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“Anatomically correct heart cakes”

— What was served at Anya Taylor-Joy’s vampire-themed wedding. How heartfelt.

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Get ready with us, as we tell you why the beauty industry could be seeing a cool down.

Start with a solid foundation.

You mean primer. In 2022, the beauty industry generated $430 billion in revenue worldwide, according to one report. That could be driven in part by TikTok, influencers, and “treat” culture. Even amid inflation, Americans have opened up their wallets for skincare, fragrance, and makeup. The beauty market’s resilience has pushed cosmetic retailers and department stores to blend their services. See: Target-Ulta and Kohl’s-Sephora partnerships. Now, the industry may be experiencing the effects of ongoing economic pressures.

Don’t gloss over the details.

Yesterday, Ulta Beauty’s shares tumbled more than 14% after the company's CEO said sales in the industry are slowing down. Brands like e.l.f. Beauty and Estée Lauder also saw their shares drop. Shoppers could be swiping less as they stretch their budgets to cover things like credit card debt, leaving people less spending money for the latest beauty trend. Still, the financial stressors on consumers may ease up soon. Analysts predict an interest rate cut as soon as July, which could bring some relief.

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The drop in Ulta’s shares raised some eyebrows in the beauty industry. But it's unclear whether the cool down is here to stay, or if it's just a blip that could end when the next trendy product goes viral.

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And Also...This

Who’s facing calls to retire her gavel…

Justice Sonia Sotomayor. In recent weeks, several op-eds have called on Sotomayor to step down while President Biden is in office and Democrats hold the Senate. Some political commentators are pointing to the justice’s age, her diabetes, and her recent comments saying she was “tired.” Top Democrats are reportedly holding off on calling for Sotomayor's retirement, but they've expressed concern about a potential repeat of what happened with former Justice Ruth Bader Ginsburg. RBG’s vacancy paved the way to a 6-3 conservative majority. The op-eds come as polls show Biden trailing former President Trump in several swing states, raising concerns there could eventually be a 7-2 conservative majority. However, it doesn’t look like Sotomayor has any plans of slowing down.

Where IVF services are top of mind…

Alabama. Yesterday, a Mobile hospital announced it will permanently stop in vitro fertilization treatments at the end of the year amid “litigation concerns.” The hospital was part of a wrongful death lawsuit filed by three couples whose embryos were accidentally destroyed at the facility. That suit made its way to the Alabama Supreme Court, which ruled earlier this year that frozen embryos are children. The future of IVF in the state has been uncertain since then, despite state lawmakers quickly passing IVF protections.

What companies need more of…

Women in C-suite roles. The number of women holding executive roles in the US has dropped for the first time in nearly two decades, according to a new report. Out of the 15,000 C-suite positions at publicly traded companies, women held less than 12% of the titles last year — losing about 60 positions from the previous year. Experts point to a lack of promotional opportunities, gender stereotyping, and a lack of female leadership in management as potential reasons for the drop. The report says gender parity in the C-suite won't be reached until at least 2055.

Who made a Vogue-worthy announcement…

Angel Reese. Yesterday, the LSU basketball star announced she’s declaring for the WNBA draft. Nicknamed the “Bayou Barbie,” Reese has made a name for herself as one of the highest-paid student athletes. Her announcement comes after LSU lost to Iowa earlier this week in the most-watched women’s college basketball game in history. Now, Reese joins Iowa’s Caitlin Clark as one of the projected top picks in the WNBA draft on April 15.

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Skimm Picks

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