Caught My Attention Ed. 03: Shein IPO woes, GenZ's Sephora obsession, and Viral runway makeup
New York is currently a big pile of grey cold mush. Enter lots of soup and brisk walking. Why did I leave Brazil again?
I struggled to get this one out, mostly because I didn’t love what I have to say. But it’s better to put something out than to perfect it.
These are the bits that caught my attention this week:
Shein IPO Woes. Once the third biggest startup (by valuation, at $100M at its peak in 2022), Shein has big shoes to fill and bigger dreams to deliver to its investors and consumer startups everywhere. But as of this week, in private market deals the company has been trading closer to $45 billion, which is far lower than its hopeful $90 billion valuation at its much-anticipated IPO. It’s one to watch: regulators are coming down on Shein for forced labor claims, and the downward trend in its trading value could spell bad news for the consumer sector, who is looking for redemption in a big win like this public offering. LINK.
Tweens <3 Anti-Aging. Adolescents spent spent 33% more on cosmetics and 19% more on skin care this year compared with last year. Let that sink in. Before their skin even begins to mature, eleven and twelve year olds are slathering on anti-aging creams and serums, and driving up major sales at Sephora and the like. Some argue it’s a way to congregate (the new mall); some argue its finding self-soothing in an era of chaos; I think Gen Z and Alpha watch too many TikToks on this stuff (TikTok surpassed even YouTube for this demo’s most-watched channel) and perception - even digitally - becomes reality over time. LINK.
Maison Margiela’s Viral Makeup Moment. All I saw on my feed this week was MM’s couture show. Fashion as theater. John Galiano being John Galiano. But, to me, the makeup was the real star of the show. Pat McGrath created looks that mimicked porcelain dolls to match Galiano’s dystopian London fairytale, and the internet exploded trying to figure out how she did it. In glorious mystery, McGrath said all will be revealed soon, which many posit means she is launching her own product off the heels of the furor. In my view, that would be the most gangster product launch of all time, and beauty brands should take note of how she is (or should be) capitalizing on a moment. LINK.
Stay sunny.