Tophow the World’S100 Largest Beauty Companies Fared During COVID-19

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A SPECIAL EDITION OF

THE 2020 BEAUTY

TOPHow the World’s100 Largest Beauty Companies Fared During COVID-19

LEAD TIME NICOLAS HIERONIMUS TAKES THE REINS THE BRAINS AT L’O R É A L BEHIND SKIN CARE’S HOTTEST BRAND

SHEENA YAITANES FINE-TUNES HER CREATIVITY

PREDICTING THE FUTURE OF WELLNESS

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Yaitanes photograph by Rozette Rago; Rosier by Hugo Veuillet; Flower by Rosa Sawyers

BEAUTY INCTOP 100

For New year analyzes thenewof metrics WWD ISAREGISTERED TRADEMARK countries thathave emerged stronger. the companies, of WWD Beauty Incquantifies theimpact the world’s largest beauty companies, other. The year2020 On 16 FEATURES meditation andinspiration. playing thepianoprovides equalparts For 50 love fused her Self-taught perfumerMaya Njiehas 15 worldof what’s next intheever-expanding From 14 Beauty IncGreatest vote. by as chosen The top indies intheskincare sector, 13 impactof As UPS ANDDOWNS 12 momentum showsof nosigns And withthenew cropof categories duringthepandemic. Fragranceof hasbeenone 10 positive he’s afast learner. Bader, beauty whenhecofounded Augustinus Charles Rosier may have beennewto 6 DEPARTMENTS of his view to Beauty Incfor anexclusive interview CEO, create natural proclivity for storytellingto reveal world’s biggest beauty company —and OF FRAGRANCE A NEWCHAPTER 25 theglobal pandemic andanalyzes share hisvisionfor thefutureof

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ALL RIGHTS RESERVED. Beaver Creek, Penske Business Media, Rich-Hill, PRINTEDIN THE U.S.A. ONL4B4R6. Maya perfumer Where memory meets product for development LLC. TABLE OF self-taught 15 POSTMASTER: SEND ADDRESS CHANGESTO PRINCIPAL VOLUME 216, Njie. CONTENTS 475 OFFICE: NO2. the wellness category. Inside thefutureof 14 nextfor celebs andwhat’s talks start-ups, Charles Rosier 6 buzziest brand. , Ave, Fifth 23, April skin care’s New York, 2021.

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3 4/14/21 1:11 PM EDITOR’S LETTER

JENNY B. FINE EXECUTIVE EDITOR, BEAUTY JENNIFER WEIL EUROPEAN BEAUTY EDITOR ALLISON COLLINS SENIOR EDITOR, BEAUTY ALEXA TIETJEN PRESTIGE BEAUTY AND DIGITAL EDITOR RYMA CHIKHOUNE STAFF WRITER, BEAUTY JAMES MANSO JUNIOR BEAUTY REPORTER

JAMES FALLON EDITORIAL DIRECTOR, FAIRCHILD FASHION MEDIA PETE BORN EDITOR AT LARGE, WWD

CONTRIBUTORS TIFFANY AP (HONG KONG) SAMANTHA CONTI (LONDON) BOOTH MOORE (LOS ANGELES) SANDRA SALIBIAN (MILAN)

COPYDESK MAUREEN MORRISON-SHULAS COPY CHIEF DANIELLE GILLIARD, DEANNA MARTIN COPY EDITORS

ART DEPARTMENT JESSICA SARRO ART DIRECTOR UNSTOPPABLE TESS DONLEVIE, PHEANNY PHEN DESIGNERS PHOTO ICOLAS HIERONIMUS JOINED L’Oréal in 1987, three years after the JENNA GREENE VISUAL MEDIA DIRECTOR JILLIAN SOLLAZZO SENIOR VISUAL MEDIA EDITOR group became the top-ranked company in WWD’s annual survey of ALEXANDRA BANDONI ASSOCIATE VISUAL MEDIA EDITOR beauty’s largest manufacturers by global sales. GEORGE CHINSEE, LEXIE MORELAND PHOTOGRAPHERS Since then, L’Oréal has steadfastly occupied the top spot — and ADVERTISING AMANDA SMITH PRESIDENT, FAIRCHILD MEDIA GROUP Hieronimus has methodically worked his way up to the very highest SANDI MINES ASSOCIATE PUBLISHER, FAIRCHILD MEDIA GROUP echelons of the company. On May 1, he will become chief executive ASHLEY FARADINEH DIRECTOR OF OPERATIONS SUE JIN LEE DIRECTOR, PARTNERSHIPS & AUDIENCE MANAGEMENT officer of the French giant, charged with maintaining the group’s growth KATE WALKER DIRECTOR, SPONSORSHIPS JENNIFER PETERSEN DIRECTOR, FASHION & LUXURY trajectory in one of the most challenging times in the history of the business. Among ELISABETH SUGY RAWSON EUROPEAN DIRECTOR Nhis tasks: Keeping L’Oréal’s momentum in China while stimulating growth in mature KATE WALKER DIRECTOR, SPONSORSHIPS SARA PREMTAJ INTEGRATED MARKETING & DIGITAL SALES PLANNER markets and reenergizing key categories like color cosmetics in the U.S., all the while EMANUELA ALTIMANI SENIOR SALES COORDINATOR continuing to drive digital and sustainability efforts in a world rocked by the pandemic DIGITAL/MARKETING/CREATIVE SERVICES and social justice movements. STEPHANIE SIEGEL VICE PRESIDENT, SALES & MARKETING LAUREN-ASHLEY SPENCER SENIOR MANAGER, INTEGRATED MARKETING Those who have worked closest with him say he is more than up to the task, describing CASS SPENCER CREATIVE DIRECTOR, MARKETING him as a quick thinker, keen competitor and team player able to rally people round a YENI CHO, ALINA REYNOSA MARKETING DESIGNERS

shared strategy. PRODUCTION Before the most recent lockdowns in France, European beauty editor Jennifer Weil KEVIN HURLEY PRODUCTION DIRECTOR ANNE LEONARD PRODUCTION MANAGER sat down with Hieronimus for an exclusive interview since being named to the role. He PREPRESS PRODUCTION talked about the forces that have shaped his career, the impact of the last year on his THERESE HURTER PREMEDIA SPECIALIST strategic vision and what’s next. Turn to “Writing a New Chapter” on page 16 for the FAIRCHILD LIVE full report. MARY ANN BACHER EXECUTIVE EDITORIAL DIRECTOR While L’Oréal has retained its top spot in the 2020 Beauty Inc Top 100, this year’s ranking is anything but business as usual. Not surprisingly, the coronavirus pandemic and FAIRCHILD PUBLISHING LLC IS A DIVISION OF PENSKE MEDIA CORPORATION resulting lockdowns and store closures took a toll on most businesses, with 59 percent JAY PENSKE CHAIRMAN & CEO of the companies posting decreases and total sales for all companies combined down 6.6 percent to $212.59 billion. And yet, there were bright spots and some big winners GERRY BYRNE VICE CHAIRMAN GEORGE GROBAR CHIEF OPERATING OFFICER — Natura entered the top 10 for the first time, while L Brands shot to the number six SARLINA SEE CHIEF ACCOUNTING OFFICER CRAIG PERREAULT CHIEF DIGITAL OFFICER position thanks to a surge in hand sanitizer sales. The complete list starts on page 25. TODD GREENE EXECUTIVE VICE PRESIDENT, BUSINESS AFFAIRS & The skin care brand Augustinus Bader has not yet made our list of the 100 biggest CHIEF LEGAL OFFICER MARK HOWARD CHIEF ADVERTISING AND PARTNERSHIPS OFFICER beauty manufacturers — but with sales of $70 million in just three years, one can PAUL RAINEY EXECUTIVE VICE PRESIDENT, OPERATIONS & FINANCE envision it in the ranking sooner rather than later. And while cofounder and former TOM FINN EXECUTIVE VICE PRESIDENT, OPERATIONS & FINANCE DEBASHISH GHOSH MANAGING DIRECTOR, INTERNATIONAL MARKETS financier Charles Rosier, the subject of this issue’s Master Class, has no prior experience JENNY CONNELLY SENIOR VICE PRESIDENT, PRODUCT & TECHNOLOGY JUDITH R. MARGOLIN SENIOR VICE PRESIDENT, DEPUTY GENERAL COUNSEL in the industry, he hasn’t let that stop him. “The lack of knowledge of the complexity KEN DELALCAZAR SENIOR VICE PRESIDENT, FINANCE of the beauty industry was an advantage,” said Rosier, “because there was no barrier to LAUREN UTECHT SENIOR VICE PRESIDENT, HUMAN RESOURCES NELSON ANDERSON SENIOR VICE PRESIDENT, CREATIVE ambition.” And, as Nicolas Hieronimus would no doubt agree, the ambition to win is key. RACHEL TERRACE SENIOR VICE PRESIDENT, LICENSING & BRAND DEVELOPMENT ABBY KAGLE VICE PRESIDENT AND ASSOCIATE GENERAL COUNSEL ADRIAN WHITE VICE PRESIDENT AND ASSOCIATE GENERAL COUNSEL ANNE DOYLE VICE PRESIDENT, HUMAN RESOURCES BRIAN LEVINE VICE PRESIDENT, REVENUE OPERATIONS BROOKE JAFFE HEAD OF PUBLIC AFFAIRS & COMMUNICATIONS CHRISTINA YEOH VICE PRESIDENT, TECHNICAL OPERATIONS CONSTANCE EJUMA VICE PRESIDENT, SEO FRANK MCCALLICK VICE PRESIDENT, GLOBAL TAX GABRIEL KOEN VICE PRESIDENT, TECHNOLOGY GERARD BRANCATO VICE PRESIDENT, PMC DIGITAL ACQUISITION JACIE BRANDES VICE PRESIDENT, PORTFOLIO SALES JERRY RUIZ VICE PRESIDENT, ACQUISITIONS AND OPERATIONS JONI ANTONACCI VICE PRESIDENT, PRODUCTION OPERATIONS Jenny B. Fine KAREN REED VICE PRESIDENT, FINANCE @jennybefine MARISSA O’HARE VICE PRESIDENT, BUSINESS DEVELOPMENT MIKE MONROE CMO, HEAD OF PMC STUDIOS MIKE YE VICE PRESIDENT, STRATEGIC PLANNING & ACQUISITIONS NICI CATTON VICE PRESIDENT, PRODUCT DELIVERY NOEMI LAZO VICE PRESIDENT, CUSTOMER EXPERIENCE & MARKETING OPERATIONS YOUNG KO VICE PRESIDENT, FINANCE ANDY LIMPUS ASSOCIATE VICE PRESIDENT, TALENT AND RECRUITING BRIAN GARCIA ASSOCIATE VICE PRESIDENT, HUMAN RESOURCES EDDIE KO ASSOCIATE VICE PRESIDENT, ADVERTISING OPERATIONS GURJEET CHIMA ASSOCIATE VICE PRESIDENT, INTERNATIONAL MARKETS KARL WALTER ASSOCIATE VICE PRESIDENT, CONTENT AMIT SANNAD SENIOR DIRECTOR, DEVELOPMENT DEREK RAMSAY DIRECTOR, PRODUCT MANAGEMENT LAURA ONGARO DIRECTOR, LICENSING & BRAND PARTNERSHIPS 4 WWD BEAUTY INC

April BINC EdLetter.indd 1 4/13/21 11:57 AM Untitled-1 1 3/22/21 4:27 PM BEAUTY BULLETIN MASTER CLASS A NOVICE NO MORE A neophyte to the beauty industry when he started, Charles Rosier has quickly shepherded Augustinus Bader through a period of explosive growth. BY JENNY B. FINE

CHARLES ROSIER WAS working in finance when a mutual friend who knew of his interest in biotech and medicine introduced him to Augustinus Bader. Rosier had heard of Bader’s groundbreaking research in wound healing, and was interested in helping to finance the research. The thought of launching a beauty business hadn’t occurred to him. But as he likes to tell it, Rosier had an epiphany that evening — and envisioned potential applications for Bader’s work that extended it beyond the medical realm. The rest is skin care history: With an irresistible origin story and starry cadre of celebs who praised its efficacy, Augustinus Bader has become one of the fastest-growing brands in beauty. Last year alone — during the teeth of the pandemic — sales tripled to $70 million and The Cream and Rich Cream were voted the top skin care product in a poll of more than 300 beauty industry insiders Charles Rosier in his Paris office. conducted by Beauty Inc earlier this year.

You were an investment banker for more than before you launched the brand. Was that a For the launch, you leveraged some Hollywood 15 years — how did you get into beauty? help or a hindrance? connections — Melanie Griffith and Don I didn’t know anything about the industry on A help at the beginning, because it gave me the Johnson notably in the beginning — but there a professional basis. Of course, I use skin care faith to believe it was doable. Maybe if I had is a lot of celebrity beauty right now. What and I have two sisters and a mother, so I was worked in the industry before, I would have enabled you to cut through all of that noise? familiar with brands, but more from an outsider understood how tricky it is. It is very competitive It wasn’t celebrity endorsement in the sense of perspective. Before my dinner with Augustinus, I and it requires significant budget to have a voice. simple endorsement. It was a small investment saw the picture of how his wound gel regenerated Having a great product is not enough. partnership on their behalf. Their daughter is burned skin, and I thought, how can I finance the When I started this project and decided to put Dakota Johnson, who knows people. Melanie research? My brain at dinner went into burned all of my savings into financing the first year and knows people. Don knows people. They have a skin — why not skin care? At dinner, I asked him, a half of existence, I was convinced that if you circle. It is talking about something with passion. can you do an anti-wrinkle cream that works? It have the right product and the product is really Melanie tried the product and saw the impact on was an instant pragmatic thought about how we special and superior to the competition, you her skin. She was a true believer. It was not like a could fund his research. After I threw the concept would be successful, but it is more complex than paid endorsement. on the table, it took me two years to convince him that. The lack of knowledge of the complexity of Melanie and Don were able to get the word to take it seriously. the beauty industry was an advantage, because out in Hollywood because they saw the impact Professionally, the idea of becoming an there was no barrier to ambition. of the product on their skin. They were gifting lab entrepreneur was fascinating for me. I admire Over the last few years, I’ve been asked to samples to other people who were experiencing the capacity to build something from scratch and sit on boards of investment firms and I’ve seen the same effect. It wasn’t a favor — it was people I have also always been passionate about medical how beauty is becoming a hot commodity for who believed it. science and research. I nearly studied medicine. investors. It is not to be humble, but I’m not sure Melanie also gifted the cream to a person who So this project makes a lot of sense to me. there is a recipe for success. If you start from zero, is a good friend of A-list actors and actresses your chance to exist is not so high. I think a lot of and goes to their home every two weeks to give a You knew very little about the beauty industry our success is due to the product. vitamin drip. Because people didn’t see her for 

6 WWD BEAUTY INC Photograph by HUGO VEUILLET

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this 200 percent growth range. As CEO, I am There are a lot of limitations in cosmetics Earlier this year, Augustinus Bader introduced a vegan reformulation frustrated sometimes to not be able to keep up regulations that limit the nature and activity of its bestselling product. with demand, but that is part of growth and also of ingredients. It will be interesting to see how 2019 and COVID-19. cosmetics regulations evolve. Maybe you will have more natural bridges between the two worlds, Despite the challenges of the pandemic, but otherwise, the progress that will be made in you had a super robust launch year in 2020. biotech might not be able to be made in cosmetics. What’s the vision for building out the brand? But we live in a world where things move so fast Unlike classic companies with strict launch — for sure, we will see more and more bridges. sequences linked to marketing and what they consider optimal timing, we launch when the How have you structured the team? product is ready and the only criteria is that the What’s your leadership style? product needs to be a hero, i.e., the best in its I try to focus on the topics where I think I can category in terms of its efficacy and cleanness bring value. I think a CEO should be a leader of formula and long-term effectiveness. When in vision and direction, but you also need to be I think we can bring to market something that involved with the team, brainstorm with them, adds to the conversation, then we launch. work as hard as they do. I don’t believe in pure We have built the identity of Augustinus Bader managers, especially in a start-up environment. through the quality of The Cream. The people It is a luxury. There shouldn’t be a hierarchy. I who use the product see a positive impact on love the concept of partnership, that people feel their skin. We can’t compromise with that. empowered, proud of the company. We want all In terms of strategy, I don’t think we will have of our employees to become shareholders and 120 or 200 references. We want to be a lot more we want to have a big part of our success in an curated, but we want to also satisfy the routine environment where people feel the success of of a consumer. The normal steps of a skin care the company is their success. Trying to build routine should be available at Augustinus Bader, a partnership structure is essential to any two weeks they could see an impact on her skin. but not more than that. successful culture. She became a walking ambassador. That is the It’s also important to build out the line for retail. type of thing you can’t organize or forecast. We had conversations with a distributor in South What was your first job? What did you A big success of the growth of the company Korea, and because we only had two references, learn from it? has been word of mouth — whether Hollywood they weren’t interested. As a brand, it was hard for I was a waiter on the Bateaux Mouches. I or amongst retailers or beauty editors. It was us to exist in certain countries — especially APAC learned about pressure — and working hard all organic, not because we had a huge budget — with two references. Culturally it is too far from and networking. I was 19 and it was a summer to get the word out. When you read an article their model. Visually you don’t exist. job, and so far from anything I had experienced and it is a testimonial from a journalist about Lastly, we want to be present at five-star before. There is a Disney aspect to the Bateaux her own experience, it resonates differently hotels and spas and medical spas. They want to Mouches in that there is an underground world than a fake post. When the journalist’s brand a treatment under a certain identity, so by with the kitchens and servers and everyone testimonials started to kick in, that created building out the lime, we are creating steps that running up and down. Early on there, you need the growth of brand awareness. are a part of the minimal routine of some people to find mentors. You have to network and build and also what you would expect from a facial or relationships that make you liked by the most Did the immediate success surprise you? spa treatment. successful teams so you can optimize your tips. No — because I was convinced the right product would create the right reaction. There is a How is the business doing in China? As you said before, you’re involved with medical side to what we do and to translate this We are cross-border commerce in China. We’ve the investor community and know better know-how into creating a cosmetics product had a very good performance there. We are than anyone how hot beauty is. How do was not necessarily obvious. The fact that the beginners when it comes to China. We’re looking you think about an exit? prototype and final cream had a positive impact at it closely and analyzing the different models I don’t want to think about it because I think it on skin health and contributed to it working in of growth and development, but the brand would make us manage the company differently an optimal way was confirmed by the reaction recognition that we see today in the U.S. and and I don’t think that is the right thing for the and endorsement. It was a testimonial that people Europe — cross border doesn’t give you that. We business. We don’t want to make decisions based who have access to every product recognize that are ambitious and want to think we can replicate on optimization of profit or what the balance it is special. our success in China — but that’s not for today yet. sheet looks like to an investor or how to make the balance sheet look good in three years, because in Were you set up to scale so quickly? What How do you see the future of biotech three years we want to exit. were the primary challenges in the early days? impacting beauty? We just celebrated our third anniversary, which We were not set up to scale so quickly. We’ve had The consumer is looking for clean formulas, is amazing. We are approached a lot by investors, a lot of out-of-stock situations since the inception i.e., nothing toxic or harmful in the medium- or and I guess maybe if you are an entrepreneur and of the company. Even recently, when we launched long term, and efficacy. The research in biotech you have been fighting or pushing for six, 10 years our lip balm, we produced big quantities thinking can be a source of ideas and development. By you are tired. But after three years, we’re still full we had a 30 percent buffer and the success was definition though, a skin care formula cannot of energy and passionate about what we do. bigger than we thought. We are fortunate to have have pharmaceutical types of active ingredients. We are not in the mind-set of exit. ■

8 WWD BEAUTY INC

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Untitled-3 1 4/8/21 3:26 PM BEAUTY BULLETIN SHELF LIFE

ON THE RIGHT SCENT After fragrance gave prestige beauty a much-needed infusion at the end of 2020, brands are going all-in on the category. BY JAMES MANSO 5 Fragrance was a bright spot 4 in beauty sales during the pandemic, and marketers are looking to maintain the momentum with a slew of launches for spring. “Since August, fragrance has had positive monthly dollar performance. It’s been a rebound,” said Larissa Jensen, vice president of beauty at the NPD Group. Scent’s power players are taking the category’s blossoming literally — many have an intensely floral bent. Here, the newest.

2 1. LOUIS VUITTON ON THE BEACH EAU DE PARFUM, $265. 1 Louis Vuitton took inspiration from the California coast for its latest fragrance, which also boasts an Alex Israel-designed gradient flacon.

2. JO MALONE RED HIBISCUS COLOGNE INTENSE, $198. 6 A unisex piece of Jo Malone’s Blossoms collection, Red Hibiscus accompanies several perfume and body mists, and is the first of the 3 Blossoms series to be categorized as Cologne Intense.

3. BULGARI DOLCE ESTASI EAU DE PARFUM, $230. With five scents, Bulgari’s new customizable Allegra collection straddles medium-high and extremely high price points. Estasi features notes of heliotrope and musk.

4. CARTIER PURE ROSE, LES ÉPURES DE PARFUM, $275. Cartier’s in-house perfumer, Mathilde Laurent, combined notes of rose thorn and the blossom itself to recreate the flower as accurately as possible.

5. PARFUMS DE MARLY DELINA LA ROSÉE, $295. Delina La Rosée couples Turkish rose with vetiver and bergamot to add depth to the classic rose.

6. ESCADA CANDY LOVE, $84. Coty’s newest fragrance pillar for Escada, Candy Love, has candy apple top notes, rose centifolia heart noes, and a base of vanilla whipped cream.

10 WWD BEAUTY INC Photograph by LILIA CRETCHER

April BINC Beauty Bulletin.indd 10 4/12/21 8:10 PM SHELF LIFE BEAUTY BULLETIN

DOWN TO EARTH 1 On the other side of the fragrance spectrum, new launches include fresher, bolder and woodsier scent profiles. BY JAMES MANSO 2 Fragrance brands’ other new 4 offerings aren’t coming up rosy. Grassier, woodier and smokier notes are also very much in play this season.

1. MCM EAU DE PARFUM, $95. The first product of the label’s agreement with Inter Parfums, MCM’s new scent is its largest launch to date.

2. BYREDO MIXED EMOTIONS, $265. After a big year for Byredo — including the launch of makeup and 6 a collaboration with rapper Travis Scott — the brand is introducing Mixed Emotions to its lineup.

3. SISLEY-PARIS IZIA LA NUIT, $278. After its wildly successful go at hair care, Sisley-Paris is now prioritizing fragrance: Its latest scent, Izia La Nuit, is its priority 3 launch for the first half of 2021.

4. ATELIER COLOGNE LEMON ISLAND, $142. Atelier Cologne’s latest is not only 92 percent natural origin ingredients, but ethically sourced. Production of the materials on the island of Rodrigues employs 260 lemon growers.

5. DIPTYQUE ORPHÉON EAU DE PARFUM, $188. Diptyque is celebrating its 60th anniversary — and last year’s 7 home fragrance sales gains — with 5 Orphéon, named for a nightclub of the same name adjoined to the first Diptyque boutique in Paris.

6. MAISON CHRISTIAN DIOR TOBACOLOR, $250. Dior’s newest addition to its boutique-exclusive luxury line has notes of rainbow tobacco and cool narghile.

7. OSCAR DE LA RENTA ALIBI EAU DE PARFUM, $98. Oscar de la Renta’s newest perfume is the first designed by co-creative directors Fernando Garcia and Laura Kim, and is the first salvo in a bigger push for beauty for the brand.

Photograph by LILIA CRETCHER WWD BEAUTY INC 11

April BINC Beauty Bulletin.indd 11 4/12/21 8:10 PM BEAUTY BULLETIN MONEY INC ASSESSING THE UPS AND DOWN Beauty brands posted sales dips during the coronavirus pandemic, but analysts looked at other things to determine overall corporate health. BY ALLISON COLLINS

BY THE NUMBERS, 2020 was a murky year. Analysts who normally look at figures and craft corporate predictions found that in the midst of the global coronavirus pandemic, numbers weren’t telling the whole story. Sales at many companies, including major players like L’Oréal and the Estée Lauder Cos. Inc., slid downward. Shutdowns negatively impacted consumer spending in beauty, and the lifestyle changes demanded by COVID-19 meant that for many, buying makeup remained low on the priority list. For some businesses that posted gains, including L Brands and P&G Beauty, those upticks were driven by nontraditional categories — hand sanitizer and soap, respectively — for example, went from online sales of about We’ve gotten used to it, and we want it,” she said. as people prioritized cleanliness over all else. 12 or 13 percent to e-commerce sales between As far as the numbers, go, analysts focused on For the Wall Street community, the pandemic 30 to 33 percent, Astrachan said. market share gains and losses and evaluating meant assessing things a little differently. In For beauty companies, keeping up with those companies in comparison to their peers. addition to looking through beauty’s numbers, rates is crucial. “We’re trying to strip out, are you “It’s best to look at market share and relative which in mid-2020 were universally bad, analysts gaining share, or are you not? Are you keeping up performance,” Astrachan said. paid attention to how quickly companies with the industry pace on e-commerce? That has Comparing company gains or losses to the pivoted and how successfully businesses were implications for profitability,” Alwy said, noting overall category, or to corporate peers, was also able to drive e-commerce sales. As the world that it’s more profitable for companies to sell a key tactic. “If overall beauty sales are down by hopefully emerges from the pandemic, they said online than to sell in traditional retail channels. 10 percent, if a retailer is down by 5 percent, really, those factors will continue to play important Some analysts are looking beyond the numbers it’s performing better than average,” Saunders said. roles in their analyses — and that most beauty into services and offerings. Neil Saunders, managing Going forward, analysts will continue those corporations navigated COVID-19 well enough director of GlobalData Retail, said he was looking to types of comparisons, and as 2021 numbers come to come out the other end in strong positions. evaluate: “how businesses had adapted to the new out, will compare them to 2019 figures, they said. “It’s viewed as a temporary setback in realities of trading, how quickly they’d done that, “Will we return to 2019 levels or has there been general, but in some ways, it’s accelerated the how effectively they’d done it and how they served permanent change to consumer use case [with] transformation for many companies that may customers through different channels,” he said. work from home, etc., attitudes, and therefore have previously relied on department stores or He also looked at leadership teams to see if demand?” Wissink asked. more traditional brick-and-mortar channels,” they were making calculated changes, or having “The next few months are going to be really said Faiza Alwy, analyst at Deutsche Bank. “knee-jerk” reactions, he said. critical. It’s at the point where potentially red “It helped leapfrog the industry to a better place.” Steph Wissink, an analyst with Jefferies, agreed flags may emerge [if] you’re not growing in line Part of that jump was the acceleration of online that leadership has been a key factor during the with everyone else,” Alwy said. sales, which analysts paid close attention to pandemic. “How did companies respond, how “What gave me confidence about companies during a year with temporary store closures did they communicate with their consumers and was how they were performing before the and dismal foot traffic. employees, did they deepen trust or erode it, did pandemic,” said Saunders, who noted that the “I want to see digital — major digital change. they make business decisions to protect the business, pandemic has been disruptive, but hasn’t pushed It’s never going to go back to what it was before conserve cash and redefine their short-term strategy strong companies “over the edge.” traffic wise,” said Jane Hali, chief executive for an elongated period of time?” she said. “What it’s done is pushed those weaker officer at investment research firm Jane Hali & Successful firms operated with the customer companies over the edge,” he said, giving the Associates. “I want to make sure that everyone at the center, and constantly innovated to keep up example of L’Occitane in the U.S., which filed is digitally proficient.” with the evolution of their needs, Saunders added. for bankruptcy in January in order to close stores. “Where does percent of online sales or total “We have conveniences now that we never had “Everyone is saying apparel is going to be digital e-commerce sales come out?” asked before,” Hali said. Beauty businesses needed to through the roof. No, I’m sorry — it was a Stifel analyst Mark Astrachan, who noted that pivot to curbside pickup, buy online, pick up in struggling category before the pandemic,” Hali globally beauty has gone from 10 to 15 percent store and convenient delivery offerings. “We’re said. “Will cosmetics go through the roof? No. It e-commerce to almost 30 percent. Ulta Beauty, going to expect that to continue. will be better, but it’s still going to have difficulty.”

