Sweden is the no 8 market in Europe for cosmetics and personal care with a €2,375 billion market size and 11,3% growth. Although many beauty shoppers are educated, seeking out brands that align with their desired beauty philosophy, it can be overwhelming to find what you are looking for, according to entrepreneurs Steve Terry and Sara Hildén Bengtsson.
— The beauty landscape has changed dramatically just over the past years, leading to a commercial sea of homogeneity that can be very difficult to navigate for the consumer, the duo shares.
A ”commercial sea of homogeneity”, can you explain?
— We believe that many beauty destinations work with the same or similar brand mix and compete in the same manner to the same audiences and often with price alone. We believe that is not the way to create a new brand moving forward but instead, connect to customers on an emotional level — and not to forget to constantly challenge the choices made to always be in the forefront.
To do that, the duo just launched Youtime. Beauty retail has seen a clear shift, going away from aesthetic perfection to holistic well-being and Terry and Hildén Bengtsson explain why there’s room for improvement.
— Beauty and well-being is all about investing in yourself, inside and out, to get balance in your life. Our very first studio, in central Stockholm, features a curated shop, beauty and well-being services, and space for activities. Finding this balance is an ongoing journey and is different for everyone. With the combination of treatments, services, interesting brands, inspiring people, and a two-way conversation with the community, we seek to offer an alternative beauty and well-being.
— With tech being such a big part of our everyday life, we’re also very interested in technological breakthroughs, like emerging brands in the sleep space that have been able to improve consumer sleep holistically. We’ll also start up collaborations, such as retreats, and launching our own products.
Mental illness and stress are both increasing. What are the other main driving factors behind this recent wellness surge?
— We live in a unique time where beauty, health, and wellness are rapidly converging in meaningful ways. The understanding that beauty is more than ’skin deep’ is gradually seeping into the global consciousness. It’s a realisation that we can only be our most beautiful selves when we are in our most healthy state, be it physically, emotionally, socially, intellectually, professionally, or spiritually.
— We see that post covid, people are becoming more conscious of the impact of their lifestyle choices on their physical, mental, and emotional health. There is a need to know more about oneself. As you mentioned, modern lifestyles often involve high levels of stress, whether from work, personal relationships, or societal pressures. As a result, people are seeking ways to manage stress and prioritise self-care. There’s a growing emphasis on preventive self-care as opposed to reactive treatment. We see a growing interest in proactive seeking ways to prevent stress and illness and maintain optimal health, leading to increased demand for preventive wellness products and services. This includes nutritional supplements and holistic wellness practices.
What else is on the beauty industry horizon?
— We see a demand for products and services that support health, healthy ageing, gut health, sexual health, sleep, food, and personalised workout plans. In 2024, the world also needs more genuine service and recommendations, physical places that are inspiring, tactility, craftsmanship, and personalisation. McKinsey anticipated — which we agree on — that this greater personalisation, connectivity, and authenticity are changing how consumers relate to, try, and buy products and services. And sustainability and inclusivity are quickly becoming priorities for both beauty and wellness companies. Retail has changed forever, brands and retailers alike struggle to find a way to bring customers back in-store and build loyalty, Terry and Hildén Bengtsson say, continuing,
— For brands, big open platforms and retailers often heavily dilute brand equity and force supplier margins and for customers, it’s often a confusing, frustrating, uninspiring, and impersonal experience. All while the wellness segment is a highly fragmented one where consumer expectations are not being met. Through consolidating the segment and providing customers with a curated, purposeful and considered brand experience, we build loyalty, meaningful relationships, and community with our customers which helps us to drive organic growth. Providing brands with a platform both in the physical and digital spaces which they feel elevate and position their brand and not dilute it, is the key to building win-win collaborative relationships with our brand partners and alike.
— Youtime is not just beauty retail, but beauty and well-being. In a way, it’s a new sector and that is what we believe in, going forward. People need more than to care for the outside. We believe that well-being is the future. If anything, togetherness is a huge macro trend for the future.
