Euromonitor, a market research provider, has released analyst insight into the move from ASOS, noting that ASOS is set to continue to invest heavily in innovation in the months ahead.
The market research firm asserts that the major fashion player, dominant online, is set to focus both on its internet retailing service and on tailoring its product range in line with consumer trends.
Social media: pushing ‘experimentation’
Hannah Symons, Euromonitor Beauty & Personal Care analyst, notes that the rise of digital retail and social media consumer behaviours is making a notable impact onto the beauty industry.
"The launch of ASOS’s own line of make-up epitomises one facet of consumer behaviour today that was less prevalent ten years ago; experimentation,” she says.
“Social media has propagated a virtuous circle of recommendation, advice and instant gratification when it comes to selecting and purchasing products.”
Fast fashion players need to prove increasingly responsive and dynamic in this high-speed environment.
“With newfound confidence to experiment, a need to keep up online appearances and an abundance of choice having a knock-on effect on loyalty, fast fashion make-up brands are having a moment,” confirms the analyst.
Transparency also crucial
Symons notes that transparency is also now a major area of focus for consumers when seeking out retail opportunities from beauty brands, particularly online where trust is central due to the lack of in-person interaction.
“As health priorities and skin concerns soar, efficacy and transparency are increasingly demanded of make-up brands, as they are in skin care,” notes the analyst.
“ASOS’s foray into make-up could be hampered to an extent by its playful packaging and emphasis on fun and frivolity.”
The market expert suggests, though, that fast fashion moving into cosmetics has proved fairly successful with brands in the past.
“The model has worked thus far for the likes of Topshop, NYX and Kiko, all recording double digit growth in the UK last year,” she confirms.
“For a younger consumer these brands serve a short term purpose without heavy investment. What’s more is that the ASOS make-up line offers a lifestyle to buy into, something which is more attainable for youngsters than aiming for exclusivity."