Engineering giant Dyson is set to invest half a billion into expanding its range of beauty products, as the technology and beauty industries converge.
The British company’s Airwrap hairstyler, which has graced the beauty tables of most internet influencers, has been a best-seller for several years now. And has prompted popular ‘dupes’ from the likes of Revolution Beauty.
Dyson, which produced its first hairstyling device six years ago, has announced a plan to launch 20 new beauty products between now and 2026.
It is unclear how much of the cash will be spent on research and development housed in its UK sites, after the company repositioning its headquarters from the UK to Singapore at the beginning of the year.
Analysts reckon that the cost of living crisis sweeping the UK will not squash consumers’ desires for haircare products. However, a trade-down against luxury offerings towards more affordable alternatives is likely.
“Mass market cosmetics are under tremendous pressure as big retailers resist price increases and consumers target discounts and promotions,” according to Lara Martinez, consumer analyst at research firm Third Bridge.
“Our experts say that active cosmetics have the opportunity to capture some luxury cosmetic customers because they are sitting in the mid-tier of the pricing bracket and match today’s consumer trends.”