Black-founded Brands Grew at Nearly Twice the Rate of the Prestige Beauty Market in February 2023

Noor Lobad
·1-min read

Black-founded brands have led the prestige beauty market in sales growth during Black History Month, data shows.

Circana reports Black-founded brands grew at nearly twice the rate of the overall prestige beauty market in February 2023, with dollar sales growing 19 percent versus January. This growth escalated year-over-year, with Black-founded brands outperforming their counterparts at a rate of between one-and-a-half to three times in February 2023 versus February 2022. Data is not yet out for February 2024.

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Key growth-driving brands included Fenty Beauty, Uoma Beauty, Pat McGrath Labs, Buttah Skin, Beauty Stat and Pattern Beauty.

Makeup analyst Natalia Bambiza said the heightened awareness and support Black-founded brands garner during Black History Month may be boosting brand performance; annual 2023 data shows Black-founded brands grew one point slower than the rest of the market, increasing 13 percent versus total prestige beauty’s 14 percent growth.

Importantly, Circana data indicates non-Black buyers are contributing a significant share of spending, with Bambiza pointing to the inclusivity of many Black-founded brands as a key selling point for consumers of all walks.

Black-founded makeup brands grew 28 percent in February 2023 versus January, while their counterparts grew 6 percent. Black-founded fragrance brands saw triple-digit growth during the period; non-Black-founded fragrance brands grew 45 percent. Black-founded skin and hair care brands saw respective 7 percent and 1 percent growth — their counterparts grew a lesser 4 percent in skin, and decreased 9 percent in hair care month-over-month.

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