Dermatology, the Next Key Trend for Beauty Industry?

On July 3, the 25th World Congress of Dermatology kick off in Singapore, with Galderma, as well as international beauty giants L’Oréal, Procter & Gamble, and Unilever, participating in the event. Can dermatology become the next trend in the beauty industry?

Cited: srisriholistichospitals

Recently, Swiss dermatology and skincare giant Galderma raised $7.2 billion through private equity, after considering an IPO earlier this year, which was postponed due to the bankruptcy crisis of its IPO global coordinator. On July 3, the 25th World Congress of Dermatology kicks off in Singapore, with the participation of Galderma and international beauty giants such as L’Oréal, and Procter & Gamble. could dermatology be the next trend in the beauty industry?

What is Dermatology?

Today (July 3), the 25th World Congress of Dermatology (WCD) officially kicked off in Singapore. The WCD is one of the largest international conferences in the field of dermatology, organized by the International League of Dermatological Societies (ILDS). The first WCD was held in Paris in 1889. Now, it is held every four years, with the most recent being the 24th WCD held in Milan, Italy in June 2019.

This congress has attracted beauty industry and dermatology professionals from around the world, including international beauty giants L’Oréal, Procter & Gamble, and Unilever, as well as Swiss dermatology skincare giant Galderma. In addition, Chinese beauty brands Winona, and Yatsen participated in this congress.

Dermatology is a medical specialty that focuses on the diagnosis, treatment, and prevention of conditions related to the skin, hair, nails, and mucous membranes.

Cited: Puig’s APIVITA brand

The skin is the largest organ of the body, and dermatology plays a crucial role in maintaining its health and addressing various skin concerns. They are trained to identify and treat common skin conditions such as acne, eczema, psoriasis, dermatitis, fungal infections, warts, and skin allergies. They also diagnose and treat skin cancers, including melanoma, basal cell carcinoma, and squamous cell carcinoma.

Dermatology encompasses both medical and cosmetic aspects. This aspect of dermatology focuses on improving the appearance of the skin. Dermatologists may offer various cosmetic procedures such as Botox injections, dermal fillers, chemical peels, laser treatments, microdermabrasion, and more. These treatments aim to reduce signs of aging, improve skin texture and tone, and address specific aesthetic concerns.

Overall, dermatology is a specialized medical field that focuses on promoting skin health, diagnosing and treating skin conditions, and enhancing the appearance of the skin.

How do global beauty giants enter the dermatology business?

As dermatology receives increasing attention, international beauty giants are gradually expanding their businesses in this area.

In February this year, Myriam Cohen-Welgryn, Global President of L’Oréal Active Cosmetics, announced on her LinkedIn account that L’Oréal Active Cosmetics had been officially renamed L’Oréal Dermatological Beauty. This division includes brands such as La Roche-Posay, Vichy, CeraVe, Decléor, SkinCeuticals, and the medical skincare brand Skinbetter Science, which was acquired in 2022.

L’Oréal stated that the Dermatological Beauty division can rely on innovation based on scientific progress, such as microbiome and exposome, as well as services related to strong expertise in the field of beauty technology. The company has established trust relationships with over 250,000 doctors worldwide, including dermatologists, pediatricians, esthetic doctors, and general practitioners. This large network of partners and proximity allows L’Oréal to design and test its products, especially with dermatologists and other skin experts, to better meet their expectations and those of patients.

Cited: L’Oréal’s Vichy Brand

In 2022, L’Oréal Active Cosmetics (now Dermatological Beauty) achieved sales of 5.125 billion euros ($5.58 billion), a year-on-year growth of 30.6%, once again becoming the fastest-growing division.

In addition to L’Oréal, Shiseido also sees dermatology as a new growth opportunity for the group. On May 22, Shiseido announced that from January 1, 2024, Shiseido Japan will take over the business of Shiseido Pharmaceutical through a company split (absorption-type split).

Shiseido stated that on February 10, the group launched its mid-term strategy, “SHIFT 2025 and Beyond,” with “Clean & Dermatology” and “Inner Beauty” as the new growth opportunity. Shiseido also emphasized that clean and dermatology refer to the market segment combining cleansing cosmetics free of ingredients considered to be skin irritants with dermatological cosmetics based on dermatology.

