Is Botox The New Retinol?

Neurotoxins and injections are becoming increasingly normalized. Case in point? L'Oréal reuniting with Galderma.

In the last three weeks I’ve been to Vegas, Seattle, Michigan, San Francisco and Canada. For all my other childless aunties who have family scattered across the globe, do you also feel like you are on a world tour? Just me? 2025, I humbly ask for a NYC residency. All this to say, I’ve been meaning to write more, particularly about a large beauty company putting money into another big company.

My first introduction to Botox was in 2004. Season 2, Episode 13 of Nip/Tuck to be precise. A wealthy woman goes out of town and her maids mimic her behavior. Drugs, dress up and a Botox party ensue. Like the plot and writing, it all goes horribly wrong, and to me at least registered as a cautionary tale. Botox isn’t something you try to get a discount on, and you only do it when you’re older. The episode aired 20 years ago, much has changed when it comes to neurotoxins.

A few weeks ago I filmed a reel on L’Oréal investing in Galderma. For those who don’t know, Galderma makes a popular neurotoxin and cosmetic injectables (amongst other things like owning Cetaphil). The story is still itching my brain. Galderma was initially a joint venture between L’Oréal and Nestlé before it became a full subsidiary of Nestlé, only to be sold off later. L’Oréal’s recent purchase of a 10% stake is a reunion, not a new business strategy. That being said, L’Oréal’s CEO, Nicolas Hieronimus, did hint at the reasoning to throwing over a billion dollars to Galderma.

"It allows us to explore partnering in the fast-growing aesthetics market, a key adjacency to our own pure beauty play.”

If you’re in the beauty industry, you’ve seen how the landscape is rapidly expanding beyond products to devices and treatments. Beauty standards, much like inflation, have been rising steadily. And lately? They’re skyrocketing. While selfie culture and social media have lifted the bar, I also blame Zoom. Our ancestors never had to watch themselves while presenting to a group.

“The Cult of Beauty” exhibit at Wellcome Collection

A McKinsey report shows just how much the injectable market is growing. What was once considered "extreme" is now mainstream, with the industry growing at around 10% year-over-year. McKinsey even suggests that growth could reach 14%.

L’Oréal's renewed interest in Galderma, from a business standpoint, is just plain logical. Neurotoxins and cosmetic injections are more accessible than ever, and like all beauty trends, increasingly normalized. Entire formulas are now being inspired by the injectable market. Take Skinceuticals' latest, P-TIOX, launched in July 2024. The serum is “peptide-powered” and promises to prolong and even mimic the effects of anti-wrinkle neurotoxin injections. Vogue described it as “the next best thing to a needle.”

Art direction is giving Hellraiser.

Capitalism is predicated on endless growth. When it comes to skincare, for anyone who is paying attention, you can start to see the limitations. Especially when you introduce dermatology and an increasingly educated market (thank you doctors & cosmetic chemists who create sound content that debunks the need for 40 products in your routine).

Practically speaking, there’s also a limit to what you can claim with topical products. Cosmetics are just that, products that are supposed to sit on, and beautify the skin. You can’t (legally) replicate what’s done in-office at home. Additionally, dermatological and science backed brands are growing. Luxury skincare? Not as much despite having much higher price points. My theory is people love things that are cool and trendy, but when it comes to skincare, they want shit that works. Bonus points if it’s also cool.

Beauty conglomerates have long sold the dream of ageless, poreless, and flawless skin. Before, it was a jar of cream; now, it’s a jar and a needle. That promise is poised to make billions. And while society is slowly challenging the idea that aging is a form of social death, it’s hard to ignore the praise people get for "undetectable" work versus the backlash they receive for “bad” procedures. As someone who's had plenty of dermatological treatments, I’ve noticed the compliments I get—along with the critiques for not having done more.

This cycle is precisely why it’s good business for L’Oréal to invest in Galderma, but it probably is another blow to breaking out of increasingly strict beauty standards. Hence my brain feeling itchy whenever I think about the partnership. Tretinoin and retinol used to be something only the stars had access to, now it’s everywhere. Think it’s safe to say the same path is being forged for injections.

Some things I read and liked this week!

Re-read City of Thieves and I cried, a lot.

I’m of the mindset that tipping screens are simply stronger psychological warfare than tip jars, but reading this article from the NYT showed me it’s far more nuanced. I’m a fan on tipping screens as I no longer carry cash, but I’m decidedly not a fan of employers using tips as an excuse to reduce wages. Conversely, I also think a lot of businesses would suffer by raising prices to pay employees. It’s a mess!

This picture of JLo is living in my brain. Yes she looks amazing. A perfect example of how we glorify people who are esthetically conforming to a narrow beauty ideal as a sign of “winning.”

Books I’m starting:

Martyr! has been sitting on my shelf for weeks and I’m finally picking it up. Wish me luck (and let me know if y’all want book reviews and I’ll do roundups).

Movies I want to see:

Renée Rouleau (amazing esthetician & founder of a beautiful skincare line) hosted a screening of Skincare that I had to miss. Reading this article in Advocate makes me want to see it sooner rather than later.