In the US, ethnic or multicultural consumers will soon become the majority, according to market researcher Kline, with African-American, Asian, Indian, Hispanic, and other people of colour already accounting for over one-third of the US population.
Acknowledging this shift as the motive behind her signing, Park reportedly told Style.com; "The world is getting smaller and the globalization of commerce is influencing industries like beauty and fashion. So to be the first to represent a global brand is a huge honour."
Making multi-cultural strides
The multicultural beauty products market grew by 3.7% in 2013, according to Kline’s Multicultural Beauty and Grooming report, an outperformance of the overall cosmetics market which signals big potential for the category.
The signing of Park follows swiftly on from L’Oreal’s acquisition last year of the multi-cultural beauty brand Carol’s Daughter, confirming the company is taking significant steps to profit from the rising trend and its growing consumer base.
Of the acquisition, Frederic Roze, president and CEO of L’Oreal USA noted; "[It] will enable L'Oreal USA to build a new dedicated multi-cultural beauty division as part of our Consumer Products business, and strengthen the company's position in this dynamic market.”
The global beauty giant already boasts an institute for research into ethnic hair and skin in the States, and the latest signing suggests it’s following through on its ambition to lead in the fast-growing category.
Other walks of life
L’Oreal is no stranger to signing up celebs more representative of an increasingly diverse consumer base.
Last year, in appointing Helen Mirren, 69, as the face of its UK ranges, it joined a string of cosmetics brands mobilising to differentiate themselves in the anti-ageing sector by signing ambassadors over 50.
With the anti-aging skincare market projected to hit almost $300 bn by 2015, it’s no surprise leading brands are increasingly eager to court consumers in this lucrative marketplace.
The 2014 change to the brand’s ‘manifesto’, or motto, which became ‘Beauty for All’, reflects this focus on reaching further afield with current and future campaigns.