As part of this session, Pascal Malotti, Global Retail Strategy Lead at Valtech, shared a perspective on how a new generation of beauty brands is emerging. His framework, “From Product to Protocol”, highlights the structural changes behind some of the most successful brands today and offers a way to understand how the model is evolving.
A new model is emerging in beauty
The beauty industry has entered a new phase. Growth is no longer driven by celebrity, product proliferation or marketing noise, but by something more structured and deliberate.
Recent success stories make this shift clear. Rhode reached $212 million in revenue with just ten products. Rare Beauty built a $2.7 billion valuation by anchoring its brand in mental health. Augustinus Bader started with only two creams and established itself through scientific credibility rather than visibility.
What these brands have in common is not their aesthetic, their audience, or even their price positioning. It is the way they are built.
They are structured from the outset around a clear idea, a controlled offer, and a coherent experience. That structure allows them to grow without losing their meaning. Looking at these examples, five dynamics help explain how the model is evolving.
1. A belief before a catalog
The strongest beauty brands today do not start with a product roadmap. They start with a point of view.
In the case of Rhode, this perspective is visual. The idea of “glazed skin” defines the expected result before any individual product is considered. Rare Beauty approaches it from an emotional angle, with a strong focus on mental health and self-acceptance. Augustinus Bader builds its legitimacy through science, with its TFC8 technology rooted in cellular regeneration.
In each case, the product comes after the idea. This reverses the traditional model of beauty, where brands expand catalogs first and define positioning later.
Today, coherence starts with a clear and singular belief, one that can be expressed visually, scientifically, or emotionally. Without that foundation, expansion tends to create confusion rather than value.
2. Constraint as a signal of value
Another common point between these brands is constraint.
Brands like Rhode or Augustinus Bader demonstrate that limiting the number of SKUs can strengthen both identity and performance. Hermès Beauty followed a similar path, starting with lipsticks before expanding progressively into skincare. Even Dior, with Rouge Premier, applies scarcity through limited quantities and exceptional craftsmanship.
The logic is simple: curation signals intention.
By contrast, brands that pursue aggressive extension strategies have often diluted their value. The multiplication of product lines can create short-term visibility, but it weakens long-term desirability. In a market where consumers are already exposed to a large number of options, clarity becomes a differentiating factor.
