The color cosmetics category has a lot to answer for. It is the precursor of multi-tasking brands in the beauty industry, notably BB creams, and now everyone is at it. So much so that beauty conscious consumers—especially in Western markets—increasingly expect a single product to perform multiple functions. It has raised the bar on product innovation, but it is squeezing the overall value of the market. Skin care is one of the most visibly affected categories. Anti-aging, toning, moisturizing, sunscreen—these features and more are as common in color cosmetics as they are in skin care, and the cross-category competition is taking its toll. For color cosmetics, functionality and fashion are two big drivers for 2015.