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      "text": "Enoch Minn, Partner, EY-Parthenon\nMaggie Lee, Vice President, EY-Parthenon\nPatricia Branch-Zakkour, Senior Consultant, EY-Parthenon\nSophia Fleischer, Consultant, EY-Parthenon",
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      "text": "Heritage beauty houses have long built their success on prestige, craftsmanship, design, premium packaging and materials, and exclusivity. While these qualities are synonymous with luxury, they are no longer sufficient to drive sustainable growth. Consumer preferences are dynamically shifting, and brands are evolving quickly to meet those needs. Today's consumer expects rapid developments of new products, inclusive and expansive color ranges, and quality ingredients. In tandem, social media and the influx of influencers via blogs, vlogs and the rise of e-commerce have facilitated the quick discovery and adoption of niche companies that seemingly are born overnight to address consumer preferences. Modern consumers expect multichannel, tech-enabled engagement and interaction with their beauty brands. They expect a proliferation of products, have increased the demand for on-trend products, and have altered expectations around the degree of innovation and the time to market.",
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      "text": "Innovate your innovation: leveraging a startup playbook in luxury beauty",
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