12 WWD BEAUTY INC Illustration by MATTHEW BILLINGTON

April BINC Money Inc.indd 1 4/12/21 7:05 PM THE GREATEST BEAUTY BULLETIN INDEPENDENT

111Skin African Botanics Alpyn Beauty SPIRIT Founder: Dr. Yannis Founders: Craig and Founder: Kendra Last month, Beauty Inc unveiled the top-voted skin Alexandrides Julia Noik Kolb Butler

care products by leading industry insiders. Here, the Launched: 2012 Launched: 2012 Launched: 2018

indie brands that flooded the ballots. BY JAMES MANSO USP: All products are USP: African Botanics USP: Alpyn’s incepted by its founder gets its name from South botanicals are sourced based on the needs he sees Africa, where the founders in Jackson Hole, Wyo., WHEN BEAUTY INC SENT ballots to industry insiders asking them to vote in his London clinic, where have forged relationships Butler’s home and inspo. on the top skin care products, the common thread was clear: voters had the brand derives its name. with the land and people Hero product: creating its ingredients. strong opinions. In addition to the top 100, a subset of indie brands caught the Hero product: PlantGenius Melt attention of voters. Of the top 15, most are newcomers and many are woman- Y Theorem Repair Serum, Hero product: Moisturizer, $60 founded. Here, in alphabetical order, the indies that garnered the most votes. $350 Pure Marula Oil, $100

Biossance Black Girl Sunscreen Bolden Doctor Rogers Restore Josh Rosebrook KraveBeauty

Founder: Amyris Founder: Shontay Lundy Founders: Ndidi Obidoa Founder: Founder: Josh Rosebrook Founder: Liah Yoo

and Chinelo Chidozie Dr. Heather D. Rogers Launched: 2017 Launched: 2016 Launched: 2009 Launched: 2017

Launched: 2015 Launched: 2015 USP: The brand was USP: Black Girl Sunscreen USP: Rosebrook’s range is USP: The YouTube star’s one of the first to bring offers a range of vegan, USP: Bolden formulates USP: Dr. Rogers’ rooted in biomimetic and line offers a rebuttal to a sugarcane-derived cruelty-free, paraben- “skin tone-friendly” eponymous skin care herbal science, which is 12-step regimens with squalane to market. free, fragrance-free and products that meet the line offers allergen-free why the brand prepares all a tight edit of skin care reef-safe sunscreens that concerns of melanated skin alternatives to tried-and- of its own extracts for each heavyweights. Hero product: Squalane don’t leave a white cast on tones with clean formulas. true drugstore moisturizers. batch of products. + Vitamin C Rose Oil, $72 Hero product: deeper skin tones. Hero product: SPF 30 Hero product: Doctor Hero product: Matcha Hemp Hydrating Hero product: Black Girl Brightening Moisturizer Rogers Restore Healing Daily Acid Toner, $29 Cleanser, $16 Sunscreen SPF 30, $18.99 with Vitamin C, $28 Balm, $30

Nécessaire Nyakio Osea Sol de Janeiro Versed Wander Beauty

Founders: Founder: Nyakio Grieco Founder: Jenefer Palmer Founders: Camila Founder: Founders: Divya Gugnani

Randi Christiansen Pierotti, Heela Yang and Katherine Power and Lindsay Ellingson Launched: 2002 Launched: 1996 and Nick Axelrod Marc Capra Launched: 2019 Launched: 2015 USP: Inspired by Grieco’s USP: Each product boasts Launched: 2018 Launched: 2015 beauty secrets learned a blend of seaweed, USP: The brainchild of USP: Known for its USP: True to its name, from family members in essential oils and active USP: Inspired by the L.A.-based entrepreneur photogenic eye masks, Nécessaire takes an Africa, Nyakio is meant to botanicals. exotic locale of the same Katherine Power, Versed Wander Beauty specializes

essentialist angle on body bridge the gap between name, the brand brings debuted its clean lineup in clean, multitasking Hero product: Undaria care, and is considered heirloom rituals and Brazil’s sunny cultural of products in more than essential products in skin Algae Body Oil, $48 a pioneer of premium efficacious products. point of view to hair care, 1,800 stores in 2019. care and makeup.

products in the category. body care and fragrance. Hero product: Hero product: Hero product: Hero product: The Body Maracuja & Yangu Rescue Hero product: Brazilian Dew Point Moisturizing Baggage Claim Gold Eye Wash, $25 Oil, $40.49 Bum Bum Cream, $45 Gel Cream, $14.99 Masks, $25

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April BINC Greatest Indies.indd 1 4/12/21 7:27 PM BEAUTY BULLETIN WELLNESS WATCH

make it fit for you,” said Mia Rigden, board-certified nutritionist, chef, author and health coach. “We’ll see a lot more of that in skin care and beauty coming up.” Carolyn Barron, physician of East Asian medicine at Botanarchy Herbs and Acupuncture, is guided by gynecology, hormones and women’s health, and believes that using the menstrual cycle as a guide is here to stay. “Cycle syncing your seeds, your supplements, your daily activities, energetic output, or your workout feels like a big trend,” she said. As women continue to gain a deeper knowledge about their bodies, solutions pre-, during and post-pregnancy will focus on the importance of nutrients and food as medicine. “Prenatal vitamins are complex in terms of ingredients with a lot of misinformation,” said Carson Meyer, birth doula and founder of C & The Moon. For example, Meyer noted that a lot of prenatals contain folic acid instead of folate. “About 6 percent of women have a gene mutation that doesn’t allow their body to methylate the folate properly,” she said, “so they’re not getting the proper nutrients to combat folate deficiency.” In terms of ingredients, mushrooms are furthering their reach beyond reishi in skin care and chaga in coffee. “Mushrooms can be used for conditions like diabetes, chronic pain, chronic fatigue, autoimmune issues and weakened immunity,” Barron said. “There are doctors that are working with laboratories to isolate bioactive compounds and mushrooms for pharmaceutical A HEALTHY OUTLOOK use. People are trying to standardize the magic and the medicine. There are supplement brands that are From mushrooms to mitochondria, the future of beauty can be found creating templates for psilocybin businesses once in cutting-edge health and wellness developments. BY JAYME CYK that opens up. The money and the infrastructure are there and waiting for the laws to pass.” THE IMPACT OF wellness on beauty is undeniable, health and addressing chronic symptoms,” Kim Trendalytics reported that mushrooms were and its swath is broad. said. “We’ll get a little bit more specific and look at featured in its top 100 trends for 2021 and are According to the Global Wellness Institute, the individual genetic mutations and how that affects continued to keep growing. wellness economy spans 11 sectors; within that, everything from acne to PMS to cancer history Barron added that she has created blends of the personal care, beauty and antiaging segment to Alzheimer’s. The only way skin care is truly medicinal mushrooms, elderberry and Chinese is estimated to be a $1.1 billion market, a figure customized is to look at your genes. That’s why you herbs for Ambarella Organics. The brand’s mission expected to increase as the connection between can’t just have data output through some computer is to get consumers back into the garden and be inner health and outer beauty strengthens. program and be able to fix your health.” more in alignment with nature, a trend that more “A wellness first approach to beauty will continue Erica Chidi, chief executive officer of LOOM, a and more practitioners are betting on when it to influence a range of product categories,” said well-being platform empowering women through comes to wellness and the beauty industry. Sarah Barnes, content marketing manager at sexual and reproductive health education, noted Meanwhile, in the U.K., The National Health Trendalytics. “Category lines are being blurred and that education and learning about the body is Service is aiming to prevent and tackle mental retailers like Sephora and Ulta are now stocking going to continue as consumers look to maintain health through prescribing nature outings. nontraditional beauty products and brands.” their health. “We’re encouraging women to “Consumers are taking things into their own hands So what’s next? To find out, Beauty Inc spoke make health education a hobby and lifelong instead of seeking outside of themselves for the to a slew of wellness experts and practitioners to learning about the body something that you do answers,” said Brianna Cherniak, certified herbalist. discover how the thriving category is evolving. for pleasure, empowerment and also for self- “The bottom line is that we are going to see a Personalized skin care companies made news a actualization,” Chidi said. huge upward trend of all things proactive and few years back when they launched with a series of A new brand called Veracity is putting this type of preventative wellness in all different categories,” said questions to prescribe a treatment product made model into place. Veracity uses at-home testing with Deepika Chopra, “ways to enhance our immunity, specifically for the consumer. But according to its Skin + Health Discovery Kit to provide insights happiness, mental stamina, pleasure, emotional Patti Kim, naturopathic doctor and acupuncturist, into the customer’s biochemistry by measuring well-being and endurance. Wellness is not a state of looking more closely at how the body detoxifies biofactors such as hormones and pH levels as key being but more so a state of living a healthy lifestyle. will be a gamechanger. “Focusing on mitochondria, indicators for greater health. “One size fits all doesn’t It’s an active process, an intentional way of living life which is the powerhouse of each cell, is really work for nutrition. You’ll see even dietary theories toward enhancing the quality and optimization of gaining awareness and becoming a bigger part of that are coming out about how to personalize it and our everyday and future experience.”

14 WWD BEAUTY INC Photograph by ROSA SAWYERS

April BINC Wellness-V2.indd 1 4/12/21 6:52 PM THE CREATOR’S CODE BEAUTY BULLETIN

for me in terms of the Scandinavian wilderness and my upbringing.” Inside the Mind

Her second fragrance riffs on Favorite object a snap of a family celebratory A hand-blown [citrus yellow] glass. There is this gathering, but this time with an glass blower called Michael indoor element. Ruh, and he makes these “I experimented with vanilla as a amazing things. His colors are incredible. I’ve been note,” she said. “I thought it fitted keeping my eye on him really well with the photograph and for a long time. the palette, because all of a sudden Favorite color it goes from primary colors into I love many colors, but something more kind of pastelly and I would say maybe green — warm. It changed the [Nordic Cedar] like a dark forest green or an Army green. It’s a color that formula completely. I’ve been wearing since ‘Then from that I worked with an I was young. It makes me inspiration from my grandfather’s feel safe and comfortable. apartment, a picture of him and my Favorite podcast sister,” Njie said. “It’s kind of brown Dear Joan and Jericha. It’s a comedy podcast written by and beige in its tones.” two female comedians, and it Njie’s grandfather was a stoker just makes me laugh. They’re and smoked a pipe. So she called the very rude, but also talk about all these stupid things in scent, with tobacco leaf and vetiver society that they can’t believe notes, Tobak. still exist but do.

Her fourth scent is Les Fleurs (“it’s A favorite artist MAYA NJIE AND HER really bright green, lush”) and the Jamil Shabazz, the fifth one, Tropica (“very much a kind photographer. I feel really inspired by his work, and he of sunscreen smell”), is based on covers quite a few decades ART OF FRAGRANCE her memory of going on holiday to — the ’70s, ’80s and ’90s tropical Gambia. — in New York. I always feel The self-taught perfumer works in a multisensorial something when I look at The genderless fragrances are his photographs. I can really fashion. BY JENNIFER WEIL sold internationally, including at get lost in his world. I also Liberty in the U.K.; Sniph in Sweden, really like architecture [such as Ricardo Bofill’s]. Maya Njie didn’t have the job of wallpaper, ceramics, homeware and Muse Experiences and Tigerlily That’s another area I like perfumer in mind while growing up and fashion. Perfumery in the U.S. to get lost in. in the industrial town of Västeras, “Whilst I was there, I took Njie’s other creations nod about an hour outside of Stockholm. inspiration from my old family to various other arts. “Music I But she was sensitive to scent. photographs a lot,” she said. “I’m half find really inspiring,” she said. Njie has a vivid memory of smelling Swedish, half Gambian, and I have “Sometimes it’s characters from CK Be for the first time, before this old photo album of pictures of something I’ve watched. It could be moving to London at the age of 19. my family before I was born. an imaginary person. Sometimes “I remember where I was, who was “It tells a traditional Scandinavian it’s people that I see on the street. wearing it,” she said. “I remember story, but with an African influence I can get inspired by somebody’s coming into the room, and I was just in there,” continued Njie, who would style, and it makes me want to create blown away. I knew I had to have visit Gambia every few years when something for them.” it and saved up. When I moved to she was a girl. “I’ve always been really Njie enjoys snapping documentary- London, my mom had some money drawn in by ’60s and ’70s fashion, style shots with her Nikon, although put aside for my first deposit and and decided to try and tell that story hasn’t been in a darkroom for a stuff. The first thing I did was go out through my designs. Then I started couple of years now. She color picks and buy one of those bottles. wondering if I could also tell an photos, like on her Instagram page, “It kind of set the tone,” Njie olfactory story alongside it. That’s which includes vintage car imagery. continued. “When I think about my how I started to experiment.” Njie is keen to explore first two, three years in London, I For her first scent, Nordic Cedar, multisensory avenues more. wore that fragrance.” she had in mind a photograph of “I’d like to be able to express technologies within that, having my The self-taught perfumer, still based her older sister as a child with three fragrance in multiple ways,” she said. fragrance translated into ink.” in London, often revisits the link women outside the tiny allotment One example is a project for 2022 that In collaboration with Scent Trunk, between fragrance and memories. summerhouse the family had. involves expressing one’s own take on Njie conceived a perfume after being Yet she started out as a visual artist. “It’s that feeling of being surrounded an old building through scent. given three elements to work with: “I’ve always been visually driven,” by the forests,” reminisced Njie, who Or it could entail working with the month of November, tree moss as she explained. mixed notes of cardamom (often other visual artists, such as those the key note and a place — Pelister As an adult, Njie returned to used in Swedish baking), cedar wood in film or fashion. “I like the Park in Macedonia. university to take a surface design and patchouli — among her favorite combination of paper and scent,” “Scent can be so much more than course, involving textile printing, olfactive notes. “It encapsulates a lot she said. “So I’m looking at different beauty,” Njie said.

WWD BEAUTY INC 15

April BINC Creators Code.indd 15 4/12/21 6:19 PM Writing Chaptera new On the eve of becoming L’Oréal’s sixth CEO, Nicolas Hieronimus lays out his strategic vision for guiding the world’s largest beauty company through one of the most turbulent times in history. by jennifer weil photograph by emmanuel fradin

icolas Hieronimus may have started his career at L’Oréal CEOs have long been fond of sports analogies, but whereas L’Oréal as product manager of a hairspray called Hieronimus’ immediate predecessors Jean-Paul Agon and Lindsay Invisible, but there’s been nothing inconspicuous Owen-Jones favored nautical metaphors, his conjure up images of team about his career. sports, usually of the soccer or football ilk. Hieronimus, who first joined the world’s largest Hieronimus is clearly confident, with a probing intellect and deep- beauty company in February 1987, is poised to take its seated curiosity that have enabled him to quickly master any subject reins as chief executive officer on May 1. He will be responsible guiding and set clear strategies. Nthe business through one of the most turbulent periods in history. In an exclusive interview with WWD Beauty Inc, Hieronimus shared Hieronimus’ rise through the ranks has been steady and notable — but his thoughts about the past, present and future as he prepares to lead talk to him about his achievements and it’s clear that he views himself L’Oréal. On this day, Hieronimus is relaxed, sitting in the company’s as only one small part of the success. Seine 62 building for the Selective Divisions in the Paris suburb of “I really believe in the power of the team and of the collective,” said Levallois-Perret, overlooking the river Seine. It’s where his office is for the 57-year-old die-hard sportsman — and fan. “No success can be just a short time longer, before he decamps to company headquarters achieved alone, and my role as a leader is to build the best possible in the nearby Clichy suburb. team and — keeping with the sports analogy — to put the best players Hieronimus might be taking on a new title, but little about being CEO in the best position for them. Then to give them the confidence, trust, should be unfamiliar to him, since he has been deputy CEO, in charge of empowerment and freedom to operate and leverage their skills.” divisions, working side-by-side with Agon, L’Oréal chairman 

16 WWD BEAUTY INC

April BINC CoverStory.indd 16 4/12/21 6:41 PM WWD BEAUTY INC 17

April BINC CoverStory.indd 17 4/12/21 6:42 PM With Jean-Victor Meyers, his wife Géraldine Hieronimus and Nicolas Meyers at an Yves Saint Laurent event in 2018.

“He is able to guess the evolution of the world, able to move the company very quickly to adapt.” — Jean-Paul Agon

nobody really knew what it meant,” CEO from 1957 to 1984: “Saisir ce

As a young executive at the Hieronimus said laughing. “But we qui commence” (or “seize what is launch of Garnier Aquavital. decided, as we do at L’Oréal, that starting”). we would get excited about it, and Agility and speed are also of and CEO, since May 2017. predecessor, who will become make it happen. The same around the essence, he said, and third Before starting in the role, chairman once the CEO-ship is sustainability, with the Sharing is the ability to rally the entire Hieronimus also worked closely transferred. The process follows a Beauty With All program. organization behind what Agon with Agon, as head of the group’s similar pattern as the prior CEO “So you know, as they say: called “this new adventure.” Selective Divisions, which includes handoff, between Owen-Jones and ‘Big shoes to fill.’ I’m both very If all such goals are met, “we’re the Professional Products, Active Agon. honored and also very happy to going to do miracles,” he said. Cosmetics and L’Oréal Luxe Agon succeeded Owen-Jones as continue working with Jean-Paul. “That’s why Nicolas is a fantastic Divisions, starting in 2013. He CEO in April 2006, and in March It’s fantastic, because I’ve worked person to become the new captain has been involved in each of 2011, Owen-Jones retired from his with him for many years. We get — he has these three strengths. the company’s transformational chairmanship and Agon became along very well, and continuing this “He is able to guess the evolution decisions since then. both chairman and CEO. relationship is a pleasure, an honor of the world, able to move the As deputy CEO, part of his “I really want to pay tribute to and a chance,” Hieronimus said. company, the teams, very quickly mission was to strengthen the the incredible work done by Jean- Agon expects that many of the to adapt,” Agon continued, “and overall and transversal vision of the Paul as a CEO,” Hieronimus said. initiatives he created will flourish able to gather the teams in order to group’s four divisions — in other He described the group’s success under Hieronimus. move in new directions.” words, facilitate the best practices, during Agon’s tenure as twofold: “We are just starting the digital Travel might be off the table due ideas and ways of working from One is the financial side, with major journey — the tech journey — the to the COVID-19 crisis, but that division to division amid a rapidly market-share and -cap gains, the green journey and the human hasn’t stopped Hieronimus from shifting beauty landscape. latter of which increased fivefold, journey. So I’m sure he and the continually meeting with teams “I use three words to describe my with L’Oréal’s share price rising to team will go much further in virtually around the globe. vision: continuity, confidence and 324 euros. these three directions that are, in “I was with China this week, ambition,” Hieronimus said. Second is L’Oréal’s outstanding my opinion, critical for the 21st the U.S. the week before, with the “We are in a transition process extra-financial performance century,” Agon said. L’Oréal Paris DMI [Direction de with Jean-Paul, and things are — including ethics, social As the industry continues to Marque Internationale, or Global going fantastically,” the executive responsibility and gender change and evolve at exponential Brand Management] to prepare continued. “He is extremely equality, which have been gaining speed, Agon said the most the 2022 launch plans last Friday,” generous with both his time and the recognition and “are really a source important attribute Hieronimus Hieronimus said.

way he is [passing] the baton.” of pride,” Hieronimus said. and his team will need is the ability Such meetings dovetail with Rindoff Petroff Bertrand That relay-race-like transition is, Ditto for the company’s digital to anticipate what is to come. many of his stated top priorities indeed, running smoothly, despite the and sustainability transformations “It’s super important to have as CEO, including maintaining raging coronavirus pandemic, which that keep ramping up. this sensitivity to what is changing, momentum in China, accelerating by photograph has just entered its second year. “Jean-Paul declared 2010 to be what is moving,” he said, citing the business in the U.S. and taking

Hieronimus lauded his the year of digital, when frankly motto of François Dalle, L’Oréal’s stronger share in emerging markets. Meyers

18 WWD BEAUTY INC

April BINC CoverStory.indd 18 4/12/21 6:42 PM With Géraldine Pierre Tegnér, an analyst at and Andie Oddo BHF, cited L’Oréal’s digital MacDowell Off Duty at the Cannes transformation over the past Because life isn’t all work Film Festival decade, which started about six and no play, Beauty Inc asked in 2002. Nicolas Hieronimus to share his years before the competition’s, favorite out-of-office activities. as a key to the group’s future development. He also lauded the Favorite Activity: Biking company’s presence in China and Hieronimus is an avid road the strength of L’Oréal’s brand cyclist who clocks in about 50 miles every weekend. Once portfolio in which each brand has a as president of the Professional clear, distinct identity and purpose. Products Division, there was an “[Hieronimus] is taking the helm off-site executive committee of a company that is very solid, meeting 20 miles away from Paris. and where there are no specific “I offered to go there by bike to those who wanted. Half the issues to fix or address,” Tegnér ExCo opted in, but some said. “Nevertheless, there is room underestimated the challenge… for improvement and some strong so we arrived long after nightfall “The objective for L’Oréal is financial community often lauds as challenges,” he continued, citing and dinner time,” he said. “No hard to continue to beat the market,” best in class. among them that the executive feelings, and a great memory.” Hieronimus said. “So in order to Eva Quiroga, an analyst at stays the course Agon set vis-à- Favorite Team: U.S. beat the market, you have to beat it Bank of America, praised L’Oréal’s vis management, strategy and Following a summer in Wisconsin everywhere.” long-term vision, encompassing operational discipline “to preserve after high school, Hieronimus L’Oréal is emerging from the everything from smoothly laying the the L’Oréal strengths.” developed a love of American COVID-19 crisis in a position of groundwork for the CEO succession Another challenge is the shift football. The Chicago Bears are his team of choice. “I could have strength, having weathered many to investing in growth, and its from brick-and-mortar to digital. chosen the Green Bay Packers,” of the challenges wrought by the agility in the short term. Thirdly, according to Tegnér, is he said, “but I went to Chicago and pandemic. “I was very impressed by “That makes this such an the speedy deployment of digital fell in love with that beautiful city. the agility, reactivity, courage, the amazing company,” she said. “In capabilities not just marketing- It was in the early ‘80s, and the fighting spirit of the L’Oréal teams digital, they’re unbeatable because wise, which L’Oréal has already Bears were extremely strong.”

around the world,” Hieronimus said. they really have everything lined done well, but mainly in terms of As well, he learned from how up, whether it’s the e-commerce, the supply chain and manufacturing as Favorite Music: Agon handled the health situation, communication, the technology.” business velocity hastens. Hieronimus describes his taste particularly when it comes to the Still, there is work to be “On this topic, they have a very as “eclectic” and said he likes everything except classical music. teams. done, Quiroga said, in some key nice track record with the Chinese “Lots of ‘80s music. I love Brit “The number-one lesson is that geographies and categories. “The business,” said Tegnér, who added rock/pop (i.e. Oasis), soul/funk you have to be extremely close to building sites are still the U.S. accelerating digital rollouts of (i.e. Prince, MJ, Beyoncé), rap your people, cautious about them and in Consumer Products,” she supply chain capabilities is clearly (i.e. Drake, Eminem) and French — both about safety, which was elaborated. “The two are interlinked an opportunity to widen the gap electro (Daft Punk, Yuksek, Sebastien Tellier, La Femme).” the number-one priority, but to be — they’ve been adversely impacted even more between L’Oréal and its in touch with everyone regularly, by makeup being so weak because competition. Top three concerts: thanks to technology like Teams they’re both relatively overexposed Prince in Paris, U2 in Mexico and or Zoom,” Hieronimus said. “That to [the category].” he supply chain and Mano Negra (French rock) in Paris. keeps you having a very clear vision Even before a sharp decline in manufacturing challenges Dream job as a boy: of what you want to do — short makeup sales due to the pandemic, are among those that will be Oceanographer T “I was amazed by Cousteau,” term, medium term and long term both the U.S. and Consumer met head on by Barbara Lavernos, — gives people perspective and Products Division were relatively chief research, innovation and Hieronimus said. “I was watching all those films about [seeing] the keeps everyone in action.” underperforming. technology officer at L’Oréal, who dolphins, the sharks, etc. I had In China, homegrown competition will also become the group’s deputy the Cousteau encyclopedia. hat strategy paid off literally on the mass-market side is a potential CEO on May 1. She and Hieronimus It’s a huge thing, like 50 books.” as well as figuratively. danger spot. “Especially on the have worked together for almost 30 He memorized the Latin names L’Oréal, with sales of 27.99 makeup side, there are quite a few years in various capacities. of fish, but then realized that T he’d have to be a scientist as an billion euros in 2020, generated 39 Chinese players that are gaining “He’s super fast and super oceanographer. “That was not percent of its business from skin care share beyond just [their] region,” smart,” said Lavernos, noting my forte,” he said. “Second, the and 36 percent from luxury products. Quiroga said. “One of the questions Hieronimus’ ability to process odds were that I was going to be Asia accounted for 35 percent of clearly is whether the Garnier brand information quickly. While she somewhere studying plankton group sales and e-commerce, 26.6 has to go and can go back into China.” was in purchasing, manufacturing rather than sailing the seas with the dolphins. So I said: ‘OK, that’s percent — demonstrating that L’Oréal There’s a need to make sure that and supply chain management not for me. I will continue to read, is operating at full throttle in each the luxury portfolio gets expanded and he was more focused on the swim and do some scuba diving. of the hottest product categories, further into the country, too. commercial and marketing sides But I’ll go into marketing.’”

