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Cosmetics 50 2017 The annual report on the world’s most valuable April 2017 Foreword Contents

steady downward spiral of poor communication, Foreword 2 wasted resources and a negative impact on the bottom line. Definitions 4 Methodology 6 Finance bridges the gap between the marketing and financial worlds. Our teams have Executive Summary 8 experience across a wide range of disciplines from market research and visual identity to tax and Full Table 12 accounting. We understand the importance of design, advertising and marketing, but we also Understand Your Brand’s Value 13 believe that the ultimate and overriding purpose of How We Can Help 14 brands is to make money. That is why we connect brands to the bottom line. Contact Details 15

By valuing brands, we provide a mutually intelligible language for marketers and finance teams. David Haigh, CEO, Brand Finance Marketers then have the ability to communicate the What is the purpose of a strong brand; to attract significance of what they do and boards can use customers, to build loyalty, to motivate staff? All the information to chart a course that maximises true, but for a commercial brand at least, the first profits. answer must be ‘to make money’. Without knowing the precise, financial value of an asset, how can you know if you are maximising your Huge investments are made in the design, launch returns? If you are intending to license a brand, how and ongoing promotion of brands. Given their can you know you are getting a fair price? If you are potential financial value, this makes sense. intending to sell, how do you know what the right Unfortunately, most organisations fail to go beyond time is? How do you decide which brands to that, missing huge opportunities to effectively make discontinue, whether to rebrand and how to arrange use of what are often their most important assets. your brand architecture? Brand Finance has Monitoring of brand performance should be the conducted thousands of brand and branded next step, but is often sporadic. Where it does take business valuations to help answer these questions. place it frequently lacks financial rigour and is heavily reliant on qualitative measures poorly Brand Finance’s recently conducted share price understood by non-marketers. study revealed the compelling link between strong brands and stock market performance. It was found As a result, marketing teams struggle to that investing in the most highly branded companies communicate the value of their work and boards would lead to a return almost double that of the then underestimate the significance of their brands average for the S&P 500 as a whole. to the business. Skeptical finance teams, Acknowledging and managing a company’s unconvinced by what they perceive as marketing intangible assets taps into the hidden value that lies mumbo jumbo may fail to agree necessary within it. The following report is a first step to investments. What marketing spend there is can understanding more about brands, how to value end up poorly directed as marketers are left to them and how to use that information to benefit the operate with insufficient financial guidance or business. The team and I look forward to continuing accountability. The end result can be a slow but the conversation with you.

2. Brand Finance AustraliaGlobalAirlinesCosmetics 500 30 100 3050February MarchFebruaryApril 2017 20162016 2015 Brand Finance Cosmetics 50 April 2017 3. Definitions

Effect of a Brand on Stakeholders E.g. Definitions Johnson & + Enterprise Value – the value of the entire enterprise, made up of Directors Johnson Potential Middle ‘Branded‘Branded multiple branded businesses Customers Managers Enterprise’Enterprise’

Existing All Other E.g. ‘Branded‘Branded + Branded Business Value – the Customers Employees Business’ Le Petit value of a single branded business Business’ Marseillais operating under the subject brand ‘Brand’ Contribution’ Influencers Production E.g. + Brand Contribution– The total e.g. Media Brand Le Petit economic benefit derived by a Marseillais business from its brand ‘Brand Value’ Trade Sales Channels E.g. + Brand Value – the value of the Le Petit trade marks (and relating Marseillais Strategic marketing IP and ‘goodwill’ Debt Allies & providers attached to it) within the branded Suppliers Investors business

