SEEING CLEARLY TOP 100 - WWD
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
A SPECIAL EDITION OF
SEEING
CLEARLY
SUE NABI AND
THE GREAT COTY RESET
+ THE 2021 BEAUTY
T H E U LT I M AT E
E N D U R A N C E T E ST TOP 100
Ranking the World’s
WHY CONFIDENCE Leading Companies
IS THE NEW HOPE
IN A JAR
THE LEADING B2B BEAUTY
EVENT IN THE AMERICAS,
DEDICATED TO ALL SECTORS
OF THE BEAUTY INDUSTRY
COSMOPROFNORTHAMERICA.COM
NEW VENUE
LAS VEGAS
LAS VEGAS CONVENTION CENTER
(LVCC)
JULY 12 – 14, 2022
WWD READERS SAVE 30%
WITH CODE “WWD22”
SALES OFFICE US, SALES OFFICE EUROPE, AFRICA, MARKETING AND PROMOTION ORGANIZER – NORTH AMERICAN BEAUTY EVENTS LLC
CANADA AND MEXICO MIDDLE EAST, ASIA BolognaFiere Cosmoprof S.p.a.
PBA, Scottsdale, AZ, USA AND SOUTH AMERICA Milan, Italy
P +1 480 281 0424 BolognaFiere Cosmoprof S.p.a. P +39 02 796 420
F +1 480 905 0708 Milan, Italy F +39 02 795 036
sales@probeauty.org P +39 02 796 420 info@cosmoprof.it
F +39 02 795 036
international@cosmoprof.it
A NEW WORLD FOR BEAUTY BOLOGNA, HONG KONG, LAS VEGAS, MUMBAI, BANGKOK
EDITOR’S LETTER
JENNY B. FINE EXECUTIVE EDITOR, BEAUTY
JENNIFER WEIL EUROPEAN BEAUTY EDITOR
ALLISON COLLINS SENIOR EDITOR, BEAUTY
RYMA CHIKHOUNE STAFF WRITER, BEAUTY
JAMES MANSO BEAUTY MARKET EDITOR
JAMES FALLON EDITORIAL DIRECTOR, FAIRCHILD FASHION MEDIA
PETE BORN EDITOR AT LARGE, WWD
CONTRIBUTORS
SAMANTHA CONTI (LONDON) BOOTH MOORE (LOS ANGELES)
SANDRA SALIBIAN (MILAN)
COPYDESK
WELCOME BACK!
MAUREEN MORRISON-SHULAS COPY CHIEF
DANIELLE GILLIARD, DEANNA MARTIN COPY EDITORS
ART DEPARTMENT
TIRSO GAMBOA VICE PRESIDENT, CREATIVE
W
JESSICA SARRO ART DIRECTOR
HAT A DIFFERENCE a year makes. JESSICA FITZGERALD ART DIRECTOR
JASMINE CHEN DESIGNER
Just take a look at the 2021 WWD Beauty Top 100, our annual
PHOTO
ranking of the world’s largest beauty manufacturers by sales. JENNA GREENE VISUAL MEDIA DIRECTOR
JILLIAN SOLLAZZO SENIOR VISUAL MEDIA EDITOR
After posting the first decline in Top 100 history in 2020, the SARAH JACOBS VISUAL MEDIA EDITOR
industry roared back last year. Total sales for all 100 companies GEORGE CHINSEE, LEXIE MORELAND PHOTOGRAPHERS
reached $235.35 billion, an increase of 10.7 percent year-over- ADVERTISING
year, and a 3.4 percent uptick versus pre-pandemic 2019 levels. AMANDA SMITH PRESIDENT, FAIRCHILD MEDIA GROUP
AMANDA BOYLE BEAUTY DIRECTOR
More than half of the companies that made the list exceeded their 2019 volume, including SUE JIN LEE DIRECTOR, PARTNERSHIPS & AUDIENCE MANAGEMENT
top-ranked L’Oréal, which accounted for 16.2 percent of total sales. In all, the ranking AMY MACAULEY WEST COAST DIRECTOR
JENNIFER PETERSEN FASHION & LUXURY AD DIRECTOR
paints a picture of an industry that is rapidly changing and expanding, with a slew of new ELISABETH SUGY RAWSON EUROPEAN DIRECTOR, FRANCE
companies from China making their debut on the Top 100, and others that went public MARKETING
during the year. The full list starts on page 10. WILLIAM GASPERONI VICE PRESIDENT
LAUREN-ASHLEY SPENCER DIRECTOR OF MARKETING & FAIRCHILD STUDIO
While Coty didn’t surpass its 2019 turnover, when the company still owned the Wella/ ABBIE BARON DIRECTOR OF CLIENT ACTIVATIONS
Professional hair business, its performance was nevertheless superb, as it rose from number JILLIAN VESIA ASSOCIATE MANAGER, INTEGRATED MARKETING
14 to number 10 in the rank under the leadership of chief executive officer Sue Nabi. OPERATIONS
ASHLEY FARADINEH DIRECTOR OF OPERATIONS
For Coty, it doesn’t mark a comeback as much as it does a reinvention. Nabi, a beauty EMANUELA ALTIMANI SENIOR SALES COORDINATOR
industry veteran who was a senior executive at L’Oréal before leaving to start the skin care ALAINA RANDAZZO INTEGRATED MARKETING & DIGITAL SALES PLANNER
brand Orveda, has brought consistency, focus and a very clear vision for the future to a PRODUCTION
business that had been floundering for years. “The world of beauty is about being different,” KEVIN HURLEY PRODUCTION DIRECTOR
ANNE LEONARD PRODUCTION MANAGER
she told WWD’s European beauty editor, Jennifer Weil. “If you look different, do different
PREPRESS PRODUCTION
things — language, product, presentation — then you can command the price you want, THERESE HURTER PREMEDIA SPECIALIST
because you are unique. Uniqueness has no price.”
