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      "text": "Smaller brands are more agile and can react to trends: this is a strong competitive advantage given the importance of speed to market in luxury beauty, and heritage brands must not be left behind.",
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      "text": "By studying several large global luxury beauty brands and their innovation processes, EY-Parthenon found launch execution and internal launch processes were typically areas that hampered the ability to get disruptive products to market expediently.",
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      "text": "encompasses everything from the obvious (marketing) to not-so-obvious aspects, such as the launch calendar and cycle, production and inventory planning, and even the product mix, all taking into account a constant stream of consumer engagement and interaction.",
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      "text": "Additionally, consumers will not hesitate to substitute on-trend luxury beauty products with \"beauty dupes\" in the case of stock outages (recall Kylie Jenner's Kylie Lip Kit selling out within minutes of launch), leading to further leakage of the value of being early to market.",
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      "kind": "paragraph",
      "text": "or customization, have been introduced by upstart players. These mass or \"masstige\" brands have gained an advantage over the slower pace of innovation in the luxury market, but it is one that can be adopted and leveraged.",
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      "kind": "paragraph",
      "text": "While some luxury beauty brands have used mergers and acquisitions to increase the agility and speed of innovation, others have successfully co-opted the key success factors that fueled growth at small upstart brands.",
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      "text": "The value of speed to market with luxury goods first became apparent in the apparel sector with the rise of Zara. Inditex leveraged innovations in design capability and the supply chain to express on-trend copycat looks from couture runways into Zara's stores in a matter of weeks.",
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      "text": "Source: EY-Parthenon analysis",
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      "kind": "title",
      "text": "Innovate your innovation: leveraging a startup playbook in luxury beauty",
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