Granny knows best: 60-year-old Olay named world's top beauty company as consumers stay loyal to 'legacy brands'
20:50 GMT, 23 April 2012
Olay has been named the best-loved beauty brand in the world.
The sixty-year-old company beat the likes of Avon, Nivea and L'Oreal, and hundreds of newer, trendier products, to the top spot.
The report highlights the astonishing staying power of 'legacy brands'.
Staying power: Olay, which launched in 1950 with the iconic pink bottle of Oil of Olay [left] has been named the top beauty brand of 2012
Of the top 50 brands named, 41 are over 60 years old and 15 have been around for a hundred years or more.
In a competitive market, worth some
$382 billion annually, and where a new, trendy product is launched every
week, it's surprising that a brand first launched in 1950 remains at
Olay launched the iconic pink bottle of a lighter skincare fluid after South African chemist Graham Wulff saw his wife's frustration over the greasy products that were available.
Experts believe the success of the company is down to familiarity in an ever-growing and more flooded market.
TOP 10 BEAUTY BRANDS 2012
Olay (launched 1950)
Estee Lauder (1946)
'Consumers are loyal to brands because
of the trust factor, which is especially important in beauty products,'
Elise Neils, managing director of Brand Finance USA, told Forbes.
'Legacy brands have history and significance across generations, and women are more willing to be loyal to brands that they're putting on their body.'
Several other established beauty brands improved their rankings – L'Oreal moved to third place, with Neutrogena at number four and the UK's Dove at number seven.
Avon took the second spot, despite its struggles in 2011, when the company's stock fell by 45% and long-term CEO Andrea Jung resigned, reports the website.
Ms Neils says that Olay's success is also down to the focus on anti-aging products, a huge growth area for beauty .
This maybe a result of the world's aging population.
In 2000, there were 45million Americans aged 60 or over, with the Census Bureau projecting this number will soar to 75million in 2020.