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BW Confidential BW www.bwconfidential.com The inside view on the international beauty industry Nov 20-Dec 3, 2014 #101 CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL Comment Inside The buzz 2 Caution ahead News roundup ndustry executives are talking about the market in more Netwatch 6 Icautionary terms than at the beginning of the year. Estée Lauder Companies said that for its fiscal year it still Beauty blogger review expects the prestige market to grow by 3 to 4%, but that growth will probably be at the lower end of this range. Interview 7 Similarly, L’Oréal ceo Jean Paul Agon remarked that 2014 Bulgari perfume business unit has been the weakest year since 2008-2009, and he now managing director Valeria Manini predicts that the global beauty market will grow by 3% in 2014. L’Oréal had previously estimated that the market Insight 9 would see growth of between 3.5 and 4% this year. Industry viewpoint All this is not surprising given the market’s backdrop. Growth from Chinese and Russian travelers has slowed, political tensions in the Middle East and in Show review 14 Hong Kong have taken their toll on sales at some of the industry’s main players, TFWA World Exhibition currency in emerging markets has been volatile, while the economy in Europe remains sluggish. Store visit 19 But at the same time, since the crisis hit in 2008, brands have got used to Harrods Salon de Parfums working in an extremely uncertain environment and in a tough economy. And in a way, they have had much opportunity to test and fine-tune strategies tailored for low-growth markets. This year’s Christmas sales will no doubt be a measure of how well these strategies are paying off. Oonagh Phillips Editor in Chief [email protected] Subscribe on p.21 or go to www.bwconfidential.com News roundup At a glance... n ELC acquires Editions de Parfums Frédéric Malle n Kendo acquires Bite Beauty The buzz n Parlux teams up with Jequiti for Rihanna in Brazil n Carsten Fischer to leave Shiseido Stay informed with our daily news headlines on www.bwconfidential.com Strategy Following its purchase of fragrance brand Le Labo and skincare brand Rodin Olio Lusso in October, The Estée Lauder Companies (ELC) announced it is to acquire fragrance company Editions de Parfums Frédéric Malle. The brand was founded in 2000 and sells fragrances created by well-known perfumers and curated by Malle. Its range includes 21 fragrances created by 12 master perfumers. Editions de Parfums Frédéric Malle has five standalone stores in Paris and New York and is sold in Barney’s in the US and Liberty in London. The brand will be overseen by ELC group president John Demsey. In other news, ELC saw net sales for the first quarter of fiscal 2015 fall 2% to $2.63bn, while net earnings declined 24% to $228.1m. The declines were primarily due to a shift in orders to the fiscal 2014 fourth quarter following a technology upgrade at the company. Adjusting for the impact of the accelerated orders, net sales in constant currency would have increased by 5%. Kendo, a beauty company owned by LVMH, has acquired Canadian lipstick brand Bite Beauty. Bite Beauty is currently sold in Sephora stores in North America and at its Lip Lab boutique in New York City. Kendo aims to expand the brand’s presence in international markets and develop its online sales. “Bite Beauty has enormous potential here in North America as well as abroad,” said Kendo ceo David Suliteanu in a statement. Bite Beauty founder Susanne Langmuir will remain with the company and will report to Suliteanu. Skincare brand Ole Henriksen, which was purchased by LVMH in 2011, is also part of Kendo’s portfolio. In addition, Kendo has four brands that were created in-house: Marc Jacobs Beauty, Kat Von D Beauty, Formula X and Elizabeth and James. Italy-based Mavive has signed a fragrance license with Italian company Antress Industry for its fashion and accessories brand Manila Grace. Mavive said the seven-year license is strategic for the company as it will boost its position in the women’s segment and at the high end of the market. The first fragrance from Manila Grace will launch in the second half of 2015. US beauty group Parlux has inked a deal with direct seller Jequiti to sell its Rihanna brand in Brazil from next May. Parlux also may bring other brands to the channel in Brazil in the near future. n n n www.bwconfidential.com - Nov 20-Dec 3, 2014 #101 - Page 2 CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL News roundup n n n According to a press release published on Argentina’s presidential website earlier this month, the country’s Federal Administration of Public Revenue (AFIP) has suspended P&G’s business in the country for tax fraud. The