Contrasto Gilles geographic zones and distribution Quiroga ticked off opportunities of L’Oréal’s business, for instance, channels of today. in Africa and the Middle East, Hieronimus was always quick to Hieronimus is stepping into the where a brand like SoftSheen understand issues in her domain.

by Photograh CEO role at a company that the Carson could be well leveraged. Lavernos described Hieronimus 

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April BINC CoverStory.indd 19 4/13/21 10:17 AM Ascending With Cheryl Vitali he said, noting that previously Mont Ventoux in Shanghai in 20 17. Garnier’s only hair care offer was in France. Ultra Doux gentle shampoos. “On the one hand, our hair-care labs had discovered the efficacy of fruit acid AHAs on strengthening the hair fiber,” he said. “On the other hand, as a marketer, I was observing the rise of energy drinks, things that young people were taking, which was legit — no drugs! Combining the two we created Fructis.” Hieronimus and his team shook up the market codes with Fructis’ fluorescent green packaging. “It took me a bit of time to convince my bosses that disrupting the market that way could work,” he said. “With a few consumer tests, I was able to convince the mangers at the time, and Fructis has been a major success globally.” “Competition is a catalyst Hieronimus called it “the epitome of L’Oréal magic,” an amalgamation for him. It brings him energy.” of science, marketing creativity, surprise and disruption, plus passion. — Barbara Lavernos Next, Hieronimus went to the U.K., where he served as general Rinderknech was heading up own ideas, which he processes for manager of Garnier Maybelline, L’Oréal Luxe in South Korea when an even better result. launching Maybelline and Fructis he met Hieronimus, who at the time Hieronimus has had many there. Under his leadership in oversaw the L’Oréal Luxe division. inflection points during his career the U.K., between 1998 and 2000, With Aishwarya Rai at the Cannes Film “He loves all sports — rugby, trajectory, and he always ties them Garnier’s sales rose 44 percent and Festival in 2003. football, tennis, bicycling,” said into a broader context. Maybelline’s increased 40 percent. Rinderknech, ticking through the After graduating from ESSEC, Then, while steering L’Oréal as “super determined” and an “ultra list, adding Hieronimus is also a big among France’s top business Paris between 2000 and 2005, competitor” — in the most positive fan of the NHL, NFL and NBA. schools, his start at L’Oréal was in Hieronimus created the first DMI sense of the terms. “Competition is a “He’s got the fighting and the Consumer Products Division for the Consumer Products Division. catalyst for him,” she said. “It brings competitive spirit, but in a collective as a sales rep on the road — a “I had the chance to build my him energy. Nicolas has a fantastic way,” Rinderknech said. “That’s very requisite starting point for company team from scratch, which is very sense of humor and is joking all the important to understand him — it’s managers at the time. unique. Usually, you go into a job time. When there are some tensions always about a team of which he is It was an experience that stands and there is at team there,” he said. he always has this ability to joke. He a part.” him in good stead today. Hieronimus “So I could single-handedly pick loves to play with words.” Each person has a position, and explained all leaders in the group every member and create a very Zhen Zhen Gourves, vice president teammates fight for and support are expected to have a strategic diverse team from L’Oréal, from in charge of communications and each other. Performance, excellence vision, but simultaneously remain outside, from every country.” corporate affairs at L’Oréal China, and execution are paramount. extremely close to the realities of the called Hieronimus “a visionary,” who Hieronimus also finds inspiration beauty business — its consumers, ieronimus — who says gives clear directions and requests in a wide variety of arts, particularly retailers and other partners. he’s very demanding as a top-level quality and excellence. Like music. “Which is why in normal times, Hmanager but gives people many other colleagues, Gourves “Music gives him this amazing when we can travel, we always do a lot of trust — enjoys and has a described Hieronimus as a “good sensitivity to people, his listening market visits, where we spend the knack for identifying and growing listener.” ability,” Rinderknech added. “He’s whole day in stores — because that’s emerging talents. “Nicolas is a real maestro,” said always super well-prepared. It’s where you’re as close as possible to “I believe in building people and Stéphane Rinderknech, president not about improvisation. He loves real life,” he said. building the team,” he said. “In and CEO of L’Oréal USA. “There are the beauty of being prepared, like In the Consumer Products all my career, I’ve tried to identify two parts of [him] — one is sport a professional sportsman or a Division, Hieronimus held various the people who were really great and the other is art. It’s very rare in musician. Practice makes perfect, roles, related to hair care, makeup and whom I could push, develop,

people to have the combination of and he’s all about that.” and styling, and was responsible stretch.” Contrasto Gilles the refinement and the excellence Rinderknech called Hieronimus for creating the Fructis brand for Many of the those whom he of art and the competitive and a “modern leader of today,” who’s Garnier in the mid-1990s. brought onboard have become fighting spirit of sport. He connects compassionate and caring, and “The intention was to create a new top leaders at the company today, by photograph

those dots.” leaves people room to express their hair care line that could be global,” including Délphine Viguier, L’Oréal Rai

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April BINC CoverStory.indd 20 4/12/21 6:43 PM Paris global brand president; Store visits in I was deputy CEO to Jean-Paul, which Arnaud Jeanteur, deputy general China in 2019. obviously was the best preparation manager of the Professional for the role I’m about to take, on the Products Division, and Laetitia first of May,” he said. “So a long career Toupet, global president of and a good mix of operational roles in La Roche-Posay. the countries, running a business and The group transformed L’Oréal also strategic and creative roles. Paris into an aspirational, accessible I worked in three of the four divisions luxury brand, including developing of the group and supervised them. Plenitude skin care, with the new I can say that I know pretty well the name Dermo Expertise, creating L’Oréal business.” Men Expert and pushing makeup. Hieronimus remains extremely Under Hieronimus, L’Oréal Paris’ confident about the future of annual sales grew 36 percent, to beauty, despite the market having 3.8 billion euros. turned negative, due to the Another defining time for COVID-19 pandemic. Hieronimus was when he ran “Beauty will start growing again L’Oréal’s activity in Mexico for hairdressing of the future. strategy bore fruit, with Yves Saint because beauty…is essential, since three years. “One of these visions, by the Laurent, Giorgio Armani and Kiehl’s the very first moments of humanity,” “That’s the moment when you way, was the green salon,” he becoming billion-euro brands he said. really have to question yourself, said. “And the green salon is during his tenure. The rise of the middle classes, to adapt to a new culture, new actually happening now, led by the Between the end of 2010 and people living longer and younger purchasing power of consumers, a Professional division.” 2018, the division’s sales grew people’s desire to express new style of consumer, a new way to Hieronimus called the morale- exponentially, from 4.5 billion euros themselves through beauty are manage people, a new relationship building responses “very L’Oréal” to 9.37 billion euros. some of the factors that will to hierarchy and — obviously — to and noted similarities between “Nicolas is a very talented contribute to that growth. a new type of distribution,” he said. those and the way L’Oréal is businessman: He often sees things Yet, the industry must become “I loved it. handling the COVID-19 pandemic. before all others and pushes more inclusive, too. “We live in a It was there that he really “We get mobilized to try to go the business, smoothly, in that world [that] is both more global but understood the power of L’Oréal’s forward. We come up with new ideas direction,” said Giorgio Armani, more polarized, and the role beauty “universalization” model, which and products, and we don’t stop who credits Hieronimus with taking has to play [is] in allowing people encompasses having worldwide innovating,” he said. “We want to the Armani beauty business from both to express who they are and brands with global technologies animate the market and at the same a male-focused perspective to one at the same time live together,” said and innovations, but then adapting time, we care about our ecosystem.” oriented on women, as well. Hieronimus. “I’m really eager…to them to local realities. Whereas the party for hairstylists “After all, men and women are have all our brands play their roles After Mexico, Agon tapped was to give them a vision of a bright equal in the Armani world,” Armani as promoters of diversity.” Hieronimus to take responsibility of future, during the time of COVID-19 continued. “Nicolas saw this as an Angela Guy, chief diversity and the Professional Products Division, L’Oréal helped them financially, to opportunity and made it a priority.” inclusion officer, L’Oréal North beginning in 2008. That is the reopen and launched products for Key launches, such as Lip America, said of the executive: “I’m birthplace of L’Oréal, which got the channel. Maestro in 2012 and the Sì impressed with his openness and its start in the hair dye business. From the Consumer division, fragrance in 2013, helped propel willingness to deeply understand all “It’s really the cradle of the Hieronimus learned the power of Armani Beauty into a key player in that is involved in these conversations L’Oréal culture and group — this advertising and star products, and the luxury space. around diversity. There has been so craftsmanship, the relation with from the Professional division, “I found an unexpected and much happening, especially in the hairdressers, who are both artists he understood the importance of motivated ally in Nicolas when it last year — from the pandemic to and artisans,” he said. service, experience and empathy came to my belief in the potential all the racial disruption in the U.S., It’s also a division that doesn’t with the ecosystem. These insights of the Armani DNA in the makeup specifically — and the curiosity he has rely on big-budget advertising, but he brought with him to L’Oréal’s world,” the designer continued. “My shown is really quite motivating.” on creating products and working Luxury Products Division, which he makeup line was launched in 2000, Hieronimus, whom she calls on service, support and training. ran from 2011 and 2018. yet with a very limited distribution. It “courageous” as well as “a good Around the period of the 2008 The first decision he took at that was Nicolas Hieronimus who believed listener,” has been intent on financial crisis, in response to the division was to change its name. in my vision and instigated a strong understanding how the marketplace difficult times, the Professional “I said: ‘We have to call it L’Oréal push toward a wider distribution. dynamics are impacting L’Oréal’s division came out with a big Luxe, because luxury is not just He sensed my intuition was right employees and consumers. innovation, Inoa, the ammonia-free about products,’” he said. and helped a lot. Today, makeup is Another word Guy used permanent hair color, and hosted Experiential retail, for instance, is a significant contributor to and a to describe the executive is a large celebration for hairstylists, a key ingredient. growth engine for our business.” “committed.” “We’ve established syncing with the company’s 100th “I’m a great believer in Hieronimus, who has also been this ambition to create beauty anniversary. brands and brand equities,” said an important factor in L’Oréal’s that moves the world,” she said. An event was held for more than Hieronimus, who added that a top-ranked travel-retail business, in “In order to do that you have to 4,000 hairdressers at Le Zénith focus was on making sure that 2013 had his purview expanded to understand the world through all arena in Paris, where Hieronimus each brand was growing according oversight of the Selective Divisions. its individual differences.” also presented a vision of to its DNA and potential. The “And then for the last four years Hieronimus believes L’Oréal 

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April BINC CoverStory.indd 21 4/12/21 6:43 PM must lead by example by having an which involves goals such as all — that will be a determining factor in our products, the data we get from executive committee, and leadership of the group’s sites being carbon the success of L’Oréal,” Hieronimus them — in full respect of their overall, that’s representative of the neutral by 2025. said. “People don’t want to sacrifice privacy — to boost our knowledge consumers the company serves. Hieronimus deems beauty tech performance when they buy a green and the usage of new tech, such as Recent executive nominations and green science as the two next product. They want the products artificial intelligence,” he said. include Blanca Juti, a Mexican great frontiers. They’re fields they use to respect the planet, and The power of tech combined and Finnish national, as chief that fall under the oversight of especially now they want products with scientific expertise and green communications and public affairs Lavernos, confirming research good for their health. Green sciences science will transform the industry officer; Vismay Sharma, an Indian and innovation’s crucial role at the are precisely going to allow us to and be a competitive advantage for national, as president of the newly company, which invests about 1 do that. It’s the beginning of a new L’Oréal, according to Hieronimus. created South Asia Pacific-Middle billion euros annually in R&I. chapter of research.” “We are a company of creators,” East-North Africa — or SAPMENA “Science is and will remain at Hieronimus calls “beauty tech” the he said. “But at the same time, we — zone; Omar Hajeri, a French and the core of the L’Oréal adventure,” second big revolution, which also want to have an industry and be Tunisian national, as president of Hieronimus said. “But it’s a new falls under Lavernos’ responsibility. a company that delivers strong the Professional Products Division, science — it’s a science that’s green.” “It’s a unique opportunity to financial performance, and that’s the and Ersi Pirishi, a French and Progress in biotech will create leverage the data that we have from focus, but also to be a company that Cypriot national, as president of the ingredients that are green, safe a history of 100 years of knowledge contributes to a better world and Latin America zone. efficient, renewable and controlled, of beauty, biology and chemistry, moves the world. ‘Moves’ is much Sustainability is also a key issue, and will transform the industry. and also the knowledge we acquire better in English than in French and L’Oréal has announced its “There is the power of this triptych every day, from our consumers, — there is this notion of emotion, ambitious For the Future program, — performance, sustainability, safety from the feedback they give us on because beauty is emotion.” ■

A Legacy of Leadership A Look at L’Oréal’s CEOs through the ages

1909-1957 1957-1984 1984-1988 1988-2006 2006-2021 Eugène Schueller François Dalle Charles Zviak Lindsay Owen-Jones Jean-Paul Agon In 1909, Eugène Schueller When François Dalle Charles Zviak joined Lindsay Owen-Jones, “I have tried to completely set up a company called became CEO, L’Oréal L’Oréal in 1945 as a a Welshman, took a transform L’Oréal to adapt La Société Française des was still best known chemical engineer in highly respected export- it to what I thought would Tientures Inoffensives domestically. Like his the group’s Monsavon oriented firm deeply be the world of tomorrow,” pour Cheveux (or The predecessor, Dalle was subsidiary. In 1965, rooted in French culture Jean-Paul Agon told WWD Safe Hair Dye Company an advocate of the power he was appointed and transformed it into in 2018. And the executive of France). His kitchen of advertising and “the vice president of the the dominant leader has, indeed, succeeded. served as a laboratory constant betterment, the management committee worldwide, powered by His key accomplishments and the dining room, a amelioration of the quality and director of applied an interlocking array include catching the digital demonstration area. in existing products,” he research, development of international brands wave early, pioneering The leading principles told WWD in May 1984. and research-marketing that fused the three record-producing of the firm, which would Under Dalle, L’Oréal’s relations for L’Oréal. Prior main vectors of the programs in sustainability become L’Oréal in 1939, product mix widened and to becoming CEO, he held business — mass, class and social responsibility, were established at the expanded past France’s other roles, too, such as and professional. A heavy and driving growth in key

outset — science and borders and beauty group vice chairman. . investment in R&D fueled emerging markets and Thomas Laisné innovation in the interest parlors. L’Oréal entered the innovation needed channels, including China of individual beauty needs the luxury market with the to compete at every and travel retail. Most — as was the philosophy of acquisition of Lancôme price level and in every recently, he successfully serving the industry. “I did in 1964, and brands such geographic region. He steered L’Oréal through it all: formulas, sales and as Biotherm and Garnier globalized the business, the coronavirus pandemic, Agon by Alain Buu; delivery,” wrote Schueller followed, as did licensing and built an international returning the company to in a diary. agreements with Guy portfolio of brands. growth in the second half Laroche and Cacharel. of 2020. by photograph Owen-Jones

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April BINC CoverStory.indd 22 4/12/21 6:44 PM Moisture. The Essence of Healthy Skin.

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Untitled-8 1 4/9/21 3:04 PM Untitled-7 1 4/9/21 11:59 AM April2021_BINC_TOP100_V6.indd 25 4/14/21 3:44 PM he numbers, as they say, never lie.

TAnd this year, the WWD Beauty Inc Top 100, our annual cosmetics and clinical brands, as concerns shifted more toward ranking of the largest global beauty manufacturers by sales, health and self care. Market leader L’Oréal, for example, saw tells a story of an industry — and world — rocked by the strong gains for its Active Cosmetics division, while gains in coronavirus pandemic. the category at The Estée Lauder Cos. meant it now accounts For the first time since we have been tallying these figures, for 60 percent of the firm’s total business. a majority of the companies on the list — 59 percent — posted a decline in sales. Total sales for all of the companies equaled 6. Is prestige hair the next big boom? Prestige hair, a nascent $212.59 billion, a decrease of 6.6 percent. category, grew throughout the pandemic as consumers linked And yet — the news wasn’t all grim. hair health with the idea of wellness. Firms that capitalized on There were some bright spots in 2020 and some big winners, that — including Olaplex and the Luxury Brand Partners hair with 36 percent of the firms posting gains. Those are the portfolio — did well, even as salons closed. companies pointing the way forward for the industry, and to get a better idea of what the future of beauty might look like, 7. Direct-to-consumer was a bright spot. And not just for we analyzed the 2020 Top 100 to discover what it portends for digitally native firms. Several of the historic direct marketers the future. Here, the top 10 takeaways. ramped up their digital and social selling initiatives and outperformed the overall market. 1. China continues to be the primary driver of global beauty sales. Businesses with a strong presence in China — 8. J-beauty and K-beauty were among the hardest and those that were proactive in adapting to the new market hit businesses. Both countries had benefited in recent years realities there — benefited disproportionately as China started from strong demand from inbound tourists, which nosedived to bounce back after the end of the first quarter. For many last year as international travel stalled. Several of Japan’s players companies, China was the major and, in some cases, only took a particularly strong hit, as the importance of customer driver of sales growth in 2020. service, largely dependent on brick-and-mortar retail, and slower uptake of e-commerce than many markets, hampered business. 2. Speed and adaptability were key differentiators. Nevertheless, Japan’s players were particularly proactive in Fast-acting leaders that pivoted to digital across all aspects implementing new tools like online consultations, and the shift is of the business, from consumer-facing to operational to sales, likely to be profound and to shape the industry for years to come. more successfully offset the profound impact of COVID-19. 9. There’s a new player in the top 10. South America’s 3. Prestige beauty took a blow. Between the steep decline in beauty leader Natura entered the top 10 ranking for the first travel retail sales and the anemic performance of the makeup time, thanks to its acquisition of Avon. Notwithstanding the and fragrance categories, luxury beauty companies were the acquisition, the company’s sales growth was impressive for the hardest hit for the year. current context — its like-for-like sales gained 12.1 percent for the year, although this was in part due to inflationary pressure, 4. But personal care surged. In a year in which self care, which impacted the other Brazilian players in the ranking, too. sanitation and hygiene were top of mind, health and wellbeing At constant currency and on a pro-forma basis, Natura & Co.’s were a prime concern. This benefited the big mass-market sales actually fell 2.3 percent. Still, the company outperformed players with a strong presence in the category, which overall its peers significantly. saw lesser declines than their peers; companies like L Brands, for example, posted a massive sales leap thanks to cross-selling 10. Clear and meaningful sustainability goals are of products like hand sanitizer with personal care. now table stakes. Consumer expectations around the environmental impact of the products they purchase has 5. Skin care, too, captured the consumer’s interest. Skin spurred companies to create clear, meaningful — and care became not just the prevalent beauty category in China, measurable — goals. Purpose-driven companies are growing but around the world as well. The big winners were dermo- at a faster-rate than those without clear initiatives.

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April2021_BINC_TOP100_V6.indd 26 4/14/21 3:44 PM Untitled-19 1 4/13/21 1:58 PM OUR BY THE NUMBERS THE TOP 100 AT A GLANCE

TOP 10 WINNERS

#7. Natura & Co. +155.6%

#40. Alcora +103.3% (EST.)

#64. Deciem +92% (EST.)

#93. Paula’s Choice +83% (EST.)

#43. Yatsen Holding Ltd. +72.6% (EST.)

#78. Olaplex +50% (EST.)

#70. Embelleze Group +41.9% (EST.)

COMPILED AND #65. Lion Corp. +33.9% (EST.) RESEARCHED BY ALEX WYNNE WITH #55. Beautycounter +20% (EST.) ALLISON COLLINS # 87. Faberlic +17.6 % EDITED BY ALEX WYNNE AND JENNY B. FINE

TOP 10 DECLINES WITH CONTRIBUTIONS FROM: MAYU SAINI -51.4% (EST.) #14. Coty Inc. (EST.)* (NEW DELHI), SAMANTHA CONTI, -37.4% (EST.) #66. Kiko SpA TIANWEI ZHANG (LONDON), -33% (EST.) #96. Anastasia Beverly Hills ALLISON COLLINS, FAYE BROOKMAN, -27.9% (EST.) #88. Able C&C JAMES MANSO (NEW YORK), -25.2% (EST.) #7 7. DHC Corp. RYMA CHIKHOUNE (LOS ANGELES), -25% (EST.) #25. Groupe Clarins SANDRA SALIBIAN -24.8% (EST.) #38. Belcorp (MILAN) AND KELLY WETHERILLE -24.5% #54. Inter Parfums Inc. (TOKYO). CHARTS COMPILED -23.4% (EST.) #28. Puig BY ALEX WYNNE -23.2% (EST.) #9. LVMH Moët Hennessy Louis Vuitton

*Includes the divestment of the professional division. The like-for-like sales decline was 28%.

THE WWD BEAUTY INC TOP 100 ranks FOR THE the world’s largest beauty manufacturers. Firms are FLAT N/A MAJORITY, 4% 1% arranged by their beauty sales for the 2020 calendar SALES WERE year. For those companies whose fiscal year did not DOWN run from Jan. 1 to Dec. 31, 2020, estimates were calculated. All sales figures were either obtained from the companies or generated with the help of industry sources, indicated by (EST.) in the ranking. UP 36% For this list, “beauty” includes fragrance, makeup, skin care, body care, sun care, hair care, deodorant, DOWN plus cellulite and shaving products. It does not take 59% into account bar soaps, razors, toothpastes, food and diet foods, medicines, vitamins or detergents. The revenues only include sales of beauty products each firm manufactures and do not include business from private-label lines or products distributed for other BY COUNTRY companies. Information in the main brands section reflects each company’s holdings in 2020.

Year-on-year percentage changes are in reported 31 terms, not on a like-for-like or constant-currency basis. 14 12 Non-U.S.-based firms’ sales are converted into dollars, 5 5 5 according to the 2020 average yearly exchange rate.* U.S. FRANCE JAPAN GERMANY U.K. SWITZERLAND

*CURRENCY CONVERSIONS: Sales figures in non-U.S. currencies were converted to the dollar 4 4 3 3 2 using the following 2020 average exchange rates 5 from Oanda.com: CHINA SOUTH KOREA INDIA ITALY BRAZIL PERU

€1=$1.141417; ¥1=$0.009369; £1=$1.283361; 1 KRW=$0.000848; 1 ruble=$0.013894; R1=$0.195787; CNY1=$0.144955; 2 1 1 1 1 1 1 rupee=$0.013508; SFR1=$1.066131; HK1=$0.128924; C1=$0.746203. THE SPAIN RUSSIA HONG KONG CANADA UNITED ARAB 28 WWD BEAUTY INC NETHERLANDS EMIRATES

April2021_BINC_TOP100_V6.indd 28 4/14/21 3:44 PM Untitled-2 1 4/7/21 12:38 PM  WHILE THE WORLD’S biggest the world, returned to growth its executive committee. partnered with Medscape beauty company was far from in the last three months of The executive, who has held to train dermatologists and immune to the unprecedented the year in both reported senior management positions medical practitioners to better global situation in 2020, it and like-for-like terms. The at PepsiCo, Danone Group treat, diagnose and care for limited losses thanks in part division’s performance was and Mars, replaced Brigitte diverse skin tones. In the U.S.,

L’ORÉAL to the strength of its digital boosted by initiatives to Liberman, who has retired. the company launched a new capabilities and of the Active accelerate e-commerce, November saw the naming UNILEVER skin care brand, Mele, designed 1CLICHY, FR ANC E LONDON Cosmetics division, which 2 particularly direct-to- of Frédéric Rozé as chief global for and co-created with women 2020 BEAUTY SALES: resonated with consumers’ consumer, the decision to growth officer. All of L’Oréal’s 2020 BEAUTY SALES: and dermatologists with $31.95 BILLION increased focus on health maintain major launches and regional presidents as well as $22.17 BILLION (EST.) melanin-rich skin. €27.99 BILLION and the high demand for skin a focus on China. The division the travel-retail business will €19.42 BILLION (EST.) Several brands initiated -6.3% VS. 2019 care. Implementing rigorous outperformed the luxury now report to Rozé. -3.4% VS. 2019 (EST.) campaigns designed to cost-control measures, market — which declined by L’Oréal restructured the help consumers feel good MAIN BRANDS: MAIN BRANDS: the company achieved an an estimated 14 percent — in scope of its reporting last about themselves during CONSUMER PRODUCTS: BEAUTY & PERSONAL CARE: operating margin of 18.6 all three prestige categories, November for its geographical lockdowns. Dove’s “Courage Is L’Oréal Paris, Garnier, AHC, Axe/Lynx, Clear, Dollar percent, stable versus L’Oréal said. Lancôme, Kiehl’s zones. Its New Markets Beautiful” campaign featuring Maybelline New York, Shave Club, Dove, Dove 2019. L’Oréal believes and Helena Rubinstein did activity will now be divided to frontline workers received NYX Professional Makeup, Men+Care, Lifebuoy, Love that its adaptation to the well in skin care. Fragrance better represent the weight of several awards. Deodorant Stylenanda, Essie, Dark Beauty and Planet, Lux, unprecedented context, launches including My Way the different markets. North brand Rexona (branded as & Lovely, Mixa, Magic. Nexxus, Pond’s, Rexona/ which drove it to accelerate by Giorgio Armani, Voce Viva Asia (mainland China, Hong Sure and Degree in certain L'ORÉAL LUXE: Sure/Degree, Schmidt’s transformation initiatives, will from Valentino and Libre by Kong, Taiwan, Japan and markets) launched the Lancôme, Yves Saint Naturals, Shea Moisture, help it to emerge stronger for Yves Saint Laurent also helped South Korea) will be led by #MoveMoreAtHome initiative Laurent, Giorgio Armani, Simple, Skinsei, St. Ives, the future. to drive sales. Fabrice Megarbane, currently to encourage people to be Kiehl’s, Biotherm, Urban Suave, Sunsilk/Seda/ E-commerce sales gained By region, the company CEO of L’Oréal China. A new active during lockdowns and Decay, Shu Uemura, Sedal, TIGI, TRESemmé, 62 percent and represented described its performance in zone, dubbed SAPMENA, contribute to wellbeing. Clear It Cosmetics, Helena Vaseline, The Right to 26.6 percent of total revenues China as “spectacular,” saying was created for South Asia, launched #ComeBackStronger Rubinstein, Ralph Lauren, Shower. Unilever Prestige: for the year. the country’s contribution to Pacific, Middle East and North to help consumers manage Viktor & Rolf, Diesel, Dermalogica, Garancia, The company noted an overall sales for the year was Africa, and will be managed by their mental wellbeing. Atelier Cologne, Valentino, Hourglass, Kate Somerville, uptick in the second half, significant. L'Oréal’s Chinese Vismay Sharma, the current Brand-wise, there was also the Mugler, Azzaro, Prada. Living Proof, Murad, Ren notably in the last quarter, sales gained 24.1 percent managing director for the co-creation with Walmart of PROFESSIONAL PRODUCTS: Clean Skincare, Tatcha. L’Oréal Professionnel, when sales in all but the for the year. Lancôme and U.K. and Ireland. Sub-Saharan Find Your Happy Place, a new Redken, Kérastase, Consumer Products division L’Oréal Paris were the leading Africa will be headed by KEY FINANCIALS: line of bath and body products Matrix, Pureology. gained on a like-for-like selective and mass-market Burkhard Pieroth, previously BEAUTY AND PERSONAL intended to enhance wellbeing. basis. With sales breaking CARE DIVISION REVENUES: ACTIVE COSMETICS: brands, respectively, on Tmall, managing director of the In December, Unilever €21.12 billion, -3.4% La Roche-Posay, Vichy, the 3 billion euro barrier in the market. Consumer Products division said it plans to put its climate (underlying sales growth: SkinCeuticals, CeraVe. for the first time, Active Much speculated about for emerging markets. action targets to shareholders Cosmetics did particularly over the past couple of years, a At the end of March 2020, +1.2%, underlying volume to vote on starting this year. KEY FINANCIALS: well in North America and successor for Jean-Paul Agon, the company closed its growth: +1.2%) In June 2020, the company LIKE-FOR-LIKE SALES: -4.1% Asia. CeraVe, La Roche-Posay L’Oréal’s chairman and chief acquisition of Groupe Clarins’ DIVISION OPERATING PROFIT: announced a new target of zero and SkinCeuticals, which CONSTANT-CURRENCY executive officer who reaches fragrance activity, integrating €4.3 billion, -4.6% net emissions, from sourcing to SALES: -3.6% the company said were France’s legal retirement age the Mugler and Azzaro brands point of sale, by 2039. aligned with consumers’ of 65 in 2021, was announced into its portfolio, part of a drive TOTAL COMPANY REVENUES: During the year, Sunsilk, OPERATING PROFIT: health preoccupations and in October. This May, Nicolas to strengthen its perfume €50.72 billion, -2.4% Suave and Chistaya Liniya €5.20 billion, -6.1% recommended by medical Hieronimus will take over as portfolio. U.S.-based mass skin OPERATING PROFIT: joined the ranks of PETA- NET PROFIT: professionals, all saw strong CEO, a decision lauded by the care brand Thayers Natural €8.3 billion, -4.7% approved brands, which €4.1 billion, -5.9% growth. CeraVe’s sales in financial community. Agon will Remedies joined the company now number 23 in Unilever’s NET PROFIT: SALES BY DIVISION: particular almost doubled. maintain the role of chairman. in June, and in December, the Beauty and Personal Care €6.07 billion, +0.8% PROFESSIONAL PRODUCTS: Vichy benefited from the Hieronimus had been deputy firm invested in social selling portfolio. Love Beauty and €3.1 billion, -10% launch of Liftactiv Supreme CEO in charge of divisions since platform Replika Software Inc. Planet launched refillable  IT WAS A challenging first 18 (-6.4% like-for-like) H.A. Epidermic Filler. May 2017, when he started Roger & Gallet, a mid-market aluminum bottles for its The Consumer Products working side-by-side with fragrance brand sold in months on the job for Sunny shampoo and conditioner in CONSUMER PRODUCTS: division stabilized in the second Agon. He joined L’Oréal in 1987 pharmacies, was divested to Jain, Unilever’s president of the U.S., and in the U.K., the €11.7 billion, -8.2% half despite the weight of the as a product manager fresh French investment concern Beauty and Personal Care, who company initiated a refill trial (-4.7% like-for-like) makeup category in its portfolio, out of ESSEC, one of France’s Impala in a deal that closed took on the role in June 2019. in collaboration with Asda. In the unprecedented L’ORÉAL LUXE: and increased its market share top business schools. When in June. The company also In terms of performance, context of the global €10.18 billion, -7.6% in other key categories. It saw he headed Garnier, he was shuttered Clarisonic, the device skin cleansing was the main pandemic, Jain began laying (-8.1% like-for-like) double-digit growth in hair behind the launch of hair care brand it acquired in 2011 that sales driver for the Beauty color; hair care was propelled range Fructis. As international failed to meet expectations. the foundations for making and Personal Care division. ACTIVE COSMETICS: by Fructis Hair Food and Elsève manager of L’Oréal Paris, he In December, L’Oréal Unilever “the most people- and Thanks to growth in demand €3.01 billion, +13% Dream Long, as well as the positioned the brand in the announced that it would planet-positive beauty business for hygiene products, Lifebuoy (+18.9% like-for-like) launches of Elsève Full Resist accessible luxury segment. In acquire Japanese skin care in the entire world,” he told became Unilever’s sixth billion- SALES BY and Ultra Doux solid shampoos. 2011, he was named president company Takami Co., which Beauty Inc in an exclusive euro beauty and personal GEOGRAPHIC ZONE: L’Oréal Paris serums and of L’Oréal Luxe, then in 2013 had sales of €50 million in interview in December. care brand during 2020. WESTERN EUROPE: Garnier’s Fast Bright range were took on the additional role for 2019. The deal was finalized This purpose-driven The brand entered 58 new €7.51 billion, -9.2% drivers in skin care, while despite Selective divisions, in charge in February 2021, and adds approach — seen as key to markets and launched “H for (-10.3% like-for-like) the overall downturn in makeup, of Active Cosmetics and a digital-first Asian skin care resonating with consumers — Handwashing,” an educational NYX and 3CE Stylenanda Professional Products as well brand to L’Oréal’s portfolio. was visible in initiatives under campaign to teach children NORTH AMERICA: benefited from their digital focus. as the company’s prestige arm. Sustainability continued several of Unilever’s beauty about handwashing. €6.9 billion, -8.8% brands last year. In the wake (-7.4% like-for-like) Professional Products Over the past year, he to be a major focus, and the Demand decreased, bounced back in the second was instrumental in helping firm introduced L’Oréal for of the Black Lives Matter though, for Unilever’s skin ASIA PACIFIC: €9.8 billion, half and outperformed the the group shift gears to help the Future, a series of new movement and growing care, deodorants and hair care +1.5% (+3.5% like-for-like) market through the year, navigate the coronavirus sustainability commitments demand for a more inclusive products. Skin care declined according to L’Oréal. The pandemic and mitigate for 2030, which involve a discourse in beauty, the in the high-single digits, while LATIN AMERICA: €1.47 billion, digitalization of salons, the its impact. range of initiatives to limit company renamed the Fair & deodorant sales dropped in -17.1% (-1.5% like-for-like) development of freelance Barbara Lavernos was the environmental impact of Lovely skin care brand Glow & the mid-single digits. In hair EASTERN EUROPE: stylists and an explosion named president of research, L’Oréal’s suppliers and the use Lovely. More broadly, Unilever care, growth in demand for €1.69 billion, +11.8% of e-commerce were all innovation and technologies in of its products by consumers, committed to removing terms washing and care products (-4.9% like-for-like) key trends. In the U.S., the October, effective Feb. 1, 2021. as well as its own activities. like fair/fairness, white/ offset declines in styling, with whitening and light/lightening AFRICA AND MIDDLE EAST: SalonCentric distribution She will also take on the role As part of the program, the category seeing a low- from all of its products, packs €620.6 million, -9.9% channel posted strong of deputy CEO, previously held the company has allocated single-digit decrease in sales. and communication globally. (-3.3% like-for-like) growth. The division also by Hieronimus, in May. €100 million to invest in In the prestige business, performed well in China, In May 2020, Myriam regenerating ecosystems In the U.S., Dove cofounded which has been a pillar BIGGEST MARKETS: especially on Tmall. Cohen-Welgryn joined and help develop the circular the CROWN Coalition, which of Unilever’s strategy in The U.S., China and France L’Oréal Luxe, despite the L’Oréal as president of the economy and €50 million advocates for legislation recent years, sales declined that outlaws race-based hair difficulties seen in prestige Active Cosmetics division, to a fund to support in the low-single digits, distribution in most parts of and became a member of vulnerable women. discrimination, while Vaseline but the company said it

