Health is wealth: Luxury clean beauty brand taps potential among older health-obsessed consumers
MISEICO launched last month in Singapore with a single product, the Miracle Pour oil serum, which was formulated by founder Michelle Chan.
“What makes this oil serum so good is that it has a lot of actives at high concentration. It also has very good sensorial effects that soothe and make you feel calm. We want our customers to look forward to the ritual of using this product.”
Chan, a serial entrepreneur and certified skin care formulator, saw a gap in the market in Asia for a luxury clean beauty brand.
“There are many luxury clean beauty brands in markets like the US, but not here in Asia. I founded this brand to serve this market of luxury beauty consumers who are beginning to look for clean ingredients especially as they get older,” said Chan
While the Miracle Pour was designed to be suitable for all skin types and ages, Chan is targeting an older consumer base, which she believes holds a lot of potential for the brand.
“In terms of population, the older generation outnumbers the younger millennials or generation Z consumers. It’s a bigger pie that is largely untapped. People believe there’s no market within this group of because they are seen as not savvy and slow to pick up new products.”
Chan believes older consumers will resonate with the brand because it advocates self-care and wellness, which are particularly important to this demographic.
“When you reach a certain age, what you are most concerned about is health. In fact, nothing is more important than health. These older consumers are on the look out for products that can help them take care of themselves and they are willing to spend money on it.”
She added that older consumers are more likely to spend on wellness activities such as massages, but at the same time, they are pressed for time.
“Self-care and wellness are becoming more important today. But people think self-care is something you need to spend a lot of time on. Skin care is like a little pocket of me-time; by using our product, they can take care of themselves in no time at all.”
Born in a pandemic
Chan believes MISEICO has entered the market at the perfect time as there are more conversations surrounding health and wellness amidst the novel coronavirus (COVID-19) pandemic.
“It’s definite a good, if not best time, to launch because everyone is more conscious about their health and they are focusing more on things like self-care because everyone is more stressed than usual. For instance, you may think working from home is better, but I think it causes more stress.”
Currently, the brand is focused on building brand awareness and fostering trust between the brand and consumers.
The company also has plans to expand the range in the next 12-months or so, but Chan said she prefers to keep the range as small as possible.
“I don't plan to have a big range of skin care. At most I will probably extend the line to include a cleanser and toner. I personally advocate that you don’t need to use so many skin care products, especially since everyone is so strapped for time these days.”
Moving forward, the company is aiming to partner with a major retailer to get its products on the shelf.
Additionally, in the next six to 12 months it hopes to expand overseas and has its sights set on markets such as the US, UK and China.