CORAL GABLES, FL / ACCESSWIRE / August 1, 2017 / The U.S. beauty sector is expected to reach $90 billion by 2020 according to reports from Global Cosmetic Industry. According to the firm, much of this growth will be driven by premium beauty products and services. It's no wonder why some of the companies designed more as holding companies are holding onto their premium offerings. While this is the case, there are also other companies expanding into the realm of anti-aging and non-invasive cosmetics.
Joey New York (JOEY) is one of these companies. This morning, there was an announcement made that stated that the company has entered into agreements with investors to gain financing in order to expand is LABB beauty suites. "The LABB is an aesthetic beauty suite which provides individuals with injectable-only services in a luxury retail setting," stated Joey Chancis, CEO of Joey New York and Managing Director of The LABB. Full Report on (JOEY).
"The LABB aims to provide its clients with the best aesthetic results at more affordable prices than plastic surgeons and dermatologists. We see a major opportunity in this market based upon the results in our first Florida locations. We look forward to the near-term expansion of our footprint in South Florida and Southern California."
The company's stock has seen an increase in trading volume over the last week, heading into August. Furthermore, shares of Joey New York made new two-week highs at $0.52 on Monday, July 31.
Proctor & Gamble (NYSE: PG) may not be the most obvious for cosmetics, but its Olay brand has been in focus as of recent months. In a Letter To Shareholders, the company stated that they are leveraging digital tools to improve the consumer experiences with brands such as Olay Skin Advisor. "We are using machine learning and artificial intelligence to better understand consumer trends and reach consumers more precisely and efficiently."
Since July 13, shares of Proctor & Gamble have been on the rise. Following lows of $86.50, shares of the company have managed to climb as high as $91.68 in pre market trading on August 1. Out of 13 analysts covering the company, 6 rate the stock a Buy or higher and 7 rate it as a Hold according to data from Nasdaq.com.
According to reports from TheStreet.com, in an article titled, "Cosmetics Are the Best Investment in Dying Retail Right Now - Here's Why," the contributor highlights another player in the beauty and cosmetics space, Ulta Beauty, Inc. (ULTA). "Jefferies analysts, Stephanie Wissink and Ashley Helgans, seem to agree, writing in a note on Friday, July 28, that niche beauty retailers with access to indie brands, including Ulta and e.l.f. Beauty Inc. (ELF), are not at risk, but those carrying primarily legacy brands are."
Ulta shares have taken a beating for the last two months. However, over the last few days, shares of the stock have recovered by as much as 5.6% after hitting 2017 lows on July 31. "Ben-Shabat said Ulta's products cater to various demographics, the retailer offers great loyalty programs and in-store services such as hairstyling and it is growing at a fast pace."
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