New owner says beauty industry a sure winner

IS THE beauty industry immune to failure? Ben Skeggs thinks so.

He has recently invested in the industry, which is tipped to grow 8.5% this year, buying Noosa-based Spectrum Science & Beauty (formerly Wear Nothing).

"Spectrum Science & Beauty has performed well despite turbulent economic conditions.

"If you look at history, people are continually seeking ways to look younger and feel better, and the beauty industry is constantly adapting to keep up with modern perceptions of beauty.

"This creates great opportunity for businesses that are willing to research, listen to their customers and innovate, based on the latest trends in the market, " he said.

Ben said while industries were struggling, beauty was one area where the public was willing to continue spending.

"An area that we see great growth potential for new salons is the male market," Mr Skeggs said.

"Gone are the days where a hairy chest was seen as cool, and young men are increasingly opting for the hairless body.

"Furthermore, as machines become more effective in the anti-aging field, we see opportunities everywhere for salons to offer clinically effective treatments to a growing market of aging people that want to look their best."

Spectrum Science & Beauty started in the beauty business as the exclusive distributor of MagicTan in 2003. Since then it has expanded throughout Australia, with the launch of its Australian-designed IPL and laser machines.

"We made the move from sunless tanning to more 'heavy duty' beauty equipment in 2006 and it just so happened that our entry into this market coincided with the start of a revolution in the industry whereby a segment of the market moved away from services such as facials and waxing to more profitable services.

"We went from a period of relatively stagnant growth in sunless tanning to a dramatic expansion in business that saw us more than treble in size in the space of less than five years. The growth in customer numbers was even more dramatic and increased five-fold in the same five-year period."

Mr Skeggs merged the distribution business (Wear Nothing Medical & Beauty) with equipment business Spectrum to create Spectrum Science & Beauty, a name change made this month.


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