Experts are still in some disagreement about the value of stem cells in cosmetic products. The term "stem cells" is a little misleading as the the cells used in cosmetics are nearly all plant-derived, rather than human or animal. Live human stem cells are never used by the cosmetics industry.
The idea is to take a fruit stem cell and use the contents for skincare. In the cell itself, there are proteins, various sugars, growth factors and these all interact to work within the skincare products. These can be used for skin whitening, anti-wrinkle formulations and hair growth products. It is a complex range of ingredients and for the cosmetics industry it is very early days.
It is possible that stem cell derived ingredients can do much better than traditional botanical ingredients and are generally a much more sustainable and natural source for active ingredients. Biomimetics are another new trend - that is, using nature's own concepts and principles and applying these to skincare. The trend towards more natural products (rather than marketing people simply using the term "natural" more and in some rather dubious situations) continues and will be interesting to watch.