FAIRCHILD LIVE
A brand strategist at heart who is said to be an equally adept operator and well-respected MARY ANN BACHER EXECUTIVE EDITORIAL DIRECTOR
leader, Nabi has quickly reoriented the enterprise, focusing on building out high-growth
categories like skin care and doubling down on the company’s business in China. So far,
FAIRCHILD PUBLISHING LLC IS A DIVISION OF PENSKE MEDIA CORPORATION
Wall Street likes what it sees. Coty’s stock price has almost doubled in the year since Nabi
JAY PENSKE CHAIRMAN & CEO
took the reins — and she’s just getting started. To discover what Coty’s future holds, turn
to “A Clear Path Forward” on page 30. GERRY BYRNE VICE CHAIRMAN
GEORGE GROBAR CHIEF OPERATING OFFICER
No doubt, the journey will be difficult and there will be hurdles along the way. But as SARLINA SEE CHIEF ACCOUNTING OFFICER
triathlete Marie-Pierre Stark-Flora, another industry veteran-turned-entrepreneur, knows, CRAIG PERREAULT CHIEF DIGITAL OFFICER
TODD GREENE EXECUTIVE VICE PRESIDENT, BUSINESS AFFAIRS &
there is opportunity in challenge, whether you’re building a business or competing in a CHIEF LEGAL OFFICER
MARK HOWARD CHIEF ADVERTISING & PARTNERSHIPS OFFICER
five-day extreme race in the Sahara. “You have to be ready for absolutely anything,” she PAUL RAINEY EXECUTIVE VICE PRESIDENT, OPERATIONS & FINANCE
told me in “Going the Distance” on page 34, “and believe in yourself and trust in others.” TOM FINN EXECUTIVE VICE PRESIDENT, OPERATIONS & FINANCE
JENNY CONNELLY SENIOR VICE PRESIDENT, PRODUCT & ENGINEERING
DEBASHISH GHOSH MANAGING DIRECTOR, INTERNATIONAL MARKETS
JUDITH R. MARGOLIN SENIOR VICE PRESIDENT, DEPUTY GENERAL COUNSEL
KEN DELALCAZAR SENIOR VICE PRESIDENT, FINANCE
LAUREN UTECHT SENIOR VICE PRESIDENT, HUMAN RESOURCES
MARISSA O’HARE SENIOR VICE PRESIDENT, BUSINESS DEVELOPMENT
NELSON ANDERSON SENIOR VICE PRESIDENT, CREATIVE
RACHEL TERRACE SENIOR VICE PRESIDENT, LICENSING & BRAND DEVELOPMENT
ADRIAN WHITE VICE PRESIDENT & ASSOCIATE GENERAL COUNSEL
ANNE DOYLE VICE PRESIDENT, HUMAN RESOURCES
BRIAN LEVINE VICE PRESIDENT, REVENUE OPERATIONS
BROOKE JAFFE VICE PRESIDENT, PUBLIC AFFAIRS & STRATEGY
CONSTANCE EJUMA VICE PRESIDENT, SEO
DAN FEINBERG VICE PRESIDENT & ASSOCIATE GENERAL COUNSEL
Jenny B. Fine ELLEN DEALY VICE PRESIDENT, AUDIENCE MARKETING & SPECIAL PROJECTS
@jennybefine FRANK MCCALLICK VICE PRESIDENT, GLOBAL TAX
GABRIEL KOEN VICE PRESIDENT, TECHNOLOGY
JACIE BRANDES VICE PRESIDENT, PORTFOLIO SALES
JAMIE MILES VICE PRESIDENT, E-COMMERCE
JERRY RUIZ VICE PRESIDENT, ACQUISITIONS & OPERATIONS
JONI ANTONACCI VICE PRESIDENT, PRODUCTION OPERATIONS
KAREN REED VICE PRESIDENT, FINANCE
MIKE MONROE CMO, HEAD OF PMC STUDIOS
WWD IS A REGISTERED TRADEMARK OF FAIRCHILD PUBLISHING, LLC. COPYRIGHT ©2022 FAIRCHILD PUBLISHING, LLC. ALL RIGHTS MIKE YE VICE PRESIDENT, STRATEGIC PLANNING & ACQUISITIONS
RESERVED. PRINTED IN THE U.S.A. VOLUME 217, NO 2., April 22, 2022. WWD (ISSN0149-5380) is printed Bimonthly in Feb, Apr, Jun, Aug, Oct, NICI CATTON VICE PRESIDENT, PRODUCT DELIVERY
and Dec, by Fairchild Media, LLC, which is a division of Penske Business Media, LLC. PRINCIPAL OFFICE: 475 Fifth Ave, New York, NY 10017.
Periodicals postage paid at New York, NY, and at additional mailing offices. Canada Post: return undeliverable Canadian addresses to NOEMI LAZO VICE PRESIDENT, CUSTOMER EXPERIENCE & MARKETING OPERATIONS
P.O. Box 503, RPO West Beaver Creek, Rich-Hill, ON L4B 4R6. POSTMASTER: SEND ADDRESS CHANGES TO WWD, PO Box 6505, Carol Stream, STEPHANIE PARKER VICE PRESIDENT, MARKETING, PORTFOLIO SALES
IL 60197-6505. For New York Hand Delivery Service address changes or inquiries, please contact Mitchell’s NY at 1-800-662-2275, option 7. VICTOR HENDRICKSON VICE PRESIDENT, ASSOCIATE GENERAL COUNSEL
WWD BEAUTY INC 3
BEAUT Y BULLETIN EXPERIENCE MATTERS
PROJECT
Stephanie Headley
INSPIRE
For Olay’s Stephanie Headley, the
secret to winning in skin care lies
in empowering consumers to put
their best face forward.
BY TARA DONALDSON
OLAY HAS A new leader at its helm and she’s
on a mission to see the skin care brand inside
everyone’s medicine cabinet.
Stephanie Headley, P&G’s senior vice president
and brand franchise leader of Olay and North
America Skincare (which puts DermaGeek and
Native under her purview, too), may be newly
titled but she’s a veteran at the organization. She’s
spent more than 20 years driving a more inclusive
definition of beauty for both the business and the
industry at large. Now, she takes the helm as the first
Black woman and first woman of color in the role.
Having seen her grandmother apply Olay Pink
Beauty Fluid as a child, Headley is channeling
both her near and distant past to drive one of
skin care’s largest global brands forward into a
fresh future. Here, Beauty Inc sits with the leader
to learn what makes her tick, how inclusive
beauty manifests under her watch and her
thoughts on the state of skin care.
How are things looking from your current
perch in this new role within P&G?
Well, I think of it as being able to do things on
a much larger scale. When I think about the
purpose of Olay, we want to inspire each and
every woman to have the confidence to be fearless Queen Collective [a short film mentoring and What’s your assessment of the skin care
to face anything. I really take that to heart. I development program], Free the Bid [a nonprofit category overall and Olay’s place in that
believe in that purpose and I try to bring it to life initiative advocating on behalf of women universe?
in everything we do as she selects her skin care, directors for equal opportunities] and other It’s always an exciting time in skin care and
so that she’s more confident to face her day, and organizations to make sure that we’re inclusive what a unique opportunity we’re facing right
really confident to face her life. of women directors, that we’re putting women of now. We’re reemerging from the pandemic. We
We’ve done a lot of work already to make sure color in front of and behind the camera, so I’m have actually picked up some new habits of skin
that every jar in the jar bar, like vitamin C, which really excited about those opportunities. care being self care. We’ve changed the way that
is our latest, has the best ingredients. We know We [also] want to double the number of we’re shopping for skin care. We know that Gen
that women are searching for what ingredients women of color who are pursuing STEM [science, Z consumers have an insatiable appetite for how
are right for them and we want to bring them technology, engineering and math] fields. Science products work, what’s right for their skin and
the best ingredients with great quality, perfect matters and there’s a lot of science in every one science. All of that is setting Olay up to be the
craftsmanship and at a great value, so I’m really of these jars. We want to continue to give more perfect brand of choice.
looking forward to continuing to do that. women the opportunity to pursue careers in
We also know it’s super important for STEM and close that STEM gap by 2030. [The You still refer to your consumer with she/
consumers to see themselves in the brand and gap is that women hold only 24 percent of these her pronouns — how is Olay embracing
the brand reflects their values, so I’m excited roles, according to Olay.] So, from this position inclusivity in that area?
to continue to tell stories that reflect the and from this role, I’m just over the moon excited What we’ve found is about 10 percent of our
consumers we want to serve, the women in front about the opportunity to make a lot of progress in consumers are men and not women, or nonbinary.
of and behind the camera. We partner with the all of those areas. So we want all people to feel that they can
4 WWD BEAUTY INC
Photographer Didier D. Daarwin
Getty Images/Tetra Images
Getty Images/John W Banagan
E
X
U
T
N
R
I
A
Q
C
U
T
E
I
N
P
G
R
E
S
E
N
C
E
BEAUT Y BULLETIN EXPERIENCE MATTERS
be fearless to face anything, but the legacy of Speaking of seeing the world, you’re a traveler
Olay has taken an
this brand has been to serve women and we ingredients-first at heart — where’s your favorite place?
want to continue to advance that narrative, approach to formulas. And where’s next on the list?
to be inclusive. Rome is the favorite place. So I’m super eager to
We’ve also done inclusion in other ways, for get back into Italy and back to Rome. I would love
example, with our new, easy-to-open lid for people to also spend some time in Greece — that’s next
with disabilities that includes braille. Our brands on the list — and maybe Portugal, too.
are continuing to evolve to reflect the values and
the consumers we want to serve. What’s something most people don’t know
about you?
