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BW Confidential www.bwconfidential.com The inside view on the international beauty industry February 20-March 19, 2014 #88 CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL Comment Inside The buzz 2 New hope for old Europe? News roundup usiness may not have been great over Christmas in Netwatch 6 Bmany European countries, but some industry players predict that things may get easier in the region this year. Beauty blogger review At French group L’Oréal’s annual results conference, ceo Jean Paul Agon said that he was seeing some positive Interview 7 signs in Europe, even in the south of the continent. “We AS Watson coo think we may see some good surprises for Western Europe Malina Ngai this year. The market is coming back a little and we continue to gain market share. We are also more hopeful Insight 9 about southern Europe, where we may be coming to the Digital strategies end of the tunnel,” he commented. The company has even invested in new ventures in Spain, with the opening of Show review 12 a standalone store for the L’Oréal Paris brand in Madrid (see p.14). Last year PCD in Western Europe the group saw sales increase by only 1.1% (+1.9% like-for- like), although it managed to post strong market share positions—its consumer Store visit 14 division claimed a 29% share in the region in 2013. L’Oréal Paris, Madrid A better Europe would certainly make a difference to many companies, given the years of crisis the region has come through. However, any growth in Europe should be put into perspective—it would be coming against years of a flat or negative market, or paltry increases. In addition, any growth in the region is likely to stem more from rising prices rather than increases in volume. Meet the BW Confidential Oonagh Phillips team at: Editor in Chief [email protected] l Duty Free Show of the Americas, Orlando, March 9-12 l Make Up in Seoul, March 13-14 l Esxence, Milan, March 20-23 l In-cosmetics, Hamburg, April 1-3 l Cosmoprof, Bologna, April 2-7 l Luxe Pack Shanghai, April 16-17 News roundup At a glance... n L’Oréal buys back 8% of its capital from Nestlé; 2013 sales up 2.3% n Douglas shareholders approve Nocibé acquisition The buzz n Avon signs deal with Korres in Latin America n Coty inks fragrance deal with Vespa n B&B Capital Partners acquires Aromatherapy Associates n Marionnaud ceo William Koeberlé to leave retailer n Estée Lauder names Guillaume Jesel global head of innovation n Aveda founder Horst Rechelbacher passes away Stay informed with our daily news headlines on bwconfidential.com Strategy French group L’Oréal is buying back 8% of its share capital from food group Nestlé, a move that will be partly financed by the sale of its 50% stake in Swiss dermatological pharmaceuticals company Galderma (a 50/50 joint venture between Nestlé and L’Oréal) to Nestlé. Nestlé will pay for the disposal of Galderma for an enterprise value of €3.1bn using 21.2 million L’Oréal shares. For the remaining 27.3 million shares, L’Oréal will pay €3.4bn in cash. The buyback will not require the disposal of Sanofi shares held by L’Oréal. The share buyback means Nestlé’s share in L’Oréal will fall from 29.4% to 23.29% and that L’Oréal founding family Bettencourt Meyers’ share will increase from 30.6% to 33.31%. German perfumery chain Douglas, which has been in exclusive negotiations to acquire French chain Nocibé from current owner Charterhouse Capital Partners, has received approval from its shareholders to go ahead with the purchase. Nocibé operates 455 stores in France and is ranked third after Sephora and Marionnaud. Douglas is currently ranked fourth in the French market. Following the acquisition, the combined network will total 625 stores. US-based Coty Inc has signed a fragrance license with Piaggio Group, maker of the Vespa scooter. Coty will launch a duo of fragrances for men and women under the Vespa name in May. Direct seller Avon has inked a deal with Greek skincare brand Korres to manufacture and market the company’s products in Latin America. This long-term partnership includes all major markets where Avon operates in Latin America, and provides Avon with the option of purchasing all of the intellectual property rights to Korres products in the region. B&B Capital Partners, an investment fund created by UK group Alliance Boots in September 2013, has acquired UK brand Aromatherapy Associates from investment company Optivi Limited. The brand markets its bodycare and skincare in 40 countries. n n n www.bwconfidential.com - February 