Often referred to as ‘recession-proof’, the global beauty industry continues to grow given man’s never-ending quest to unlock the fountain of youth.
However, in Singapore, the beauty and Luxury industry happens to be a very competitive industry which is mainly dominated by international skincare and cosmetic juggernauts such as Clinique from the United States. Another well-known brand is Japan’s SK- II and South Korea’s Laneige. In the wake of these big brands setting a foothold in Singapore, a cut-throat environment has been created for other upcoming businesses.
In the past four years, the local market has however seen a shift although gradual with the emergence of a new wave of small home-grown entrants looking to score in the big leagues like their predecessors such as Skin Inc and Strip. Singapore’s beauty scene is very lucrative. According to an analysis last year by consultancy RNCOS, the country’s beauty and luxury industry is set to grow by an annual rate of 5% compounded. Market-research company Euromonitor also conducted a study that revealed that with premium beauty gaining momentum, consumers were willing to spend on the niche, luxury, and bespoke beauty brands.
This means that there are and will continue to be a lot of job openings for those who are interested in joining the industry. As mentioned earlier, the beauty industry is very lucrative, seeing as it’s currently valued at over $532.43 billion. It is, however, paramount to note that the income one gets while working in such an industry ideally depends on the company or brand one chooses to work or collaborate with. While one is actively seeking a company to apply to, it would be prudent to look at currently existing trends and research online. This will help you stay updated on how different companies and brands are doing in terms of the type of products they deal with and how customers react to them. By conducting research beforehand, one is able to effectively pass interviews as they have done their homework prior. If at all the company you desire to join isn’t doing well it’s okay to give it time and check back a couple of months later.
Looking for job opportunities?
Well, we’ve all heard the saying, ‘do what you love, else you’ll end up unhappy for the rest of your life’. This statement is merely the answer to the question, is passion necessary in the beauty industry? The beauty industry, just like any other, is full of its own challenges and shortcomings. It is crucial to be passionate about the industry especially with the many brands and products popping up in the market whether from big brands like Chanel or smaller ones. Being passionate about the company you are working for and the products you are dealing with will come in handy as you are able to be helpful towards customers and always work to better the product as well as services.
How to start? Well, the answer is very simple actually. With jobs in this industry being highly coveted as they come with amazing travel opportunities and good pay, one has to put themselves out there. Here are a couple of tips that would come in handy while getting into the industry.
Wish to be considered for a role?
Nowadays in the wake of social media, being an influencer is a full-time career. In order to be recognized by big brands, one has to ensure they build their brand and audience by having a massive following. As an influencer, you are approached by big brands to partner up with them for adverts. You simply get to post about their products and create awareness to millions of your followers while you get paid for it. Monetizing your social media isn’t such a bad idea after all. However, one can use it as a way to network and prove to big brands that you are passionate about working in the luxury industry.
One good way to network is engaging in informal interviews, as intimidating as they might be. When looking for a job in the beauty industry, it is advisable to filter the jobs section on LinkedIn. Connecting with and reaching out to professionals working with prospective brands will get you further. Get to pick their brain and inquire about their experience so far working in the industry. As awkward as it might seem writing to a complete stranger asking for career advice, most people are out to see others succeed. This means that they can openly talk about themselves and are happy to offer assistance to anyone in need of it.
Sifting through multiple pages of industry reports in order to be updated on the latest trends and forecasts isn’t very necessary. Instead, head over to a high-end store or restaurant and do your own investigation, depending on your area of interest. In order to get a sense of how the industry works and where it’s headed, initiate conversations with shop assistants. While at it, you can try to inquire what customers expect when coming into their establishment and how they fulfill their needs.
The luxury industry is just like any other business that needs product developers, merchandisers, operations manager, HR professionals, accountants, etc. In order to manage a global luxury brand, one needs to get a sense of how a company operates. This way, you are able to work with a marketing expert or any business. There are plenty of business schools where one can enroll in a master’s program in luxury management and marketing. This will equip you with the basics of management and might include a specialization in the fashion, lifestyle or luxury industry.
While it might be difficult breaking into the industry, one can actually do it and succeed when armed with the right connections and training. It’s important to give yourself time to grow in the industry given how competitive it is in today’s market. If possible, learn the tips and tricks from people who have made a huge impact both in their career in the luxury and beauty industry and in the lives of other people.
If you are keen to know more about your opportunity in this industry, feel free to reach out to me at my contact details below.