30 WWD BEAUTY INC

April2021_BINC_TOP100_V6.indd 30 4/14/21 4:25 PM Untitled-2 1 4/1/21 9:37 AM was nevertheless the best- FRAGRANCE: comprehensive five-year plan had people staying home and grooming business, after and abroad, Shiseido reported performing luxury beauty $1.54 billion, -16% meant to ensure the company and stocking up on trusted the Federal Trade Commission significant sales declines. HAIR CARE: business on the market last hires more Black employees, household essentials. For the sued to block the deal, saying In Japan, a sharp drop in $507 million, -13% year. It generated sales in the and that those workers are company’s beauty division, sales that it would “eliminate the number of international region of €700 million, THE AMERICAS: $3.33 billion mentored and promoted echoed broader themes seen growing competition that tourists as well as consumers

50 percent of which were done EMEA: $6.08 billion through the corporate ranks. throughout the pandemic — benefits consumers.” staying home resulted in

online — compared with ASIA PACIFIC: $4.79 billion The company was the first consumers bought personal care P&G continued to progress falling sales, although the 9 percent for Unilever’s in beauty to release such and hair care and they didn’t with sustainability goals in company worked on providing business overall.  SALES AT THE ESTÉE LAUDER a detailed action plan to shop in travel retail corridors. 2020. The company introduced enhanced beauty information The company is also flexing Cos., like most major beauty address inequality after the For P&G, those shifts “P&G Responsible Beauty,” a to consumers and shifting its muscles in what it sees as companies, were negatively resurgence of the social resulted in new sales trends broad approach to thinking business online, where sales the high growth markets of impacted by the COVID-19 justice movement, and has across the beauty portfolio, that is meant to include grew. It also worked to shift its the future, the U.S., India and pandemic, but the company was since provided updates on which had been supercharged quality, performance, safety, focus in line with consumers’ China, where Unilever debuted able to post growth in the final internal diversity figures. by SK-II in recent years. But transparency, sustainability, new needs, introducing its first external incubator, quarter of the year. The business The plan was established during 2020, when travel equality and inclusion across innovations like a hand cream dubbed the Uni-Excubator, to was propelled by skin care, China after employees flocked to retail sales shrank and SK-II’s all aspects of the business. The under Ultimune and a BB collaborate with entrepreneurs and online shopping, while travel an online petition calling for expansion was tempered, sales company also experimented Cream that stays in place and technology start-ups. The retail, makeup and in-store sales the business to oust Ronald growth was instead bolstered with new packaging, including under a mask. initiative involves a partnership remained sluggish as consumers Lauder, son of founder Estée, by the sprawling nature of P&G paper tubes for Secret and In China, the market started with Tmall for a flagship store, continued to stay home. from the board because he Beauty’s portfolio. Overall, P&G Old Spice deodorants. to bounce back from March Uni-Topia Planet. Revenues across the Asia has donated money to former Beauty sales gained 3 percent onward, resulting in sales In India, Unilever acquired Pacific region, but especially President Donald Trump. year-over-year in 2020. gains, with prestige brands Vwash, an intimate hygiene China, played a major role in During the year, Lauder Growth was supported by including Shiseido, Clé de Peau business. the company’s stability during made several key promotions the company’s personal care Beauté, IPSA and Nars growing As to people, Gülen Bengi the pandemic. For the year, and hires: Jane Hertzmark segment, sales gains in the significantly thanks to new joined Unilever as executive Asia Pacific sales were nearly Hudis was promoted to be U.S. and China, growth from counter openings and stronger vice president of hair care, $4.8 billion, comprising about the company’s first female newly acquired brands, and investment in e-commerce. The reporting to Sunny Jain. She one-third of Lauder’s total executive group president; e-commerce. Online, P&G has company’s sales on Singles’ was formerly president, North sales. The company continues Stéphane de la Faverie was seen massive sales gains. In Day in November more than America for adult and feminine to bet on the region, and is named group president and the back half of 2020, online SHISEIDO doubled, and e-commerce building a manufacturing 5TOKYO care at Kimberly-Clark. Jason global brand president for sales gained almost 50 percent, represented more than 40 Goldberger was named CEO of facility in To kyo and a new Estée Lauder and Aerin; and P&G’s then chief financial 2020 BEAUTY SALES: percent of the group’s Chinese Dollar Shave Club as the digital innovation center in Shanghai. Jane Lauder was named officer Jon Moeller said. $8.39 BILLION (EST.) revenues for the year. native brand began entering Lauder’s online sales executive vice president of Like all beauty companies, ¥895 BILLION (EST.) In the rest of Asia, physical retail. skyrocketed in 2020, and now enterprise marketing and P&G was challenged by the -18.4% VS. 2019 (EST.) particularly South Korea In November, Unilever make up roughly 30 percent chief data officer. situation in travel retail and and Thailand, sales fell MAIN BRANDS: finalized the unification of of the total business. Early in For the next two years, inbound business — a non- but e-commerce gained Shiseido, Clé de Peau Beauté, its group legal structure the pandemic, Lauder teams Lauder will focus on its duty free form of travel retail significantly, driven by the BareMinerals, Nars, Laura under a single parent across brands, including sales post-COVID-19 Business — that impacted SK-II more Shiseido and Senka brands. Mercier, Benefique, Ipsa, company, Unilever plc. The associates, pivoted to online Acceleration plan, launched than other brands. In the Americas, the Shiseido Professional, Elixir, move, removing Unilever’s selling through a combination of in August, that includes In the personal care major focus for the year was Maquillage, Anessa, Za, unique dual structure with online advice, shopping assistant rationalizing the store and category, P&G saw growth restructuring at BareMinerals Aupres, Urara, Pure & Mild, headquarters in both London options and social-media selling. counter footprint in Europe, from brands like Safeguard, and ramping up marketing Tsubaki, Sea Breeze, Senka, and Rotterdam, which Skin care was a major the Middle East and Africa and which saw increased hand for Drunk Elephant, acquired Ettusais, Drunk Elephant. had been in place since its bright spot for the company North America. The focus will sanitizer and liquid hand soap in 2019. The company was Fragrance: Dolce & Gabbana, inception in 1930, is intended throughout the year. Dr. Jart+, continue to be on online sales sales, and Old Spice, which impacted by retail closures Issey Miyake, Narciso to provide the company with which Lauder acquired in its and omnichannel operations. posted nearly $1 billion in — both temporary and Rodriguez, Zadig & Voltaire, “greater strategic flexibility… entirety in 2019, contributed sales for the year. P&G has permanent — and the makeup Serge Lutens, To r y Burch. better positioned for to sales gains. Full-year skin focused on “premiumization” category was particularly future success.” care sales were about $8.2 across the portfolio, including KEY FINANCIALS: challenging. E-commerce billion, meaning skin care now in personal care. TOTAL SALES: ¥920.89 billion, sales were strong, notably makes up almost 60 percent In hair, P&G grew business -18.6% (-17.8% at constant thanks to Drunk Elephant. of the total business. in the U.S. and in China. Both currency, -18.8% like-for-like) In Europe, the Middle East Makeup sales, which markets were up in the high- and Africa, business was also JAPAN: ¥303.04 billion, -29.7% had already slumped as single digits or more, P&G strongly impacted by the consumers continued to PROCTER said. Head & Shoulders, now CHINA: ¥235.8 billion, +9% pandemic, but the company favor skin care, continued to a multibillion-dollar brand, said its e-commerce business REST OF ASIA PACIFIC: have a tough year. Lauder’s 4& GAMBLE saw continued growth, as did outpaced the market, notably CINCINNATI ¥59.17 billion, -15.3% THE ESTÉE makeup business is now Pantene, which continued to thanks to Shiseido-brand less than half the size of 2020 BEAUTY SALES: roll out relevant innovation, THE AMERICAS: skin care. Clé de Peau Beauté 3LAUDER COS. its skin care operation. In $14 BILLION (EST.) including the Nutrient Blends ¥91.41 billion, -25.7% launched in Italy and Spain, NEW YORK early 2021, Lauder said it +0.7% VS. 2019 (EST.) line, which features ingredients and Drunk Elephant landed would wind down Becca, EMEA: ¥94.28 billion, -20.4% 2020 BEAUTY SALES: like rose water, bamboo and in Germany. and industry sources have MAIN BRANDS: $14.2 BILLION (EST.) biotin. In the U.S., Aussie grew TRAVEL RETAIL: In travel retail, losses were said the company started to Aussie, Hair Food, Head & -11% VS. 2019 (EST.) in the mass hair care channel. ¥98.5 billion, -19.8% tempered by the channel’s consider divesting certain Shoulders, Herbal Essences, P&G also increased its share in strong performance in Asia, MAIN BRANDS: brands in makeup and hair. Pantene, Rejoice, VS, Walker the textured hair category with PROFESSIONAL SALES: in part thanks to an influx of Estée Lauder, Aramis, Clinique, Prescriptives quietly closed at & Co. (hair care). First Aid My Black Is Beautiful, Head ¥12.76 billion, -13.1% tourists to China’s Hainan Prescriptives, Lab Series, the end of 2020, and Lauder’s Beauty, SK-II, Snowberry (skin & Shoulders Royal Oils and OPERATING PROFIT: Island and demand at South Origins, MAC, Kiton, Bobbi care). Olay (skin and body licensing deal with Kiton Pantene Gold Series, which all ¥14.96 billion, -86.9% Korean downtown duty-free Brown, Tommy Hilfiger, Kiton, expired at the end of the year. care). Old Spice (hair and grew during the year. stores and e-commerce. La Mer, Donna Karan New During the year, Lauder body care, deodorant). Gillette New brands — Native, NET LOSS: ¥11.66 billion Shiseido stepped up its York, DKNY, Aveda, Jo Malone participated in COVID-19 relief (body care, deodorant). First Aid Beauty and Walker (versus net profit of environmental activities London, Bumble and bumble, efforts, including making The Art of Shaving, Ivory, & Co. — also continue to ¥73.56 billion in 2019) in 2020, launching a global Darphin, Michael Kors, To m donations of money and Safeguard (body care). grow disproportionately, initiative called Sustainable Ford Beauty, Smashbox, surgical masks, as well as Native, Secret (deodorant). and now represent about  2020 WAS THE final year of Beauty Actions, which will see Ermenegildo Zegna, Aerin, manufacturing hand sanitizer KEY FINANCIALS: 2 percent of P&G Beauty’s Shiseido’s five-year Vision it implementing a range of To r y Burch, Rodin Olio Lusso, in its New York and European ORGANIC GROWTH: +3% annual sales, or about $280 2020 management plan, sustainability-focused activities Le Labo, Editions de Parfums plants. The business also million, collectively. Native, which saw it work to focus and products. One such Frédéric Malle, Glamglow, reached certain sustainability 2020 CALENDAR YEAR TOTAL COMPANY SALES: which makes deodorant, body more on consumers and initiative saw the company Kilian Paris, Becca, To o Faced, goals, including net zero carbon $73.975 billion, +6.3% wash and other products, was enhance its brand value and install a refill station at its newly Dr Jart+, Do the Right Thing. emissions and 100 percent already nearing $100 million Japanese heritage. It was opened store in Tokyo’s Ginza renewable electricity globally also a tough year for Japan’s KEY FINANCIALS (EST.):  AS A WHOLE, PROCTER & in annual sales in 2019. district. It also released the for its direct operations. SKIN CARE: Gamble saw a massive lift in In early 2021, P&G called biggest beauty player. world’s first biodegradable lip In June, Lauder stepped up $8.19 billion, +11% sales during 2020, due to the off the planned acquisition of Negatively impacted by palette in November, and said diversity commitments with a Billie, a women’s personal care the pandemic both at home MAKEUP: $3.92 billion, -35% coronavirus pandemic, which that it will make 100 percent

32 WWD BEAUTY INC

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Untitled-9 1 4/9/21 3:46 PM BY THE NUMBERS of its packaging sustainable Victoria’s Secret The Mist restructuring the company to GROSS PROFIT: activity for the region) — grew by 2025. Collection (fragrance mists prepare both brands to operate R23.69 billion, +12.3% 0.4 percent in Brazilian real, The year also saw Shiseido and lotion), Victoria’s Secret as separate businesses. The but dropped 14.5 percent at THE GROUP CONSOLIDATED establish a joint venture with Velvet Matte Lip Collection, company also laid out a plan NET LOSS: R650.2 million, constant currency. PLAYERS device-maker Ya-Man to Victoria’s Secret Total Shine to reduce costs that included compared with a net income Under Natura, social NEARLY HALF (46) of the create Effectim Co. Ltd., which Addict Gloss Collection, layoffs of about 15 percent of of R173 million in 2019 selling was a major focus. For companies in the WWD started operations in October, Victoria’s Secret Get Gloss its corporate headquarters, or the brand’s Latin American Beauty Inc Top 100 are public combining devices with beauty Collection, Victoria’s Secret about 850 people.  IT WAS A YEAR of massive operations, the number of companies, and the presence products and initially targeting Angel Edit (makeup). The business had inked a change for Brazil’s Natura & consultants sharing content China. It launched a new deal to sell Victoria’s Secret online grew by more than of Asian companies among KEY FINANCIALS: Co., as it integrated Avon’s sustainable brand, Baum. Plans to Sycamore Partners, but 300 percent between the first listed players has grown TOTAL COMPANY SALES 2020: business and navigated the were announced for a new it fell through early on in the and final quarters of the year. significantly over the past $11.83 billion (EST.) -8.4% pandemic with its inherent couple of years — they number innovation center in Shanghai’s pandemic. L Brands still plans shift toward online and social More than 1 million Natura TOTAL BATH & BODY WORKS 21 on this year’s list. The year’s The Oriental Beauty Valley. to separate the two businesses, selling. The company said consultants in the region had SALES: $6.43 billion (EST.) biggest entry is China’s Yatsen In executive moves, the with a stand-alone Bath & Body it performed 6 percentage online stores, and the number +24.4% Holding Ltd., which floated company announced in Works looking to veer out of points ahead of the global of orders processed through October that Yoichi Shimatani mall-based retail. The separation these grew 60 percent in the in New York last year. For TOTAL VICTORIA’S SECRET SALES: cosmetics and fragrance would retire from his position could come sometime in 2021, fourth quarter, compared with the charts in this section, we $5.4 billion (EST.) -20.7% market for the year, and it as representative director but timing is not confirmed. the prior-year period. analyzed publicly available became the first Brazilian and executive vice president Les Wexner, the founder, The brand also opened financial data to see which  L BRANDS SAW AN uptick in beauty company to enter the at the end of the year. He was longtime chairman and CEO a new flagship in São Paulo, companies performed best in a beauty sales in 2020, moving top 10 of this ranking. replaced by Yukari Suzuki, of L Brands, stepped down on the street where it variety of areas. — ALEX WYNNE up in the top 10 companies “This extraordinary whose title is representative ranking, driven in significant from his post during the year, which began with us launched its first store 50 director and executive year, after being tied to sex years earlier. The boutique ¬ Able C&C part by soap and hand welcoming Avon into our corporate officer, making sanitizer purchases at Bath & offender Jeffrey Epstein. family of iconic brands just offers experiences including ¬ Amorepacific Group/Corp. her effectively number two Body Works. as the pandemic began to personalized gifting and ¬ Beiersdorf at the company behind CEO Bath & Body Works did spread, actually accelerated digital fragrance testing, as well as digital experiences ¬ Clio Cosmetics Masahiko Uotani. She is the well, ending 2020 with sales many of our strategic first woman to hold such a role. to raise awareness of ¬ Clorox Co. up more than 20 percent from initiatives and made us Marc Rey, president and the prior-year period, to $6.4 truly omnichannel,” stated communities in the Amazon ¬ Colgate-Palmolive Co. CEO of Shiseido Americas billion. Business boomed, the company’s executive rainforest. Visitors receive a ¬ Compagnie Financière and the group’s chief growth despite store shutdowns early chairman and CEO Roberto free product when they return Richemont officer, stepped down in in the COVID-19 pandemic. Marques when the firm five empty packs, to promote ¬ Coty Inc. September, with Ron Gee, the Bath & Body Works’ direct NATURA & CO. released its 2020 results. minimizing the environmental U.S.-based operations CFO impact of packaging waste. ¬ Dabur India business more than doubled 7SÃO PAULO The integration makes and Shiseido’s global chief The company bought back ¬ E.l.f. Beauty during the year, the company Natura & Co. the world’s M&A officer, stepping in as told Wall Street analysts. The 2020 BEAUTY SALES: fourth biggest pure-play The Body Shop’s operations ¬ Edgewell Personal Care interim CEO. direct business now makes up $7. 2 3 BILLION beauty company, it said at the in Japan, launched The Body ¬ Emami Ltd. Nicole Tan was named 31 percent of sales for Bath & R36.92 BILLION time of the acquisition. Shop At-Home in the U.S. president and CEO of the Asia +155.6% VS. 2019 and progressed with plans to ¬ The Estée Lauder Cos. Body Works, or about $2 billion. Digital sales for the group Pacific business, effective Oct. launch the operation in China. ¬ Soaps and hand sanitizers MAIN BRANDS: gained 79 percent in the final Fancl Corp. 1. The former Estée Lauder Cos. The Body Shop closed 93 are now being thought of as a Natura: Alma, Amó, Essencial, quarter of the year. It signed ¬ Godrej Consumer Products Ltd. executive is the first woman to stores net through the year, “third pillar of the business,” Esta Flor, Biografia, Humor, a strategic partnership with ¬ hold a CEO title at Shiseido. and rolled out its new store Guangdong Marubi according to CEO Andrew Ilía (fragrance and body Singu, a Brazilian digital In February this year, the concept to 13 locations. Bio-technology Co. Meslow. Customers shopped care). Kaiak, Kriska, Luna, platform for at-home beauty company announced plans Aesop performed ¬ more frequently across #urbano (fragrance). Chronos services, and launched &Co Henkel to spin off its personal care particularly well, with its sales categories in 2020, he said, (skin care). Tododia (skin Pay, a proprietary financial ¬ Hermès International business, in order to focus on up 50 percent for the year, and Bath & Body Works aimed care, deodorant). Sou (skin, services platform. Online ¬ its prestige activity, with CVC or 13.2 percent at constant Inter Parfums Inc. to meet the desire for “nesting bath and hair care). Ekos accounted for around 30 Capital Partners snapping up currency, thanks to strong ¬ Johnson & Johnson at home.” Customers who (fragrance; hair, skin and body percent of the group’s sales the operation for $1.5 billion. growth online, especially in ¬ shopped for soap often bought care). Una, Faces (makeup, for the year, compared with 10 Kao Corp. Asia, with the brand introducing home fragrances, which also fragrance, skin care). Aquarela percent a year earlier. ¬ Kosé Corp digital features such as live make up a significant part of (makeup). Lumina, Plant (hair A key area of focus was ¬ chats, new payment platforms L Brands the total business. care). Sève, Erva Doce (body integrating Avon, as the and same-day delivery. Japan ¬ LG Household & Healthcare Victoria’s Secret has care). Natura Homem (men’s company worked to optimize became the brand’s largest ¬ struggled — both because of fragrance, skin and hair care). synergies between the two Lion Corp. market. Aesop put its store- store shutdowns and because Mamãe e Bebê (mother and direct-sales player’s Latin ¬ L’Occitane Group expansion program on hold due of its outdated brand ethos, baby body and hair care, American operations in ¬ to the pandemic. L’Oréal which promotes women’s fragrance). Naturé (children’s particular, notably through Already a leader when ¬ LVMH Moët Hennessy sexiness as defined by men. skin, body and hair care). merging the two brands’ L BRANDS it came to sustainability, Louis Vuitton 6COLUMBUS, OHIO The company plans to change Fotoequilibrio (sun care). logistics, for example. The Natura & Co. launched a new that, it has said, and switch Águas (fragrance). Aesop company said it had advanced ¬ Mandom Corp. 2020 BEAUTY SALES: action plan for the next 10 to messaging that allows (skin, body and hair care, well with the integration, with ¬ $7.24 BILLION (EST). years, dubbed “Commitment Marico Ltd. customers to decide what is fragrance). The Body Shop. synergies materializing ahead + 11.3% VS. 2019 (EST.) to Life.” It includes plans to ¬ Milbon Co. Ltd sexy. Victoria’s Secret total Avon (outside North America). of plan. become zero net carbon, ¬ MAIN BRANDS: sales dipped 20 percent It worked to simplify Natura & Co. KEY FINANCIALS: reinforces initiatives to Bath & Body Works: Signature during the year. Beauty sales Avon’s commercial model ¬ Noevir Holdings (ON A PRO-FORMA BASIS, protect the Amazon, improves Collection (fragrance, body traditionally comprise about across all markets with a ¬ AS IF THE AVON BUSINESS gender equality and human Nu Skin Enterprises Inc. care), Aromatherapy, Water, 15 percent of the Victoria’s monthly campaign and a new WERE INCLUDED FOR rights in the workforce for ¬ Pola Orbis CocoShea, Bath Fizzies, Secret business, which would earnings model. It initiated BOTH YEARS): its representatives and for ¬ Face Masks (body care). put them at about $810 rebranding and linked with Procter & Gamble Co. PRO-FORMA SALES GROWTH: suppliers, and offers fully Men’s Collection (fragrance, million for the year. Victoria’s +12.1% social causes including ¬ Proya Cosmetics Co. circular packaging and body care). Hand Soaps, Secret direct channel sales fighting domestic violence ¬ 95 percent renewable or PZ Cussons Hand Cream (hand care). increased by 31 percent. CONSTANT-CURRENCY and racism and promoting SALES CHANGE: -2.3% natural and biodegradable ¬ Reckitt Benckiser Victoria's Secret: Victoria’s In terms of physical retail, gender equality. Despite the ingredients, by 2030. In late ¬ Secret Bombshell, Victoria’s Bath & Body works closed NATURA & CO. LATIN AMERICA impact of COVID-19 on Avon’s Revlon 2020, Natura & Co. also Secret Bombshell Seduction, 30 stores during the year, but NET SALES: R20.54 billion, operations in Europe and in ¬ Shanghai Jahwa received B Corp certification Victoria’s Secret Love, opened 27 others. Victoria’s +9.4% the makeup and fragrance United Co. Ltd. at group level, becoming the Victoria’s Secret Heavenly, Secret closed 225 stores, categories, it said it saw ¬ Shiseido Co. AVON INTERNATIONAL NET largest corporation in the Victoria’s Secret Very Sexy, including six Victoria’s Secret SALES: R9.1 billion, +2.9% market share gains in the ¬ world to have the distinction. Tupperware Brands Corp. Victoria’s Secret Tease, Beauty and Accessories U.K. and improvements in Product-wise, innovations ¬ Unilever Victoria’s Secret Eau So stores. L Brands collectively THE BODY SHOP NET SALES: Russia. Overall, the brand’s R5.33 billion, +32.4% included new fragrances from ¬ Sexy, Victoria’s Secret Crush, ended the year with 2,669 sales — in Latin America Walgreens Boots Alliance Natura, the introduction of Victoria’s Secret Very Sexy stores, 278 fewer than the AESOP NET SALES: and elsewhere (Natura now ¬ Yatsen Holding Ltd. Anew Protinol skin care from for Him, Victoria’s Secret prior-year period. R1.95 billion, +50% reports Avon’s Latin American Avon, based on proprietary Very Sexy for Him Platinum, L Brands spent much of 2020 business within its overall