Branded Business Value Brand Contribution Brand Value Brand Strength

A brand should be viewed in the context of the The brand values contained in our league tables In the very broadest sense, a brand is the focus Brand Strength is the part of our analysis most business in which it operates. For this reason are those of the potentially transferable brand for all the expectations and opinions held by directly and easily influenced by those Brand Finance always conducts a Branded asset only, but for marketers and managers customers, staff and other stakeholders about an responsible for marketing and brand Business Valuation as part of any brand valuation. alike. An assessment of overall brand organisation and its products and services. management. In order to determine the strength Where a company has a purely mono-branded contribution to a business provides powerful However, when looking at brands as business of a brand we have developed the Brand architecture, the business value is the same as insights to help optimise performance. assets that can be bought, sold and licensed, a Strength Index (BSI). We analyse marketing the overall company value or ‘enterprise value’. more technical definition is required. investment, brand equity (the goodwill Brand Contribution represents the overall uplift accumulated with customers, staff and other In the more usual situation where a company in shareholder value that the business derives Brand Finance helped to craft the internationally stakeholders) and finally the impact of those on owns multiple brands, business value refers to from owning the brand rather than operating a recognised standard on Brand Valuation, ISO business performance. the value of the assets and revenue stream of the generic brand. 10668. That defines a brand as “a marketing- business line attached to that brand specifically. related intangible asset including, but not limited Following this analysis, each brand is assigned We evaluate the full brand value chain in order to Brands affect a variety of stakeholders, not just to, names, terms, signs, symbols, logos and a BSI score out of 100, which is fed into the understand the links between marketing customers but also staff, strategic partners, designs, or a combination of these, intended to brand value calculation. Based on the score, investment, brand tracking data, stakeholder regulators, investors and more, having a identify goods, services or entities, or a each brand in the league table is assigned a behaviour and business value to maximise the significant impact on financial value beyond combination of these, creating distinctive images rating between AAA+ and D in a format similar returns business owners can obtain from their what can be bought or sold in a transaction. and associations in the minds of stakeholders, to a credit rating. AAA+ brands are exceptionally brands. thereby generating economic benefits/value”. strong and well managed while a failing brand would be assigned a D grade.

4. Brand Finance Cosmetics 50 April 2017 Brand Finance Cosmetics 50 April 2017 5. Methodology League Table Valuation Methodology Brand Finance Typical Project Approach Brand Finance calculates the values of the 2 Determine the royalty rate range for the respective brands in its league tables using the ‘Royalty brand sectors. This is done by reviewing comparable Relief approach’. This approach involves licensing agreements sourced from Brand Finance’s estimating the likely future sales that are extensive database of license agreements and other attributable to a brand and calculating a royalty online databases. Brand Equity Stakeholder Brand Inputs Performance rate that would be charged for the use of the 3 Calculate royalty rate. The brand strength score is Value Drivers Behaviour Contribution brand, i.e. what the owner would have to pay for applied to the royalty rate range to arrive at a royalty the use of the brand—assuming it were not rate. For example, if the royalty rate range in a brand’s already owned. sector is 1-5% and a brand has a brand strength The steps in this process are as follows: score of 80 out of 100, then an appropriate royalty 1 2 3 4 rate for the use of this brand in the given sector will Brand Audit Trial & Preference Acquisition & Valuation Modelling 1 Calculate brand strength on a scale of 0 to 100 based be 4.2%. Retention on a number of attributes such as emotional 4 Determine brand specific revenues estimating a connection, financial performance and sustainability, proportion of parent company revenues attributable Audit the impact Run analytics to Link stakeholder Model the impact of behaviour on to a specific brand. of brand understand how behaviour with core financial performance and among others. This score is known as the Brand key financial isolating the value of the brand 5 Determine forecast brand specific revenues using a management and perceptions link to Strength Index, and is calculated using brand data investment on behaviour value drivers contribution from the BrandAsset® Valuator database, the world’s function of historic revenues, equity analyst forecasts brand equity largest database of brands, which measures brand and economic growth rates. equity, consideration and emotional imagery 6 Apply the royalty rate to the forecast revenues to attributes to assess brand personality in a category derive brand revenues. agnostic manner. 7 Brand revenues are discounted post tax to a net present value which equals the brand value. Brand strength Brand Brand revenues Brand value index ‘Royalty rate’ How We Help to Maximise Value (BSI)

6. Build scale through licensing/franchising/partnerships Brand Strong brand investment 5. Build core business through market expansion

4. Build core business through product development Brand

equity Maximising a strong brand 3. Portfolio management/rebranding Group companies