Black women have been left out of skin care Most people don’t know that I actually started my
conversations and product targeting for professional career as a math teacher. I was a math
so long — how do you ensure this doesn’t major, secondary ed, got certified to teach, went
continue to happen? to University of Richmond undergrad and I had —
For me, and for this organization, inclusion and and I still actually have — an insatiable passion for
belonging is a core value, it’s core to who we helping people to learn. I didn’t recognize it at the
are and it’s how we do our work. In part of the time or just didn’t take much notice that
innovation program, I talk about vitamin C a lot I was a woman of color pursuing STEM and very
because this was actually designed for women of few of my professors were women — I can think
color and was designed by Dr. Markaisa Black, What are your top three strategic priorities of only one — and there were no women of color
who is a woman of color who’s a scientist. for the year ahead, and what would make you professors at the time in the university.
This is where not only do we have our feel most accomplished in your new role? [It has]…even more meaning as Olay
commitments externally, which are great, but The work and the strategic choices led by Chris now pursues STEM and the importance of
it’s also important to underscore that we live Heiert [who’s now heading P&G’s new specialty representation, that young women can see women
this way, we walk the talk when we have women beauty division] over the last five years have really who look like them pursuing STEM careers.
like Dr. Black formulate products for women of been proven to grow Olay and have created a What we find is that as girls get to middle and
color. We know that women of color, women who perfect foundation for me. high school ages, they have less confidence about
didn’t fit the prototypical standard of beauty, My plan is to continue to serve more STEM as a career because they just get positive
have been excluded from the beauty industry and consumers, building on that fantastic foundation reinforcement in other areas. We want to debunk
I do take it personal that Olay has a role to lead and I want to inspire more women to be fearless that and give more representation for these young
that positive change in the industry to be more to face anything, I want to tell more compelling girls. We’ve spent about $2 million in scholarships
inclusive, to represent women of color as creators, stories, create more powerful products with and mentoring programs to advance our STEM
as scientists, as innovators, as leaders, as brand ingredients that women can trust really work ambition and it’s come full circle for me.
builders. Olay has done a tremendous amount for their skin.
of work — we know there’s plenty more to go, I think to feel most accomplished is that every I understand you have a podcast in the works.
but it’s an important role that we play for the young woman is selecting Olay as their go-to When can we expect it and what can we
beauty industry. brand as they’re building their skin care routine expect from it?
In September, we did a program with Dr. Joy so that their confidence is really emanating.… It is under development and it’s really about
Buolamwini called “Decode the Bias” because That’s the change that I want to make. Whether leading from a woman of color’s perspective.
we found that while women of color are that’s a young woman choosing to be a scientist The shorthand I’ve given it is kind of my “Dilbert”
40 percent of the female population, they’re only or an engineer or a woman taking on her first job, [an American comic strip known for its satirical
20 percent of the images we see because I want to make sure that our products are giving office humor] experience. I think it’s because,
algorithms have coded in the bias that women the confidence that they can show up as in a lot of cases, my ability to be here at P&G at
perpetuates a very narrow standard of beauty. their full selves. this time and to lead North America Skin, is just
So with her, we partnered to send 1,200 girls a representation of the many people I’ve met,
to code camp so that we can code in inclusion. Among other accolades, you’ve been the many mentors, the sponsors and just the fun
recognized as one of Ebony’s Power 100, office tales, so I just wanted to find a fun way to
Where does Olay have the most opportunity which only goes to those who are really share what I’ve learned with others.
to grow? leading in their field. What did that feel like?
We have tremendous opportunity to grow. We Oh, that was an amazing recognition. I grew What’s one dream you have yet to accomplish?
have high-quality formulas perfectly crafted to up with Ebony magazines in my home and I One dream I would love to have is actually to be
work with women’s skin and we want to serve all would read those stories and it really broadened able to interview an amazing panel of women
consumers where and how they want to buy. This my world on what was possible for me. I have who’ve been transformative and who’ve had these
is perfectly positioning Olay to continue to serve continued to have this passion to go see the unique stories, because as I’ve gotten older
more people and give them confidence to face world, explore the world and continue to stretch I have more appreciation for the women who’ve
anything. We saw in the pandemic consumers myself on what is possible for me. So, to be been the first. I would love to have either a dinner
shifted online and so now we’re better able to recognized by the institution of Ebony is just or a podcast or a book that collects the stories of
serve consumers with the perfect regimen just for amazing and this is work that I am passionate the women who were the first, because now
them at Olay.com when they take the Skin Advisor about, it’s the work that I’m excited and proud I recognize more than ever how courageous, how
quiz. So, there is tremendous growth ahead by to do and I take seriously as my responsibility to brave, how impactful and destined they actually
responding to how consumers are telling us they continue to advance the cause, so those who come were, and I would just love to soak that in and
want to shop and what’s right for them. behind me can go further and faster than I have. learn and be able to share that with others. ■
6 WWD BEAUTY INC
THE MOST IMPORTANT BEAUTY TRADE SHOW IN THE WORLD, DEDICATED TO ALL SECTORS OF THE BEAUTY INDUSTRY COSMOPROF.COM BOLOGNA, ITALY FAIR DISTRICT 28 APRIL – 1 MAY 2022 29 APRIL – 2 MAY 2022 ORGANIZED BY COMPANY OF IN PARTNERSHIP WITH WITH THE SUPPORT OF BolognaFiere Cosmoprof S.p.a. Milan, Italy P +39 02 796 420 F +39 02 795 036 info@cosmoprof.it A NEW WORLD FOR BEAUTY BOLOGNA, HONG KONG, LAS VEGAS, MUMBAI, BANGKOK
BEAUT Y BULLETIN SHELF LIFE
SOLID 3
FOUNDATIONS 2
A new crop of concealing and perfecting products
are coming to market as makeup reignites.
BY JAMES MANSO 4
1
Makeup brands are putting on
a new face for the category’s
comeback, with foundations
and concealers seeing a surge
of launch activity. “Brands are
looking at shades,” said Jennifer
Stansbury, cofounder of the
Benchmarking Co. “That, in some
part, has been driven by more
discussion about diversity and
consumers of every type.”
Here, the freshest launches.
5
1. ZARA BEAUTY SKIN LOVE,
$19.90.
The fashion giant’s first
foundation has 51 shades with
three undertones, and a kabuki
foundation brush to buff out.
2. BENEFIT COSMETICS BOI-ING
BRIGHT ON CONCEALER, $24. 9
Combining vitamin C, red algae
extract and pearl pigments,
this delivers hydration and
coverage for eight hours.
3. THREAD BEAUTY FACE IT
8
COMPLEXION STICK, $8.
The latest line from Lip Bar
mastermind Melissa Butler, 7
Thread Beauty is designed for
peak play, including these face
sticks available in 24 shades.
4. DIOR FOREVER SKIN GLOW
FOUNDATION, $52.
Forty-two shades, 86 percent
skin care ingredients. Dior’s new
foundation uses extracts of iris,
hibiscus and wild pansy to boost 6
hydration and prevent oxidation.
7. AMI COLÉ SKIN MELT
5. DANESSA MYRICKS LOOSE POWDER, $22.
BEAUTY YUMMY SKIN For Ami Colé’s first powder,
SERUM FOUNDATION, $34. available in six universal shades,
This good-for-you hybrid has founder Diarrha N’Diaye used
refillable packaging, a slew of baobab seed extract and
antioxidants and a 26-strong hyaluronic acid for a glowy finish.
shade range.
