Beauty sales are still growing, but shoppers are value-conscious and less loyal than ever, requiring major players to rethink their strategies. Beauty growth has decelerated to mid-single digits as customers shop more selectively. Conglomerates now not only compete with one another, but with the aesthetics industry, and with a new cohort of global indie challengers. To convince customers to part with cash, companies must offer a truly differentiated selection and consistently reinvest in brand