2. Optimise brand positioning and strength Brand Weak brand performance Forecast revenues 1. Base-case brand and business valuation (using internal data), growth strategy Evaluate ongoing performance formulation, target-setting, scorecard and Brand strength BSI score applied to an Royalty rate applied to Post-tax brand tracker set-up expressed as a BSI appropriate sector forecast revenues to revenues are Current brand and Target brand and score out of 100. royalty rate range. derive brand values. discounted to a net business value business value present value (NPV) which equals the brand value. 6. Brand Finance Cosmetics 50 April 2017 Brand Finance Cosmetics 50 April 2017 7.

Executive Summary

Rank 2017: 1 2016: 1 Rank 2017: 6 2016: 6 BV 2017: $ 16,829m BV 2017: $ 6,189m 1 +11% 6 +8% BV 2016: $ 15,115m BV 2016: $ 5,709m Brand Rating: AAA Brand Rating: AAA

Cosmetics Rank 2017: 2 2016: 3 Rank 2017: 7 2016: 16 BV 2017: $ 12,065m BV 2017: $ 5,394m 2 +68% 7 +101% BV 2016: $ 7,189m BV 2016: $ 2,680m Brand Rating: AAA Brand Rating: AAA

Rank 2017: 3 2016: 2 Rank 2017: 8 2016: 7 50 3 BV 2017: $ 8,662m -11% 8 BV 2017: $ 5,062m +5% BV 2016: $ 9,783m BV 2016: $ 4,815m Brand Rating: AAA Brand Rating: AAA

Rank 2017: 4 2016: 8 Rank 2017: 9 2016: 5 BV 2017: $ 4,987m 4 BV 2017: $ 8,261m +72% 9 -16% BV 2016: $ 4,802m BV 2016: $ 5,960m Brand Rating: AAA Brand Rating: AAA-

Rank 2017: 5 2016: 4 Rank 2017: 10 2016: 11 BV 2017: $ 6,689m BV 2017: $ 4,822m 5 +8% 10 +17% BV 2016: $ 6,171m BV 2016: $ 4,104m Brand Rating: AAA Brand Rating: AAA

Johnson’s tops the list of Brand Finance’s 50 most including its “Perfect isn’t pretty” campaign in the valuable cosmetic brands, with a brand value of lead up to the Olympics. Beyond strengthening US$16.8 billion. Johnson’s high brand value stems brand awareness and consideration through from both its revenues and its high brand strength, association with such a high profi le event, the which indicates the relative contribution of a brand campaign is designed to align the dedication and compared to other business assets. Johnson’s precision of Olympic athletes with that of ’s has a brand strength score of 89, second only to product developers. . Part of the reason for this its associations with maternity. An exceptionally high level of brand L’Oréal Paris has lost ground this year, falling trust is required to succeed when marketing behind Gillette to 3rd. Brand value is down 11% in products for infants. Johnson’s has earnt this over value to US$8.7 billion. Whilst the brand has rolled decades with effective, safe and reliable products out powerful campaigns in 2016, such as the and advertising that positions the brand in this #YoursTruly campaign which featured 23 ‘beauty way. infl uencers’ from a diverse range of backgrounds and ethnicities, these have not translated into Second-placed Gillette was one of the fastest immediate sales as well as would have been growing brands in the sector this year. Its brand hoped. Though demand in the US remained grew by 68% in value last year to reach $12 billion. relatively strong, conditions in L’Oréal’s core The Procter & Gamble-owned brand continued to market of western Europe and in particular its deliver -sharp marketing campaigns, home market of were more challenging.

8. Brand Finance Cosmetics 50 April 2017 Brand Finance Cosmetics 50 April 2017 9.

Executive Summary

Brand Value Over Time Brand Value Change 2016-2017 (USDm) Brand Value Change 2016-2017 (%)

20 $4876 GilletteGillette $4876 HeadHead & Shoulders & Shoulders 101%101% $3459 PantenePantene $3459 SK-IISK-II 80% 80% 18 $2713 HeadHead & Shoulders & Shoulders $2713 OlayOlay 74% 74% $1714 Johnson'sJohnson's $1714 PantenePantene 72% 72% 16 $1614 OlayOlay $1614 GilletteGillette 68% 68% $1309 14 MaybellineMaybelline $1309 LynxLynx 64% 64% $1076 L'Oreal Paris LynxLynx $1076 GuerlainGuerlain 59% 59% 12 $718 DoveDove $718 Lux Lux 56% 56% $713$713 10 Clarins Dial Dial 55% 55% Gillette $-30$-30 AveenoAveeno -1% -1% ChanelChanel 8 $-50$-50 ChanelChanel -1% -1% AveenoAveeno $-76$-76 The BodyThe Body Shop Shop -6% Brand ae n Johnson's -6% The Body Shop 6 $-97$-97 CotyCoty -10%-10% CotyCoty $-247$-247 CoverCover girl girl -11%-11% L'OrealL'Oreal Paris Paris 4 $-248$-248 L'OréalL'Oréal -16%-16% CliniqueClinique $-295 2 $-295 ClairolClairol -19%-19% L'OréalL'Oréal $-974$-974 CliniqueClinique -21%-21% CoverCover girl girl 0 $-1121$-1121 L'OrealL'Oreal Paris Paris -26%-26% ClairolClairol 2014 2015 2016 2017 -1300-1300-400-400500 50014001400230023003200320041004100 -40 -23-40 -6-23 11-6 2811 4528 6245 7962 967911396130113 130

Amongst the brand owners, P&G comes out on footballer Giovani Dos Santos are shaved into Cosmetics 50 2017 - Total Brand Value by Country top, with 8 brands in the sector’s top 50, with a people’s hair, to illustrate the confidence to do combined brand value of US$34.1 billion. P&G’s , fun things that having a flake-free scalp brands are growing very strongly; in addition to allows. P&G has demonstrated that well-executed Gillette’s strong growth, Pantene, and SK-II creativity can help boost brand value. 4% Colour Country Total Brand % of Total Value (USDm) Brand Value are growing by 72%, 74% and 80% respectively. Recent divestments have enabled P&G to focus Coty has acquired many of the brands that P&G 7% 86,111 55% more on its core capabilities and best-selling has divested itself of. It is possible that the sudden France 31,523 20% brands. A US$10 billion cost saving is being influx of 43 brands has proven too much ofa United pursued by CEO David Taylor, which saw earnings challenge for Coty, leading to a lack of focus. Since Kingdom 13,699 9% 9% beat analyst expectations in 2016. the acquisition, Coty’s revenue of $2.3 billion for Germany 10,472 7% the three months leading up to December 2016 fell United States Head & Shoulders is perhaps P&G’s biggest below expectations and it reported a 7% drop in 55% Japan 5,833 4% success story this year. The anti-dandruff revenues for its fiscal second quarter. All four of 5,115 3% is the fastest growing cosmetics and personal care Coty’s brands in the table have lost brand value. France brand this year, more than doubling brand value to The Coty brand itself is down 10%, 5% 20% Brazil 1,544 1% US$5.4 billion. Recent campaigns include “Scalp and Cover Girl 21%. Clairol is the fastest falling Switzerland 960 1% Brave.” In a break with ads that tended to rely brand this year; its brand value is down 26% to solely on Head & Shoulders’ functional attributes, US$ 859 million. Total 155,257 100% this campaign takes a quirkier approach. The faces of celebrities such as Sofia Vergara and

10. Brand Finance Cosmetics 50 April 2017 Brand Finance Cosmetics 50 April 2017 11. Brand Finance Cosmetics 50 (USDm) Understand Your Brand’s Value

Top 50 most valuable cosmetics brands 1 - 50.

