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Professional salons are losing their exclusive grip on professional retail to department stores, a trend that is likely to accelerate.
This is the view of Stav Dimitriadis, CEO of leading beauty and hair products distributor, Twincare International. He continues: “We cannot allow our industry to lose to this battle, and we have to fight for our share of retail. I urge salons to support the brands that stay loyal to you. Reward the companies that have helped build the professional business, and consider your response to those that don’t. Taking a professional brand to retail is quick and easy money, but at some stage, we all have to decide what we stand for and what we are prepared to sacrifice.”
Dimitriadis notes that the past few months have seen some significant changes to our business and personal lifestyles. “COVID-19 has and will continue to have a significant impact on everything in our lives. Some of the changes we have already experienced but some we will only see over the next few years. These types of events alter the course of human history both negatively and positively. These changes will be more pronounced because they co-exist with other sweeping changes our society is experiencing. We have all seen changes in technology, in the way we work, and in how consumers buy and make decisions. Anyone with young kids can see that their lives will be very different from the ones we have.
“I have hosted many forums where I have stressed the need for us to continually lookout for these changes and decide how they will impact our business. We cannot hide our heads in the sand and hope for the best. Every industry or company that has done that has gone out of business. Every day we need to be on the look out for small and subtle changes that add up to change the course of an industry.
“Change has always been part of our lives, but the pace of change is forcing us to adapt faster than ever before. Unfortunately, I believe this pace will only accelerate, wiping out industries that cannot adjust and create new opportunities. You must decide which side you want to be on.”
Dimitriadis points out that he has seen the beauty sector impacted by all these changes significantly more than hair. “This is due to a few factors,” he states. “Firstly, skincare is further up the luxury chain; people would reduce their spending on beauty before cutting back on hair. Secondly, skincare treatments are more intimate than hair and even nail care services, making consumers more apprehensive. Thirdly and more importantly, consumers see the line between department stores and professional salons begin to blur.
“The success of your business is the sum of all the decisions you make, and the criteria for making decisions have changed. Open your eyes, get out of your comfort zone, overcome your paralysis, and plan for a business with a future…Or don’t.”