8. KOSAS REVEALER SKIN-
6. JILLIAN DEMPSEY SPOT IMPROVING FOUNDATION, $42.
STICK CONCEALER, $32. Capitalizing on the popularity 9. CLÉ DE PEAU RADIANT
In her first venture into of its concealer, Kosas created CREAM FOUNDATION, $130.
complexion, makeup artist 36 shades of a full-face Available in 31 shades and
Jillian Dempsey formulated alternative with a formula that four different undertones, this
with sunflower seed oil and includes arnica, squalane, contains light enhancers for a
vitamin E to nurture skin. niacinamide and caffeine. lit-from-within look.
8 WWD BEAUTY INC Photograph by SARAH HOPP
Illustration by LISA SHEEHAN
BEAUTY IS BACK. THE SPECTACULAR RISE OF FRAGRANCE, which took many in the industry by surprise, more than
reversing the trend of the prior year, when fragrance was the hardest-hit category by the pandemic. Growth
THE 2021 WWD was led by increased uptake in China and explosive sales in the U.S.
BEAUTY INC MORE BROADLY, LUXURY PLAYERS PERFORMED WELL. Companies including Chanel, Puig, Sisley and
TOP 100 TELLS A
Hermès all exceeded their 2019 sales.
story of an industry that has rebounded MAKEUP CONTINUED TO SUFFER, but is beginning to show signs of a turnaround, notably in mass, and
from the coronavirus pandemic, with certain companies are bucking the down trend with TikTok-savvy strategies tapping into young consumer
overall sales surpassing 2019 pre- mind-sets. E.l.f. Beauty continued to do well, and U.K.-based fast-beauty player Revolution Beauty made its
COVID-19 levels. entry into the Top 100 for the first time thanks to a major increase in sales. Among larger firms, Coty, which
Total sales for all 100 companies had been struggling for years due to the weight of its mass makeup business, made significant inroads in
reached $235.35 billion, an increase of turning the business around under CEO Sue Nabi.
10.7% year-over-year and up 3.4% on a
two-year stack. L’Oréal accounted for HIGH-END HAIR CARE GAINED GROUND, with players like Olaplex and Luxury Brand Partners reporting
16.2% of total sales — an increase of 1.2 significant gains. The Estée Lauder Cos.’ hair care sales were up by an estimated 20%, and Wella’s salon hair
percentage points compared with 2020 business gained 25%. Professional hair care was a bright spot in Henkel’s portfolio for the year, and Kao saw
and 1.5 percentage points since 2019. substantial gains in the salon channel and a strong performance from luxury brand Oribe online.
The top 10 companies overall generated
sales of $137.96 billion, or 58.6% of 2021 WAS THE YEAR OF THE BEAUTY SPIN-OFF. Beauty companies took stock during the pandemic, and
total Top 100 revenues, an increase of 1 are rightsizing or honing their portfolios. Shiseido sold off both its U.S. makeup business and its personal
percentage point compared with both care activity in Asia, creating two major new players that took places in the Top 100 in their own right.
2020 and 2019.
Of the companies in this year’s IT WAS ANOTHER STRONG YEAR FOR BEAUTY IPOS. Olaplex floated in September in one of beauty’s
ranking, 54% saw their sales increase biggest IPOs, valuing the company at more than $15 billion. Another fast-growing player, the U.K.’s
both year-over-year and compared Revolution Beauty, was listed in London.
with pre-pandemic levels. Another 25%
registered year-over-year gains, but WHILE THERE ARE SIGNS SUGGESTING the boom in China is slowing for beauty, the country’s crop of
still had sales that were down on 2019. fast-moving beauty players continue to shake things up. New Top 100 entrants this year include Chicmax,
Some 13 companies saw declines over which operates the Kans and One Leaf brands and is reportedly plotting an IPO for this year, and Bloomage
both years. Biotechnology Corp., a specialist in hyaluronic acid production that saw its branded beauty sales soar over
Looking back 20 years — to the the past year. The stakes are high, however — while Yatsen, which floated in 2020, continues to grow its
second year the Top 100 was published topline, it has struggled with profitability, and its share price has tanked over the past year, from a high of
— sales for the world’s 100 leading $24.55 in February 2021 to just 69 cents on March 31, 2022.
beauty companies have grown by an
aggregate rate of 153%, while L’Oréal AMONG THE BIGGEST DECLINERS, Japanese companies have suffered multiple setbacks due to the lack of
— the world’s number one then as international travelers to the country, who had provided a significant boost to beauty sales in recent years, an
now — has nearly tripled its revenues. ongoing morose economic climate and consumers staying home due to lockdown measures. Shiseido is not the
In 2001, it registered sales of $11.99 only Japanese player streamlining its portfolio as a result. Domestic rival Kao is also shedding non-core assets.
billion. While there have been minimal
fluctuations at the top of the ranking, WHILE SOCIAL SELLING CONTINUED TO BE A BUZZWORD, many direct sellers struggled. Oriflame said not
only around 40 players that featured being able to hold training sessions for its representatives hampered sales, and Groupe Rocher also suffered.
in 2001 are still in this year’s issue. Tupperware Brands, a long-standing Top 100 player, exited the ranking. The company is scaling down its
Others have been snapped up, often by beauty activity, planning to sell off all but its NaturCare brand. In a similar move early this year, Germany’s
their larger rivals, overtaken by faster- Vorwerk sold off the majority of its Jafra operations to Betterware. Natura&Co. is in the midst of a turnaround
growing players or disappeared from plan for Avon’s operations. Even among more digitally minded labels, all is not rosy. Alcora Corp., for example,
the list of beauty majors altogether. which posted a major sales increase in 2020, saw its revenues drop significantly last year.
To present a snapshot of what’s been
going on in beauty over the past year, NEWER PLAYERS CONTINUED TO GAIN TRACTION. This year’s Top 100 features eight new companies. These
we took a closer look at some of the range from carveouts like Victoria’s Secret, Fine Today Shiseido and Orveon, fast-growing newbies including
trends that stood out among the top Oddity, best known for its Il Makiage label, and Revolution Beauty, and contract manufacturers or formulators
100 beauty players for 2021: that have been flexing their muscles in the branded beauty space, like Bloomage and Maesa.
WWD BEAUTY INC 11METHODOLOGY
OUR
BY THE NUMBERS
THE TOP 100 AT A GLANCE
TOP 10 SALES GAINS VS. 2020*
#65. Bloomage Bio-technology Corporation Ltd. +146.6% (EST.)
#57. Olaplex +112% (EST.)
#92. Oddity +95.6% (EST.)
#99. Maesa +78% (EST.)
#19. Puig +72.4% (EST.)
#40. Inter Parfums Inc. +63.2%
COMPILED AND
RESEARCHED BY #68. Hermès International +46.4%
ALEX WYNNE WITH
ALLISON COLLINS #54. Euroitalia +45% (EST.)
EDITED BY ALEX WYNNE #93 Revolution Beauty Group +40% (EST.)
AND JENNY B. FINE
#98. Alfaparf +37%
WITH CONTRIBUTIONS
FROM: MAYU SAINI
(NEW DELHI)
SAMANTHA CONTI, TOP 10 SALES DECLINES VS. 2020*
TIANWEI ZHANG
-21.5% (EST.) #84. Lion Corp.
(LONDON)
ALLISON COLLINS, -17.6% (EST.) #70. Markwins Beauty Brands
FAYE BROOKMAN,
JAMES MANSO -17.3% (EST.) #79. Guthy-Renker
(NEW YORK)
RYMA CHIKHOUNE -16.6% (EST.) #86. Jafra Cosmetics International
(LOS ANGELES)
SANDRA SALIBIAN -15.5% (EST.) #55. Alcora Corp.
(MILAN) AND KELLY
WETHERILLE (TOKYO) -13.6% (EST.) #100. Able C&C
CHARTS COMPILED -13.2% (EST.) #73. Nippon Menard Cosmetic Co.