Rank Rank Brand name Domicile Brand % Brand Brand Brand Drivers of Change 2017 2016 value (USDm) change value(USDm) rating rating Brand Value Dashboard Three key areas impact Brand Value (EURm) 2017 2016 2017 2016 18 131 $707m $882m $10,216m 34 (EUR) [XXX] Brand Value (EUR) Brand Value Enterprise Value (EUR) AA+ 729 729 1 1 Johnson's United States 16,829 11% 15,115 AAA AAA+ €650m €729m €9,399m 78/100 616 616 650

Historic brand value performance (EURm) Peer Group Comparison (USDm) 2 3 Gillette United States 12,065 68% 7,189 AAA AAA $6,265 800 729 2015 Brand Strength Business Performance External Changes 2016 $3,031 650 $2,328 $1,913 $707 700 607 3 2 L'Oreal Paris France 8,662 -11% 9,783 AAA AAA+ Brand Strength Business Outlook Economic Outlook 600 [XXX] [XXX]’s brand strength has increased compared to last year. Brands drive higher revenues. An investor would therefore All future returns are subject to risk. If the risk of not 500 pay more for a brand that makes more money. receiving the forecast returns is higher (increasing the 4 8 Pantene United States 8,261 72% 4,802 AAA AAA As the brand continues its sustainability drive, [XXX] has discount rate), the brand’s market is not growing as quickly 320 400 Brand Value by Product Segment been improving across all CSR scores. It now has the [XXX]’s revenue base and the 5 year forecast growth have as expected (lower long term growth rate) or the tax rate in 275 highest CSR scores it has had in the last four years across fallen this year, resulting in a loss of $177m USD to total the brand’s regions of operation is higher, then the brand’s 300 213 Environment, Employees and Governance. brand value. value is reduced and vice versa. 37% 5 4 Nivea Germany 6,689 8% 6,171 AAA AAA- Nutrition 200 The premium approach is also leading to significant margin However, it is important to note that this has arisen as a advantages – positively affecting “performance”. result of the company divesting a number of divisions. 100 Performance Materials 6 6 United States 6,189 8% 5,709 AAA AAA 58% 0 Other Activities 4% 2011 2012 2013 2014 2015 2016 2016 2015 2016 2015 2016 2015

7 16 Head & Shoulders United States 5,394 101% 2,680 AAA AAA Brand 5 Year Forecast 78 76 2.6% 3.4% Discount Rate 9.1% 8.6% 7% Strength Growth Long Term Growth 3.2% 2.6% Base Year 8,205 9,570 8 7 Garnier France 5,062 5% 4,815 AAA AAA Revenue (EURm) Tax 28.9% 30.2% 9 5 United States 4,987 -16% 5,960 AAA- AAA- 10 11 Dove United Kingdom 4,822 17% 4,104 AAA AAA- 11 14 12 9 Chanel 13 10 Estée Lauder Brand Strength Index 2016 An ideal balanced scorecard of fundamental brand related measures Brand Investment 14 12 Clarins Effective BSI Proven inputs that drive the Brand Equity and financial results Weighting Attributes

15 18 Olay 6.25% Product: R&D expenditure, Widely recognised factors deployed by Brand Strength Index Capital expenditure Brand Marketers to create brand loyalty and 6.25% Place: Website Ranking Investment 25% market share. We therefore benchmark Brand Investment Inputs 6.25% People: Number of Employees, 16 13 Employee Growth brands against relevant input measures by 25% 10.0 6.25% Promotion: Marketing expenditure sector against each of these factors. 9.3

8.0 7.7 17 15 Lancome 5.00% Familiarity 7.50% Consideration How do stakeholders feel about the brand 6.0 6.4 5.3 Customer 35% 7.50% Preference vs. competitors? 18 24 Lynx 7.50% Satisfaction 4.0 DSM Best in Class Competitor Average 7.50% Recommendation/NPS [XXX] • Brand equity accounts for 50% to reflect 2.0 Brand the importance of stakeholder 19 17 Schwarzkopf Equity Staff 5% 5.00% Employee Score perceptions to behaviour 0.0

50% 2.50% Credit Rating • Brand Equity is important to all Effective 20 22 Mac Financial 5% Weighting 6.25% 6.25% 6.25% 6.25% 2.50% Analyst Recommendation stakeholder groups with customers being the most important Best in 1.67% Environment Score Class [XXX] Du Pont Multiple Akzo Nobel 21 20 Palmolive External 5% 1.67% Community Score 1.67% Governance Score Product Place People Promotion