April2021_BINC_TOP100_V6.indd 34 4/14/21 4:25 PM

technology for accelerating launch on Tmall will help BY THE NUMBERS collagen production, and the bolster sales looking ahead. Winter Jasmine line from Both Nivea and Eucerin SIZE MATTERS The Body Shop. gained market share in China. The company initiated two Eucerin introduced the THERE WAS NO change at the top of the “large cap” rankings for 2020, with the nine biggest listed beauty companies capital increases, raising a Hyaluron Filler + Elasticity 3D holding their own, and consumer-goods conglomerates Johnson & Johnson and Procter & Gamble still at the top of total of R7.6 billion. Serum, based on patented the list. There were some newcomers among the biggest market capitalizations, however — Brazil’s Natura & Co. and active ingredient Thiamidol. newly listed Yatsen Holding Ltd. among them. Below, a breakdown of the publicly traded players’ market cap — stock Nivea expanded the Naturally price multiplied by the company’s outstanding shares at yearend. Good range. Group-wide, e-commerce sales jumped 50 percent. Beauty stocks with market Beauty stocks with market Beauty stocks with market caps exceeding $10 billion at caps of between $2 billion caps below $2 billion at The company introduced the year-end 2020 and $10 billion at year-end year-end 2020 Nivea Skin Guide app, which 2020 uses AI to help consumers identify skin issues, track BEIERSDORF skin changes, as well as 8HAMBURG, GERMANY COMPANY/STOCK TICKER MARKET CAP 2020 STOCK CLOSING PRICE recommending products and 2020 BEAUTY SALES: offering skin care tips. JOHNSON & JOHNSON/NYSE: JNJ $414.35 BILLION $157.38 $6.28 BILLION (EST.) In July, Beiersdorf opened PROCTER & GAMBLE CO./NYSE: PG $342.63 BILLION $139.14 €5.50 BILLION (EST.) a new innovation center in LVMH MOËT HENNESSY LOUIS VUITTON/EPA: MC €257.88 BILLION/$294.35 BILLION €510.90/$583.15 -9.2% VS. 2019 (EST.) Shanghai, key to boosting its L’ORÉAL/EPA: OR €174 BILLION/$198.61 BILLION €310.80/$354.75 local expertise in Asia. Its biggest MAIN BRANDS: UNILEVER/LON: ULVR £117.4 BILLION/$150.67 BILLION £44.81/$57.51 such facility outside Hamburg, Nivea, Eucerin, La Prairie, the development involved an HERMÈS INTERNATIONAL/EPA: RMS €92.86 BILLION/$105.99 BILLION €879.60/$1,003.99 Labello, 8x4, Hidrofugal, investment of €10 million. THE ESTÉE LAUDER COS./NYSE: EL $96.63 BILLION $266.19 Florena, Atrix, Aquaphor, Chaul, a brand developed COLGATE-PALMOLIVE CO./NYSE: CL $72.56 BILLION $85.51 Maestro, Coppertone. exclusively for the Asian RECKITT BENCKISER GROUP/LON: RB £46.51 BILLION/$58.07 BILLION £65.42/$83.96 KEY FINANCIALS: market based on fermented COMPAGNIE FINANCIÈRE RICHEMONT/SWX: CFR SFR45.25 BILLION/$48.24 BILLION SFR80.08/$85.38 CONSUMER DIVISION SALES: tea, was launched in South HENKEL/ETR: HEN €36.9 BILLION/$42.11 BILLION €79.30/$90.51 €5.7 billion, -9.1% Korea, the first homegrown KAO CORP./TYO: 4452 ¥3.84 TRILLION/$35.98 BILLION ¥7,970/$74.67 (organic sales: -6.6%) brand to come out of the NX WALGREENS BOOTS ALLIANCE/NYSE: WBA $34.46 BILLION $39.88 Accelerator in Seoul, which CONSUMER DIVISION EBIT BEIERSDORF/ETR: BEI €23.8 BILLION/$27.17 BILLION €94.44/$107.80 EXCLUDING SPECIAL FACTORS: Beiersdorf opened in 2019. €702 million, -20.5% The company debuted a SHISEIDO CO./TYO: 4911 ¥2.85 TRILLION/$26.70 BILLION ¥7,136/$66.86 new sustainability agenda, Care CLOROX CO./NYSE: CLX $25.4 BILLION $201.92 CONSUMER DIVISION Beyond Skin, in early 2020. LG HOUSEHOLD & HEALTHCARE/KRX: 051900 KRW28.70 TRILLION/$24.34 BILLION KRW1.62 MILLION/$1,373.76 BY REGION: Western Europe: During the year, important YATSEN HOLDING LTD./NYSE: YHG $14.17 BILLION $17 €2.22 billion, -8.3% (-8.6% progress was made including NATURA & CO./BVMF: NTCO3 R72.2 BILLION/$14.14 BILLION R52.50/$10.28 organic); Eastern Europe: a switch to recycled materials DABUR INDIA/NSE: DABUR 943.8 BILLION RUPEES/$12.75 BILLION 534 RUPEES/$7.21 €535 million, -12.2% (-5.8%); for 90 percent of the Consumer North America: €585 million division’s PET bottles in Europe L BRANDS/NYSE: LB $10.34 BILLION $37.19 +17.8% (+0.2%); Latin and the use of only sustainably GODREJ CONSUMER PRODUCTS/NSE: GODREJCP 756.79 BILLION RUPEES/$10.22 BILLION 740.15 RUPEES/$10.00 America: €568 million, certified palm oil in cosmetics AMOREPACIFIC CORP./KRX: 090430 KRW11.94 TRILLION/$10.13 BILLION KRW206,000/$174.69 -12.3% (+5.4%); Africa/Asia/ manufacturing. Toward the end KOSÉ CORP./TYO: 4922 ¥1.07 TRILLION/$10.02 BILLION ¥17,600/$164.89 Australia: €1.8 billion, -14.6% of the year, the firm teamed (-10%). up with chemicals company SABIC to create renewable PP  BEIERSDORF CONTINUED plastic for its beauty packaging to progress with its C.A.R.E.+ based on a byproduct of the COMPANY/STOCK TICKER MARKET CAP 2020 STOCK CLOSING PRICE strategic program last year, paper industry. aimed at better positioning the In Germany, it introduced its MARICO LTD./NSE: MARICO 519.61 BILLION RUPEES/$7.02 BILLION 402.65 RUPEES/$5.44 German firm when it comes first shower gel refill stations LION CORP./TYO: 4912 ¥ 747. 1 9 BILLION/$7.00 BILLION ¥2,498/$23.40 to sustainability, digitalization with drugstore chain DM, COTY INC./NYSE: COTY $5.37 BILLION $7.02 and growth markets. It said and has partnered with Loop CNY35.8 BILLION/$5.19 BILLION this focus helped it to gain to test reusable packaging PROYA COSMETICS CO. LTD./SHA: 603605 CNY178/$25.80 market share in all of its skin under Nivea for Men. It is also FANCL CORP./TYO: 4921 ¥536.4 BILLION/$5.03 BILLION ¥4,115/$38.55 care categories, with its core participating in trials of digital POLA ORBIS/TYO: 4927 ¥479.81 BILLION/$4.50 BILLION ¥2,094/$19.62 brands, and in all regions during watermarking technology to L’OCCITANE GROUP/HK: 0973 HK28.54 BILLION/$3.68 BILLION HK19.32/$2.49 the year. improve waste sorting and AMOREPACIFIC GROUP/KRX: 002790 KRW4.19 TRILLION/$3.55 BILLION KRW54,900/$46.56 Nivea, the company’s thereby the availability of SHANGHAI JAHWA UNITED CO./SHA: 600315 CNY23.55 BILLION/$3.41 BILLION CNY34.73/$5.03 biggest brand, saw its sales recycled plastic content. GUANGDONG MARUBI BIOTECHNOLOGY CO./SHA: 603983 CNY20.94 BILLION/$3.04 BILLION CNY52.21/$7.57 drop nearly 11 percent to In February 2020, the $2.78 BILLION $54.63 €3.96 billion, or 6 percent on company snapped up Stop NU SKIN ENTERPRISES/NYSE: NS an organic basis, although the Water While Using Me!, a EMAMI LTD./NSE: EMAMILTD 188.36 BILLION RUPEES/$2.54 BILLION 423.75 RUPEES/$5.72 the brand reportedly gained German natural personal care MILBON CO. LTD./TYO: 4919 ¥213.72 BILLION/$2 BILLION ¥6,570/$61.55 market share in more than line offering refillable systems half of the countries in which and biodegradable formulas. it is present. The sales decline For the C.A.R.E.+ program, for the Consumer business Beiersdorf has said it will invest unit was cushioned by strong another €300 million over the COMPANY/STOCK TICKER MARKET CAP 2020 STOCK CLOSING PRICE performance in the Derma next five years — in addition to INTER PARFUMS INC./NASDAQ: IPAR $1.91 BILLION $60.49 business thanks to the the €70 million to €80 million EDGEWELL PERSONAL CARE/NYSE: EPC $1.88 BILLION $34.58 Eucerin and Aquaphor brands. per year initially planned — to That unit saw sales growth of accelerate its transformation. TUPPERWARE BRANDS CORP./NYSE: TUP $1.61 BILLION $32.39 5.3 percent to €661 million, In order to enhance its NOEVIR HOLDINGS/TYO: 4928 ¥156.10 BILLION/$1.46 BILLION ¥4,570/$42.82 or 8.3 percent on an organic innovation capabilities, E.L.F. BEAUTY/NYSE: ELF $1.29 BILLION $25.19 basis, and double-digit gains Beiersdorf said it would invest PZ CUSSONS/LON: PZC £962.2 MILLION/$1.23 BILLION £2.30/$2.95 in North America, Latin €60 million in a technology MANDOM CORP./TYO: 4917 ¥81.96 BILLION/$767.9 MILLION ¥1,698/$15.91 America and Asia. center at its headquarters REVLON/NYSE: REV $633.7 BILLION $11.88 La Prairie saw significant in Hamburg by the end of CLIO COSMETICS/KRX 237880 KRW296.96 BILLION/$251.8 MILLION KRW17,800/$15.09 declines, largely due to its 2024. The new center will KRW200.04 BILLION/$169.64 MILLION KRW7,400/$6.27 exposure to travel retail. Sales allow employees and external ABLE C&C/KRX: 078520 fell 23.9 percent to €497 partners including researchers, million, despite double-digit startups and suppliers to growth in China. The company explore new concepts. is hopeful that its recent

WWD BEAUTY INC 35

April2021_BINC_TOP100_V6.indd 35 4/14/21 4:25 PM brand continued to highlight the tattoo shop owner expanded its Boy de Chanel -11.1% (-9.4% like-for-like) expanded due to the its sustainability projects, turned reality star, who sold makeup line for men and AMERICAS: ¥68.6 billion, pandemic, and the company introducing a new design her ownership shares in the there were introductions for -3.9% (-1.7% like-for-like) stepped up its production of approach and implementing makeup line early in the year. Les Beiges Essence de Teint, a EUROPE: ¥37.2 billion, these products accordingly. bee protection initiatives in Bite Beauty went vegan and lightweight foundation with skin -9.9% (-9.6% like-for-like) As a result, sales of hand soap LVMH MOËT partnership with UNESCO. expanded its offer with a range care benefits, and Rouge Allure tripled and its market share Givenchy also performed of products for the complexion. Laque, a long-wearing lip color. SKIN AND HAIR CARE grew by 6 points. 9 OPERATING INCOME: HENNESSY well in China, notably thanks In skin care, boosted by ¥50.8 billion, +1.3% LOUIS VUITTON to Prisme Libre. The L’Interdit Asia in particular, La Mousse fragrance registered market continued to perform well, as PARIS  AS KAO CONTINUES TO share gains in Europe, did the Sublimage and Le Lift follow its medium-term 2020 BEAUTY SALES: especially France. Benefit, franchises. Key launches for strategy implemented in 2018, $5.99 BILLION (EST.) whose cofounder Jane Ford the year included Hydra Beauty it remains focused on nurturing €5.25 BILLION (EST.) passed away in December, Camellia Repair Mask, Le Lift 11 of its global brands and eight -23.2% VS. 2019 (EST.) was hit by the limited Night Cream and Sublimage regional brands. Due to the availability of its services l’Extrait de Nuit, a night serum. MAIN BRANDS: CHANEL LTD. COVID-19 pandemic, the “G11” LG HOUSEHOLD Parfums Christian Dior, due to store closures, but The company saw online LONDON suffered a 10 percent decrease 12 saw strong momentum for 10 sales grow strongly, both on its & HEALTH CARE Guerlain, Parfums Givenchy, in their share of Kao’s overall its online sales. Fresh also 2020 BEAUTY SALES: own sites and retailer dot-com SEOUL, SOUTH KOREA Parfums Kenzo, Fendi, Acqua sales, and the share of the “R8” focused on digital, especially $5.30 BILLION (EST.) platforms. It introduced new di Parma, Perfumes Loewe, fell by 28 percent. 2020 BEAUTY SALES: in China, and its premium line €4.64 BILLION (EST.) e-commerce sites for Portugal, Benefit Cosmetics, Make Up According to SRI+, the $4.54 BILLION (EST.) Crème Ancienne performed -22% VS. 2019 (EST.) Luxembourg and Austria. For Ever, Fresh. Maison Francis cosmetics market in Japan KRW5.35 TRILLION (EST.) well, as did Kombucha Facial On the retail front, 20 new Kurkdjian (majority stake). contracted 22 percent year- +4.9% VS. 2019 (EST.) Treatment Essence. Fenty MAIN BRANDS: Chanel beauty boutiques Kendo brands: Bite Beauty, KVD over-year because demand Beauty generated buzz with Chanel No.5, Gabrielle Chanel, opened during the year, MAIN BRANDS: Vegan Beauty, Marc Jacobs from overseas shoppers visiting the online-only launch of the Allure, Allure Sensuelle, Coco, with a focus on Asia. BEAUTY DIVISION: The History Beauty, Ole Henriksen, Fenty the country disappeared, Fenty Skin range. Maison Coco Mademoiselle, Coco Noir, of Whoo, Su:m37°, O Hui, Beauty by Rihanna. Bulgari. people weren’t going out as Francis Kurkdjian’s growth Chance, Chance Eau Fraîche, Belif, VDL, CNP, CNP Rx, Louis Vuitton. Sephora. often and wearing masks accelerated, notably with Chance Eau Tendre, Chance (luxury skin care, makeup), became common practice. KEY FINANCIALS: the new L’Homme à la Rose Eau Vive, No.19, Cristalle, Jane Packer (fragrance). Dr. The market for makeup ORGANIC SALES DECLINE: -22% scent, while Acqua di Parma Allure Homme, Allure Homme Belmeur, Yehwadam, Isa Knox, was especially impacted, expanded in China. Perfumes Sport, Allure Homme Edition Sooryehan, VDIVOV, fmgt LVMH PERFUMES AND Blanche, Bleu de Chanel, contracting by 25 percent, COSMETICS REVENUE BY Loewe, which launched a (premium skin care, makeup). Pour Monsieur, Antaeus, with lip makeup decreasing by REGION: France: 9%; rest range of home scents, saw The Face Shop, Beyond (skin, Egoiste, Platinum Egoiste, Les 51 percent and base makeup of Europe: 18%: U.S.: 14%; solid momentum in China. body and hair care, makeup, Exclusifs, Les Eaux de Chanel KAO CORP. declining 28 percent. Kao Japan: 5%; rest of Asia: The beauty division’s fragrance). Avon (skin, body (fragrance). Sublimage, Blue 11TOKYO said the impact of this market 45%; other markets: 9%. operating margin fell from 10 and hair care, makeup, shrinkage was greater because percent to 1.5 percent, despite Serum, Le Lift, Hydra Beauty, 2020 BEAUTY SALES: fragrance; in the U.S., PERFUMES AND COSMETICS the ratio of makeup products in efforts to manage costs. CC Cream, Le Blanc (skin care). $5.09 BILLION Canada and Puerto Rico). DIVISION PROFIT FROM Rouge Allure, Rouge Coco, Le its portfolio is approximately RECURRING OPERATIONS: The changing of the guard ¥543 BILLION HOME CARE AND DAILY BEAUTY Vernis, Inimitable, Le Volume, 10 percent higher than the €80 million, -88.3%. for LVMH’s beauty activity -15.5% VS. 2019 DIVISION: Veilment, On: The market average. implemented in late 2019 Dimensions, Les 4 Ombres, Body (body care), Physiogel Ombre Première, Les Beiges, MAIN BRANDS: As consumer purchasing  WITH ITS PORTFOLIO continued, with Parfums (skin and body care, in Vitalumière, Ultra Le Teint, KAO: Bioré, Jergens, Curél, patterns shifted, Kao weighted heavily in prestige, Christian Dior naming Claudia Asia and North America). Le Blanc, Le Teint Ultra, Sofina, Asience, Essential, stepped up its e-commerce LVMH Moët Hennessy Louis Marcocci, formerly senior vice Fruits & Passion (body Sublimage, Joues Contrastes Merit, Feather, Liese, Blauné, efforts, resulting in an Vuitton’s beauty business president of Gucci Beauty care, fragrance). Elastine, (makeup). Segreta, Cape, Prettia, increase of more than 20 in 2020 was significantly at Coty, as its new brand Dr.Groot, ReEn, Organist John Frieda, Guhl, Goldwell, percent year-over-year in its impacted by declines in general director in February, KEY FINANCIALS: (hair care). KMS California, Oribe, Ban e-commerce sales in Japan. spending by international succeeding Véronique MAIN MARKETS: China, the (deodorant, except in Japan). The share of e-commerce KEY FINANCIALS: travelers and the weakness Courtois, who moved over to U.S. and Japan represented Molton Brown. sales grew to 10 percent, up TOTAL SALES: of the makeup category. head Guerlain in 2019. an estimated 45% of 2020 KANEBO COSMETICS: from 7 percent in 2019. KRW7.8 trillion, +2.1% The company said losses Sephora rejigged its top sales (compared with Sensai, Kanebo, Kate, In China, Kao’s sales OPERATING PROFIT: were partially offset by the management. Martin Brok, a 35% in 2019). Freeplus, Suqqu, RMK, increased by more than 20 KRW1.2 trillion, +3.8% stronger performance of former Starbucks executive, Athletia, Suisai, Evita, percent year-over-year, with both skin care and the Asian was named president  LIKE MOST PRESTIGE- Lunasol, Media, Allie, Milano its e-commerce business BEAUTY DIVISION SALES: market through the year, and CEO in September, weighted beauty players, Collection, Coffret D’Or, Dew, growing by about 1.5 times KRW4.46 trillion, -6.1% though it acknowledged that reporting to previous head Chanel saw sales declines Twany, Lissage, L’Equil. to account for 70 percent both also saw sales declines. Chris de Lapuente, who has in all product categories, BEAUTY DIVISION OPERATING of sales. This was a result of PROFIT: KRW823 billion, According to estimates, the been named president and with more resilience for its KEY FINANCIALS: an increase in online sales -8.3% company’s beauty sales in Asia CEO of LVMH’s Selective skin care business than TOTAL COMPANY REVENUES: initiatives, centered around — outside Japan — dropped Retailing division, effective other segments. All regions ¥1.38 trillion, -8% the brand Freeplus, which is  IT WAS A LANDMARK by around 13.6 percent last Jan. 1, 2021. Artemis Patrick declined, and travel retail (-5.2% like-for-like) hypoallergenic and includes year for LG Household and year, compared with around was named executive vice was particularly negatively COSMETICS SALES: Japanese and Chinese Healthcare. For the first time 30 percent in most other president, global chief impacted by the halt in ¥234.1 billion, -22.4% botanical extracts, and Cúrel, in its history, it took over from markets. Asia (excluding Japan) merchandising officer for international travel. (-22.1% like-for-like) a derma care brand. rival Amorepacific Group to accounted for 45 percent of Sephora, a newly created role, Within fragrance, Sales elsewhere in Asia become the beauty leader on the Perfumes and Cosmetics in August. Previously chief two pillars scents, Coco BY MARKET: slumped, falling more than the domestic market in South division’s revenues in 2020, up merchandising officer for Mademoiselle and Bleu de JAPAN: ¥164.2 billion, -29.3% 20 percent year-over-year. Korea. This was largely due from 40 percent a year earlier. Sephora U.S., she is known Chanel, resisted better than REST OF ASIA: ¥45.4 billion, In the U.S. market, Kao to the strong performance of The company cited Guerlain for having shaped major new the rest of the portfolio. +6.2% (+7.6% like-for-like) expedited Molton Brown’s what the company calls its and Fresh as proving resilient categories including indie Gabrielle was boosted by the shift to e-commerce in “daily beauty” products, part despite the context, but fragrances and clean beauty. rollout of Gabrielle Essence AMERICAS: ¥5.5 billion, response to temporary store of its Home Care and Daily acknowledged sales declines Change was also in the air in Asia; it launched in other -8.4% (-6.3% like-for-like) closures and lockdowns. Beauty division, thanks to a from both brands nonetheless. at brand incubation division regions in 2019. Classic EUROPE: ¥19 billion, Accordingly, the brand’s focus on premiumization Core brand Dior’s business Kendo, which has laid off an fragrance No. 5 got a new -7.9% (-6.9% like-for-like) e-commerce share of sales and digitalization. improved in the second half, estimated 10 percent of its face, French actress Marion reached 46 percent, up from For the company’s beauty LVMH said, especially in staff in the wake of COVID-19, Cotillard. Coco Mademoiselle COSMETICS OPERATING 21 percent in the previous division, sales declined, China, the U.S., Japan and the according to sources. It introduced L’Eau Privée, INCOME: ¥2.6 billion, -38.8% year. This enabled the brand impacted by the global health Middle East. Its online sales named Kristin Walott, formerly reinterpreting the accord SKIN AND HAIR CARE SALES: to limit the impact of the crisis and especially by sharp grew, especially in China. president, as CEO, succeeding of the original fragrance ¥308.9 billion, -9.3% pandemic, with its sales declines in travel retail. Its Guerlain’s skin care offer longtime head David Suliteanu, especially for nighttime wear. (+1.4% like-for-like) overall decreasing 7 percent. Beauty division sales in travel was a strong point, notably who has left the business. The company’s makeup While makeup suffered, retail dropped 13.7 percent, in China, its biggest market, Kat Von D was renamed KVD business, especially lip products, BY MARKET: Kao’s skin care sales although its luxury brands with key lines Abeille Royale Vegan Beauty in the wake of were the most impacted by the JAPAN: ¥177.7 billion, increased by 10 percent. grew slightly in the channel. and Orchidée Impériale seeing its separation from namesake crisis as consumers moved -10.9% (+7.4% like-for-like) In Japan, the market for Leading brand The History of “exceptional” growth. The Katherine von Drachenberg, away from the category. Chanel REST OF ASIA: ¥25.3 billion, hand soaps and sanitizers Whoo, despite its dependence

36 WWD BEAUTY INC

April2021_BINC_TOP100_V6.indd 36 4/14/21 4:25 PM on travel retail, grew its percent sales decline for its the company hired Nabi, a MAIN BRANDS: new models and services to business by 1 percent to reach beauty business year-over- L’Oréal veteran, who officially RETAIL: Schwarzkopf, Syoss, capture growth opportunities KRW2.6 trillion. O Hui and year. The company said the started in September. Dial, Fa, Diadermine, N.A.E. in beauty as well as laundry CNP grew by 4 percent and 7 decline was due to the impact Under her watch, Coty closed (skin, hair and body care). and home care. percent, respectively. of COVID-19 as well as stock on the sale of several brands to a Nature Box (hair and Henkel relaunched the International sales for keeping unit rationalization, COTY INC. joint venture majority owned by body care). Nature Box, Gliss Kur and the Beauty division gained but was partially offset by KKR. Coty still owns a minority PROFESSIONAL: Igora, BC Syoss brands and introduced 14AMSTERDAM 12 percent, attributable to growth in e-commerce and position in the business, and Bonacure, Osis, Silhouette, new hair-color innovations. strong business in China, new product innovation. 2020 BEAUTY SALES: was able to take home $2.5 Indola, BlondMe, Essensity, It added solid shampoos, where sales were up 21 Tapping into its network $4.2 BILLION (EST.) billion in cash that it intends SexyHair, Alterna, Kenra body and facial care products percent year-over-year. of endorsees has benefited -51.4% VS. 2019 (EST.) to use to pay down debt from Professional, Joico, Zotos with no plastic packaging The company’s personal Aveeno, one of its top $7. 9 billion to about $5 billion by Professional, Oil Ultime, under Nature Box and N.A.E., MAIN BRANDS: care brands posted strong performers, which purports midway through 2021. KKR also Mad About, Chroma ID, and switched to recycled PRESTIGE: Calvin Klein, gains thanks to online to be the most trusted natural became Coty’s second-largest TBH – True Beautiful Honest, aluminum tubes for the Hugo Boss, Marc Jacobs, expansion, digital marketing skin care brand by U.S. shareholder, and now owns 17 Authentic Beauty Concept major brands in its hair color Chloé, Balenciaga, Bottega and live commerce. In China, dermatologists. percent of the company. (hair care and color). portfolio. Authentic Beauty Veneta, Alexander McQueen, Himalaya Pink Salt and Dr. Neutrogena also Executive changes Concept, a salon hair care Davidoff, Miu Miu, Lacoste, KEY FINANCIALS: Groot drove gains. Overall Dr. performed well. According continued across multiple brand introduced in 2019, Tiffany & Co., Joop!, Jil BEAUTY CARE DIVISION SALES: Groot, a premium hair care to 2020 data from IRI, Rapid levels of the business. Nabi added refill bars at selected Sander, Roberto Cavalli, €3.75 billion, -3.2% brand, saw sales jump 53 Wrinkle Repair was the appointed Isabelle Bonfanti salons in Europe. In the Escada (prestige fragrance). (-2.8% like-for-like) percent, while premium body second top-selling facial and Jean-Denis Mariani as U.S., the company teamed Philosophy (skin care, care brand Veilment gained 24 antiaging line in the U.S. The chief commercial officer, BEAUTY CARE DIVISION with a group of “disruptors” fragrance). Kylie Skin, OPERATING PROFIT: percent. Neutrogena Hydro Boost line luxury, and chief digital in the barber industry to Lancaster (skin care). €246 million, -41.2% When it came to products, also nabbed the number-two officer, respectively. Gordon launch Stmt — pronounced Gucci, Burberry (fragrance, microbiome technology spot for facial moisturizers, von Bretten was named GROUP SALES: “statement” — a line of color cosmetics). was an area of focus for ditto its makeup removers in chief transformation officer, €19.25 billion, -4.3% grooming products for all MASS: Cover Girl, Rimmel several launches. Dr. Groot their respective category. Its and Stefano Curti was hired genders and styles. The brand London, Max Factor, introduced products based on acne treatments came in first as chief brands officer for  UNDER NEW CEO Carsten entered Ulta in September. Bourjois, Manhattan (color para-probiotics and prebiotics place for that category. consumer beauty. Edgar Knobel, who took up the In digital, Henkel worked cosmetics). Sally Hansen, to help rebuild the scalp In hair care, OGX was a Huber left the company. position on Jan. 1, 2020, with Amazon to embed Risque (nail products). microbiome, while Veilment strong performer in the U.S. The Coty business Henkel launched an updated Choicify, its AI-powered Biocolor (retail hair color). harnessed microbiome According to IRI data, both continued to struggle in the strategic agenda with digital hair color try-on Adidas, Cenoura & Bronze, technology for the body. its shampoo and conditioner mass segment, home to the aim of returning the tool that debuted in 2018, Paixão, Bozzano, Monage In May, LG bought the were ranked top sellers for Cover Girl and Rimmel, which company to growth. The starting October 2020. With (body care). 007 James rights to dermo-cosmetics the year. Sun care remained a declined by 23 percent over the plan includes revising its the Schwarzkopf SalonLab Bond, Bruno Banani, Katy brand Physiogel from bright spot for the company, final quarter of the year. Sally portfolio and ramping up tool, which began rolling out Perry, David Beckham, Mexx, GlaxoSmithKline in Asia and too, with its Ultra Sheer line Hansen was a bright spot with digital and sustainability. internationally in September Nautica (mass fragrance). North America for £125 million, ranking second in sales in the franchises like Miracle Gel and As part of the plan, after trials in parts of Europe with the intention of boosting Suntan Lotion & Oil category, KEY FINANCIALS: Good Kind Pure, and Nabi plans Henkel has identified and Asia, hairdressers are its presence in the category. per IRI. Similarly, Dr.CI:Labo LIKE-FOR-LIKE SALES to accelerate Cover Girl’s Clean brands and categories with now able to scan customers’ It added new products to the was the top dermo-cosmetic DECLINE (NOT INCLUDING Fresh clean and vegan makeup a sales volume of more hair to provide data-driven THE DIVESTMENT OF THE lineup and began prepping brand in Japan, according to PROFESSIONAL DIVISION): line, which saw some early than €1 billion, mainly in recommendations for to launch the brand in China, the company, which added -28% (EST.) success, going forward. its consumer business, products and services. Japan and the U.S. that its rebrand mid-year There was also good around half of which it plans In terms of its performance led it to outpace the rest THE U.S., GERMANY AND THE news to be found in the to divest or discontinue by last year, Henkel was hard U.K ARE COTY’S BIGGEST of the market. MARKETS, COLLECTIVELY luxury business, which saw 2021. In tandem, it plans hit by declines in the hair Johnson & Johnson ACCOUNTING FOR MORE the expiration of the Stella to continue acquiring new salon channel, where its sales unveiled its Healthy Lives THAN 40 percent of sales. McCartney fragrance license, businesses it sees as a fit dropped in the low-double Mission in September 2020, but also saw Marc Jacobs with its portfolio. digits due to salon closures which will culminate in  COTY INC. WAS ONE OF Perfect launch the number-one In 2020, it made wide- in many markets. The $800 million going toward beauty’s biggest newsmakers prestige fragrance of the year. ranging changes in line with company said it saw positive areas including plastic in 2020. At Gucci, Coty started to build the new strategy. Acquisitions momentum from Authentic alternatives, full transparency The company named out the brand’s makeup offer. included the purchase Beauty Concept, as well as JOHNSON on ingredients and education industry veteran Sue Nabi Coty also saw accelerated of a 75 percent stake in Schwarzkopf Professional 13 surrounding sun care safety. CEO, completed the majority e-commerce throughout the Invincible Brands Holding, Innovations ChromaID and & JOHNSON NEW BRUNSWICK, N.J. Part of the initiative includes acquisition of Kylie Jenner’s year — in the final quarter, the owner of three German Fibre Clinix. switching to entirely reusable, beauty business, inked a deal online sales were up 40 direct-to-consumer brands, The mass-market business 2020 BEAUTY SALES: compostable or recyclable for a minority stake in Kim percent, and comprised about Hello Body, Banana Beauty posted double-digit growth $4.45 BILLION packaging by 2025 for Le Kardashian West’s beauty 20 percent of the business. and Mermaid+Me, premium in North America thanks -3.1% VS. 2019 Petit Marseillais, Neutrogena, business, navigated the Nabi brings to Coty a clear beauty and personal care lines to strong demand for body MAIN BRANDS: Johnson’s, OGX and Aveeno. pandemic through accelerating set of initiatives that include with a clean, natural focus and care and hair color, although Aveeno, Bebe, Biafine, J&J named Ellesha Kirby online sales and cutting costs, focusing more on e-commerce more than 1.5 million active overall in the region, sales Clean & Clear, Coverblend, as its global president of Skin and sold a majority position in and making and highlighting consumers, mainly in Europe. were flat due to declines in the Dabao, Dr. Ci: Labo, Exuviance, Health, starting in June. Based Clairol, Wella, OPI and GHD to good products. The company It also closed the acquisition professional business. Labo, Le Petit Marseillais, in Singapore, she replaces private equity firm KKR. is readying Jenner’s Kylie Skin of epiCS Skin Model Sales grew in Asia on an Lubriderm, NeoStrata, Deeptha Khanna. Sales results weren’t great to enter Asia in the upcoming Technology from SkinInVitro organic basis, particularly Neutrogena, Piz Buin, It also closed an equity — for the calendar year and year, and is building out a skin GmbH. Its technology for thanks to improved Sundown (skin, body and hair investment in Dermala Inc., on a like-for-like basis, Coty’s care like for Kardashian West’s reconstructing skin models performance in China, as care, including sunscreen). which formulates skin care beauty sales fell 30 percent, KKW Beauty. Coty has also under the Phenion brand well as in Eastern Europe. Maui Moisture, Neutrogena, products for acne based off of related to COVID-19 and the discussed buying Nabi’s skin offers an alternative to in In Western Europe and the OGX, Rogaine (hair care). personalization and respect divestitures. The business care line, Orveda. vitro testing for the safety mature markets of Asia, to the skin’s microbiome, also had layoffs and other cost assessment of raw materials revenues were down. KEY FINANCIALS: via its Johnson & Johnson reductions throughout the and finished products. The Brand-wise, body care U.S. SKIN HEALTH/BEAUTY Innovation vehicle. The year as part of a savings plan. purchase of U.S.-based Fero under Dial and Palette and SALES: $2.35 billion, -1.7% two companies had been Prior to Nabi’s Labs, meanwhile, via the Natural & Easy hair colorants INTERNATIONAL SKIN HEALTH/ partnering on technology appointment, Coty continued HenkelX Ventures unit, is performed well in the mass BEAUTY SALES: $2.1 billion, development since 2018. to see a revolving door of intended to help Henkel use space. Hair care, styling -4.6% (-2.3% at constant executives. Early in the year, machine learning to optimize products and skin care all currency) it appointed former Jimmy its manufacturing processes. declined. Choo CEO Pierre Denis to run HENKEL The year also saw the  LEANING INTO THE science- the company. Midway through launch of Fritz Beauty Lab, rooted, professionally 2020, that plan changed, and 15DÜSSELDORF, GERMANY an internal idea factory endorsed DNA of its brands Peter Harf, the chairman of 2020 BEAUTY SALES: and incubator named helped Johnson & Johnson Coty’s majority owner JAB, $4.06 BILLION (EST.) after company founder weather the challenges of stepped in. That arrangement €3.56 BILLION (EST.) Fritz Henkel, to anticipate 2020, posting only a 3.1 lasted about a month before -3.2% VS. 2019 (EST.) upcoming trends and identify

