SINGAPORE — Last year saw the demise of more high-street brands here as traditional brick-and-mortar retailers struggle in the changing consumer climate. One major Singaporean retail casualty was Hong Kong beauty brand Sasa, which wasn’t able to keep pace in the hotly contested beauty market. As traditional retail models flatline, “smart,” “new retail” models are coming to the fore in the tech hub of Singapore.
Last year, beauty and personal-care products generated sales of $172.1 billion in the Asia-Pacific region and $1.3 billion in Singapore alone, according to research by Euromonitor International. Asia-Pacific accounted for one-third of the global industry value in 2018 and is anticipated to generate over half of the total $68 billion in absolute growth over 2018 to 2023.
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