The global luxury cosmetics market reached a value of US$47.35 billion ($74.01 billion) in 2021, and it is expected to reach $64.55 billion ($100.9 billion) by 2027, according to Research and Markets.
This reflects is a compound annual growth rate of 5.3 per cent during the forecasted period.
In its Global Luxury Cosmetics Market Report, it cites a rise in the disposable income levels of individuals, especially in developing regions, as being responsible for creating an increase in the demand for luxury cosmetics.
This, along with the growing awareness about the benefits of using luxury cosmetics, represents one of the key factors driving the market.
Meanwhile, Million Insights says increasing demand for premium and high-quality cosmetic and personal care products among Millennials is driving the market.
YSL Beauté is a part of the L’Oréal Luxe division, which also includes brands such as Lancôme and Kiehl’s.
YSL Beauté recently held an exclusive makeup masterclass to celebrate the launch of the renovation of YSL’s iconic All Hours Foundation, which has a new formula that is 77 per cent skincare based and infused with hyaluronic acid, as well as Rouge Pur Couture The Bold, a lipstick range with intense colour that lasts all night long and Lash Clash Mascara, which adds up to +200 per cent more volume in five strokes.
L’Oréal National Educator Laura Dixon hosted the masterclass, showcasing how the new products worked by applying them to model Cartia Mallan, an Aussie YouTuber who recently moved from Sydney to London.
Following the masterclass, guests were invited to an immersive experience where they were colour matched and treated to a special performance by singer-songwriter and rap artist Tkay Maidza.
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