22 26 Rexona 6.25% Revenue Relative quality of the brand’s investment in Relative quality of a brand’s distribution Relative quality of the human network Relative quality of the brand’s promotions. Brand Strength Index Quantitative market, market share and its products. The measure can include R&D network. It can include the quality of supporting the brand. This may include the Marketing investment, the quality of visual Brand 6.25% % Margin financial measures resulting from the spend and capital expenditure. logistical infrastructure available to the size of the support network, its likely future identity and the effectiveness of the Performance Outputs 6.25% % Forecast Margin 25% strength of the brand. brand, the quality of its online presence, or growth or the investment in workforce brand’s social media is covered by this 23 23 Avon 6.25% % Forecast Revenue Growth the number and quality of its retail outlets. training and human resources. measure. 25% 24 19 Aveeno 25 21 Elvive 26 25 L'Occitane 27 30 Sulwhasoo A Brand Value Report provides a complete Royalty Rates 28 36 Natura breakdown of the assumptions, data + Transfer pricing 29 31 Le Petit Marseillais sources and calculations used to arrive at + Licensing/ franchising negotiation 30 38 Sunsilk your brand’s value. Each report includes expert + International licensing 31 42 recommendations for growing brand value to 32 28 + Competitor benchmarking 33 45 Rejoice drive business performance and offers a cost- 34 34 effective way to gaining a better understanding of Cost of Capital 35 27 The Body Shop your position against competitors. It includes: + Independent view of cost of capital for internal 36 46 Lux valuations and project appraisal exercises 37 35 Bioré Brand Valuation Summary Trademark Audit 38 53 SK-II + Internal understanding of brand 39 48 Dial + Highlight unprotected marks 40 50 Kosé + Brand value tracking + Spot potential infringement 41 52 Safeguard + Competitor benchmarking 42 29 L'Oréal + Trademark registration strategy 43 43 Clean & Clear + Historical brand value 44 39 For more information regarding our Brand Value 45 54 Orifl ame Brand Strength Index Reports, please contact: 46 41 RoC + Brand strength tracking 47 32 Cover girl + Brand strength analysis Alex Haigh 48 37 Coty Director of League Tables, Brand Finance 49 33 Clairol + Management KPI’s 50 44 Hera + Competitor benchmarking a.haigh@brandfi nance.com

12. Brand Finance Cosmetics 50 April 2017 Brand Finance Cosmetics 50 April 2017 13. How we can help Contact details

1. Valuation: What are my intangible assets 2. Analytics: How can I improve marketing worth? effectiveness? Contact us Our offices

Valuations may be conducted for technical purposes Analytical services help to uncover drivers of demand For brand value report and to set a baseline against which potential strategic and insights. Identifying the factors which drive brand scenarios can be evaluated. consumer behaviour allow an understanding enquiries, please contact: N 2. IO AN of how brands create bottom-line impact. Alex Haigh T A A L U Y Director of League Tables L T A I Brand Finance V C • Branded Business Valuation • Trademark Valuation . S • Market Research Analytics • Brand Audits [email protected] 1 • Intangible Asset Valuation • Brand Contribution Brand & • Brand Scorecard Tracking • Return on Marketing Investment

For media enquiries,

N Business Value

4. Transactions: Is it a good 3 3. Strategy: How can I increase please contact:

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deal? Can I leverage my S the value of my branded business? Robert Haigh T

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intangible assets? R Marketing & Communications

A Strategic marketing services enable brands A

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E to be leveraged to grow businesses. Scenario Director Brand Finance

