In 1995, ICMAD created a recognition program to honor outstanding and innovative entrepreneurs for their achievements in the cosmetics and personal care industry. The first "Cosmetic Entrepreneur of the Year" was presented at the 1996 ICMAD Annual Meeting at The Museum Club in New York City.
The program was expanded in 2000 to honor both established entrepreneurs, who were active in the industry for more than five years, and to recognize emerging manufacturers, distributors, and supplies in business for less that five years. Six "Cosmetic Entrepreneur Awards for Leadership" were presented at the ICMAD Annual Meeting in New York City and featured guest celebrity presenter Phyllis George, who annouced the six winning companies.
In 2004, ICMAD revised the competition to present awards for the results of the innovative talents of independent entrepreneurs in the beauty industry. The Cosmetic Innovator of The Year program annually honors and promotes the most creative new products, package designs, and marketing programs in our industry.
In 2019, the CITY Awards become the Indie Beauty Innovators (IBI) Awards!