WWD BEAUTY INC 37

April2021_BINC_TOP100_V6.indd 37 4/14/21 4:25 PM its offline presence in major Suite13, an augmented reality When many powerhouse North America and Europe. markets in Asia. “virtual showroom,” and Skin personal care brands hit The company’s overall sales In North America, the Analyzer, which harnessed production roadblocks in North America for the nine company trimmed its artificial intelligence to analyze causing out of stocks, months to December declined Innisfree store portfolio. users’ skin and make product Colgate’s supply chain by 19.4 percent. AMOREPACIFIC Sulwhasoo entered Sephora recommendations, supported encountered “minimal” KOSÉ CORP. Kosé continues to follow in the U.S. online and in by a database of more than disruption, according to its Vision2026 strategy, which 16SEOUL, SOUTH KOREA 19TOKYO physical stores, and Laneige half a million photographs. company chairman, CEO has the goal of advancing the 2020 BEAUTY SALES: released a product especially Both functions were initially and president Noel Wallace. 2020 BEAUTY SALES: company to the next stage $4.01 BILLION (EST.) for the U.S. market, Lip introduced in Mexico before That fueled sales of brands $2.65 BILLION (EST.) of growth as it looks ahead KRW4.73 TRILLION (EST.) Sleeping Mask x Netflix. rolling out to other markets. such as Protex, Irish Spring ¥282.83 BILLION (EST.) to the 80th anniversary -21.9% VS. 2019 (EST.) Amorepacific and Mamonde Mary Kay is putting more and Softsoap. -15% VS. 2019 (EST.) of its founding in 2026. both launched on Amazon’s of an emphasis on the Asia The company’s The company is focusing MAIN BRANDS: MAIN BRANDS: Premium Beauty store. Pacific region, especially China, acquisitions of premium its activities on global and Amorepacific, Sulwhasoo, Decorté, Sekkisei, Jill Stuart, Sales in Europe were where it sees big potential. The skin care lines over the past borderless growth. Hera, Primera, Lirikos, Addiction, Clear Turn, One by negatively impacted by store company tapped Wendy Wang four years are also paying Iope, Laneige, Mamonde, Kosé, Infinity, Crie, Esprique, closures, although Laneige as chief commercial officer for off. Despite the closing of Hanyul, Etude, Innisfree, Visée, Fasio, Elsia, Nail continued to grow there. Asia Pacific. professional outlets, brands Espoir, Bro&Tips, Be Ready, Holic, Softymo, Je L’Aime, In May 2020, Amorepacific During 2020, Mary Kay exited such as Filorga, EltaMD and Sienu, Enough Project, Make Kokutousei, Grace One, took a stake in Australian Australia and New Zealand, citing PCA Skin shifted to online On (skin care & makeup). Suncut, Prédia, Paul Stuart, high-end skin care company tough market conditions and the sales with positive results Mise-en-Scene, Ryo, Amos Awake, Imprea, Albion, Rationale, through which cost of doing business, rather thanks to consumers trading Professional, Labo-H (hair Tarte, Phil Naturnt, Formule, it hopes to secure a local than slumping popularity of its up to professional or clinical care). Happy Bath, Illiyoon Maihada, Stephen Knoll production base in Australia products. The brand had been brands during quarantine. (body care). Goutal Paris New York, Cell Radiance, GROUPE and strengthen its retail sold in those markets since 1971. Across its portfolio, (fragrance). Spawake, Carté HD. 20 footprint there. It will also help Key launches included Colgate has adopted a ROCHER KEY FINANCIALS: Rationale expand its presence Unlimited Lip Gloss and Mary strategy to divert from KEY FINANCIALS ISSY-LES-MOULINEAUX, AMOREPACIFIC GROUP in international markets. Kay TimeWise Replenishing traditional growth via (NINE MONTHS TO FRANCE

TOTAL SALES: KRW4.94 Jungkyun Na was line extensions to focus DECEMBER 2020): Serum C+E. 2020 BEAUTY SALES: trillion, -21.5% named general manager of on disruptive innovation. COMPANY NET SALES: $2.37 BILLION (EST.) Amorepacific U.S. and Youngsoo EltaMD’s Skin Recovery range ¥204.14 billion, -18% AMOREPACIFIC GROUP €2.08 BILLION (EST.) OPERATING PROFIT: Kim became general manager consisting of a toner, serum ( -17.4% at constant currency) -5.2% VS. 2019 (EST.) KRW150.7 billion, -69.8% of regional headquarters for Asia and moisturizer with AA OPERATING PROFIT: Pacific, while Heayoung Lim was Technology to repair damage MAIN BRANDS: DOMESTIC BEAUTY SALES: ¥11.14 billion, -70.6% named chief operating officer to the skin barrier while Yves Rocher (makeup, KRW3 trillion, -24.8% COSMETICS SALES: of Innisfree. calming skin and reducing fragrance, skin and body ¥161.22 billion, -16.4% BEAUTY SALES IN THE REST OF In December, the company irritation is singled out as an care). Arbonne (skin care, ASIA: KRW1.65 trillion, -15.9% announced it had invested example. Another case in COSMETARIES SALES: cosmetics). Stanhome, KRW3 billion in beauty COLGATE- point is Sanex Biomeprotect, Kiotis (skin and body BEAUTY SALES IN ¥40.95 billion, -23% 18 care, fragrance). Dr. Pierre specialist multichannel which features a prebiotic NORTH AMERICA: KRW76.6 PALMOLIVE NEW YORK, N.Y. JAPAN SALES: ¥124.59 billion, Ricaud (skin and body care, billion, -17.6% network company DMIL, complex leveraging the which specializes in working growing interest in a healthy -28.1% makeup). Daniel Jouvance with beauty influencers to 2020 BEAUTY SALES: microbiome. (skin and body care, makeup,  TO COUNTER THE decline REST OF ASIA SALES: $3.46 BILLION (EST.) fragrance). Kiotis (skin in sales in physical retail in create content with brands. Learnings from skin care ¥56.74 billion, +20.7% +11.6% VS. 2019 (EST.) and body care, fragrance). most markets last year, and are translating into Colgate’s NORTH AMERICA SALES: Sabon (skin and body care). particularly international MAIN BRANDS: oral care business, which the ¥20.21 billion, -19.4% Flormar (makeup). travel, Amorepacific ramped Palmolive, Speed Stick, Sanex, company dubs “oraceuticals.” ID Parfums (fragrance). up its focus on digital Protex, Caprice, Lady Speed One example is the Colgate OTHER SALES: ¥2.6 billion, platforms both at home Stick, Softsoap, Irish Spring, Optic White Overnight Teeth -28.4% KEY FINANCIALS (EST.): Whitening Pen, which bridges and abroad. Tom’s of Maine, (deodorant, GROUP SALES: €2.58 billion, By diversifying its skin care, lip care), PCA Skin, beauty and oral care.  KOSÉ CORP.’S DOMESTIC -6.25% marketing activities and EltaMD, (professional skin Although the purchase of business took a hit last year YVES ROCHER: 45.2% of sales upping its collaboration with MARY KAY care), Laboratoires Filorga Hello early in 2020 is in oral due to declines in foreign (vs. 49.8% in 2019) digital platforms at home, 17ADDISON, TEXAS Cosmétiques. care, company founder Craig tourist numbers and domestic including live commerce, Dubitsky broadened the brand consumers staying at home. ARBONNE: 26.4% (vs. 20.1%) 2020 BEAUTY SALES: KEY FINANCIALS: core subsidiary Amorepacific into lip balm and deodorants In the rest of Asia, gains $3.7 BILLION (EST.) TOTAL COMPANY SALES: STANHOME: 9.2% (vs. 9.3%) Corp. was able to grow its and sees opportunity in more in China, notably through +5.7% VS. 2019 (EST.) $16.47 billion, +5% online sales domestically by beauty categories. e-commerce, meant a SABON: 4.5% (vs. 3.7%) 50 percent. It saw strong MAIN BRANDS: ORAL, PERSONAL Efforts behind beauty and significant uptick in business. DR PIERRE RICAUD, DANIEL AND HOME CARE SALES: personal care helped raise the In Japan, the Decorté and results for its flagship Mary Kay (makeup, skin, JOUVENCE AND ID PARFUMS: $13.6 billion, +3% sector’s contribution to total products including the bath and body care, Albion brands saw a rapid 3.1% (stable) sales from 20 to 21 percent, Sulwhasoo Concentrated fragrance), Mary Kay ORAL, PERSONAL AND HOME rebound in sales at cosmetics Ginseng line, Laneige’s new Unlimited, Mary Kay CARE SALES BY REGION: a notable movement since stores, and recovery began in FLORMAR: 1.6% (vs. 3.1%) Neo Cushion foundation, Naturally, TimeWise, NORTH AMERICA: the category is associated other major channels as well. In Iope Retinol Expert and Ryo TimeWise Repair, Botanical $3.74 billion, +9.3% with higher gross margins addition, sales were consistently  DESPITE HAVING A strong than oral care. Oral care as a presence in direct sales — mail Jayangyunmo hair care. It Effects, Satin Hands, Satin LATIN AMERICA: strong in Kosé’s e-commerce also launched new brands Body, Satin Lips, Clear Proof, $3.42 billion, -5% percentage of corporate sales channel, Maison Kosé. However, order and direct-to-consumer in South Korea to target the Skinvigorate (skin care). dropped from 46 percent in sales overall in Japan declined in account for more than half of EUROPE: $2.75 billion, +12.2% premium market, including MKMen (men’s skin care, 2019 to 44 percent in 2020. the first nine months of the fiscal its revenues — family-owned Regionally, growth was Groupe Rocher was penalized Sienu, a high-end skin care fragrance), Chromafusion ASIA PACIFIC: $2.7 billion, flat year, as COVID-19 suppressed brand, and scalp care line (makeup). most robust in the U.S. and consumer spending and reduced by the closure of retail stores Labo-H. New products under AFRICA EURASIA: $1 billion, flat Europe. customer traffic at stores. in most of its markets during KEY FINANCIALS: N/A the Cube Me, Bro&Tips and Wallace was elected to the Kosé’s e-commerce sales lockdowns, according to Be Ready brands were also  COLGATE-PALMOLIVE’S additional role of chairman continued to increase in China, estimates. Growth in social  AFTER A YEAR hampered by brands were already on a of the board, effective April and sales at department stores selling mitigated losses, growth drivers. a lack of product launches strong growth path prior to 2020. He replaces Ian Cook, there also picked up, while duty- however. The Yves Rocher Internationally, Sulwhasoo in 2019, Mary Kay returned COVID-19, but several of its who has retired. free sales in the country were brand saw an estimated sales saw strong sales online during to growth with products that categories produced sales Colgate announced plans consistently strong. Decorté decrease of 15 percent, while China’s key shopping festivals. resonated with consumers spikes endemic to habits that to have all packaging be 100 products in particular sold well. Arbonne’s revenues gained The brand launched through during the pandemic, changed during the pandemic. percent reusable, reusable In South Korea, Taiwan and other approximately 23 percent Shopee in South East Asia and according to estimates. It Constant handwashing and/or compostable by 2025. countries in Asia, COVID-19 to represent more than 26 on Nykaa in India. ramped up its focus on digital, accelerated purchases of negatively impacted sales. percent of total business for The group sought to integrating new tools online, soaps like Softsoap and skin Overall, sales in Asia outside the group, up from 20 percent restructure its physical retail which appealed to consumers care including Sanex. Tom’s of Japan grew just over 20 percent. a year earlier. presence and expand in unable to experience beauty Maine benefited from demand E-commerce sales of Bris Rocher, the company’s multibrand stores. Etude, in stores. These included for example, streamlined for cleaner formulas. Tarte products were strong in CEO and the grandson of

38 WWD BEAUTY INC

April2021_BINC_TOP100_V6.indd 38 4/14/21 4:25 PM founder Yves, spoke out in MAIN MARKETS: The U.S.,  REVLON INC. SAW another 7 percent of its workforce — LARGEST MARKETS: MAIN BRANDS: the French press, pushing Germany and the U.K. year of steep sales declines more than 4,000 jobs — as U.S. €198.8 million, -15.8% Clarins (skin care, makeup), for landlords to waive rents across its portfolio, with it shifts its focus online. (-12.3% at constant currency) Clarins Men (men’s skin care). during lockdowns to relieve  THE WELLA CO. was even the brightest spot of its My Blend by Dr. Olivier Courtin.  ANNOUNCED AT THE CHINA: €198.6 million, pressure on retailers; a established in late 2020, business, Elizabeth Arden, beginning of 2021, the +27.3% (+29.7%) KEY FINANCIALS (EST.): significant proportion of following the spinoff of several tracking down in the double company’s move to spin off LIKE-FOR-LIKE AND CONSTANT Yves Rocher’s stores are brands form Coty Inc. into a digits. Revlon unveiled its JAPAN: €158.9 million, CURRENCY SALES DECLINE: -10% its wholesale pharmaceutical franchises, and the company joint venture. That JV is majority plans to restructure in March -8.3% (-6.7%%) business is expected to allow it PRODUCT CATEGORY does around half of its owned by KKR, which holds 60 2020, a move that was to focus on turning around its BREAKDOWN: Skin care: 91%; business in its home market. percent, and minority owned by expected to reduce costs by  L’OCCITANE’S BUSINESS was core retail pharmacy business. Makeup: 9%; Fragrance N/A. In November, Bris Rocher won Coty, with 40 percent. upward of $230 million. At the relatively resilient in 2020 the award for “entrepreneur same time, it announced the  THE MARKET HAS praised thanks to growth in online CHANGE BY CATEGORY: Skin  UNDER SEVERAL YEARS of the year” from French refinancing of its senior notes the company’s appointment channels and a rebound in key care: -7%; Makeup: -27%. of Coty ownership, many of news channel BFM. with Jefferies Finance LLC, in of former Starbucks and Asian markets, notably China. the Wella Co. brands had CHANGE BY REGION: Asia: In its first full year as a which Jefferies would provide Walmart executive Rosalind stable sales, except for Clairol,  IN THE NINE MONTHS to +9%; Europe: -12%: the “mission-driven enterprise,” up to $850 million. “Roz” Brewer as its new CEO which struggled. But as the December, online sales Americas: -21%; the Middle the company continued to in March. She takes over from COVID-19 pandemic spread,  THE BEAUTY COMPANY increased 71.8 percent, East and Africa: -14%; put sustainability front and Stefano Pessina, WBA’s largest many of Wella’s brands saw put some employees on accounting for 38.1 percent of Travel retail: -23%. center. Key developments single shareholder, who will sales declines, as those brands furlough, and asked others to revenues. Part of this success included core brand Yves become executive chairman. DOMESTIC SALES: 79% are sold in the professional reduce working hours, during was thanks to a focus on Rocher launching concentrated hair and nail channels, which the height of the coronavirus  BRAND-WISE, No7 — which social selling, with around 50 PROGRESSION IN LARGEST shower gels and shampoos and INTERNATIONAL MARKETS: were closed due to stay-at- pandemic in April 2020. reportedly remains the U.K.’s different projects operating a bio-sourced nail polish with home orders. The company’s leading skin care brand globally last year. Mainland China: +29%; an innovative formula that is 76  IN JULY 2020, Revlon and professional hair care business — introduced Advanced Travel retail: -23%; percent natural and includes La Perla ended their licensing  L’OCCITANE EN Provence’s saw declines of 19 percent, Retinol 1.5% Complex Night E-commerce: +83%. beet and wood extracts. From agreement, as the latter focus on categories like while retail hair product sales Concentrate, its first retinol October, all the bottles in the plans to integrate its beauty premium body and hand fell 6 percent. product, which garnered a  THE FAMILY-OWNED COMPANY brand’s factories were made care paid off as consumers business more vertically. wait list of 100,000 people. finalized its exit from the with 100 percent recycled  THE BUSINESS appointed focused on hygiene and fragrance category, closing  IN DECEMBER 2020, (and recyclable) PET, resulting Annie Young-Scrivner, the  IN THE U.K., the company pampering products. its sale to L’Oréal of the Revlon named Martine in a saving of 2,700 tons of former Godiva CEO, as CEO in invested in No7, adding new Mugler and Azzaro brands on Williamson its chief marketing  ELEMIS, ACQUIRED in 2019, virgin plastic, according to the October. Deren Taskiran was counters and fixtures, with plans March 31, 2020, accounting officer. She reports to CEO expanded to new markets, company. Arbonne introduced named chief transformation to add the new merchandising for a significant portion Debra Perelman. Williamson’s notably in Asia, operating the AgeWell collection featuring officer, and Bill Bailey senior to a third of its stores by of its sales decline — at predecessor, Serge Jureidini, with a digital-first strategy. bakuchiol, a plant-based vice president, corporate and February this year. The brand constant structure (without left the company, as did Silvia It launched exclusively with alternative to retinol, and business development. also offered personalized virtual the fragrance activity), the Galfo, global brand president Sephora in China in July, and ramped up ArbonneCycle, a consultations during lockdowns. group’s estimated sales for the Revlon brand. The debuted e-commerce sites in partnership with TerraCycle dropped by 10 percent. company also appointed Sergio France, Germany, Italy, Hong to recycle packaging that Pedreiro as its new COO, Kong, Taiwan and Singapore.  CHINA AND ONLINE WERE the cannot be processed in regular effective September 2020. major sales drivers last year. recycling streams. Sabon’s  AT A CORPORATE level, To boost its digital business major introduction was Fresh the company initiated during the pandemic, Clarins & Glow, a vegan line based on restructuring to safeguard introduced a personalized Dead Sea water and minerals, its resilience and financial consultation service called Rose of Jericho and rose water. flexibility, eliminating 300 “Clarins and me” on all of its Yves Rocher opened what REVLON INC. positions worldwide starting in 22NEW YORK L’OCCITANE October. In January this year, websites, with beauty coaches it calls a “FabLab” at its historic 24 offering diagnosis and product base in La Gacilly, Brittany. 2020 BEAUTY SALES: INTERNATIONAL the company filed for Chapter advice sessions free of charge Visitors to the space — within $1.9 BILLION PLAN-LES-OUATES, 11 bankruptcy proceedings to consumers. an operating factory — can -21.3% VS. 2019 WALGREENS SWITZERLAND for its U.S. activities, with the aim of “rightsizing” its retail experiment making their own 23 2020 BEAUTY SALES:  THE BRAND ALSO entered the MAIN BRANDS: BOOTS skin cream and discover how footprint in the wake of slow subscription market in France Revlon: Revlon, Revlon $1.75 BILLION (EST.) products are manufactured. It ALLIANCE brick-and-mortar sales and with the Clarins Unlimited Professional, Revlon ColorSilk. €1.53 BILLION (EST.) also internalized production of DEERFIELD, IL. online growth. program. Every two months, Elizabeth Arden: Elizabeth -7.2% VS. 2019 (EST.) its floral waters, a key ingredient the consumer either chooses Arden, Ceramide, Prevage, 2020 BEAUTY SALES:  ENHANCED SUSTAINABILITY in its formulas, as it continued to MAIN BRANDS: the products she wishes to Eight Hour. Portfolio: Almay, $1.76 BILLION (EST.) initiatives implemented during shift toward local production. L’Occitane en Provence -10% VS. 2019 (EST.) the year are aimed at helping receive or opts for a surprise American Crew, CND, Mitchum, (skin, hair, body and men’s the firm achieve B Corp status package. Three different price Cutex, Crème of Nature, MAIN BRANDS: care; fragrance; makeup). by 2023 at the latest. tiers are available for the offer. Natural Honey, SinfulColors, No7, Botanics, Boots Soltan, Elemis. Melvita. L’Occitane D:Fi, Orofluido, Gatineau. Soap & Glory, Liz Earle, Sleek au Brésil. Erborian. LimeLife.  IN JANUARY 2021, former  IN NOVEMBER, CLARINS Fragrances: Juicy Couture, MakeUp, YourGoodSkin. Chanel executive Yves Blouin, debuted a virtual store that John Varvatos, AllSaints, KEY FINANCIALS: ESTIMATED SALES FOR THE who has extensive experience will be the template for Britney Spears, Curve, Giorgio KEY FINANCIALS: (FY ENDED AUG. 31, 2020): CALENDAR YEAR FELL BY 4.6% of Asian markets, was named future physical locations, Beverly Hills, Ed Hardy, at constant-currency rates TOTAL SALES: $139.54 billion, executive director and group with sections for new Christina Aguilera, Jennifer +2% managing director, replacing products, makeup, skin care Aniston, Lucky Brand, Halston, NINE MONTHS TO THE WELLA CO. Dec. 31, 2020: Sylvain Desjonquères. and consultations and an 21GENEVA Geoffrey Beene, Alfred Sung, RETAIL PHARMACY USA SALES: area dedicated to learning Mariah Carey, Elizabeth Taylor, $ 107.7 billion, +3% NET SALES: 2020 BEAUTY SALES: about the plants used in its Paul Sebastian. €1.19 billion, -8.9% $2 BILLION (EST.) RETAIL PHARMACY products. INTERNATIONAL SALES: -13% VS. 2019 (EST.) KEY FINANCIALS: CONSTANT CURRENCY SALES  IN JANUARY 2021, REVLON NET SALES: $10 billion, -12.7% PROGRESSION: -5.4% Virginie Courtin-Clarins, MAIN BRANDS: $688.4 million, -28.2% Wella Professionals, Nioxin, SALES BY BRAND: granddaughter of founder  DESPITE MOST OF ITS stores L’OCCITANE EN PROVENCE Clairol, Sebastian Professional, ELIZABETH ARDEN NET SALES: Jacques Courtin-Clarins, — Walgreens in the U.S. and €932.8 million, -9.8% Wedo Professional, $463.5 million, -10.9% was named deputy CEO Boots in the U.K. — operating (-6.4% at constant currency) and head of corporate System Professional, PORTFOLIO NET SALES: in essential categories, GROUPE Kadus Professional, Londa 25 social responsibility. She $401.3 million, -17.7 % ELEMIS: €116.5 million, -10.7% Walgreens Boots Alliance’s CLARINS previously oversaw the Professional, Wella, Sassoon revenues in beauty categories (+0.4% at constant currency NEUILLY-SUR-SEINE, FRAGRANCES NET SALES: Thierry Mugler brand. Professional, Clairol declined through the year due and on a comparable basis) FRANCE $351.1 million, -22.5% Professional (hair care). to lower footfall, according LIMELIFE: €79.1 million, OPI (nails). OPERATING LOSS: $226.3 to estimates, although online 2020 BEAUTY SALES: +20.8% (+24.7%) $1.71 BILLION (EST.) KEY FINANCIALS: million, N/M vs. 2019 sales saw significant growth. OTHERS: €61 million, €1.5 BILLION (EST.) SALES IN THE SIX MONTHS NET LOSS: $619 million, ENDED DEC. 31, 2020:  THE COMPANY SAID IN July -20.2% (-13.1%) -25% VS. 2019 (EST.) N/M vs. 2019 $1.19 billion, flat. that Boots would be slashing

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April2021_BINC_TOP100_V6.indd 39 4/14/21 4:25 PM

BY THE NUMBERS BY A MARGIN IT WASN’T JUST beauty’s players’ top lines that were dented by the coronavirus pandemic — as companies fought to stay afloat, profit margins in many cases plummeted. Here’s how the companies’ profit margins — for those that break out operating income specifically from beauty — stacked up in 2020. POLA ORBIS 26 RODAN + FIELDS HOLDINGS 27SAN FRANCISCO TOKYO

