The personal luxury goods had the second largest market share (approximately 24.2%) in the luxury goods market after luxury cars, which account for about a 38.8% share in the industry, according to a report by Ernst & Young Luxury and Cosmetics Financial Fact book 2016.
Growth in the beauty industry is driven by:
Penetration by existing players with innovative products into new markets.
Increase of consumer purchasing power and improving lifestyle of individuals.
Increasing disposable income and demand for high-end products.