Macy’s-owned (M) luxury cosmetics retailer Bluemercury may soon embrace CBD.
Bluemercury co-founder Barry Beck told Yahoo Finance in a recent interview that the company will be exploring CBD-infused products “in the next 24 months” as the cannabis beauty industry continues to boom.
“I think we’re at the very beginning of how this is going to change skincare,” Beck said. “We really want to make sure we’re doing the right thing for our customers.”
According to cannabis market research firm Brightfield Group, the U.S. CBD market is expected to grow 40 times larger by 2022 to reach $22 billion — and the beauty industry is poised to reap substantial benefits.
Most recently, Canadian cannabis behemoth Canopy Growth (CGC) acquired British cosmetics company This Works for about $54 million in May with the hope of adding CBD to the company’s line of skincare and wellness products.
From bricks to clicks: ‘There’s been a huge shift’
Macy’s acquired Bluemercury in a deal worth $210 million in 2015 — and the department store’s strong digital presence has helped fuel the beauty giant’s 20-year success story.
“A lot of people don’t realize that [Macy’s] is actually the 5th largest e-commerce company in America,” Beck noted.
Nearly one in three dollars spent on U.S. beauty products today is spent online, according to a recent Nielsen report — and these shifting consumer trends have transformed an industry which otherwise operated strictly on the shelves.
“15 years ago 90% of luxury cosmetics were still sold at the department stores,” Beck explained. “There’s been a huge shift onto the streets and different types of retailing.”
Alexandra Canal is a Producer at Yahoo Finance. Follow her on Twitter: @alliecanal8193