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Let’s step into Fenty Beauty’s future!

  • Writer: Hlamulo Skhosana
    Hlamulo Skhosana
  • May 2, 2024
  • 4 min read

Updated: Jul 27, 2024

Fenty Beauty is a beauty brand created by global superstar and now turned entrepreneur Rihanna. The brand is renowed for its inclusive range of cosmetic products and its pioneering marketing strategies within the cosmetic industry that have shifted beauty standards. The brand is a household name due to its remarkable revolutionary approach to beauty, diversity and inclusivity. Given the brand's existing success and strength in its different product categories of makeup, skincare and fragrance, to further propel its growth; the brand could consider the following strategies: multi-brand strategy, co-branding strategy and a future growth strategy.


Considerations of Potential Growth Strategies.


Riezebos et al. (2003:234) emphasises the diversification of product offerrings and in product offerings as a key strategy for growth. By focusing on multi-branding and co-branding strategies, Fenty can expand its portfolio beyond makeup and tap into different markets segments effectively. This approach aligns with the notion that diversifying product lines can lead into an increased market share and revenue streams (Klopper and North, 2011:240).


Multi-Brand Strategy


Fenty Beauty is an already established brand with different product line expansions that complement the brand's main product category therefore the multi-brand approach will be more suitable.

This approach ushers companies to create brands in the same product category or across multiple product categories. Each brand under the multi-brand strategy has its own unique identity, positioning and target market. Fenty Beauty could explore this strategy by diversifying its product offerings through launching new brands or sub-brands targeting different market segments or offer distinct product lines. This strategy allows the brand to reach a wider audience and further reduces the competitive advantage in the cosmetic landscape. For instance, the brand could introduce a budget friendly makeup line that caters to cost-conscious consumers or launching a new hair care brand that targets eco-conscious consumers and target consumers that are seeking organic products.




Co-Branding Strategy


Collaborating with other brands that are similarly aligned or share similar values as a parent brand can be rewarding for co-branding. This strategy fosters alliances between different brands and combines both brands strengths to garner visibility and engage effectively. However maintaining brand identity and consistency during expansion is crucial (Riezebos et al., 2003:193), therefore, Fenty Beauty must ensure that its core brand values of inclusivity and diversity are upheld as it considers new collaborations. This resonates with Simon and Ruth (1998:30), who highlights the importance of brand coherence in co-branding initiatives to deliver a seamless brand experience for consumers across different product lines. For instance, a collaboration with fashion brands such as Christian Dior Couture for runway shows to create high-end limited edition make up collection (collector's item) to showcase the brands product quality, innovation and creativity to create a buzz and attract fashion-forward consumers. These shows are broadcasted live and are available on streaming platforms resulting in more brand awareness and visibility and increasing revenue.



Risks and benefits of possible growth strategies.


Multi-Brand and Co-branding strategy benefits


For Fenty Beauty the benefits that the multi-branding strategy produces is an increase in market share, diversified revenue streams and the ability to target new market segments. With co-branding Fenty Beauty will experience an expanded brand reach, visibility in new markets and enhanced brand perception.


Multi-Brand and Co-Branding Risks.


In line with Cravens et al. (2000:193), the risks associated with multi-branding and co-branding strategies should be carefully assessed. Fenty Beauty needs to carefully evaluate potential risks such as cannibalisation of existing products, dilution of brand identity and the challenge of maintaining consistent brand messaging across multiple brands. Effective collaboration management is key to mitigating these risks and in ensuring the success of expansion efforts. Potential conflicts in brand values with brand partners may arise resulting in an ineffective collaboration.



Future growth strategy


Fenty Beauty's future growth strategy could involve diversification into lifestyle products that complement its existing makeup line. By expanding into categories such as haircare or accessories, Fenty Beauty can create a lifestyle brand that resonates with its diverse consumer base. This strategic move can solidify Fenty Beauty's position as a boundary-pushing brand that offers more than just makeup products.


By embracing this future growth strategy, Fenty Beauty can:

- Enhance Brand Loyalty: Offering a wider range of products can increase consumer loyalty and encourage repeat purchases across different categories.

- Tap into New Markets: Diversifying into lifestyle products opens up opportunities to target consumers who may not be solely interested in makeup but are attracted to the brand's overall aesthetic and values.

- Create a Cohesive Brand Experience: By maintaining a consistent brand message and design language across all product categories, Fenty Beauty can curate a seamless brand experience for its consumers.


In conclusion


Fenty Beauty has the potential to continue its success by strategically implementing growth strategies such as multi-brand expansion and co-branding collaborations. By carefully considering the risks and benefits associated with each strategy and envisioning a future where the brand evolves into a lifestyle powerhouse, Fenty Beauty can secure its position as an innovator in the cosmetic industry.

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