Seeing the beauty market as a viable growth sector, fashion companies have increasingly made strategic forays into it, with Stella McCartney launching sustainable beauty and Dries Van Noten and Off-White extending into skincare or makeup.
The most recent clothes store to enter the beauty sector is H&M. OHH! (Oh Hey Hero), a new skincare and body care range created particularly for Gen Z clients, was recently unveiled by the firm.
Cleansers, toners, moisturisers, and body scrubs are among the skincare and personal care items in the line. They are all manufactured with natural and eco-friendly components.
The entry of H&M into the beauty industry is not unexpected given the close relationship between the fashion and beauty sectors and the projected value of the global beauty industry market in 2023 of $571.1 billion. H&M can access a new revenue source and reach a larger audience by diversifying into the beauty industry.
According to a Women’s Wear Daily story from late January, luxury beauty sales in the US rose by 15% in 2022 despite worries about a probable recession. Prestige beauty was the only industry to record double-digit sales growth in units.
Online marketplaces that initially catered to the apparel industry have recently joined the trend. Farfetch debuted its cosmetics department last year with a range of over 100 brands after purchasing speciality shop Violet Grey. In a similar vein, Amazon-owned companies Shopbop and Moda Operandi introduced their own cosmetic products.