BY ALEX WYNNE
-13% (EST.) #37. Oriflame Holding
-12.5% (EST.) #80. Forma Brands
THE WWD BEAUTY INC TOP 100 ranks the
-10% (EST.) #64. Mandom Corp.
world’s largest beauty manufacturers. Firms are
arranged by their beauty sales for the 2021 calendar *Including the impact of structural changes in scope, e.g. M&A activity.
year. For those companies whose fiscal year did
not run from Jan. 1 to Dec. 31, 2021, estimates were
calculated. All sales figures were either obtained from SALES WERE N/A FLAT
the companies or generated with the help of industry UP FOR THE 2% 3%
sources, indicated by (EST.) in the ranking. MAJORITY OF
COMPANIES
For this list, “beauty” includes fragrance, makeup, skin VS. 2020:
care, body care, sun care, hair care, deodorant, plus
cellulite and shaving products. It does not take into
account bar soaps, razors, toothpastes, food and diet
foods, medicines, vitamins, detergents or appliances. DOWN
The revenues only include sales of beauty products 16%
UP
each firm manufactures and do not include business 79%
from private-label lines or products distributed for
other companies. Information in the main brands
section reflects each company’s holdings in 2021.
Year-over-year percentage changes are in reported BY COUNTRY
terms, not on a like-for-like or constant-currency
basis. Due to the exceptional situation generated by
the COVID-19 pandemic in 2020, percentage changes
on a two-year stack were also included in this year’s 33
ranking. Non-U.S.-based firms’ sales are converted 13 11
into dollars, according to the 2021 average yearly 7 7 5
exchange rate.* U.S. JAPAN FRANCE U.K. CHINA SWITZERLAND
4 4 4 3 3 2
*CURRENCY CONVERSIONS: Sales figures in
non-U.S. currencies were converted to the dollar
using the following 2021 average exchange rates GERMANY INDIA ITALY BRAZIL SOUTH KOREA PERU
from Oanda.com:
1 1 1 1
€1=$1.182948; ¥1=$0.009112; £1=$1.375399; 1 KRW=$0.000873;
1 Ruble=$0.013569; R$1=$0.185509; 1 CNY=$0.15496; 1
THE NETHERLANDS RUSSIA SPAIN UNITED ARAB EMIRATES
Rupee=$0.013516; 1 SFr=$1.093948; 1 HK$=$0.128649.
12 WWD BEAUTY INCTHE
1 2
For the L’Oréal Luxe division E-commerce represented With the shake-up — which
— which became the company’s 28.9% of sales for the year, Unilever says was a year in the
PLAYERS
largest in 2021 — fragrance and grew 25.7% on a like-for- making — Fernando Fernandez,
was particularly strong, and the like basis. executive vice president of
company gained market share Key executive news Unilever Latin America, will
in North Asia and performed included the appointment become president of Beauty &
NEARLY HALF (48) of the
companies in the WWD Beauty L’ORÉAL well in Europe. In North America,
following the restructuring of
of David Greenberg as CEO
of L’Oréal USA, following the UNILEVER Wellbeing, including Unilever
Prestige. Fabian Garcia, president
Inc Top 100 are public companies, CLICHY, FRANCE distribution, sales began to abrupt departure of Stéphane LONDON of the firm’s North American
and 2021 was an exceptionally accelerate once more, L’Oréal Rinderknech in March of this arm, becomes president of
busy year for beauty on the 2021 BEAUTY SALES: said. It gained market share year. Asmita Dubey was named 2021 BEAUTY SALES: Personal Care, responsible for
world’s stock markets. It saw $38.19 BILLION in all of its categories, and chief digital officer in April last $23.82 BILLION (EST.) skin cleansing, deodorants and
€32.28 BILLION consolidated its leadership in year, following the departure of €20.14 BILLION (EST.) oral care. The changes were
fast-growing brand Olaplex
+15.3% VS. 2020 fragrance, driven by established Lubomira Rochet. + 3.7% VS. 2020 (EST.) effective from April 1.
— majority owned by Advent +8.1% VS. 2019 lines like Libre by Yves Saint Tech-wise, the company +0.2% VS. 2019 (EST.) The Elida group of personal
International — float on the
Laurent and launches including partnered with Israel-based care brands, including Q-Tips,
New York Stock Exchange in MAIN BRANDS: Alien Goddess by Mugler and Breezometer on a multiyear MAIN BRANDS: Caress, Tigi, Timotei, Impulse
September in one of beauty’s CONSUMER PRODUCTS: L’Oréal Luna Rossa Ocean from Prada. partnership to develop a AHC, Axe/ Lynx, Clear, Dollar and Monsavon, will report into
biggest IPOs, valuing the Paris, Garnier, Maybelline Skin care was driven by ultra- beauty-driven exposome Shave Club, Dove, Dove the new Personal Care arm.
company at more than $15 billion. New York, NYX Professional premium lines Lancôme Absolue platform, and with Clue, an Men+Care, Lifebuoy, Love Unilever had originally planned
Fast-beauty firm Revolution Makeup, Stylenanda, Essie, and Helena Rubinstein, and app that tracks menstrual Beauty and Planet, Lux, to sell the cluster of brands,
Mixa, Dark & Lovely. antiaging innovations including cycles, to better understand Nexxus, Pond’s, Rexona/ which had combined revenues
Beauty was listed in London,
L’ORÉAL LUXE: Lancôme, Kiehl’s Retinol Skin-Renewing the links between skin health Sure/Degree, Schmidt’s of around €600 million in 2020,
and L Brands was split into two Yves Saint Laurent, Giorgio Daily Micro-Dose Serum. In and hormonal changes. Armani Naturals, Shea Moisture, but has now said it can create
publicly listed firms, Bath & Armani, Kiehl’s, Helena makeup, which remained less Beauty launched Face Maestro, Simple, Skinsei, St. Ives, more value if it manages Elida as
Body Works and Victoria’s Secret. Rubinstein, Biotherm, Shu dynamic, Lancôme and Shu an AI-powered digital service Suave, Sunsilk/Seda/Sedal, an independent unit within the
For the charts in this section, Uemura, It Cosmetics, Uemura performed well. designed to give personalized Tigi, TRESemmé, Vaseline, overall business.
we analyzed publicly available Ralph Lauren, Urban Decay, Consumer Products product recommendations like a The Right to Shower. Unilever Operations-wise in 2021,
financial data to see which Mugler, Valentino, Viktor & performed well in makeup. makeup artist would. Digitalizing Prestige: Dermalogica, prestige beauty saw double-digit
companies performed best in a Rolf, Azzaro, Prada, Diesel, Momentum was strong in the the point-of-sale is also an area Garancia, Hourglass, Kate growth. Deodorants grew well,
Atelier Cologne. U.S. and markets including India, of focus, and in January, L’Oréal Somerville, Living Proof, and skin care saw high -single-
variety of areas.
PROFESSIONAL PRODUCTS: Brazil, Mexico and Indonesia. signed a partnership with health Murad, Paula’s Choice, Ren digit gains while hair care was up
L’Oréal Professionnel, Growth in all zones, and tech player Verily to help better Clean Skincare, Tatcha. in the mid-single digits.
Redken, Kérastase, Matrix, especially in emerging markets, understand and characterize Dove became Unilever’s first
¬ Able C&C Pureology, Pulp Riot. ACTIVE was driven by e-commerce skin and hair aging mechanisms. KEY FINANCIALS: brand to reach €5 billion in sales.
