The beauty sector continues to grow amid a tumultuous market and weakened consumer spending. Orveon Global CEO Neela Montgomery joins Yahoo Finance to discuss some of the latest beauty trends and new opportunities for growth.
"We’re seeing a very strong Q1 in the prestige cosmetics space," Montgomery tells Julie Hyman, adding that prestige cosmetics are growing at a much faster rate than the mass beauty market. Despite tightening consumer wallets, she explains that consumers turn to prestige products for consistent quality, which brands should not lose sight of.
She also highlights the power and influence social media has on the beauty sector, as one viral makeup video could spark an industry-wide sensation causing product sales to surge.
Alongside social media as a powerful tool for the industry, Montgomery points to Amazon as a "force in beauty" that has allowed Orveon’s BareMinerals brand to double its sales. Department stores also continue to provide steady growth for beauty brands.
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