COMPANY BEAUTY SALES BEAUTY OPERATING PROFIT AS % OF SALES 2020 BEAUTY SALES: 2020 BEAUTY SALES: PROFIT (LOSS) $1.61 BILLION $1.6 BILLION (EST.) ¥171.66 BILLION -8.6% VS. 2019 (EST.) $363 MILLION $89.1 MILLION 1 NOEVIR HOLDINGS ¥38.74 BILLION ¥9.51 BILLION 24.6% -20.1% VS. 2019 MAIN BRANDS: MAIN BRANDS: Recharge, Redefine, 2 Reverse, Unblemish, Soothe, PROCTER & GAMBLE $13.36 BILLION $2.74 BILLION 20.5% Pola (skin care, makeup), Orbis (skin care, makeup), Enhancements, Essentials, Spotless, Dermacosmetics UNILEVER 3 $24.11 BILLION $4.92 BILLION 20.4% Jurlique, H20 Plus, Three, €21.12 BILLION €4.31 BILLION Decencia, Amplitude, Itrim, (skin care). Fiveism x Three. KEY FINANCIALS: N/A L’ORÉAL $31.95 BILLION $5.93 BILLION 18.6% €27.99 BILLION €5.20 BILLION KEY FINANCIALS: TOTAL NET SALES:  SOCIAL DISTANCING and LG HOUSEHOLD $3.78 BILLION $697.9 MILLION ¥176.31 billion, -19.8% other COVID-19 protocols 18.5% & HEALTH CARE KRW4.46 TRILLION KRW823 BILLION stalled revenue development BEAUTY CARE OPERATING during 2020 for the direct-to- $334.8 MILLION $59.9 MILLION INCOME: ¥12.97 billion, -57.1% MILBON CO. LTD. 17.9% consumer company, according ¥35.73 BILLION ¥6.39 BILLION to industry analysts. The  POLA ORBIS’ BUSINESS company was also challenged FANCL 4 $711 MILLION $110.3 MILLION 15.5% suffered from the closure ¥75.89 BILLION ¥11.77 BILLION with attracting and retaining of retail and the absence consultants. Compounding of international tourists in INTER PARFUMS INC. $539.01 MILLION $70.08 MILLION 13% matters, skin care has become Japan. The company worked increasingly competitive. $6.51 BILLION $801.3 MILLION to improve the profitability BEIERSDORF 5 12.3% €5.70 BILLION €702 MILLION of its domestic and overseas  RODAN + FIELDS WAS ONE operations, strengthen of 16 multilevel marketing KAO CORP. 7 $5.09 BILLION $500.3 MILLION 9.8% e-commerce for its brands and companies that received a €543 BILLION €53.4 BILLION reposition them for growth. letter from the U.S. Federal $7. 2 3 BILLION $687.2 MILLION Trade Commission for NATURA & CO. 9.5% R36.92 BILLION R3.51 BILLION  POLA WORKED ON misleading claims on social improving consumer media during the pandemic. $1.61 BILLION $121.5 MILLION POLA ORBIS HOLDINGS 7.6 % retention, launching products ¥171.66 BILLION ¥12.97 BILLION centered on antiaging and  THE BRAND LAUNCHED $4.28 BILLION $280.8 MILLION skin brightening, and focusing multiple products, including HENKEL 6 €3.75 BILLION €246 MILLION 6.6% on consulting and services. Its Recharge Detox Mask, Brow new B.A Lotion, launched in Defining Boost and Redefine $1.91 BILLION $104.4 MILLION 8 Regimen + Multi-Function KOSÉ CORP. ¥204.14 BILLION ¥11.14 BILLION 5.5% September, was particularly well received and won several Eye Cream. E.L.F. BEAUTY 8 $225.44 MILLION $11.27 MILLION 5% awards. E-commerce sales  THE COMPANY EXPANDED grew significantly. into Asia with its launch in THE ESTEE LAUDER COS. 2 $14.29 BILLION $606 MILLION 4.3%  ORBIS WORKED ON BRAND Japan in June. differentiation as a means $185.1 MILLION $5.4 MILLION to improve profitability. The CLIO COSMETICS CO. LTD. 2.9% KRW218.22 BILLION KRW6.33 BILLION Orbis U antiaging skin care $4.32 BILLION $122.5 MILLION series helped drive repeat AMOREPACIFIC GROUP KRW5.10 TRILLION KRW144.4 BILLION 2.8% consumption. The brand reformed its e-commerce $449.1 MILLION $7.6 MILLION 8 business and launched a skin MANDOM CORP. ¥47.94 BILLION ¥813 MILLION 1.7% care screening service, $8.63 BILLION $140.2 MILLION AI Future Skin Simulation. SHISEIDO ¥920.89 BILLION ¥14.96 BILLION 1.6% PUIG  JURLIQUE SAW HIGH GROWTH 28BARCELONA/PARIS $5.99 BILLION $91.3 MILLION in Chinese e-commerce, LVMH 1.5% 2020 BEAUTY SALES: €5.25 BILLION €80 MILLION but its overall sales declined $1.59 BILLION (EST.) due to its directly managed €1.39 BILLION (EST.) REVLON INC. $1.90 BILLION ($226.3 MILLION) -11.9% stores and department -23.4% VS. 2019 (EST.) store operations in Australia $258 MILLION ($55,934) and Hong Kong. The brand MAIN BRANDS: ABLE C&C KRW304.42 BILLION (KRW65.96 BILLION) -21.7% worked to reduce costs, and Paco Rabanne, Carolina its operating loss declined Herrera, Jean Paul Gaultier, COTY INC. 2 $4.72 BILLION ($1.24 BILLION) -26.3% consequently. Nina Ricci, Charlotte Tilbury, Penhaligon’s, L’Artisan  H20 PLUS ENHANCED its YATSEN $758 MILLION ($388.5 MILLION) Parfumeur, Christian -47.2% advertising and promotional HOLDING LTD. CNY5.23 BILLION (CNY2.68 BILLION) Louboutin, Comme des activities with the aim of Garçons Parfums, Antonio expanding e-commerce. Banderas, Shakira, United It saw an increase in sales. source and methodology: Colors of Benetton, Figures presented were gathered using publicly available corporate financial statements and based on reported numbers.  IN FEBRUARY 2021, POLA Adolfo Dominguez. Orbis announced that it had 1. FY ended Sept. 30, 2020. KEY FINANCIALS: 2. FY ended June 30, 2020. acquired all shares of Tricot MAIN MARKETS: The U.K., 3. Beauty and Personal Care division, including oral care Inc., a company that develops Spain and the U.S. 4. FY ended March 31, 2020 personalized supplements 5. Consumer division, including bandages. and skin care products in  PUIG’S BIGGEST NEWS 6. Beauty care division, including oral care. Japan, and that it would 7. Combined numbers for Kao’s Cosmetics and Skin and Hair Care divisions. for 2020 was the June become a subsidiary of 8. Nine months ended Dec. 31, 2020. acquisition of a majority stake the company. in Charlotte Tilbury, adding a fast-growing makeup and skin

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April2021_BINC_TOP100_V6.indd 40 4/14/21 4:25 PM care brand to its portfolio. shifted toward immunity and distribution grew 19.6 percent that uses variable pulse formulas. In skin care, The purchase is aimed at public health products. Skin to $108.1 million in 2020 and microcurrent technology Skinergise launched to address helping the privately held care and color cosmetics were its hand and body lotion sales to activate the skin, and the first signs of aging, and the Spanish firm to up its digital the hardest hit. gained 12.1 percent to $101 Bioadaptive Skin Care, a new Baby O brand relaunched with capabilities and rebalance million, according to IRI data, clean facial care range under 95 percent natural ingredients.  IN APRIL 2020, THE its portfolio, which has although the facial moisturizer Nutricentials. The company company announced plans GRUPO historically been centered on category declined 8.1 percent attributed significant sales to invest $500 million in 31 fragrance, between the three BOTICÁRIO to $33.3 million. gains to both in the final digital initiatives, product main beauty segments. CURITIBA, BRAZIL quarter of the year, and they development and sales  THE BRAND EXTENDED ITS will be rolled out to new incentives. 2020 BEAUTY SALES:  IN DECEMBER, PUIG $1.22 BILLION (EST.) partnership with actress markets during 2021. announced a structural Rachel Brosnahan, making her R6.22 BILLION (EST.)  CHIEF EXECUTIVE OFFICER reorganization, starting this creative consultant for its “Up +6.2% VS. 2019 (EST.) Ritch Wood is retiring on Sept. January, under three business Close and Sensitive” digital 1, 2021. Ryan Napierski, Nu units — Beauty and Fashion, MAIN BRANDS: campaign. It also launched a EUROITALIA O Boticário: Nativa Spa Skin’s current president, will 35CAVENAGO DI BRIANZA, Charlotte Tilbury and Derma, storefront on Amazon. become president and CEO. with the aim of hitting €3 (body and hair care), Make ITALY  CETAPHIL INTRODUCED billion in sales in 2023. The B., Intense (makeup),  IN JANUARY 2021, THE 2020 BEAUTY SALES: two new product lines, latter division houses the Floretta, Egeo Dolce, Malbec company announced it had $945.7 MILLION (EST.) Deep Hydration and Sheer Uriage and Apivita brands (fragrance). The Beauty Box acquired 3i Solutions, an €828.5 MILLION (EST.) GROUPE Hydration featuring a new Puig owns the majority of, 30 (hair, bath and body care). ingredient encapsulation -17% VS. 2019 (EST.) PIERRE FABRE patented ingredient complex, plus the 50 percent share Eume (hair care). Eudora, technology company, with the PARIS HydroSensitiv. MAIN BRANDS: the company holds in Isdin, Quem Disse, Berenice, Vult. aim of creating new product Versace, Moschino, Missoni, making it the third player on 2020 BEAUTY SALES:  AT THE HEIGHT OF THE forms and increasing the KEY FINANCIALS: N/A Dsquared2, Reporter, the dermo-cosmetics market $1.28 BILLION pandemic’s first wave, performance of its formulations Atkinsons 1799 (fragrance). in Europe after Pierre Fabre €1.12 BILLION Cetaphil converted its in beauty and wellness.  HAVING JOINED THE company Naj Oleari Beauty (makeup), and L’Oréal. -12.2% VS. 2019 production facilities to at the age of 17 and after 12 years I Coloniali (body and skin care). produce hand gels, gave away  PUIG ALSO INKED DEALS MAIN BRANDS: as its president, Artur Grynbaum skin care products to front- KEY FINANCIALS: that will enable it to obtain Pierre Fabre Dermo- was named vice president of line workers and launched a EXPORTS: 94% of sales majority stakes in the Cosmétique: Eau Thermale Grupo Boticário’s advisory campaign to encourage good businesses it has bought into Avène, A-Derma, Darrow, board alongside founder handwashing habits.  THE PANDEMIC didn’t stop in recent years, including Loto Glytone (skin and body Miguel Krigsner, with Fernando the product launch activity del Sur in Colombia and Kama care). Ducray, Klorane Magalhães Modé taking over as  BUSINESS FOR PROACTIV across Euroitalia’s licensed Ayuerveda in India. (skin, hair and body care). president, effective March 2021. declined significantly, portfolio. Introductions René Furterer (hair care). according to market sources, ORIFLAME  IN WHAT WAS A DIFFICULT  THE COMPANY CREATED included Missoni Wave for and has been doing so for KEY FINANCIALS: 34 year, notably for the its own start-up incubator, HOLDING AG men and Versace Dylan several years. travel-retail business, Puig SALES DECLINE NOT INCLUDING GB Ventures, to promote SCHAFFAUSEN, Turquoise for women. The sought to support its core DIVESTMENTS: -11.7% innovation in the beauty SWITZERLAND latter particularly resonated industry; 13 start-ups were on social media with an ad brands and pillars like Paco ORGANIC SALES DECLINE: -9.6% 2020 BEAUTY SALES: selected to take part in the campaign fronted by Hailey Rabanne’s Million and Invictus $1.04 BILLION (EST.) franchises, Carolina Herrera’s INTERNATIONAL SALES: program in early 2021. Bieber and Bella Hadid. 71% of beauty revenues €914 MILLION (EST.) Good Girl and Jean Paul (up from 69%)  CSR WAS A MAJOR AREA -11.2% VS. 2019 (EST.) Gaultier’s Le Mâle/Classique  THE U.S., CHINA, THE Middle of focus, with Grupo Boticário and Scandal. GROUP SALES: MAIN BRANDS: East, Russia, the U.K, Germany committing to increase the €2.27 billion, -1.3% Oriflame (makeup, skin, and Italy were Euroitalia’s best- representation of minorities in body, hair and personal performing markets. Sales in its workforce, including vowing NU SKIN  DESPITE SALES DECLINES 33 care, fragrance). China grew 25 percent. to have 50 percent of its top ENTERPRISES in most markets, Pierre leadership female by 2025. PROVO, UTAH KEY FINANCIALS:  IN AUGUST, THE COMPANY Fabre saw stable beauty TOTAL COMPANY SALES acquired the Atkinsons 1799 revenues in China, its biggest  CORE BRAND O BOTICÁRIO 2020 BEAUTY SALES: (INCLUDING WELLNESS AND and I Coloniali labels from international market, thanks opened a new concept store $1.14 BILLION (EST.) ACCESSORIES): €1.16 billion, Morris Profumi. to double-digit growth there in in São Paulo, and added an +4.8% VS. 2019 (EST.) -8% the second half. It succeeded Ecocert-certified organic line MAIN BRANDS: CONSTANT-CURRENCY SALES: AMWAY in maintaining value market under the popular Nativa Nu Skin, AgeLOC, -2% 29ADA, MICH. shares in both China and Spa line. Nutricentials, Epoch, Tru Europe, its core markets, LOCAL CURRENCY SALES 2020 BEAUTY SALES: Face, Nu Colour. PROGRESSION BY REGION: $1.57 BILLION during 2020. KEY FINANCIALS: LATIN AMERICA: -6%; CIS: -5.8% VS. 2019  THE COMPANY’S ONLINE PERSONAL CARE SALES +10%; Europe: +1%; Turkey MAIN BRANDS: beauty sales increased 72 INCLUDING DEVICES: & Africa: +6%; Asia: -14%. Amway: Artistry, Artistry percent, accounting for 16 $1.49 billion, +4.8% LUSH percent of total revenues for ADJUSTED EBITDA: Studio, Artistry Men (skin TOTAL COMPANY SALES: €178.6 million, -1.2% 36POOLE, U.K. care, makeup), Body Series/ the year. $2.58 billion, +7% 2020 BEAUTY SALES: G&H (body care), Satinique,  PIERRE FABRE REORGANIZED GALDERMA SALES IN CHINA:  THE DIRECT-sales company $924.9 MILLION (EST.) Ertia (hair care). its business to focus more saw some demand shifting 32LAUSANNE, SWITZERLAND $625.5 million, -13% £720.7 MILLION (EST.) KEY FINANCIALS: on a dual positioning built away from its core beauty -22.5% VS. 2019 (EST.) TOTAL SALES: around medical products 2020 BEAUTY SALES: SALES IN THE AMERICAS and personal care offer and AND PACIFIC: $8.5 billion, +1.2% and naturality. As a result, it $1.19 BILLION (EST.) into wellness categories like MAIN BRANDS: $511.9 million, +47% decided to divest two of its SFR1.12 BILLION (EST.) nutritional supplements, Lush Fresh Handmade BEAUTY SALES: Cosmetics (bath, body, hair and beauty brands. Galénic was FLAT VS. 2019 (EST.) SALES IN SOUTH KOREA: which grew during the year. 13% of revenue skin care, makeup, fragrance). sold to China’s Yatsen, owner $326.5 million, -1% MAIN BRANDS:  BEING UNABLE TO HOST TOP MARKETS: of the Perfect Diary brand, Cetaphil (skin care). conferences — key to KEY FINANCIALS (EST.): China, the U.S., Japan. while anti-cellulite body care  THE SUCCESS OF social CONSTANT-CURRENCY SALES Proactiv (majority stake). promoting new products brand Elancyl was acquired by selling models during the DECLINE: -23% and motivating sales  AMWAY SAID IT has tripled its Spain’s Cantabria Labs. KEY FINANCIALS: N/A pandemic was a source of representatives — hampered TOP MARKETS: consumer base under the age significant growth for Nu Skin sales development. Although U.K.: £119.9 million, -21.6% of 35 via Artistry Studio, which  ACCORDING TO ESTIMATES, in western markets in 2020. the company’s active also saw the new launch of it was a good year for Total revenues gained 47 JAPAN: £61.3 million, -18.3% representative numbers were Artistry Studio’s Shanghai Cetaphil, which resonated percent in the Americas and stable, productivity was lower. NORTH AMERICA: Edition collection. China is one with consumers’ demand Pacific region and 38 percent £262.4 million, -23.8% of Amway’s largest markets. for skin care with a health- in the Europe, the Middle East  KEY LAUNCHES INCLUDED focused positioning. In and Africa region. Beautanicals, Oriflame’s first  HAIR CARE AND BATH AND  COVID-19 WAS THE the U.S., the brand’s core vegan line of personal care, body categories had the  IN THE FOURTH QUARTER, overriding factor behind its market, its retail sales of strongest year as buying the company launched housed in recycled packaging drop in sales. The company facial cleansers in mass AgeLOC Boost, a device and with biodegradable began to see the impact as

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April2021_BINC_TOP100_V6.indd 41 4/14/21 4:25 PM early as January in Hong Kong laboratory-grade hair analysis  THE BUSINESS EXPANDED The Chinese company raised

and Japan. At the height of solution that can be used with into wellness in September with $616.9 million in a U.S. initial lockdown in April, 833 of its any smartphone. a range of pre and probiotics, public offering last November. 935 shops were closed. sleep drops and a superfood  JPMS SPEARHEADED  DESPITE MASSIVE GAINS IN drink mix that did about COVID-19 relief efforts sales and operating income,  THE COMPANY INITIALLY $15 million in sales in 2020. with a $4 million stimulus increased investment in concentrated on cash BELCORP NEORA LIMA, PERU plan, designed to support 42FARMERS BRANCH, TEXAS promotion, product research conservation and liquidity, 38 hairdressers and salon and development and offline ensuring that the group would 2020 BEAUTY SALES: 2020 BEAUTY SALES: professionals worldwide. It channel expansion saw the have enough cash to manage $760 MILLION (EST.) $880 MILLION (EST.) included free hair color, free company’s profits slide the peak debt requirement +10.9% VS. 2019 (EST.) -24.8% VS. 2019 (EST.) back-bar product, a one-time significantly for the year. leading up to Christmas. It MAIN BRANDS: discount across professional MAIN BRANDS: postponed significant capital  PERFECT DIARY WAS THE product assortment and ProLuxe Hair Care System investment and took a firm Ésika, L’Bel, Cyzone bestselling Chinese beauty enhanced digital support to and NeoraFit Set, Age IQ stance with its landlords, (fragrance, makeup, skin, brand during the Singles’ Day help beauty professionals SHANGHAI Night & Day Cream, Double- deferring rent payments while body and hair care). shopping festival on Tmall generate immediate revenue 41 Cleansing Botanical Face negotiating rent holidays and KEY FINANCIALS: JAHWA UNITED in November. upon salon reopening. The Wash, Age-Defying Eye Serum, improved deals going forward. MAIN MARKETS: Peru, CO. LTD. Illumaboost Brightening &  THE COMPANY IS diversifying Colombia and Mexico: program helped salon owners  IT SAW A SIGNIFICANT SHANGHAI Shield, Complexion Clearing its portfolio. In October last 52% of sales extend the terms with their increase in online sales; the 23 distributors to secure leniency 2020 BEAUTY SALES: Acne Treatment (skin and year, it acquired a controlling percent decline in revenues is BREAKDOWN BY BRAND: on debt repayment. $763.9 MILLION (EST.) body care). stake in skin care brand the net of a 40 percent decline Ésika: 48%; Cyzone: 30%; Galénic from Pierre Fabre.  A GLOBAL SUSTAINABILITY CNY5.27 BILLION (EST.) KEY FINANCIALS: in its shops and a 115 percent L´Bel: 22%. In March this year, it said pledge was announced in -7.4% VS. 2019 (EST.) LARGEST MARKETS: increase in online sales. Online it would buy another skin October 2020, with four main U.S., Canada, Mexico grew from 11 percent of total  THE DIRECT-SALES MAIN BRANDS: care label, Eve Lom, from areas of focus, including sales in 2019 to 30 percent firm worked to counter severe Shanghai Vive (skin care, Manzanita Capital. reducing virgin plastic and  NEORA CLOSED ITS in 2020. The company has lockdowns — some of its fragrance), Maxam (skin, carbon footprints, promoting operations in Germany,  YATSEN ENTERED INTO A invested in its fulfillment and markets had up to 10 weeks body and hair care), Liushen sustainable and ethical Austria and Switzerland in strategic collaboration with distribution operations to of quarantine — by boosting (skin, body and hair care, sourcing, and minimizing 2020. The company eyes Sensient Technologies to jointly ensure that it can safely and penetration online via its fragrance), GF (men’s skin waste to landfill. greater growth potential in establish Innovative Color efficiently satisfy demand at representative apps and hair care, fragrance), Hong Kong and the Greater Laboratories with operations and online stores. Herborist (skin care, peak trading times.  IN MARCH 2021, MICHAELINE China region. Fiona Ho was makeup, men’s skin care), in Shanghai, Guangzhou and DeJoria was named CEO named the general manager  IN 2020, THE COMPANY  IT EXTENDED ITS presence Dr. Yu (skin care), Fresh Herb Singapore last December. of JPMS. The daughter of for Hong Kong and Greater reduced its entire product in body and personal care (skin care, makeup), Giving company cofounder John Paul China to help facilitate range by a quarter. to adapt to changes in (baby care). consumption. DeJoria, she was formerly the that growth.  KEY INNOVATIONS INCLUDED vice chairman and has been KEY FINANCIALS: a new beauty subscription box  OPERATING EFFICIENCY with the company since 2007. TOTAL COMPANY REVENUES:  THE DIRECT SELLER

service with the Lush Kitchen was an area of focus in order In her new role, DeJoria will CNY7.03 billion, -7.4% announced plans in 2020 to Customization (an online to protect cash flow and fuel drive and direct overarching to expand its portfolio into NET PROFIT: CNY430 million, service where customers can strategic priorities. brand strategies across key weight management and -22.8% personalize bespoke packaging channels including product, wellness systems, including for gifting), a new Black hair marketing and digital as the nutritional supplements,  THE CHINESE COMPANY'S MARICO LTD. care range and a bestselling company eyes delivering under its NeoraFit banner. 44MUMBAI first half was negatively Beauty Sleep face mask. innovation to boost its global affected by the pandemic,  THE INTRODUCTION OF 2020 BEAUTY SALES: market share. Jason Yates, but sales picked up again in new $20 enrollment kits for $716.9 MILLION (EST.) the former COO, has been the second half. In the fourth its consultants was designed 53.07 BILLION RUPEES (EST.) promoted president. quarter of the year, Jahwa’s to make kick-starting their -2.4% VS. 2019 (EST.) net profit jumped 609 percent. business more accessible. The JOHN PAUL five different kits accentuate MAIN BRANDS:  ALEX PAN REPLACED DONG 39 the company’s growing focus Parachute, Livon, MITCHELL Fangzhang as Jahwa's CEO on wellness and holistic beauty. NiharNaturals, Hair & SYSTEMS and chairman of the board in Care, Caivil, Black Chic, LOS ANGELES June. Shares rose more than True Roots (hair care and SISLEY 40 percent because of this color). Parachute Advansed 37PARIS 2020 BEAUTY SALES: news. (hair and body care). Set 2020 BEAUTY SALES: $875 MILLION (EST.) Wet (deodorants and hair +2.9% VS. 2019 (EST.) ALCORA CORP.  THE COMPANY ALSO $918.8 MILLION 40MIAMI promoted brand innovation styling). Fiancée, Hair Code, €805 MILLION MAIN BRANDS: and worked to tap into IsoPlus (hair care and 2020 BEAUTY SALES: -6.5% VS. 2019 Paul Mitchell, Paul Mitchell consumer insight. Dr. Yu styling). Code 10, X-Men $788.4 MILLION (EST). (men’s grooming). Kamillen, MAIN BRANDS: Clean Beauty, Awapuhi Wild achieved triple-digit growth. YATSEN Ginger, MarulaOil, Neuro, +103.3% VS. 2019 (EST.) Jamilla (hair styling), Sisley (fragrance, skin care, Herborist Derma achieved Neon (hair care). Tea Tree 43HOLDING LTD. Karazel, Rivage, Grace, Kaya makeup). Hair Rituel by MAIN BRANDS: rapid growth in drug store (hair and body care). GUANGZHOU, CHINA Youth O2 (skin care), Beardo Sisley (hair care). Monat (hair care, skin care). channels. Shanghai Vive (men’s grooming). MITCH (men’s grooming). Hairgurt (hair care). L’Eudine launched a new brand image 2020 BEAUTY SALES: KEY FINANCIALS: N/A KEY FINANCIALS: N/A (hair and body care, fragrance), and achieved high-double- $758.1 MILLION (EST.) KEY FINANCIALS: Pardon My Pretty (body care). digit growth thanks to CNY5.23 BILLION (EST.) TOTAL COMPANY SALES (NINE  FAMILY-OWNED SISLEY saw e-commerce promotions. +72.6% VS. 2019 (EST.) MONTHS TO DECEMBER 2020): double-digit growth in Asia, with  JPMS LAUNCHED PAUL KEY FINANCIALS: GF simplified its line to 60.36 billion rupees, +4%. sales especially strong in China. Mitchell Clean Beauty at Ulta U.S.: 85% of sales MAIN BRANDS: increase the proportion of In Europe and the Americas, the Beauty and paulmitchell.com. Perfect Diary, Little Ondine MAIN INTERNATIONAL CANADA: 10% of sales its high-end offerings. company’s business reportedly Inspired by skin care, the “farm (makeup), Abby’s Choice, MARKETS: Bangladesh resisted the downturn well. to bottle” line features certified- EUROPE: 5% of sales  IN THE THIRD QUARTER, Galénic (skin care). (49% of international organic botanicals from a the company adjusted business), South East Asia  DIGITAL SALES INCREASED KEY FINANCIALS: biodynamic farm in Tuscany  ALCORA’S BUSINESS, with its e-commerce business (26%), MENA (12%), GROSS PROFIT: threefold during the year. and is cruelty-free, vegan, products sold directly from South Africa (7%). structure, optimized the CNY3.36 billion, +74.5%  FOR CORE BRAND SISLEY, and made with 100 percent salespeople to customers, frequency and proportion skin care was the most recyclable packaging using more than doubled in 2020. of live broadcasts and NET LOSS: CNY2.69 billion,  MARICO STRENGTHENED its dynamic category, while Hair clean energy. Monat had exposure to cultivated live broadcast compared with net income position in the male grooming of CNY75.4 million in 2019 market by completing the Rituel, in its third year on the  THE COMPANY DEBUTED A growing areas in beauty, like talents within the company acquisition of Zed Lifestyle market, grew by 25 percent. salon professional-only hair hair care and skin care, and no to improve the profitability of Private Ltd. in July and and scalp analysis technology, exposure to retailers. its e-commerce businesses.  FOUNDED IN 2016, Yatsen  KEY LAUNCHES INCLUDED has seen rapid growth with acquiring the remaining 55 Hair AI powered by Fitskin,  MONAT’S SKIN CARE LINE, the ultra-premium Sisleÿa its direct-to-consumer model percent in premium male for professionals and stylists introduced in 2019, saw La Cure antiaging treatment personal care brand Beardo. domestically. The partnership in China’s fast-growing program. particularly explosive growth. is aimed at developing a e-commerce beauty market.

