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The COVID-19 pandemic-related changes in lifestyle and lockdowns made the cosmetics industry witness an 8% decline in sales last year. However, efforts to produce high-quality skincare products and sales through e-commerce platforms helped the industry stay afloat.
Since stores are witnessing increasing foot traffic ahead of the holiday season due to the easing of restrictions, the cosmetic industry is expected to see solid sales growth. The global cosmetics market size is expected to grow at 5% CAGR and reach $415.29 billion by 2028. So, both EL and COTY should benefit.
