‘Tesla of beauty’: Aussie outfit OBJ outlines global ambitions for new cosmetics tech business –

The company recently recruited the former CEO of Swedish beauty tech business Foreo, Paul Peros, to help establish itself as a  market leader after he steered the firm to revenues of US$1bn in 2018. The new division, headed by Peros, will commercialise a range of products and solutions developed by OBJ.

Potentials of beauty tech

Peros believes the beauty device market is still in its infancy and has massive potential to expand.

“The beauty device market still feels as though it’s in infancy due to the number of potential routes yet to be explored. If you look back to the early 1980s, beauty was on a par with consumer electronics in terms of market size,” ​said Peros.

He added: “Today, there’s a magnitude of difference between the two markets and it is intuitive to connect this development with the rate of innovation that we’ve seen in consumer electronics. This suggests that developing and introducing a mere 10% of the innovation that we have seen in consumer electronics could technically double the beauty market.”

Peros told CosmeticsDesign-Asia ​that the company plans to take a global market perspective for the business.

“The market potential for beauty devices depends on the application. For example, North America has been the home of cleansing devices for some time, but anti-ageing applications tend to find their place in the most dynamic markets of Asia,”​ he said.

A core market

However, Peros added that the APAC region was one of OBJ’s core markets for its new beauty tech brand.

READ  Verified Expert Lawyer: Chinh Pham - TechCrunch

“If you take the energy of the APAC cosmetics market and enhance it with the innovations coming from the device world – the potential is huge,”​ said Peros.


Leave a Reply