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BW Confidential Team At www.bwconfidential.com The inside view on the international beauty industry March 31 - April 13, 2016 #128 CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL Comment Inside The buzz 2 Niche influences News roundup t’s no secret that the niche and high-end fragrance Netwatch 6 Imarket is attracting more attention from brands and retailers. This is mostly down to the growth in the sector: Social media monitor the category is seeing increases of around 20% a year, according to some sources. Interview 7 However, what is emerging as a new trend is the Qatar Duty Free senior vice increased focus brands are putting on their high-end and president Keith Hunter exclusive collections in terms of retail. In January, LVMH- owned Guerlain set out to reinforce its positioning as a Insight 10 fragrance expert with a new boutique in Paris devoted Make-up in Brazil entirely to scent. With the new store, the brand aims to put its fragrance heritage on show and celebrate the art of perfumery. Also at LVMH, Dior has just opened Show review 13 a pop-up store in Paris devoted to its high-end line, La Collection Privée Christian Cosmoprof Worldwide Bologna Dior. It is unclear whether this initiative could be a test for a permanent fragrance store. Store visit 15 Niche fragrance players have attached importance to having their own stores Dior pop-up store, Paris for some time—Jo Malone, Annick Goutal, Editions de Parfums Frédéric Malle, to name but a few, all have their own boutiques. In many ways, niche brands have pushed more mainstream players into new areas (they are credited with encouraging major companies to launch their own private-collection lines). The question now is whether these players will also lead the majors to take a different route when it comes to retail. Meet the BW Confidential team at: Oonagh Phillips l Duty Free Show of the Americas, Orlando, April 3-6 Editor in Chief l in-cosmetics, Paris, April 12-14 l Luxe Pack Shanghai, April 13-14 [email protected] l BeautyEurasia, Istanbul, April 21-23 l TFWA Asia Pacific, Singapore, May 8-12 l Luxe Pack New York, May 11-12 l Beauty World Middle East, Dubai, May 15-17 News headlines daily on www.bwconfidential.com @BWCbeautynews News roundup At a glance... n Avon to cut 2,500 jobs n Revlon appoints new ceo The buzz n P&G to launch new Stella McCartney fragrance Stay informed with our daily news headlines on www.bwconfidential.com Strategy US-based Avon Products is to cut 2,500 jobs as part of its three-year restructuring plan, which it outlined in January. The company expects to make 1,700 of the job cuts in 2016, and anticipates pre-tax savings of about $30m in the same year. It also expects to achieve annualized pre-tax savings in the region of $65m-$70m beginning in 2017. As well as job cuts, the company will move its corporate headquarters to the UK. Avon Products previously separated its North American business into a privately held company, in which Avon holds a minority interest. The company said that the North American business will not be affected by any of these moves. Swiss group Nestlé’s Nestlé Skin Health is to take a majority stake in non-prescription acne brand Proactiv through a joint venture with the brand’s current owner and direct marketing company Guthy-Renker. The transaction is subject to competition authority clearances. French group L’Oréal has signed an exclusive license agreement with augmented reality technology company Image Metrics for new make-up services. L’Oréal Paris first partnered with Image Metrics in 2014 for the launch of the brand’s Makeup Genius, an app that allows virtual make-up to be applied to users’ faces in real-time. The app aims to help consumers better choose their purchases. Almost 20 million users worldwide have downloaded Makeup Genius, according to L’Oréal. L’Oréal says the partnership will enable the development of new features and the addition of new products. Swiss flavor and fragrance company Firmenich has inaugurated a plant in Buenos Aires, Argentina. The company says that the new plant will enlarge Firmenich’s footprint in Argentina, as well as serving more than 100 customers across 10 markets globally. Flavor and fragrance company IFF has teamed up with French perfumery school ISIPCA to offer a master’s program in scent design and creation. The three-year course will take place at ISIPCA’s Versailles campus in France. IFF said that the new partnership represents an evolution of its existing perfumery school. The 24th edition of the French FIFI Awards, which recognize perfume excellence and are organized by The Fragrance Foundation France, will take place in Paris on April 14. This year’s awards ceremony will be held at