ABSTRACT
Skincare, hair care, make-up, perfumes, toiletries and deodorants, and oral cosmetics are the main product categories of the cosmetic market. Since the early twentieth century, the production of cosmetics and beauty products has been controlled by a handful of multi-national corporations. COVID-19 impacted the cosmetics industry in several different and sometimes conflicting ways. This study benchmarks the performance of 20 largest cosmetics companies against their competition as well as against their previous years to analyze the impact of COVID-19. We find that only one company has consistently performed than its peers over the period of 2015–2020. We also find that average efficiency score of cosmetics companies declines in 2020 relative to 2019. © Emerald Group Holdings Ltd.. All rights reserved.