¬ Amorepacific Group/Corp. COSMETICS: La Roche-Posay, development. Sky High mascara In December, L’Oréal The brand continued to advocate
BEAUTY & PERSONAL CARE
¬ Bath & Body Works Vichy, SkinCeuticals, CeraVe. was reportedly Maybelline’s acquired Youth to the People, DIVISION REVENUES: €21.9 in the U.S. against race-based
¬ Beiersdorf most successful launch, and a California-based skin care billion, +3.7% vs. 2020, hair discrimination with the
KEY FINANCIALS: premium innovations in hair brand with products built around +0.1% vs. 2019 CROWN Coalition.
¬Bloomage Biotechnology LIKE-FOR-LIKE SALES: +16.1%
Corporation Ltd. care also did well. L’Oréal Paris superfood ingredients, for an (underlying sales growth Within prestige beauty,
vs. 2020 surpassed 6 billion euros in undisclosed sum. The brand was vs. 2020: 3.8%, underlying all brands benefited from
¬ Clorox Co. OPERATING PROFIT: €6.16 annual sales and strengthened expected to do $50 million in volume growth: 0.8%) e-commerce growth and a
¬ Colgate-Palmolive Co. billion, +18.3% its position as the world’s sales in 2021. L’Oréal also took a recovery in brick-and-mortar.
¬ Compagnie Financière NET PROFIT: €4.6 billion, +29% number-one beauty brand. minority stake in Swiss company The prestige brands did more
DIVISION OPERATING PROFIT:
Richemont Active Cosmetics continued Gjosa, which offers water- €4.47 billion, +3.7% vs. 2020 than half of their sales online last
SALES BY DIVISION: to outperform, and has doubled savings solutions and has been year, according to Unilever —
¬ Coty Inc.
PROFESSIONAL PRODUCTS: its size over the past four years. partnering with L’Oréal since well above the market average.
¬ Dabur India TOTAL COMPANY REVENUES:
€3.78 billion, +22.2% With growth in all zones, the 2015, notably on the L’Oréal €52.44 billion, +3.4% vs. Unilever is now targeting
¬ E.l.f. Beauty (+24.8% like-for-like) division performed especially Water Saver shower head. 2020 €3 billion in revenues for its
¬ Edgewell Personal Care CONSUMER PRODUCTS: €12.23 well in North America and On the sustainability front, prestige business in the next few
¬ Emami Ltd. billion, +4.5% (+5.6% like- North Asia. L’Oréal announced that by OPERATING PROFIT: €8.7 years, it said, without giving a
for-like) Professional Products ramping up green chemistry, billion, +4.8% vs. 2020 specific time frame. Last year, it
¬ The Estée Lauder Cos.
L’ORÉAL LUXE: €12.35 billion, ramped up its omnichannel 95% of the ingredients it uses expanded the division with the
¬ Fancl Corp. +21.3% (+20.9% like-for-like) activity. Its strongest gains came will come from renewable plant NET PROFIT: €6.6 billion, +9% acquisition of skin care brand
¬Guangdong Marubi ACTIVE COSMETICS: €3.92
Bio-technology Co.
from the U.S. and mainland sources, minerals or circular vs. 2020 Paula’s Choice, founded in 1995
billion, +30.3% (+31.8% China. Kérastase was boosted processes, and all formulas will by Paula Begoun. The brand had
¬ Godrej Consumer Products Ltd. like-for-like) by new line Curl Manifesto, be conceived to respect aquatic THE RECENT PAST has been estimated sales of $220 million
¬ Henkel and L’Oréal Professionnel and environments by 2030. tumultuous for Unilever. in 2020.
¬ Hermès International SALES BY GEOGRAPHIC ZONE: Redken also did well. Matrix L'Oréal USA announced The consumer-goods giant The Degree deodorant brand
EUROPE: €10.18 billion, rebranded, aiming to broaden that all of its manufacturing, started 2022 with a failed bid (also known as Rexona and Sure)
¬ Inter Parfums Inc.
+10.7% (+10.1% like-for-like) its appeal with a more diverse distribution, administrative and to take over GlaxoSmithKline’s ramped up inclusivity initiatives,
¬ Johnson & Johnson NORTH AMERICA: €8.16 billion, consumer base. Omar Hajeri was research and innovation facilities consumer health care arm, launching the #TrainersForHire
¬ Kao Corp. +18.1% (+22.2% like-for-like) named president of the division are now carbon neutral for scope triggering a share-price collapse, campaign calling for greater
¬ Kosé Corp. NORTH ASIA: €9.86 billion, in March 2021. one and scope two emissions. and subsequently said it would representation of people with
¬ LG Household & Healthcare +18.6% (+17.6% like-for-like) In mainland China, the The achievement is a major shake up its corporate structure, disabilities in the fitness industry.
SAPMENA [SOUTH ASIA PACIFIC, company recorded overall step on the road to all of its sites dividing the business into five It also debuted Degree Inclusive,
¬ Lion Corp.
MIDDLE EAST, NORTH AFRICA]: like-for-like growth of more than worldwide reaching carbon category-focused divisions, a product concept intended to
¬LVMH Moët Hennessy
€2.19 billion, +9.4% (+13.8% 50% in the fourth quarter on a neutrality by 2025, a key goal which among other changes be easier to use for people with
Louis Vuitton
like-for-like) two-year stack, breaking records announced in its 2020 plans. will see its Beauty & Personal upper limb disabilities and visual
¬ L’Occitane International SSA [SUB-SAHARAN AFRICA]: during the Singles' Day festival The company was a Care activity split into two impairment.
¬ L’Oréal €119.5 million, +23.2% on Tmall, it said. While L’Oréal founding member of the Eco entities, Beauty & Wellbeing, and The company unveiled the
¬ Mandom Corp. (+17.2% like-for-like) remains optimistic about the Beauty Score Consortium, Personal Care, respectively. The Unilever Compass, a strategy
¬ Marico Ltd. LATIN AMERICA: €1.77 billion, long-term potential of the a new coalition of beauty new organization is intended focused on sustainable growth
+20.6% (+20.6% like-for-like). Chinese market, it admitted that conglomerates aiming to to help Unilever move away with five pillars — developing
¬ Milbon Co. Ltd.
¬ Natura &Co. growth had slowed in the second rank the sustainability of their from a “matrix structure” and Unilever’s portfolio in high-
BIGGEST MARKETS: The U.S., half of the year. beauty products. Henkel, become simpler and more growth spaces; winning with
¬ Noevir Holdings China and France. In June, the company said Natura & Co., L’Oréal, LVMH category focused. Each business brands as a force for good
¬ Nu Skin Enterprises Inc. it would merge its reporting Moët Hennessy Louis Vuitton powered by purpose and
group will be responsible for
¬ Olaplex IN WHAT CHIEF executive entities to create a new Europe and Unilever all joined forces its strategy, growth and profit innovation; accelerating in the
¬ Pola Orbis Holdings officer Nicolas Hieronimus — in zone, grouping together its to create a scorecard for delivery globally. U.S., India, China and other
¬ Procter & Gamble Co. his first year as leader of the Eastern and Western European beauty manufacturers to rank Sunny Jain, who took on key growth markets; leading in
¬ Proya Cosmetics Co. Ltd. world’s largest beauty company operations that were previously the environmental impacts of the top beauty job at Unilever the channels of the future, and
— described as a “grand slam,” run separately. The new zone their products. in 2019 and helped it to creating a purpose-led, future-fit
¬ PZ Cussons
L’Oréal claims to have grown is headed by Vianney Derville, Nestlé, L’Oréal’s second- navigate the pandemic, is organization and growth culture.