famous cabaret, the Lido de Paris. The event will include extracts of the Lido’s latest show choreographed by Franco Dragone n n n www.bwconfidential.com - March 31 - April 13, 2016 #128 - Page 2 CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL News roundup n n n and featuring singer Manon Trinquier. The ceremony will award a total of 16 prizes, including the FIFI d’OR, which is judged by a jury of artists. This year the FIFI d’OR jury is presided by designer Jean-Charles de Castelbajac. The French FIFIs are awarded to fragrances that launched in France the previous year in the market’s main distribution channels. The buzz Results Swiss travel retailer Dufry reported a net loss of CHF36.9m ($37.3m) in 2015 compared to a net profit of CHF85.8m ($86.82m) a year ago, due to costs linked to its acquisitions of operators Nuance and World Duty Free. Sales rose 46.3% to CHF6.14bn ($6.21bn) last year. Organic sales, however, were down 5.3%, while on a like-for-like basis, sales fell 5.6%. Organic growth for the year was impacted by the volatility in emerging-market currencies, which reduced the purchasing power of certain emerging-market consumers, notably Brazilians and Russians. Organic growth excluding these two customer groups was 4.0%. Dufry said its main focus for 2015 was the integration of Nuance Group, which was completed by year-end. The company opened a total of 189 new stores in 2015. For 2016, Dufry will focus on integrating World Duty Free, which it acquired last year. The integration plan is expected to be completed by mid-2017. France-based Interparfums SA generated net income of €29.2m in fiscal 2015, growth of 25%. The group reported a 10% increase in net sales to €327.4m for the year. The company cited strong growth from its Jimmy Choo and Montblanc brands, coupled with a favorable foreign exchange impact, as reasons for growth. In 2015, Interparfums boosted its marketing and advertising budgets. The company has a total marketing and advertising budget of almost €80m for 2016. It says it plans to allocate substantial resources to develop its brands, notably for the Coach launch this fall. For 2016, the company anticipates an operating margin between 12% and 13%. BW Confidential French group Hermès posted a 13.2% increase in net earnings to €973m in 2015, 4 avenue de la Marne 92600 Asnières sur Seine, France after a heavier tax expense. The company saw an improvement in operating margin of [email protected] Tel: +33 (0)1 74 63 49 61 0.3 points (31.8% of sales), despite the impact of currency fluctuations. As previously Fax: +33 (0)1 53 01 09 79 reported, sales rose 18% (+8% at constant exchange rates) to €4.84bn for the year. www.bwconfidential.com ISSN: 2104-3302 Hermès said it increased its workforce by almost 500 people, including 400 in France, Publisher: Nicolas Grob Editorial Director: Oonagh Phillips mainly in its production facilities and sales teams. [email protected] For fiscal 2016, Hermès stated that due to economic, geopolitical and monetary Journalist & Copy Editor: Katie Nichol [email protected] uncertainties, sales could be below its medium-term goal of 8% growth at constant Contributors: Sophie Douez, Alex Wynne, Renata Ashcar, Mayu Saini, Raphaëlle Choël, exchange rates. Corinne Blanché, Naomi Marcoulet Subscriptions 1 year: electronic publication (20 issues) + print magazine (4 issues) + daily news: €499 Retail or US$699 [email protected] Advertising [email protected] Lancôme and Chanel were the big winners at retail group AS Watson’s first European BW Confidential is published by Noon Media Luxury Beauty Awards, which took place on March 17. Lancôme won prizes in the 513 746 297 RCS Nanterre Copyright © 2016. All rights reserved. fragrance, eye make-up, facial make-up and specialist products categories, while Chanel Reproduction in whole or in part without permission is strictly prohibited. took home awards in men’s fragrance, eye care and lip products. n n n www.bwconfidential.com - March 31 - April 13, 2016 #128 - Page 3 CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL News roundup n n n To select the winners, AS Watson asked its beauty advisors and customers to vote for their favorite luxury beauty products. The voting process took place in the fourth quarter of 2015, with the first round of voting including 3,400 beauty advisors in AS Watson’s 1,500 stores across Europe, namely in Marionnaud, ICI Paris XL and The Perfume Shop. The second round of voting involved 12,270 customers across 14 The buzz countries. The retailer said that the objective of the awards is partly to celebrate the group’s 175th anniversary this year and also to engage customers. AS Watson plans to hold the awards every two years.
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