: the cosmetic giant reduced its fiscal year forecasted sales in November, citing poor demand in China and on the same day, e.l.f. raised its outlook, reporting a 15th consecutive quarter of growth. Estée Lauder, which mostly sells prestige products, relies on China for one-third of its sales. However, e.l.f. is almost entirely dependent on the US for sales, and operates on the lower end of the market. Where both companies overlap is their dependence on skin care to power through the current period of uncertainty. It will be interesting to see which market dominates in 2023.

In social media news…

Good news for Instagram purists – the platform will look to make photos more of a focus once again in 2023. According to Instagram chief Adam Mosseri, the platform has gone too hard on pushing videos and not enough photos. In result, photos will be a focus again for the app. Maintaining the right balance in respect to photos and videos will now be key for Instagram. Mosseri states, “I think we were overfocused on video in 2022 and pushed ranking too far, and basically showed too many videos and not enough photos. We’ve since balanced, so things like how often someone likes photos versus videos, and how often someone comments on photos versus videos, are roughly equal, which is a good sign that things are balanced.”

In trending news…

According to Business of Fashion, Alexandre Arnault, Tiffany & Co’s executive vice president of product and communications, and Ruba Abu-Nimah, the brand’s creative director, both posted that a co-branded sneaker with Nike is apparently in the works. The American jeweller has shaken up its marketing since LVMH acquired the company in 2019 and later installed the young Arnault who previously showed an inclination toward project collabs. Tiffany has since joined forces with Supreme, CryptoPunks and enlisted Beyonce and Jay-Z for an ad campaign.