government body claims that P&G artificially increased the price of product imports into the country by $138m. The buzz French police were called in to conduct a search of perfume chain Equivalenza this month, following accusations from the country’s beauty association FEBEA that the retailer sells counterfeit fragrances. The chain sells fragrances that it presents as an equivalent of those from well-known brands, a practice FEBEA deems as counterfeiting. FEBEA’s complaint resulted in the search of Equivalenza’s 28 stores and corners in France. Fragrance house Firmenich put the spotlight on its natural raw materials suppliers at an event in Paris this month, dubbed Naturals Together. Under the direction of Dominique Roques, head of natural sourcing at the company, Firmenich brought together 14 of its naturals suppliers from around the world for the first time. The suppliers are all community farmers. “Our aim is to work directly with our suppliers whenever possible, as this means that we can develop a longer-term vision,” Firmenich senior vice president fine fragrance worldwide Olivier de Lisle told BW Confidential. Firmenich also underlined its goals for natural ingredient sourcing: a commitment to mutual production to safeguard from shortages, making responsible sourcing a priority to assure sustainable supply and a focus on innovation and quality. To mark this first edition of Naturals Together, Firmenich master perfumer Olivier Cresp created two fragrances featuring ingredients from the suppliers present: Together Her and Together Him. Results L’Oréal reported lower-than-expected growth in the third quarter of 2014, with like-for- like sales up 2% to €5.39bn. Analysts expected sales to grow by 3.8% for the period. For first nine months of the year, sales fell 0.4% (+3.3% like-for-like) to €16.56bn. The company said that sales were impacted by an “air pocket” in the mass market in Western Europe, but pointed out that since the end of the summer it has begun to see a steady improvement in the mass market in the US. Beauty group Shiseido saw net sales for the first half grow by 1.4% to ¥365.7bn ($3.23bn). Global business sales for the cosmetics segment reached ¥178.6bn ($1.7bn), an increase of 9.2% year-on-year. Domestic sales were down by 5.1% to ¥172.6bn ($1.52bn) and overseas sales rose by 8.1% to ¥193.1bn ($1.70bn). Shiseido aims to reduce costs by ¥30bn-¥40bn ($265m-$353m) in three years by integrating head office and sales functions, making the personal-care business a standalone division and creating a separate division for its e-commerce and digital operations among other initiatives. Coty reported an 89% decline in net profit to $10.6m for the first quarter of fiscal 2015, primarily due to early extinguishment of debt and restructuring charges. Adjusted net profit showed a 5% decrease. Sales were flat, but on a like-for-like basis grew 1% to $1.18bn. The like-for-like increase was fueled by growth in make-up, which partially offset declines in fragrance and skincare and bodycare. Color cosmetics sales were up 10% like-for-like, driven by growth from Rimmel and Sally Hansen. Fragrance sales were down 2% like-for-like, reflecting pressure in the mass market. n n n www.bwconfidential.com - Nov 20-Dec 3, 2014 #101 - Page 3 CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL News roundup n n n Retail Skincare brand Ioma has made its debut in travel retail at Geneva International Airport in partnership with Nuance. The brand will occupy a special event area in the airport from November 3 to the end of December featuring its skin diagnostic tool Ioma Sphere 2 and The buzz the Ioma Factory, which creates personalized skincare formulations for consumers. From December, Ioma will be sold at a counter in Nuance’s new Luxury Beauty Store in Geneva airport, which will offer the brand’s entire range and also host its Ioma Sphere 2 device. Ioma will be exclusive with Nuance in travel retail for 12 months. French brand Sisley is to open its first New York City standalone boutique in December on Bleecker Street in downtown Manhattan. The 160m2 (1,722ft2) store will sell the brand’s skincare, make-up and fragrance. It also houses a spa and will be the only location in New York offering Sisley’s complete range of treatments. A make-up session comes with each treatment. Sisley will also begin to offer clients facial skincare treatments and make-up lessons at home provided by the brand’s staff. This is Sisley’s second store in the US, following the opening of a boutique in Las Vegas in June this year. Shanghai Jahwa-owned beauty brand Herborist is to open its first European flagship store in Paris, France at the beginning of next year.
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