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Bee venom, sheep grease, snail slime — the list of extraordinary ingredients used by the $450bn-a-year beauty world is as endless as the ways in which its elixirs are marketed. Premiumisation has long been one route to profits, with ever more expensive brands hitting the shelves.
蜂毒、羊脂、蜗牛黏液——年产值达4500亿美元的美容界所使用的奇特成分清单，与其营销“灵药”的方式一样多不胜数。高端化长期以来都是利润路径之一，越来越多昂贵品牌不断上架。
The next move in this space may well be provided by technology. At-home devices using LED lights, lasers and electromagnetic pulses, long-espoused by dermatologists to reduce wrinkles, tone or solve specific problems, are seeking space on investors’ shelves alongside a London IPO of The Beauty Tech Group.
这一领域的下一步很可能由技术推动。采用LED灯、激光和电磁脉冲的家用美容设备——长期被皮肤科医生推崇用于淡化皱纹、紧致肌肤或解决特定问题——正与“美容科技集团”(The Beauty Tech Group)在伦敦进行首次公开募股(IPO)一道，争取进入投资者的视野。
This is potentially an attractive pocket of the market. The beauty tech sector, according to a report for The Beauty Tech Group by consultancy OC&C, is worth up to $18bn globally. Sales have been growing at least 13 per cent a year in the US, UK and Germany since 2019. That’s more than three times the growth in the wider beauty industry, as estimated by McKinsey.
这可能是市场中一个颇具吸引力的细分领域。根据咨询公司OC&C为美容科技集团撰写的报告，美容科技行业在全球的价值高达180亿美元。自2019年以来，该行业在美国、英国和德国的销售额每年至少增长13%。据麦肯锡(McKinsey)估计，这一增速是更广泛的美容行业的三倍多。
The beauty tech IPO hopeful produces devices under the CurrentBody, ZIIP and Tria Laser brands and sells direct to consumers or via retailers. It increased revenue by more than a fifth in the first half of this year while operating profit more than doubled.
正筹备首次公开募股的美容科技集团旗下以CurrentBody、ZIIP和Tria Laser三个品牌生产设备，并通过直销或零售商渠道面向消费者销售。今年上半年其营收增长逾五分之一，经营利润则实现增长逾一倍。
The idea of a quiet few minutes under a mask or helmet — for hair regrowth — has obvious appeal at home over the hassle of keeping appointments. And while many will balk at masks costing somewhere between £300-£800, there are precedents for wellness tech gadgets doing well.
相比反复预约的麻烦，在家戴上面罩或头盔（用于促进头发再生）静坐几分钟显然更具吸引力。尽管许多人会对价格在300英镑到800英镑之间的面罩望而却步，但已有不少健康科技小型设备取得成功的先例。
An armchair athlete with, say, tight calves who bought a percussive massage gun from, say, Therabody — a snip at £399 for the prime model — may be more open to its LED TheraFace mask at £579.
比如，一位只研究理论不实干的运动爱好者，如果小腿比较紧绷，然后从Therabody买了一把筋膜枪——旗舰型号只要399英镑——或许也更愿意接受其售价579英镑的LED TheraFace面罩。
It is also worth remembering that it is nine years since Dyson first made inroads into the seemingly mature hairdryer market with high-priced high-quality products. Its rival Shark is meanwhile testing the beauty tech waters with its CryoGlow mask for £300.
同样值得记住的是，自从戴森(Dyson)以高价高质产品首次打入看似成熟的吹风机市场以来，已经过去九年了。与此同时，其竞争对手Shark也在试水美容科技领域，推出售价为300英镑的CryoGlow面罩。
The downside, of course, is that for every tech or wellness trend that flies off the shelves, there are others whose initial glow doesn’t last.
当然，弊端在于：每当某个科技或健康潮流热销之时，总有其他潮流不复最初的荣光。
Investors casting an appraising eye over The Beauty Tech Group will probably demand a discount compared to the average 15 times ebitda commanded by established but slower growing companies such as Estée Lauder, Shiseido, Amorepacific and L’Oréal.
那些增长较慢但已成熟的公司，如雅诗兰黛、资生堂、爱茉莉太平洋和欧莱雅，通常享有的15倍息税折旧及摊销前利润的估值，而“美容科技集团”的投资者在估值时，会要求以低于15的倍数来定价。
Masks are culturally odd: think films such as V is for Vendetta, Scream or Phantom of the Opera. Still, the beauty industry’s size and success is proof that customers can be convinced to use almost anything if they’re promised youth and better looks. In the meantime, pass the snail mucin, please.
面罩在文化中总显得有些怪异：想想《V字仇杀队》《惊声尖叫》或《歌剧魅影》这些电影吧。尽管如此，美容行业的规模与成功足以证明，只要承诺青春与更美丽的容貌，消费者几乎什么都愿意尝试。好了，请把蜗牛黏液递给我吧。