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Case M.7726 - COTY / PROCTER & GAMBLE BEAUTY BUSINESS

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Case M.7726 - COTY / PROCTER & GAMBLE BEAUTY BUSINESS EUROPEAN COMMISSION DG Competition Case M.7726 - COTY / PROCTER & GAMBLE BEAUTY BUSINESS Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 16/02/2016 In electronic form on the EUR-Lex website under document number 32016M7726 EUROPEAN COMMISSION Brussels, 16.02.2016 C(2016) 1059 final In the published version of this decision, some in- formation has been omitted pursuant to Article 17(2) PUBLIC VERSION of Council Regulation (EC) No 139/2004 concern- ing non-disclosure of business secrets and other con- fidential information. The omissions are shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a general de- MERGER PROCEDURE scription. To the notifying party: Dear Sir/Madam, Subject: Case M.7726 - Coty/Procter & Gamble Beauty Businesses Commission decision pursuant to Article 6(1)(b) of Council Regulation No 139/20041 and Article 57 of the Agreement on the European Economic Area2 1 OJ L 24, 29.1.2004, p. 1 ("the Merger Regulation"). With effect from 1 December 2009, the Treaty on the Functioning of the European Union ('TFEU') has introduced certain changes, such as the replace- ment of 'Community' by 'Union' and 'common market' by 'internal market'. The terminology of the TFEU will be used throughout this decision. 2 OJ L 1, 3.1.1994, p. 3 ("the EEA Agreement"). Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË Tel: +32 229-91111. Fax: +32 229-64301. E-mail: [email protected]. 1. THE PARTIES ............................................................................................................ 4 2. THE OPERATION ...................................................................................................... 5 3. EU DIMENSION ........................................................................................................ 7 4. MARKET DEFINITION ............................................................................................ 7 4.1. Introduction ....................................................................................................... 7 4.2. Relevant product markets .................................................................................. 7 4.2.1. Fragrances ............................................................................................ 7 4.2.2. Colour cosmetics ............................................................................... 12 4.2.3. Deodorants ......................................................................................... 16 4.2.4. Shower gels ....................................................................................... 16 4.2.5. Travel retail ....................................................................................... 17 4.3. Relevant geographic markets .......................................................................... 19 4.3.1. Fragrances and colour cosmetics ....................................................... 19 4.3.2. Deodorants ......................................................................................... 21 4.3.3. Shower gels ....................................................................................... 22 4.3.4. Travel retail ....................................................................................... 22 5. COMPETITIVE ASSESSMENT .............................................................................. 23 5.1. Methodology for calculating market shares .................................................... 24 5.1.1. Description of Euromonitor and scanner data ................................... 24 5.1.2. Assessment of market share data and adjustments ............................ 27 5.2. Elements common to the country/cluster assessment of fragrances and colour cosmetics .............................................................................................. 33 5.2.1. Description of distribution channels .................................................. 33 5.2.2. Negotiations with retailers ................................................................. 36 5.2.3. Closeness of competition - Positioning of brands ............................. 41 5.2.4. Consumer brand loyalty .................................................................... 56 5.2.5. Internet sales ...................................................................................... 57 5.2.6. Constraint exercised by direct selling companies ............................. 58 5.2.7. Grey market ....................................................................................... 60 5.2.8. Barriers to entry or expansion – innovation ...................................... 62 5.3. The fragrances markets .................................................................................... 66 5.3.1. Introduction and affected markets ..................................................... 66 5.3.2. EEA-wide assessment ....................................................................... 67 5.3.3. Country/Cluster assessment ............................................................... 68 5.4. The colour cosmetics markets ....................................................................... 107 5.4.1. Introduction and affected markets ................................................... 107 5.4.2. EEA-wide assessment ..................................................................... 109 5.4.3. Country/Cluster assessment ............................................................. 110 5.5. Deodorants ..................................................................................................... 140 5.5.1. Parties' views ................................................................................... 140 5.5.2. Commission's assessment ................................................................ 140 5.5.3. Conclusion ....................................................................................... 141 5.6. Shower gels ................................................................................................... 141 2 5.6.1. Parties' views ................................................................................... 141 5.6.2. Commission's assessment ................................................................ 141 5.6.3. Conclusion ....................................................................................... 142 5.7. Travel retail ................................................................................................... 142 5.7.1. Parties' views ................................................................................... 142 5.7.2. Commission's assessment ................................................................ 143 5.7.3. Conclusion ....................................................................................... 144 5.8. Coordinated effects ........................................................................................ 144 5.8.1. Parties' views ................................................................................... 144 5.8.2. Commission's assessment ................................................................ 145 5.8.3. Conclusion ....................................................................................... 145 5.9. Conglomerate effects ..................................................................................... 146 5.9.1. Parties' views ................................................................................... 146 5.9.2. Commission's assessment ................................................................ 146 5.9.3. Conclusion ....................................................................................... 150 6. CONCLUSION ....................................................................................................... 150 3 (1) On 12 January 2016, the Commission received a notification of a proposed concen- tration pursuant to Article 4 of Council Regulation (EC) No 139/2004 by which the undertaking Coty Inc. (USA, "Coty") acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control of a significant part of the global hair care, colouring and styling, colour cosmetics, and fragrances businesses of The Procter & Gamble Company (USA, "the Target Businesses") by way of purchase of shares ("the Transaction").3 (2) The Transaction will ultimately be effected by merging a Coty subsidiary with and into a newly formed subsidiary of The Procter and Gamble Company, which will hold the Target Businesses. (3) Coty will hereinafter be referred to as the "Notifying Party", and Coty and The Tar- get Businesses collectively as "the Parties". 1. THE PARTIES (4) Coty is a global beauty products manufacturer. Its main products are fragrances, colour cosmetics and skin & body care products. Coty's product offerings include fragrances marketed under brands such as adidas, Calvin Klein, Chloé, Davidoff, Marc Jacobs and Playboy, and branded colour cosmetics products such as Bourjois, OPI, Rimmel and Sally Hansen. Coty is headquartered in New York and its majority shareholder is JAB Cosmetics B.V., a holding company owned by the JAB Group ("JAB"). The JAB Group is a privately held group focused on long term investments in companies with premium brands in the consumer goods sector. 4 (5) The Procter and Gamble Company ("P&G") is a global manufacturer of consum- er goods, including among others fabric and household care
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