20-March 19, 2014 #88 - Page 2 CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL News roundup n n n Results French group L’Oréal saw sales reach €22.98bn in 2013, an increase of 2.3% or +5% on a like-for-like basis. Profitability reached a “record level” according to ceo Jean Paul Agon, with net profit up 3.2% to €2.96bn. The buzz The group’s Luxe business saw one of the best growth rates of all divisions, with sales up 5.3% (+6.8% like-for-like) to €5.87bn, thanks to a solid performance from Lancôme especially the La Vie est Belle fragrance, which the group claims now ranks in the top- four globally, and to strong growth from the brand’s skincare lines. Skincare sales for the division were up 10%. Armani also put in a good year, with sales up 8.3%. Its Sì fragrance now ranks in the top five in Europe. The consumer products division saw sales rise 1.5% (+4.9% like-for-like) to €10.87bn. The division had a good year in Western Europe, where it now claims a market share of 29%, while in North America the business was affected by the market slowdown and an adjustment in retailer inventories. The division said its share of the North American market is now 19.8%. The professional division’s sales fell 1% (+2.1% on a like-for-like basis) to €2.97bn, while the active cosmetics division saw sales increase 4.9% (+7.8% like-for-like) to €1.6bn. By region, the business in Western Europe remained difficult, with sales up by just 1.1% (+1.9% like-for-like) to €7.48bn. North America sales were up 2.8% (+3.8% like-for-like) to €5.36bn in a disappointing market. L’Oréal estimates that the North American market only grew by 2.6% last year. Asia Pacific sales were up by 2.2% (+8.4% like-for-like) to €4.38bn. The group said that apart from South Korea, the region is dynamic, despite slower growth in China and India. L’Oréal’s sales in China were up by 10%. Agon called the move to stop selling mass brand Garnier in the country a good business decision. “Garnier never made a breakthrough in the market. It was a small brand and lost money, so we decided to close it, and this was also because we had the acquisition of Magic in sight,” he explained. L’Oréal estimates that the Chinese market grew by 7% last year. BW Confidential L’Oréal predicts that the beauty market will grow by between 3.5% and 4% in 2014. 4 avenue de la Marne 92600 Asnières sur Seine, France [email protected] Tel: +33 (0)1 74 63 49 61 Fax: +33 (0)1 53 01 09 79 Beauty group Coty reported sales of $1.32bn in the second quarter of its fiscal year, a www.bwconfidential.com ISSN: 2104-3302 decrease of 4%, while operating income was down 35% to $143.5m, and net income Publisher: Nicolas Grob fell by 33% to $82.5m. According to the company, sales in mature markets were Editorial Director: Oonagh Phillips [email protected] impacted by the under-performing mass fragrance and nail categories, in addition to high Deputy Editor: Alissa Demorest [email protected] levels of discounting in the US over the end-of-year holidays. Editorial Coordinator & Assistant: The group’s emerging-markets business posted growth of 6% in the period, with strong Darlene Lim [email protected] sales in Brazil, Southeast Asia and South Africa. Contributors: Tina Clark, Alex Wynne, Renata Ashcar, Mayu Saini, Raphaëlle Choël, Corinne Blanché Subscriptions 1 year: electronic publication (20 issues) + Luxury-goods group Hermès reported sales of €3.75bn for 2013, a 7.8% increase on print magazine (4 issues) + daily news: €499 last year. At constant exchange rates, sales were up 13%. The perfumes business saw a or US$699 [email protected] sales increase of 15% at constant exchange rates, and the company highlighted the good Advertising [email protected] reception of its women’s fragrance Jour d’Hermès, and sustained growth of men’s line BW Confidential is published by Noon Media 513 746 297 RCS Nanterre Terre d’Hermès. Copyright © 2014. All rights reserved. Given the strong sales performance at the end of 2013, Hermès expects its operating Reproduction in whole or in part without permission is strictly prohibited. margin to be slightly above its all-time high of 32.1%, achieved in 2012. www.bwconfidential.com - February 20-March 19, 2014 #88 - Page 3 CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL News roundup n n n Brazilian direct-sales company Natura reported net sales of R$7.01bn (US$2.89bn) in 2013, up 10.5% over the previous year. EBITA reached R$1.61bn (US$664m) for the period, an increase of less than 1%.
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