To close British Beauty Week, the Treasury welcomed leading professionals and innovators from across the beauty industry to No11 Downing Street. The event showcased first-hand the industry’s breadth, diversity, and success
Hosted in collaboration with the British Beauty Council, the reception celebrated the significant contribution that the beauty industry makes to the UK economy and showcased the trailblazing entrepreneurs, SMEs, innovators, and technologists who are defining the future of the beauty industry.
Ahead of the event, Millie Kendall OBE – CEO of the British Beauty Council – and Laurence Newman – Founder and CEO of The Beauty Tech Group (TBTG) – met with James Murray MP, Chief Secretary to the Treasury, to discuss the future of beauty, including the technological innovations driving business success in the sector. As the first beauty business to complete an Initial Public Offering (IPO) on the London Stock Exchange, TBTG is a key example of beauty’s influence on the global market.
The British Beauty Council has long championed the unique role the beauty industry plays to the socio-economic footprint of the UK. Not only is beauty at the beating heart of every community – hairdressing, health, and beauty salons have consistently had the highest number of retail businesses across UK high streets for the last decade – the industry’s also growing 4x faster than the wider economy.
At the event, Murray connected with a cross section of the industry, from hairstylists and creatives to retail business leaders and manufacturers. Throughout the evening, guests were able to highlight both the successes and challenges characterising business in beauty.
Jo Malone London, Current Body and No7 Beauty Company all exhibited their newest innovations at the event. Jo Malone’s Ai Scent Finder, which was recently launched, was presented to the Minister alongside No7 Beauty’s skin scanners and Medik8 hair and face masks.
Backing the beauty industry, Chancellor of the Exchequer, The Rt. Hon Rachel Reeves, said: ‘The beauty industry is a British success story. A high-growth sector demonstrating the best of British enterprise and innovation. From high street salons at the heart of our communities to pioneering businesses like The Beauty Tech Group listing on the London Stock Exchange, this sector is driving growth, creating good jobs and raising living standards across the country.
‘We are backing the entrepreneurs, small businesses, and innovators that make our beauty industry world leading, because when they thrive, so does our economy.”
Millie Kendall OBE, CEO of the British Beauty Council, said: ‘As we close out British Beauty Week, it is great to see the Chancellor supporting the varied breadth of beauty businesses in the UK.
‘Our industry is resilient, entrepreneurial and diverse with the majority of beauty businesses being women-owned SMEs. Many of our businesses have strong success stories, showcasing the influence of beauty for the future of business.
‘We know, though, that there are unique challenges facing the hair and beauty sector, and will continue to work with the Chancellor and business teams to mitigate challenges across the industry.’