Transaction services help buyers, sellers and A

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Y T . 4 owners of branded businesses get a better deal modelling will identify the best opportunities, [email protected] by leveraging the value of their intangibles. ensuring resources are allocated to those activities which have the most impact on brand and business value. For all other enquiries, please contact: • M&A Due Diligence • Franchising & Licensing • Brand Governance • Brand Architecture & Portfolio Management • Tax & Transfer Pricing • Expert Witness • Brand Transition • Brand Positioning & Extension [email protected] +44 (0)207 389 9400 For further information on Brand Finance®’s services and valuation experience, please contact your local representative: Country Contact Email address Mark Crowe [email protected] Brazil Pedro Tavares [email protected] MARKETING FINANCE TAX LEGAL linkedin.com/company/ Bill Ratcliffe [email protected] brand-finance Minnie Fu [email protected]

We help marketers to connect We provide financiers and We help brand owners and We help clients to enforce and Caribbean Nigel Cooper [email protected] their brands to business auditors with an independent fiscal authorities to understand exploit their intellectual East Africa Jawad Jaffer [email protected] performance by evaluating the assessment on all forms of the implications of different property rights by providing France Victoire Ruault [email protected] return on investment (ROI) of brand and intangible asset tax, transfer pricing and brand independent expert advice in- facebook.com/brandfinance Germany Dr. Holger Mühlbauer h.mü[email protected] brand based decisions and valuations. ownership arrangements. and outside of the courtroom. Greece Ioannis Lionis [email protected] strategies. Holland Marc Cloosterman [email protected] Ajimon Francis [email protected] + Branded Business Valuation + Branded Business Valuation + Branded Business Valuation + Branded Business Valuation twitter.com/brandfinance Jimmy Halim [email protected] + Brand Contribution + Brand Contribution + Brand Contribution + Brand Contribution Massimo Pizzo [email protected] + Trademark Valuation + Trademark Valuation + Trademark Valuation + Trademark Valuation Malaysia Samir Dixit [email protected] + Intangible Asset Valuation + Intangible Asset Valuation + Intangible Asset Valuation + Intangible Asset Valuation Disclaimer + Brand Audit + Brand Audit + Brand Audit + Brand Audit Laurence Newell [email protected] Brand Finance has produced this study LatAm (exc. Brazil) Laurence Newell [email protected] + Market Research Analytics + Market Research Analytics + Market Research Analytics + Tax & Transfer Pricing with an independent and unbiased + Brand Scorecard Tracking + Brand Scorecard Tracking + Franchising & Licensing + Expert Witness analysis. The values derived and Middle East Andrew Campbell [email protected] opinions produced in this study are Nigeria Babatunde Odumeru [email protected] + Return on Marketing + Return on Marketing + Tax & Transfer Pricing based only on publicly available Investment Investment + Expert Witness information and certain assumptions Pedro Tavares [email protected] + Brand Transition + Brand Transition that Brand Finance used where such Alexander Eremenko [email protected] data was deficient or unclear . Brand + Brand Governance + Brand Governance Finance accepts no responsibility and Scandinavia Alexander Todoran [email protected] + Brand Architecture & + Brand Architecture & will not be liable in the event that the Singapore Samir Dixit [email protected] Portfolio Management Portfolio Management publicly available information relied upon is subsequently found to be Jeremy Sampson [email protected] + Brand Positioning & + Brand Positioning & inaccurate. Lorena Jorge Ramirez [email protected] Extension Extension Sri Lanka Ruchi Gunewardene [email protected] + Franchising & Licensing + Mergers, Acquisitions and The opinions and financial analysis expressed in the report are not to be Switzerland Victoire Ruault [email protected] Finance Raising Due construed as providing investment or Diligence business advice. Brand Finance does Muhterem Ilgüner [email protected] not intend the report to be relied upon UK Alex Haigh [email protected] + Franchising & Licensing for any reason and excludes all liability + Tax & Transfer Pricing to any body, government or USA Ken Runkel [email protected] + Expert Witness organisation. Vietnam Lai Tien Manh [email protected]

14. Brand Finance Cosmetics 50 April 2017 Brand Finance Cosmetics 50 April 2017 15. Contact us.

The World’s Leading Independent Branded Business Valuation and Strategy Consultancy T: +44 (0)20 7839 9400 E: enquiries@brandfi nance.com www.brandfi nance.com

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