¬ Reckitt Benckiser twice as fast as the overall formerly head of the Western largest shareholder after the leaving to set up an investment For the beauty business
¬ Revlon beauty market, with gains in all Europe activity, and follows the Bettencourt Meyers family, fund. His position is being specifically, March 2021 saw
¬ Revolution Beauty zones, divisions and product retirement of Eastern Europe announced it was reducing its eliminated, and was announced the introduction of the Positive
¬ Shanghai Jahwa United Co. Ltd. categories. The strength of the head Alexandre Popoff. The stake to 20.1%, from 23.2% alongside the broad swathe Beauty for People and Planet
U.S. market and North Asia, company said the move was the previously. L’Oréal is buying back of organizational shifts this strategy, aiming to be the “most
¬ Shiseido Co.
especially China, coupled with final step in its restructuring of the shares, which represent 4% January. Senior management positive beauty business in the
¬ Unilever the growth of luxury, were its regional organization initiated of its capital, before canceling roles will be reduced by 15% world” and use its scale to do
¬ Victoria’s Secret major sales drivers. In Europe, in late 2020 to offer greater them by Aug. 29, 2022. The news and more junior management more good.
¬ Walgreens Boots Alliance L’Oréal gained significant coherence to each zone in terms was met positively on financial roles by around 5%, resulting Key initiatives included
¬ Yatsen Holding Ltd. market share and saw its sales of consumer behavior and markets, and is expected to help in a headcount reduction of TRESemmé and Lakme
return to pre-pandemic levels. market maturity. optimize L’Oréal’s balance sheet. around 1,500 globally. joining Unilever’s roster of
14 WWD BEAUTY INC4
PETA-approved brands, which their respective hero franchises. and saw double-digital growth SALES INCREASES BY BRAND: activity, Japanese sales dropped
now totals 27. Dove introduced Clinique became one of the first from Bevel, My Black Is Beautiful, Shiseido: +15% by 1.4%, the company said.
its first refillable deodorant, beauty businesses to launch an Pantene Gold Series and Head & Clé de Peau Beauté: +21% In the rest of the world, sales
while REN, in partnership with NFT, or non-fungible token, that Shoulders Royal Oils. Ipsa: +4% picked up again, particularly in
supplier Tubex, created the the brand used as a loyalty play. In personal care, two P&G Drunk Elephant: +11% Europe and the U.S.. In China,
first 100% recycled aluminum Dr.Jart+, which Lauder acquired brands reached $1 billion status: Anessa: +10% partial retail closures and bad
sample tube. The company was
a founding member of the Eco
fully in 2019, also contributed to
sales gains.
PROCTER Safeguard and Old Spice. Both
SHISEIDO is in the midst
weather hampered growth, but
Beauty Score Consortium. Lauder’s fragrance segment & GAMBLE grew sales from premium
innovation as well as cleansers. of transforming its business
e-commerce remained strong,
accounting for 40% of annual
3
also grew rapidly, to $2.3 billion CINCINNATI P&G’s personal care division has to focus on its core premium sales. Investment in prestige
in sales, thanks to a renewed grown by more than 20% since skin care activity — it hopes to brands drove market-share
interest in fragrance and its 2021 BEAUTY SALES: the beginning of the pandemic. become the global market leader gains, especially for Clé de Peau
connection to self care from $14.6 BILLION (EST). The company debuted a in the “skin beauty” category Beauté and Nars, although
consumers. Several of the +7.5% VS. 2020 (EST.) systems-thinking framework by 2030. Last year was the overall, profitability for the
company’s luxury and artisanal +9.8% VS. 2019 (EST.) for its Responsible Beauty “groundwork” phase for its new Chinese business declined
brands, including Tom Ford platform, which considers three-year strategic road map, significantly.
Beauty, Jo Malone London, MAIN BRANDS: Aussie, Hair quality and performance, WIN 2023 and Beyond, and In the rest of Asia Pacific,
THE ESTÉE Frédéric Malle, Le Labo and Kilian Food, Head & Shoulders, safety, sustainability, involved significant structural business was slowed by
LAUDER COS. Paris, contributed to growth. Herbal Essences, Pantene, transparency and equity and changes to its portfolio. Shiseido continued lockdowns in certain
Makeup improved over 2020 Rejoice, VS (hair care). First inclusion as it looks to help transferred its personal care markets, although e-commerce
NEW YORK levels, with nearly 15% growth Aid Beauty, SK-II, Snowberry business to CVC Capital, now
progress the beauty industry. grew and prestige brands
from the prior year to $4.5 (skin care). Olay (skin and The goal for the program is operating as Fine Today Shiseido, including Shiseido and Nars
2021 BEAUTY SALES: billion, although it is the one body care). Native, Old Spice, in which the Japanese company
to openly share technologies, performed well.
$17.7 BILLION (EST). category that did not rise above Walker & Co. (hair and body retains a 35% stake through a
programs and processes that Business in the Americas
+24.6% VS. 2020 (EST.) pre-COVID-19 levels for Lauder care, deodorant). Gillette joint venture, KK Asian Personal
could help the beauty industry was strong. Drunk Elephant
+11.3% VS. 2019 (EST.) during 2021. (body care, deodorant). Care Holding. It also sold off
have a more positive impact expanded its retail footprint
Geographically, the firm saw The Art of Shaving, Ivory, on the world. In line with that three of its U.S.-based prestige and Nars grew its market share.
MAIN BRANDS: Estée Lauder, gains across regions — even in Safeguard (body care). goal, P&G Beauty launched makeup brands, BareMinerals, Shiseido, Clé de Peau Beauté
Aramis, Clinique, Lab Series, the U.S., which had struggled Secret (deodorant). reusable, refillable hair care Buxom and Laura Mercier and the company’s fragrance
Origins, Tommy Hilfiger, MAC, well before COVID-19. By the systems at scale in Europe. (now operating as Orveon) brands also did well.
La Mer, Bobbi Brown, Donna end of calendar 2021, U.S. sales KEY FINANCIALS: Four brands — Pantene, Head to Advent International, and For Europe, the Middle East
Karan New York, DKNY, Aveda, had rebounded, and sales in the ORGANIC GROWTH 2021: +5% & Shoulders, Herbal Essences partially terminated its licensing and Africa, the company said
Jo Malone London, Bumble and Americas for the year totaled and Aussie — have refillable agreement with Dolce & it captured the turnaround,
bumble, Michael Kors, Darphin $4.4 billion. PROCTER & GAMBLE’S beauty options. In personal care, Old Gabbana — the contract was notably in skin care and
Paris, Tom Ford Beauty, Lauder continued sales division continued to grow during Spice and Secret also offer ended in late 2021 in all markets fragrance, to increase its market
Smashbox, Ermenegildo gains in the Asia Pacific region, 2021, in line with the broader refillable packaging. except France, with production share, and rolled out Clé de Peau
5
Zegna, Aerin, Le Labo, Editions where it generated $8.4 billion P&G business, which has and global distribution intended Beauté and Drunk Elephant.
de Parfums Frédéric Malle, in revenues, as well as in Europe, expanded significantly during to continue for another year. Travel Retail continued
Glamglow, Kilian Paris, Too the Middle East and Africa, the COVID-19 pandemic. For In early 2022, it announced a to suffer from the lack of
Faced, Dr.Jart+. Deciem: The which posted $7.6 billion in sales. beauty, sales came from a mix further divestment — it is selling international travel. Hainan
Ordinary, Niod. China remained a particularly of categories and geographies. its professional business in Asia Island in China was also
important market; Joy Fan was P&G continued to lean into its to Henkel, although it will retain a affected by curbs on travel, but
KEY FINANCIALS: promoted to president and CEO strategy of premium innovation, 20% stake. nevertheless saw significant
SKIN CARE: $10.2 billion, for China, effective 2022. The and ramped up e-commerce As part of its drive to sales acceleration, mainly
+25% vs. 2020/58% of
total sales
company’s top three markets
for the year were China, the U.S.
