Skip to main content
BoF Logo

Agenda-setting intelligence, analysis and advice for the global fashion community.

The End of the Lipstick Index

After years of double-digit growth and a perception of being impervious to wider economic downturns, the beauty industry is finding that cash-strapped customers aren’t interested in ‘little luxuries.’
A collage of beauty products
Beauty's earnings season revealed many steep losses. (BoF team)

Beauty’s recession-proof shine is wearing off.

Please sign in to ensure you can read our agenda-setting intelligence, analysis and advice. Or get in touch at support@businessoffashion.com if you experience difficulties.

Further Reading

The Beauty Slowdown, Explained

The four biggest beauty conglomerates all recently reported disappointing sales, and consumers are tiring even of once white-hot brands like Cerave and Drunk Elephant. A rebound will require agility and adjusted expectations.

About the author
Daniela Morosini
Daniela Morosini

Daniela Morosini is Senior Beauty Correspondent and Special Projects Editor at The Business of Beauty at BoF. She covers the global beauty industry, with an interest in how companies go to market and overcome hurdles.

© 2026 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Beauty
Analysis and advice on the fast-evolving beauty business.

Can Mikayla Nogueira Sell Fragrance, Too?

The beauty influencer is hoping her 20 million-strong following can cut through the category’s oversaturation with Only Sunshine, a tropical scent launched with indie brand Snif.


Ulta Beauty Joins TikTok Shop

Ulta Beauty becomes the first US specialty beauty retailer to launch on TikTok Shop, making the case for partnership rather than competition with the platform’s beauty e-commerce business.


view more
Latest News & Analysis
Unrivalled, world class journalism across fashion, luxury and beauty industries.

Who Won Fashion’s Red Carpet Season of Change

Sunday night’s Oscars concluded an awards season that fashion’s biggest labels used to show off their new creative game. BoF breaks down what we learned about brands’ celebrity strategies.


VIEW MORE
Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON