The coronavirus pandemic has created more uncertainty for brick-and-mortar locations, but it's an opportunity for companies to ramp up the expertise and service stores were known for digitally.
"That is not going away," Unilever Prestige Group CEO and EVP Vasiliki Petrou said in regard to virtual consultations and other digital innovations. "It just will grow stronger. Being future fit is definitely taking that muscle to the next stage," she said on the Glossy Beauty Podcast of the group's brands such as Tatcha and Murad.
And while that aspect of a brand's presence demands evolution, Petrou thinks that conversely, consumers these days are especially attracted to hero products from the brands they know and love.
"In crisis people tend to go back to the bigger, credible, iconic products versus, let's say, the more 'discovery' ones," Petrou said. "Consumers want to go to a safe haven."
Petrou wouldn't confirm or deny rumors that Unilever Prestige was in talks to acquire British makeup brand Charlotte Tilbury, only teasing that "some [rumors] are true, some are not." But she did explain the company's overall approach to M&A.
"We're always about founder-led brands. We're always looking at new business models, new approaches, whether there's a big idea that's globally relevant, and definitely looking at all categories," Petrou said.
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