transactions. In total, the
company had $14.6 billion in
SHISEIDO accelerate in digital last year,
Shiseido established the
through e-commerce. Drunk
TOKYO Elephant continued to roll out in
MAKEUP: $4.5 billion, +15.9% and the U.K. beauty sales during the year, an Shiseido Interactive Beauty travel-retail distribution and the
vs. 2020/26% of total sales Wins in 2021 did not come 8% increase from 2020. 2021 BEAUTY SALES: Co. Ltd. as a joint venture company expanded the number
FRAGRANCE: $2.3 billion, without challenges, however. P&G continued to build $9.20 BILLION (EST.) with Accenture, and entered of counters for its major brands
+49.6% vs. 2020/13% of Lauder shuttered operations at its prestige beauty division ¥1.01 TRILLION (EST.) a strategic partnership with in Hainan.
total sales Prescriptives, Rodin Olio Lusso during the year, acquiring Jen +15.2% VS. 2020 (EST.) Tencent to strengthen its digital Shiseido made progress
HAIR: $609 million, +20.1% and Becca. It also decided to Atkin’s brand Ouai, its first -7.9% VS. 2019 (EST.) marketing globally. In March in improving its profitability —
vs. 2020/3% of total sales wind down the Aramis and foray into prestige hair care and 2022, it said it was acquiring a operating profit jumped 177.9%
Designer Fragrances division, lifestyle, and farm-to-face skin MAIN BRANDS: Shiseido, minority stake in beauty tech year-over-year — due to better
THE AMERICAS: $4.4 billion, letting licensing agreements care brand Farmacy. In early Clé de Peau Beauté, Nars, firm Perfect Corp. margins, stronger sales, a more
+31.3% vs. 2020/25% of expire. The segment is expected 2022, P&G also bought Tula, Benefique, Ipsa, Shiseido It also ramped up production favorable product mix and
total sales to fully shutter by 2023, and a probiotic-focused skin care Professional, Elixir, and logistics with a new factory effective cost management,
EMEA: $7.6 billion, +24.9% vs. several brands, including Michael business, from L Catterton. Maquillage, Anessa, Aupres, in Osaka and a distribution it said. Net profit gains were
2020/43% of total sales Kors and DKNY, have already P&G Beauty CEO Alex Keith Urara, Pure & Mild, Senka, center in West Japan starting attributed to extraordinary gains
ASIA PACIFIC: $5.8 billion, signed new licenses. has said P&G’s more modern Ettusais, Drunk Elephant. up full-scale operations during on the transfer of the personal
+21% vs. 2020/33% of In executive news, John acquisition strategy — “letting Fragrance: Issey Miyake, the year. A new research facility care business and stronger
total sales Demsey, who had a career the founder and/or CEO really Narciso Rodriguez, Elie in Shanghai’s Oriental Beauty operating profit, tempered by
spanning more than 30 years continue to run the business in Saab, Zadig & Voltaire, Valley also began full-scale impairment losses on trademark
THE ESTÉE LAUDER COS. with Lauder, was asked to leave the way that made it successful Serge Lutens, Tory Burch. operations. rights for Dolce & Gabbana and
had a major comeback year in the company this February after and attractive to us in the first As well as divesting non-core goodwill on the transfer of the
2021, which culminated with the posting a meme on Instagram place” — is working. activities, the shift includes less U.S. makeup business.
6
KEY FINANCIALS:
company’s largest sales quarter that contained a racial slur and a Recently acquired brands saw of a focus on topline growth
— $5.5 billion over the holiday joke about COVID-19. Before his disproportionate growth during TOTAL SALES: ¥1.04 trillion, to improve profitability and
period. In total for the calendar departure, Demsey’s purview at the year. Native, acquired in +12.4% vs. 2020 (+7.8% at cashflow management to
year, Lauder had nearly $18 the company had been focused 2017, as well as First Aid Beauty, constant currency, +11.9% strengthen its foundations.
billion in sales. on makeup since 2020. Walker & Co. and Snowberry, like-for-like) Shiseido’s performance in
The company grew sales Chris Good, Cedric Prouvé, all acquired in 2018, collectively 2021 was mixed, but overall
broadly across categories and Alexandra Trower and Greg grew about 30% during the year. OPERATING PROFIT: ¥41.59 — when stripping out its
geographies, leveraging its Polcer retired. Matthew Growdon Native expanded with more retail billion, +177.9% divestments — like-for-like sales
signature multiple engines of was promoted to general stores during 2021, and First Aid gained 11.9% year-over-year, LVMH MOËT
HENNESSY
growth strategy. Skin care and manager for Asia Pacific; Mark Beauty entered Asia. NET PROFIT: ¥42.44 billion, but failed to rebound to pre-
fragrance sales soared, as did Loomis was appointed to In skin care, SK-II returned compared with a net loss of pandemic levels.
those in the Asia Pacific region, president, North America, and to pre-pandemic sales levels ¥11.66 billion On the domestic front, LOUIS VUITTON
which were up more than 75%. Peter Jueptner was named (in 2019, the brand’s sales consumer traffic was impacted PARIS
Part of the success is due to president, International, among approached $3 billion) due to SALES BY REGION: by shortened opening hours at
the company’s post-COVID-19 other executive moves. duty-free sales in China’s Hainan. JAPAN: ¥276.17 billion, -8.9% retail and consumers staying 2021 BEAUTY SALES:
recovery plan, a strategy put in Lauder also inked several Olay launched several ingredient- vs. 2020 (-1.4% like-for-like) home due to the country’s State $7.82 BILLION (EST.)
place in 2020 that redirected deals, including its largest — a focused lines, including CHINA: ¥274.72 billion, of Emergency implemented €6.61 BILLION (EST.)
company resources to growing majority position in Deciem Regenerist Vitamin C Collection +16.5% (+19.1%) to counter the pandemic. The +25.9% VS. 2020 (EST.)
areas of the business — that valued the company at and Regenerist Collagen Peptide REST OF ASIA PACIFIC: ¥65 lack of international visitors -3.3% VS. 2019 (EST.)
especially skin care, fragrance $2.2 billion. Deciem, the parent Collection. Three-fourths of the billion, +9.9% (+5.8%) also hampered sales. Shiseido
and the Asia Pacific region. company of The Ordinary and brands in P&G’s hair portfolio THE AMERICAS: ¥121.4 billion, nevertheless registered market MAIN BRANDS: Parfums
The results speak for other skin care, hair care and saw growth versus the prior +32.8% (+29.9%) share gains, mainly in base Christian Dior, Guerlain,
themselves. Skin care sales personal care lines, is growing year, including Pantene, Head & EMEA: ¥117.04 billion, +24.1% makeup and sun care. Live Parfums Givenchy, Parfums
were up nearly 25%, to more quickly. Under the terms of the Shoulders, Aussie, Rejoice and (+16.5%) commerce events and online Kenzo, Fendi, Pucci, Acqua
than $10 billion, on top of 11% agreement, Lauder will buy the Vidal Sassoon. China, where TRAVEL RETAIL: ¥120.46 video counseling helped boost di Parma, Parfums Loewe,
growth in 2020. The category rest of the company in about hair care sales expanded more billion, +22.3% (+18.4%) domestic e-commerce sales, Benefit Cosmetics, Make
was led by Estée Lauder, Clinique two years. Lauder also made a in 2021 than in nearly a decade, which grew in the double digits. Up For Ever, Fresh. Maison
and La Mer, which saw major minority investment in grooming was a big part of that growth, PROFESSIONAL SALES: ¥15.87 Excluding the impact of the Francis Kurkdjian (majority
increases during the year due to brand Faculty. P&G focused on textured hair billion, +24.4% (+19.6%) divestment of its personal care stake). Officine Universelle
16 WWD BEAUTY INCYou can also read
