With McKinsey estimating 2022 global beauty sector sales to top 2019 levels, when this category generated $538 billion, the fragrance and cosmetics business is booming, buoyed by emerging trends, behavioural changes in Gen-Z consumers, new market frontiers and rapidly evolving technologies. Luxury heavyweights continue to expand their beauty ranges with new divisions (Kering Beauté), dedicated websites (Prada Beauty) and unique sensory adventures in the form of exhibitions (such as the recently-ended Le Grand Numéro de Chanel in Paris) in a bid to boost revenues and attract new customers without eroding their brand values, unlocking several job opportunities. In the meantime, they are also changing the fragrance and cosmetics industry, now looking for consultants, managers and executives to meet future challenges. But where are these professionals, with their increasingly crucial roles, being trained? Istituto Marangoni, an international fashion, design and art school in 9 cities around the world, is now emerging as a groundbreaker in fragrance & cosmetics management education, ready to launch the first comprehensive international academic offer to shape the careers of tomorrow with dedicated programmes at its Milan, Florence and Paris schools.
Istituto Marangoni launches the first comprehensive international academic offer to shape the careers of tomorrow in fragrance & cosmetics management, with dedicated programmes at its Milan, Florence and Paris schools
Istituto Marangoni’s academic year 2023-24 marks the start of higher education programmes for aspiring managers wishing to study and analyse business, distribution and marketing strategies, focusing on the licensing aspect of luxury perfume, makeup and skincare brand management.
“While the global beauty industry generates accounts for millions of jobs, there is a lack of professionals with the right skills that companies demand,” said Stefania Valenti, managing director of Istituto Marangoni, as she presented the school’s new vertical pathways. The presentation took place during an exclusive experiential event at Magna Pars L’Hotel à Parfum, a charming Milanese location that made the perfect venue for the momentous occasion. “The existing educational offer in this area is only provided by a niche of schools, mostly based in France, that offer highly technical training on top of some generalist universities with chemistry courses. But the sector now needs top players with strong skills in marketing, product management, brand management, licensing, sales and retail, PR & comms, home design, packaging and fragrances on the metaverse where IM already has a reputation, experiences and know-how.”
The global beauty industry now needs top players with strong skills in marketing, product and brand management, licensing, sales and retail, PR & comms, home design, packaging and fragrances on the metaverse
And when it comes to expertise, Istituto Marangoni is concerned with bringing its know-how to the table and entering into partnerships with the best in the industry. This is why the BA degree in Fragrances & Cosmetics Management and the Master in Fragrance & Cosmetic Brand Management & Licencing in Paris come with RNCP certification under Regent’s University accreditation, and partner with Symrise, one of the biggest companies creating fragrances, flavours, natural nutritional and cosmetic ingredients.
Accademia del Profumo, an initiative by Cosmetica Italia, also came on board as a first-class partner, representing the Italian association of players in the perfume supply chain. Accademia del Profumo will certify two Master’s courses in Milan, the first in Marketing & Communication Management For Fragrances & Cosmetics and the second in Fragrances & Cosmetics Brand Management & Licencing. “Students will explore and deepen the culture of Made in Italy also in the fragrance and cosmetics sector,” explained Ambra Martone, president of Accademia del Profumo, who joined the presentation.
Istituto Marangoni also involved the world’s oldest pharmacy, the Florentine Officina Profumo-Farmaceutica di Santa Maria Novella, as a partner for the one-year course in Product Management For Fragrances & Cosmetics and the Master in Olfactory Experience Management For The Luxury Industry, both in Florence.
Few sectors offer as wide and interesting a range of career prospects as the world of perfumes and cosmetics
Few sectors offer as wide and interesting a range of career prospects as the world of perfumes and cosmetics. But the worth of this thriving industry and its impressive current growth rate are also shifting brands’ priorities and the roles they are looking for: in a rapidly expanding, highly dynamic and innovative scenario, with brands aiming to strengthen and grow their positions, headhunters are now looking for product, marketing, brand, license, key account or digital content managers, as well as retail training and retail beauty managers. Other roles worth mentioning include experience marketing experts, fragrance and cosmetics interior designers, customer experience officers and SPA & olfactive experience executives.
As fragrances and cosmetics from fashion houses still dominate the beauty market, and will get even stronger in the future, Istituto Marangoni has a long track record of meeting those brands’ needs
Although beauty is a strategic market, especially for designer brands, and is growing exponentially on the business side, the education offer is not as developed. And this is where Istituto Marangoni comes in, thanks to its expertise in the fashion and luxury arena, preparing professionals in the industry since 1935. As fragrances and cosmetics from the likes of Dior and Gucci still dominate the market and will get even stronger in the future, the fashion, design and art school has a long track record of meeting those brands’ needs. To prove this, take a look at BoF’s report on the Euromonitor International research on the perfume boom, stating that the global retail value of the fragrance category jumped from $32.73 billion in 2019 to $37.27 billion in 2022.
Euromonitor International research on the perfume boom states that the global retail value of the perfume category increased from $32.73 billion in 2019 to $37.27 billion in 2022
BoF also reported that according to NPD, which monitored US perfume sales last year, designer brands made up most of the market with $5.3 billion in sales, while craft and niche brands totalled only $0.82 billion. So, it is no surprise that the luxury holdings and groups are working harder than ever to bring their beauty businesses in-house by breaking up licences. At the same time, licensing operators – who make and distribute fragrances for brands – are interested in buying the fashion houses to keep their beauty businesses. Both are keen to sign better deals, leading to a series of activities that are happening because the beauty business is on a dramatic upswing.
And the numbers speak for themselves. According to BoF, “L’Oréal’s Saint Laurent licence, which encompasses makeup, fragrance and skincare, is said to generate over $1 billion in annual sales. For Coty, which has held Gucci’s licence since 2016, fragrance made up 60 percent of its 2022 annual revenue.” While FashionUnited France reported that LVMH’s Perfumes and Cosmetics division had a turnover of EUR 7.7 billion in 2022 (+17%).
According to the Centro Studi of Cosmetica Italia, the total turnover of the Italian cosmetics industry reached 13.3 billion euros in 2022
The beauty industry is also running wild in Italy, as shown by the Centro Studi of Cosmetica Italia, which recently presented its conclusions in I numeri della cosmetica. According to the data, the total turnover of the Italian cosmetics industry reached 13.3 billion euros in 2022, up 12.1% compared to 2021; the +10.5% increase compared to 2019 (pre-pandemic) is noteworthy. Forecasts for 2023 are also optimistic, with revenues expected to rise to €14.4 billion (+7.7% compared to 2022).
Of course, the cosmetics and perfume market hype is also about new technologies. And when NFTs, virtual reality and AI are involved, Istituto Marangoni knows how to play the game. By pushing talented learners to explore new horizons, the school has already established itself as a metaverse education pioneer, launching The Talent District as its metaverse combining interactive experience, Web3 technology, digital language, and students’ international creativity worldwide.
The cosmetics and perfume market hype is also about NFTs, virtual reality and AI, and Istituto Marangoni knows how to play the game
Margherita Malaguti
Editor