Flying Fish part 2: The personal care industry is “overdue a shake-up”
“Asia Pacific companies used to follow Western companies’ lead when it came to innovation. The reverse is now true, where established groups are trying hard to emulate the speed to market, and breakthrough product innovations coming out of Asia, such as from Korean brands,” Mário Braz de Matos and Joël Céré of Flying Fish Lab, enthused.
How are start-ups able to cost-effectively innovate in the personal care space - what benefits do indie brands have in terms of storytelling compared to multinational firms?
Let’s not forget that the multinationals of today were the start-ups of yesterday. There is a natural economic cycle. For instance, 50% of the companies listed in the S&P 500 in 1999 are no longer listed today.
The advantages of start-ups are multi-fold: speed to market, agility to respond to consumer demand, ability to take risks (less to lose than billion-dollar brands), and a lack of legacy systems allow them to completely innovate at every aspect of the value chain, from sourcing to supply chain to product design and distribution.
Established groups have advantages too, such as the power and trust of their brand, strong distribution networks, and, if they begin to be challenged by start-ups, the financial muscle to just buy them and bring them to the fold
What advice would you have for other entrepreneurs looking to enter the personal care sector?
The world does not need another me-too product or copycat brand. We have too much of everything. If there is nothing that is truly unique about your offering, please don’t enter the sector.
Where do you see the future of the personal care industry heading?
The industry is overdue a shake-up. It will be about technology and business model. The line between cosmetics, health and enhancement will continue to blur.
In-cosmetics Asia 2017
Mário Braz de Matos and Joël Céré of Flying Fish Lab will be presenting in the Marketing Trends Theatre at in-cosmetics Asia in Bangkok, which takes place from 31 October – 2 November.
Their presentation, entitled how to create breakthrough innovation in the personal care industry will highlight how leading-edge brands and companies are using creative minds in a mass scale approach, to help them create breakthrough innovation.
To find out more or to register to attend the event, visit http://asia.in-cosmetics.com/visit/.