Men’s Grooming: Why The Growth?
There are many indicators globally that men’s grooming is a market that just continues to grow. While the answers may be clear to our clients, they may not be clear to those who don’t yet know our industry. This article will discuss some of the reasons for that growth and why we think it’s a particularly propitious time to get involved with the opportunity The Gents Place offers.
Portfolio Diversification for Large Brands
The heavies in the field have simply started caring about men more. Whether it was Dove introducing an entire new facial and skin care line for men, or the Axe ads that started goofy and became viral, men’s care and grooming products are a growing part of the portfolios of both P&G and Unilever.
Speaking of Unilever, they recently gobbled up Dollar Shave Club, which was the little startup that scared Gilette into changing its ways for the first time in decades. DSC was only founded in 2011, so being sold for $1B just 5 short years later was a pretty good growth curve. There’s also its major competitor Harry’s, to say nothing of the resurgence of safety razor shaving and new brands like Baxter’s of California (and our own Rascal) to aid men in their grooming.
Changing Social Attitudes
There was a time when “metrosexual” was a derogatory term used by a society that couldn’t handle the idea that men could care about their hair, skin, and nails. The term has largely faded away and in its place are changed (and changing) attitudes from men and women about the importance of men looking their very best. Thought of another way, there was a time when bad coffee was a societal norm. Now, paying at least $5 for coffee is pretty normal. While there may have been a time when men getting manicures would raise an eyebrow, it’s considered pretty mainstream these days, and just in our clubs we have the growth to prove it, to say nothing of the fact that the global men’s grooming market is at $20B a year and on current trajectory could easily hit $30B in 2027.
While the discussion has so far focused on what has been happening in America, the reality is that there are markets with an emerging middle class that are starting to develop tastes for these products and services, and the global players in this space are adapting and iterating faster in order to capture market share, which can only mean that there will be more innovation and opportunity for all: a rising tide lifts all boats.
The opportunity to be the pioneers in this space won’t be around forever. To learn more about investing in a brand that defined ultra-premium men’s grooming in America, click here.