Beauty business – more than looks.
The growth of the cosmetics medicine industry has led two Perth entrepreneurs to expand their business in order to tap into more of the nation’s $6 billion annual spend.
Despite the slowing Western Australian economic climate, the Cosmetic Injectable industry continues steady growth. Wrinkle Relaxer and Dermal Filler (juvederm) procedures are now more common than ever in Australia.o
“We know that Australians spend $6 billion a year on non-surgical enhancements and rejuvenation procedures, and we’d like to think that we’re catering for more than just that market, because that doesn’t include the wellness side which is the probably the biggest growing area,” .
“People are taking vitamins now and they’re health conscious, so it’s becoming a cultural shift from going to have a Wrinkle Relaxer injection to actually having a vitamin shot, for example, and getting more energy.”
Perth doctor Dennis Millard has also been growing his business, Utopian Cosmetics, and is in the process of relocating his South Perth clinic to Peppermint Grove to cater to the growing demand from clients in the western suburbs.
He is also in negotiations to acquire clinics in rural locations in the east coast where he was first introduced to the cosmetic medicine market.
Dr Millard offers services for anti-ageing and cosmetic improvements such as Wrinkle Relaxers and ‘dermal-fillers’, to hair loss and treatments for excessive sweating.
“It’s a very busy marketplace, the cosmetic injectable market in itself has grown 35% each year in Australia for the past 5 years,” Dr Millard told Business News.
He said his business had grown about 50% year on year, with demand coming from both men and women.
“Certainly we’re catching up (with the east coast) and people are aware of what they have access to,” Dr Millard said.
“Guys are getting a lot more treatment than they used to. Over the last 12 months I’ve seen a massive increase in the number of guys that are coming through.”
“My take on it is if you look at guys going to the gym – 10 years ago no guy would go to the gym and most wouldn’t use moisturiser either, this is just an extension of that change in a way.”
Dr Millard has established his business while holding down a job in anaesthetics in the public sector, a role he intends to continue regardless of how busy the Utopian business became.
“The reason I first got into medicine was because I wanted to help people and save lives; I can do that with my day job in anaesthetics while I can use the artistic side of my brain in cosmetics,” he said.
Thanks to Dan Wilkie & Shanna Crispin Friday, 21 November 2014 in Business News for the original article available at https://www.businessnews.com.au/article/Beauty-business-more-than-looks