As early as 2022, Shiseido had begun to enter the dermatology business. In August 2022, Shiseido’s cooperate fund led the investment in the Chinese recombinant collagen company Trautec. In September, Shiseido acquired Gallinée, a British microbial skincare brand founded in 2014 by pharmacist Marie Drago, who is highly recognized in the field of skin microbiota. Skin microbiota plays a crucial role in protecting us from external threats. Gallinée provides a selection of scientifically supported beauty products that contain a patented blend of prebiotics, probiotics, and postbiotics to enhance and nourish the skin’s microbiome.

In 2022, Shiseido’s net profit was down 27.1% compared to 2021. The decline in performance may be due in part to Shiseido’s focus on dermatology as the new growth opportunity in its mid-term strategy.

On June 26, Swiss dermatology leader Galderma announced that it raised $1 billion through private equity to improve its balance sheet and accelerate its organic growth driven by its unique comprehensive dermatology strategy. Galderma also said that it still considered an IPO for the company, which would be an important step for it to become a global leader in dermatology.

Cited: Galderma’s Cetaphil brand

Established in 1981, Galderma is a global emerging leader in the pure dermatology category in Switzerland, with three subcategories: injectable aesthetics, dermatological skincare, and therapeutic dermatology.

Galderma reported that its net sales in 2022 reached $3.76 billion, a YoY increase of 13.9% calculated at a fixed exchange rate. In addition, the company’s profitability in 2022 exceeded expectations, with its core EBITDA increasing by 14.5% YoY at a fixed exchange rate, reaching $791 million.

As early as 2021, EQT AB, the owner of Galderma, expressed its desire to list Galderma for an IPO, which was delayed due to the bankruptcy crisis of its IPO global coordinator. Sources familiar with the matter have revealed that EQT may aim to raise as much as €3 billion ($3.2 billion) through Galderma’s IPO. It is reported that if Galderma goes public successfully, Galderma could have a valuation of up to CHF 20 billion ($22.26 billion). Galderma is also expected to become a global leader in dermatology and one of the most promising companies in the beauty industry.

In addition, Spanish beauty giant Puig has appointed Marc Toulemonde, who has worked at L’Oréal for over 20 years, as the new President of its Derma division. Beiersdorf acquired Belgian life science company S-Biomedic NV in December 2022 to accelerate the development of its microbiome-based skincare products. Last December, Amorepacific signed a cooperation agreement with Johns Hopkins University on dermatology, covering basic and clinical research to study new targets and mechanisms, and to conduct clinical bioactivity tests on materials developed by Amorepacific. In April of this year, the parent company of Avène, Pierre Fabre Group, acquired the skin cosmetics brand Même.

It is clear that an increasing number of beauty giants are entering the dermatology business, seeing it as another new growth opportunity.

Can dermatology become the next trend in the beauty industry?

Dermatology, the branch of medicine focused on the diagnosis and treatment of skin conditions, has always played a significant role in the beauty industry.

Dermatology is based on scientific research and medical knowledge, which gives it credibility and trust among consumers. People are increasingly seeking evidence-based solutions for their skin concerns rather than relying solely on marketing claims.

In addition, with the rise of social media and easy access to information, there has been a surge in skincare awareness among consumers. People are becoming more educated about their skin and are seeking professional advice from dermatologists to achieve optimal skin health.

Dermatology offers a wide range of advanced treatments for various skin conditions. From laser therapies to injectables and advanced skincare products, dermatologists have access to the latest technologies and techniques that can provide effective results. Dermatologists are skilled in assessing individual skin types and conditions, allowing them to provide personalized treatment plans. This tailored approach resonates with consumers who want customized solutions for their specific skin concerns.

Cited: L’Oréal’s Skinbetter Science Brand

Dermatology focuses not only on treating existing skin issues but also on preventive measures. Dermatologists educate individuals about proper skincare routines, sun protection, and lifestyle factors that can contribute to skin health. This preventive aspect is gaining attention as people realize the importance of maintaining healthy skin.

Many skincare brands now collaborate with dermatologists to develop products or endorse their formulations. This integration of medical expertise and beauty industry marketing helps to bridge the gap between medical dermatology and consumer beauty products.

In addition, more and more beauty brands are collaborating with dermatology experts and doctors to offer professional skin diagnosis services, providing consumers with personalized skin care solutions. This trend also meets consumers’ needs for health and personalization, so in the future, dermatology may become an important trend in the beauty industry.




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