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April2021_BINC_TOP100_V6.indd 42 4/14/21 5:00 PM

 AS INDIA’S RECOVERY BEGAN  THE STRATEGY OF BUILDING  THE ACQUISITION OF BY THE NUMBERS in the July to September presence in emerging Cremo came in the wake of quarter, advertising and markets (Asia, Africa and an attempted acquisition of THE MOST AND LEAST sales promotion spend Latin America) continued. Harry’s, which was opposed was back to pre-COVID-19 by the FTC in February 2020 SHAREHOLDER EQUITY IN 2020 levels at 9.5 percent for competition reasons. SHAREHOLDER EQUITY is often used as a barometer of a company’s financial of sales.  EDGEWELL GAINED A NEW health. Below, the companies with the most and least shareholder equity  IN THE LAST QUARTER OF president for its North (an entity’s assets minus its liabilities) at yearend. the year, the India business American business in May witnessed robust demand 2020, Eric O’Toole, who joined trends across more than the company from Walmart Top 10 With Most Shareholder Equity 95 percent of its portfolio. and reports to CEO Rod Little. Domestic turnover for the DABUR INDIA LTD. COMPANY 2020 SHAREHOLDER 2020 REVENUE  THE COMPANY UNVEILED EQUITY last quarter rose 18 percent 46GHAZIABAD, INDIA sustainability targets to over the same period the 2020 BEAUTY SALES: hit by 2030, which include JOHNSON & JOHNSON $63.28 BILLION $82.58 BILLION previous year, and the $680.8 MILLION (EST.) using 100 percent renewable company saw constant- 50.40 BILLION RUPEES (EST.) electricity and completely currency growth of 8 percent 1 -7.5% VS. 2019 (EST.) recyclable, compostable or PROCTER & GAMBLE $48.54 BILLION $71 BILLION for its international business. reusable packaging across MAIN BRANDS: €38.83 BILLION €44.7 BILLION  MEN’S GROOMING AND its brand portfolio. LVMH MOËT HENNESSY Dabur Amla, Dabur Almond, LOUIS VUITTON $44.32 BILLION $51.02 BILLION premium skin care declined Vatika ORS, Long & Lasting in sales, but value-added hair €29 BILLION €27.99 BILLION (hair care). Fem, Gulabari, L’ORÉAL oils grew across brands. $33.1 BILLION $31.95 BILLION OxyLife, New Era, DermoViva, €17.66 BILLION €50.72 BILLION Vatika (skin care). Hobby UNILEVER $20.16 BILLION $57.89 BILLION (skin, hair and bath care; shave preparations). WALGREENS BOOTS $20.06 BILLION 2 $139.5 BILLION 3 ALLIANCE KEY FINANCIALS:

INTERNATIONAL SALES: COMPAGNIE FINANCIÈRE €16.61 BILLION €14.24 BILLION Approximately 60 percent MANDOM CORP. RICHEMONT $18.96 BILLION 4 $16.25 BILLION 5 of personal care revenues. 48OSAKA, JAPAN £9.16 BILLION £13.99 BILLION RECKITT BENCKISER GODREJ 2020 BEAUTY SALES: $11.76 BILLION $17.95 BILLION  DABUR RAMPED UP ITS focus $627.6 MILLION (EST.) ¥938.19 BILLION ¥1.39 TRILLION 45 KAO CORP. CONSUMER on innovation in 2020, increasing ¥66.99 BILLION (EST.) $8.79 BILLION $13.02 BILLION PRODUCTS LTD. its research and development -16.9% VS. 2019 (EST.) spend in order to get innovations €7.39 BILLION €19.3 BILLION MUMBAI HENKEL to market quicker. MAIN BRANDS: $8.44 BILLION $22.03 BILLION 2020 BEAUTY SALES: MEN'S GROOMING: Gatsby €7.39 BILLION  WHILE BUSINESS CONDITIONS (skin, body and hair care; HERMÈS INTERNATIONAL €6.39 BILLION $707.6 MILLION (EST.) $8.44 BILLION $7.29 BILLION 52.38 BILLION RUPEES (EST.) were complex, in the quarter hair color, fragrance, +0.4% VS. 2019 (EST.) ended December, Dabur deodorant), Lúcido 1. FY ended June 30, 2020; 2. At Nov. 30, 2020; 3. FY ended Sept. 30, 2020; revenues increased 16 percent, (skin, body, hair and scalp 4. At Sept. 30, 2020; 5. FY ended March 31, 2020. MAIN BRANDS: including a 13 percent sales care; deodorant), Mandom Godrej Expert, Godrej gain in international markets. (skin, body and hair care; Nupur, NYU, BBlunt, Godrej Shampoo sales rose 27.1 fragrance), Tancho Professional, Motions, percent and hair oil, (hair care and color), Top 10 With Least Shareholder Equity Profectiv Mega Growth, 11.6 percent. Spalding (deodorant, African Pride, Just for Me, fragrance, body care). COMPANY 2020 SHAREHOLDER 2020 REVENUE TCB, Darling, Valon, Illicit, WOMEN'S COSMETICS: EQUITY Issue, 919, Renew, Inecto, Pixy (skin care, makeup), Touch of Silver, Roby (hair Bifesta, Barrier Repair (skin REVLON ($1.77 BILLION) $1.9 BILLION care), Millefiori, Cinthol, care). Lúcido-L (hair care

Godrej No 1, Villeneuve, and color), Baby Veil (hair L BRANDS 1 ($1.56 BILLION) $11.85 BILLION (2) Tura (skin care). Pamela care), Lovillea (fragrance),

Grant (makeup). Miratone (hair color), TUPPERWARE ($204.7 MILLION) KEY FINANCIALS: EDGEWELL Mandom (skin, body and BRANDS CORP. $1.74 BILLION BIGGEST MARKETS: hair care), Johnny Andrean, 47 CNY5.23 BILLION India (56% of sales), PERSONAL CARE Style Up (hair care), Simplity YATSEN HOLDING LTD. ($55.8 MILLION) $758.1 MILLION SHELTON, CONN. Africa and the U.S. (23%), (deodorant), Pucelle Indonesia (17%). 2020 BEAUTY SALES: (fragrance, body care). CLIO COSMETICS KRW153.06 BILLION KRW218.2 BILLION $629.9 MILLION (EST.) $129.8 MILLION $185 MILLION KEY FINANCIALS (NINE  IN 2020, SOAPS and hair +3.2% VS. 2019 (EST.) MONTHS TO DECEMBER ABLE C&C KRW166.8 BILLION KRW304.42 BILLION care posted gains. GCPL MAIN BRANDS: 2020): $141.4 MILLION $258.1 MILLION continued to be one of the NET SALES: ¥47.94 billion, Banana Boat, Hawaiian Tropic, 18 BILLION RUPEES (3) 27.20 BILLION RUPEES (3) largest hair care players in -23.6% EMAMI LTD. $243.1 MILLION $367.4 MILLION emerging markets. Bulldog, Black Jack (sun and skin care), Skintimate, Edge, OPERATING INCOME:  IN INDIA, THE GODREJ Schick (shave preparations), ¥813 million, -85.9% E.L.F. BEAUTY $264.6 MILLION $300 MILLION (EST.)

Expert Easy five-minute Cremo (grooming). SALES IN JAPAN: CNY2.24 BILLION (4) CNY 3.44 BILLION (EST.) shampoo hair color was ¥29.81 billion, -16.6% PROYA COSMETICS CO. LTD. scaled up nationally, and a KEY FINANCIALS $324.7 MILLION $498.6 MILLION (FY ENDED SEPT. 30, 2020): SALES IN INDONESIA: fashion hair color range with ¥36.31 BILLION ¥35.73 BILLION COMPANY SALES: ¥8.81 billion, -35.1% MILBON CO. LTD. no ammonia was launched $334.8 MILLION $1.94 billion, -9.4% $340.2 MILLION under the Godrej Expert SALES IN OTHER MARKETS: Rich Crème. The company SUN CARE: ¥9.32 billion, -30.5% leveraged DIY trends and key $283.3 million, -13.8% BIGGEST MARKETS: Japan, influencer partnerships. Indonesia and China. SHAVE PREP: 1. At Oct. 31, 2020; 2. FY ended Jan. 30, 2021; 3. At/FY ended March 30, 2020; 4. At Sept. 30, 2020  INTERNATIONAL MARKETS $139 million, -1.9%  MANDOM CORP. WAS continued to show positive SKIN CARE: negatively impacted by the growth; the Darling brand $178.7 million, +36.3% pandemic. Core men’s brand relaunched in Africa and Gatsby suffered from decline expanded distribution  EDGEWELL PERSONAL Care in demand for hair styling there. In Latin America, grew its business at the end products — its revenues the company’s overall of the calendar year with the dropped 23.9 percent to performance in beauty and acquisition of men’s grooming ¥22 billion in the nine months personal care was strong. brand Cremo for $235 million. to December — and is

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April2021_BINC_TOP100_V6.indd 43 4/14/21 5:00 PM undergoing a revamp, as is KEY FINANCIALS: N/A personal care products. Bifesta, the biggest brand in  RITUALS CELEBRATED its Investment in e-commerce Mandom’s women’s portfolio. 20th anniversary with the drove market share, and Sales of women’s products October opening of the the firm also benefited from declined 29.5 percent in the House of Rituals, a giant its distribution footprint nine-month period, to flagship in Amsterdam that among essential outlets that BEAUTYCOUNTER ¥13.9 billion. FANCL CORP. offers a range of exclusive remained open when other INTER YOKOHAMA, JAPAN 54 55SANTA MONICA, CALIF. 50 collections including beauty outlets were shuttered. PARFUMS INC.  THE COMPANY WORKED personalized products and NEW YORK 2020 BEAUTY SALES: to improve its brand value 2020 BEAUTY SALES:  NEW PRODUCT LAUNCHES a luxury fragrance bar, an $526.56 MILLION (EST.) and strengthen its overseas $612.6 MILLION (EST.) included the Cantu Skin 2020 BEAUTY SALES: expanded offer for the home +20% VS. 2019 (EST.) business, notably in Indonesia, ¥65.39 BILLION (EST.) Therapy body care line. $539 MILLION and an Arabic-Asian fusion its biggest international market. -14.1% VS. 2019 (EST.) The brand also teamed up -24.5% VS. 2019 MAIN BRANDS: restaurant. A spa and wellness with 25 Black Women in Beautycounter  IT LAUNCHED A TIKTOK MAIN BRANDS: center will open this year. MAIN BRANDS: Beauty (25BW) to create a campaign for Gatsby in China. Fancl Cosmetics, Attenir Abercrombie & Fitch, Anna KEY FINANCIALS: N/A  THANKS TO THE STRENGTH mentorship program called Cosmetics (skin care, Sui, Bebe, Boucheron, of the prestige body care CantuElevate to help Black- makeup), Boscia (skin care). Coach, Dunhill, Graff, Guess,  WITH CLEAN BEAUTY category and a focus on owned businesses grow. Hollister, Jimmy Choo, and skin care front and center KEY FINANCIALS (NINE wellbeing with consumers  DR TEAL’S ADDED FACIAL Karl Lagerfeld, Kate Spade among purchasing drivers for MONTHS TO DEC. 31, 2020): staying at home, the toners. According to IRI data Dr New York, Lanvin, MCM, consumers, it was a good year COSMETICS SALES: company maintained sales Teal’s was the biggest brand by Montblanc, Oscar de la for brands like Beautycounter, ¥48.13 billion, -17.9% levels in 2020, according to volume in the mass market in Renta, Paul Smith, Repetto, which saw its estimated sales estimates, as it ramped up its FANCL COSMETICS SALES: the bath/fragrance category. Rochas, S.T. Dupont, Van jump 20 percent during the year. ¥36.54 billion, -22.2% e-commerce capabilities by Cleef & Arpels. optimizing its operations in its  WHILE PREDOMINANTLY NAOS ATTENIR COSMETICS SALES: 49AIX-EN-PROVENCE, ¥9.32 billion, -4.4% core European markets, for KEY FINANCIALS: focused on direct-to-consumer, FRANCE example by delivering orders CONSTANT-CURRENCY the firm partnered with BOSCIA SALES: directly from its stores. SALES DECLINE: -25.6% Sephora in the U.S. for a four- 2020 BEAUTY SALES: ¥1.77 billion, +32.9% OPERATING INCOME: month tie-up through October. $613.3 MILLION (EST.)  THE COMPANY SCALED back DOMESTIC ONLINE $70.1 million, -33% €537.3 MILLION (EST.) AND CATALOGUE SALES: its store expansion program,  THE COMPANY OPENED -13.9% VS. 2019 (EST.) ¥24.72 billion, +10.5% opening 40 new doors NET INCOME: a retail store, in Venice, Calif., $38.2 million, -36.6% close to its Santa Monica MAIN BRANDS: DOMESTIC RETAIL STORE SALES: worldwide instead of the JALA GROUP CO. ¥12.37 billion, -47.5% 100 initially planned. headquarters. LABORATOIRE BIODERMA: 53SHANGHAI SALES BY BRAND: ABC Derm, Atoderm, Cicabio, MONTBLANC: DOMESTIC WHOLESALE AND  THE BRAND RESTRUCTURED 2020 BEAUTY SALES: Crealine/Sensibio, Hydrabio, $115 million, -27.2% OTHERS: ¥5.86 billion, -20.4% its U.S. business, closing around $605.9 MILLION (EST.) Matricium, Sebium, Secure, half of its stores and launching OVERSEAS SALES: CNY4.18 BILLION (EST.) COACH: $93.4 million, -6.3% Pigmentbio (skin care), ¥5.18 billion, -3.1% online with sephora.com. -9.1% VS. 2019 (EST.) Node (hair care), JIMMY CHOO: Photoderm (sun care). COSMETICS DIVISION MAIN BRANDS: $85 million, -26.7% OPERATING PROFIT: INSTITUT ESTHEDERM: Age Chando, Maysu (skin care, ¥5.47 billion, -45.3% SALES BY KEY REGION: Prevention, Age Correction, makeup). Botanical Wisdom, NORTH AMERICA: Body Care, Cabine Exclusive, Spring Summer, Biorrier  IN THE NINE MONTHS to $193.5 million, -17.8% MARKWINS Cellular Water Range, (skin care). Como (makeup). 56 December, sales of Fancl WESTERN EUROPE: BEAUTY BRANDS Cleansing Osmoclean, Assassina (fragrance). Cosmetics fell by more than $147.1 million, -20.7% CITY OF INDUSTRY, CALIF. Intensive Molecular Care, 20 percent, with retail store, KEY FINANCIALS: N/A Sun Care, White (skin care). 2020 BEAUTY SALES: wholesale and overseas sales ASIA: $79.7 million, -28.2% ETAT PUR: Actifs Pur, PDC WELLNESS $507.5 MILLION (EST.) declining. The company  JALA GROUP INVESTED in its Cosmétiques Biomimétiques 52  INTER PARFUMS’ SALES -16.2% VS. 2019 (EST.) directed customers from retail & PERSONAL digital transformation in 2020, (skin, sun and body care). stores to online and catalogue CARE CO. ramping up in areas including took a tumble due to the MAIN BRANDS: pandemic. The company KEY FINANCIALS: sales, but it wasn’t enough to STAMFORD, CONN. digital inventory management, Wet 'n' Wild, Lip Smacker, LABORATOIRE BIODERMA: offset the decline. through which it has been paused certain major launches Physicians Formula, Lorac, €494.4 million, -14% 2020 BEAUTY SALES: working to better control its and subsequent marketing, Black Radiance, The Color  ATTENIR COSMETICS SAW an $606 MILLION (EST.) supply chain, reduce delivery including those for the licenses Workshop, The Color INSTITUT ESTHEDERM : +15% VS. 2019 (EST.) €42.5 million, -18% increase in overseas sales thanks times and normalize prices, it acquired last year for Institute, Bonne Bell, Pop. to efforts to strengthen cross- MCM and Oscar de la Renta. MAIN BRANDS: and in data collection and INTERNATIONAL MARKETS: border e-commerce to China, Introductions included Coach KEY FINANCIALS: N/A Dr Teal’s, Bodycology database management. 76.4% of sales but that failed to counterbalance Dreams, Rochas Byzance and (wellness and bath), the drop in retail store sales.  CORE BRAND CHANDO’S L’Homme Rochas.  MARKWINS PROMOTED KEY MARKETS: France, China Cantu, Eylure (makeup), and South Korea accounted online sales increased 28 Eric Weeks to president of for an estimated 45.8% of  BOSCIA WAS A BRIGHT SPOT. Body Fantasies, BOD Man percent, driven by a new  OF ITS TOP THREE BRANDS, sales and revenue for North global sales. Sales increased by more (fragrance). sales strategy incorporating Coach remained the least America (the U.S., Canada than 30 percent as a result of affected by sales drops, KEY FINANCIALS: videos and livestreams. The and Mexico). Weeks joined  HYGIENE AND SKIN care strengthened e-commerce. INTERNATIONAL SALES: brand reclaimed its title as the falling only 6.3 percent year- Markwins in 2001. were the top drivers for Naos, 20% of revenues bestselling domestic makeup over-year. Its largest brand,  STEFANO CURTI, MARKWINS’ thanks to products including brand on Singles' Day, Montblanc, fell 37.2 percent. Atoderm from Bioderma and LARGEST MARKETS: global president, left the according to the company.  INTER PARFUMS ENTERED Intensive Molecular Care The U.S., U.K., Canada company to join Coty as  CHANDO ENTERED THE a five-year licensing deal chief brands officer for its under Esthederm. WELLNESS AND BATH SALES: personal care category and with Moncler, through which consumer division. $295 million, +35%  BIODERMA UNVEILED A the group launched its first it will create and distribute  WET ‘N’ WILD HAD ITS FIRST major innovation — the PERSONAL CARE (FORMERLY fragrance brand, Assassina. fragrances for the luxury influencer collaboration, globally patented Biphase BEAUTY): $218 million, +9% outerwear label. Lipo Alcoolique, a hand care RITUALS  THE COMPANY OPENED A partnering with Bretman FRAGRANCE: $92 million, -13%  THROUGH ITS FRENCH product that kills viruses while 51 subsidiary in Indonesia, with Rock. Physicians Formula COSMETICS subsidiary, Interparfums replenishing the skin. the Chando brand opening collaborated with YouTuber ENTERPRISE B.V.  UNDER A NEW NAME, PDC an 8,000-square-foot SA, the company acquired a Weylie Hoang.  THE COMPANY OPENED AMSTERDAM Wellness & Personal Care experience center. 25 percent stake in beauty subsidiaries in Vietnam, Co., the former PDC Brands e-commerce platform 2020 BEAUTY SALES: Croatia and Australia and restructured to better reflect Divabox, which operates the $608.4 MILLION (EST.) added new distributors for its strategy. Wellness & Bath Origines-parfums platform in €533 MILLION (EST.) Norway and Iceland. was renamed Wellness and France, for $14 million. FLAT VS. 2019 (EST.) Beauty is now Personal Care. MAIN BRANDS:  THE COMPANY ATTRIBUTED Rituals (fragrance, home its strong sales gains to fragrance, skin, body and having hit consumers’ desires hair care, makeup). for wellness and stay-at-home

44 WWD BEAUTY INC

April2021_BINC_TOP100_V6.indd 44 4/14/21 5:00 PM  PRODUCT INTRODUCTIONS  THE COMPANY LAUNCHED online and celebrity-backed  DECIEM SAW MEANINGFUL

included a hair care line for home digital testing solutions in brands, helped Guthy-Renker distribution expansion, adding

use under professional brand seven countries, continued weather the closing of specialty Sephora Canada in August, Promaster to allow consumers to build out its online doors, notably Ulta Beauty, and expanding into 400 more to prolong results between salon infrastructure and doubled the during much of 2020. The Ulta doors in December. visits and vivid colored dyes size of its digital marketing and company continues to transform  INTERNATIONALLY, DECIEM RECKITT PROYA targeting young consumers. commerce team. from a direct marketer to an expanded into China online 57 58 incubator for brands, especially BENCKISER COSMETICS  E-COMMERCE SALES and opened a store for The in conjunction with celebrities. GROUP CO. LTD. doubled, thanks in part to a Ordinary in South Korea. BERKSHIRE, U.K. HANGZHOU, CHINA launch on Amazon, where  GUTHY-RENKER HAS BEEN In Europe, the business in the U.S., Essence’s Lash a standout in the celebrity expanded in nontraditional 2020 BEAUTY SALES: 2020 BEAUTY SALES: Princess mascara was the brand arena. Cindy Crawford’s beauty channels, like & Other $500.6 MILLION (EST.) $498.7 MILLION (EST.) number-one selling beauty Meaningful Beauty, which has Stories, as well as in the £390.1 MILLION (EST.) CNY3.44 BILLION (EST.) and personal care product grossed more than $2 billion Harrods Knightsbridge shop. +1.2% VS. 2019 (EST.) +10% VS. 2019 (EST.) for the year, and growth in in sales worldwide since 2004,  THIS FEBRUARY, THE ESTÉE MAIN BRANDS: MAIN BRANDS: Chinese cross-border sales. is the company’s biggest NIPPON MENARD Lauder Cos. announced E45, Clearasil (skin care), Proya, Uzero, Anya, Yoya , Cats 60 producer. In addition to direct COSMETIC  THE L.O.V AND THE SIGN it was upping its stake in Veet (depilatories). & Roses, Timage, Ins Baha. sales, Meaningful Beauty is Tribe brands were discontinued. Deciem, from 29 percent CO. LTD. also sold at Ulta Beauty. KEY FINANCIALS: KEY FINANCIALS: to 76 percent, by June this NAGOYA, JAPAN  COSNOVA’S PARENT TOTAL REVENUES: NET SALES FOR THE NINE  LATE IN 2020, Guthy-Renker year, with plans to own the MONTHS ENDED SEPT. 30, 2020: company, previously Cosnova £13.99 billion, 2020 BEAUTY SALES: teased its next blockbuster disruptive beauty player CNY2.29 billion, +10.1% Holding, was renamed Caramé +8.9% (+11.8% life-for-like) $475.9 MILLION (EST.) candidate — JLo Beauty, a outright within three years. ¥50.8 BILLION (EST.) Holding in March 2020. HEALTH DIVISION REVENUES: NET PROFIT FOR THE NINE skin care collection developed MONTHS ENDED SEPT. 30, 2020: +1% VS. 2019 (EST.) £4.89 billion, +9.6%. by Ascendant Beauty LLC, a CNY288.3 million, +21.1% MAIN BRANDS: joint venture between Guthy-  REVENUES FOR RECKITT Authent (skin care, Renker and BRZ GR LLC. In  E-COMMERCE WAS the main Benckiser’s Health Division fragrance, body care), addition to JLobeauty.com driver of Proya’s 2020 sales grew 12.1 percent on a Embellir, Fairlucent (skin and Amazon, Sephora stocks growth. Its gross merchandise like-for-like basis last year, care, makeup), Illuneige, the new brand. value on Alibaba's platforms reflecting net positive market Lisciare, Colax, Herb Mask grew 40 percent and  MOUNTING INTEREST IN developments. Overall, the (skin care), Beauness (skin surpassed CNY1.89 billion. YANBAL clean beauty also benefitted LION CORP. division delivered “strong and body care), Jupier, TK Sea Calm Skin, a “better for 65TOKYO (makeup, skin care), Crowa 62 market share growth,”  THE COMPANY SET UP AN INTERNATIONAL you” range of products for 2020 BEAUTY SALES: according to the company. incubation program with (hair care), Divum (skin care, LIMA, PERU eczema and psoriasis. The Alibaba's Tmall in May to makeup, in China), Reliever $438.3 MILLION (EST.)  WITHIN HEALTH, SALES 2020 BEAUTY SALES: company introduced the foster start-ups in the beauty (skin care, in China). ¥46.78 BILLION (EST.) of personal care products $456 MILLION (EST.) brand online with a d-to-c site sector. It also made several +33.9% VS. 2019 (EST.) grew overall, despite some KEY FINANCIALS: -20% VS. 2019 (EST.) before adding Amazon. The donations to frontline workers weaknesses in the early part BIGGEST MARKETS: strategy helped attract MAIN BRANDS: and medical institutions in MAIN BRANDS: of the COVID-19, with “good Japan, China and Vietnam younger consumers. Kirei Kirei (hand soap), Wuhan early in the year. Yanbal, Unique (makeup, Ban (deodorant), Pro Te c performances” from Veet and  THE COMPANY SOLD OFF  MENARD BUCKED THE skin, body, sun and hair (men's hair and body care), E45. Clearasil was “steady.” Perricone MD to the U.K.’s  THE COMPANY INCREASED trend among Japan’s beauty care, fragrance). Hadakara, Shokubutsu- THG for $60 million in  ACCORDING TO Euromonitor investment in its emerging players last year, according to Monogatari (body care), KEY FINANCIALS: N/A September. Early in 2021, International, Veet’s global cosmetics brands Timage and estimates, registering a slight Soft in 1 (hair care). retail sales increased 1.7 Mally Beauty was sold to AS Ins Baha, and as a result, that increase in sales.  FACED WITH SEVERE percent to $687.3 million for Beauty, owner of Julep and KEY FINANCIALS: division saw a 256.8 percent lockdowns in its core markets, TOTAL COMPANY NET SALES: the year, while Clearasil’s  FOLLOWING THE SUCCESS Laura Geller. sales increase in the third the Peruvian direct seller saw ¥355.35 billion, +2.3% revenues declined 0.7 percent of the TK makeup line launched quarter of 2020, to CNY132 a significant decline in sales, to $198.9 million and E45 in 2019, Menard launched a TOTAL OPERATING PROFIT: million. according to estimates. generated sales of $45.9 skin care line under the same ¥44.07 billion, +47.7% million, a 4.3 percent gain. name, to replace the now  THE COMPANY WORKED to BEAUTY CARE SALES IN JAPAN: discontinued line Tsukika. accelerate digitalization, and  DURING THE YEAR, THE ¥31.48 billion, +40.9% partnered with engagement company established a new platform developer Rallyware organizational structure,  LION CORP. CONTINUED to create the Maya platform, with £745 million invested in to grow its revenues in the designed to be a personal growth-related initiatives and DECIEM hand soap, hand sanitizer assistant for its consultants more than £400 million of 64TORONTO and body wash categories with features including productivity savings. RB said in Japan. Domestic sales, HOYU CO. LTD. training and data-driven tools. 2020 BEAUTY SALES: early returns on investment 59NAGOYA, JAPAN $438.8 MILLION (EST.) particularly of hygiene-related include “significantly C588 MILLION (EST.) products, including hand improved” supply chain 2020 BEAUTY SALES: COSNOVA +92% VS. 2019 (EST.) soaps and hand sanitizer, capacity and flexibility; better $487.2 MILLION (EST.) 61SULZBACH, GERMANY grew. Internationally, sales ¥52 BILLION (EST.) customer service levels; 2020 BEAUTY SALES: MAIN BRANDS: grew in Thailand, China and -7. 1% VS. 2019 (EST.) strong, targeted e-commerce $460 MILLION (EST.) The Ordinary, NIOD, Hylamide, South Korea. growth, and focused science The Chemistry Brand, MAIN BRANDS: €403 MILLION (EST.)  SALES OF KIREIKIREI platforms driving stronger Abnomaly, Loopha, HIF. Bigen, Cielo, Beautylabo, -9% VS. 2019 (EST.) Medicated Foaming Hand innovation. Beauteen, Naturain, MAIN BRANDS: KEY FINANCIALS: Soap increased substantially. GUTHY-RENKER  RB SAID IT IS TAKING Promaster, Men’s Bigen Essence, Catrice (makeup). U.S. SALES: C215 million, actions to further reposition (hair color and care). 63EL SEGUNDO, CALIF. +165% KEY FINANCIALS: its portfolio toward higher 2020 BEAUTY SALES: KEY FINANCIALS (FY INTERNATIONAL SALES: U.K.: C114 million, +58% growth, and announced the ENDED OCT. 31, 2020): 61% of business $446 MILLION (EST.) divestment of Scholl and CONSOLIDATED NET SALES: -2% VS. 2019 (EST.) CANADA: C61 million, +67% acquisition of pain relief ¥52 billion, -7.1% BIGGEST NON GERMAN- medication brand Biofreeze SPEAKING MARKETS (IN MAIN BRANDS: AUSTRALIA: C37 million, +77% ALPHABETICAL ORDER): in February 2021. CONSOLIDATED OPERATING Crépe Erase, Meaningful Beauty, INCOME: ¥3.9 billion, -35% Italy, the Netherlands, Westmore, Specific Beauty, OTHER: C161 million, +87% North America, Russia, Dermaflash, It Cosmetics  HAIR COLOR SPECIALIST South Africa, Spain. (repeat sales to existing  SALES GREW BY 92 percent, Hoyu saw a significant decline customers), Mally Beauty, Sea even after pivoting to digital in its sales last year, according  DESPITE THE challenging Calm Skin, JLo Beauty. consultations as stores closed to estimates. The company’s market context, Cosnova’s during COVID-19 lockdowns. KEY FINANCIALS: N/A presence in both salon and budget-friendly makeup Customers who used online home-coloring products is likely brands Essence and Catrice consultations reportedly had a  THE CONFLUENCE OF two gained market share. 41 percent higher basket size to have mitigated declines. trends, direct-to-consumer/ than self-service shoppers.

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April2021_BINC_TOP100_V6.indd 45 4/14/21 5:00 PM includes partnerships The company is one of only with Bloomingdale's and 10 certified clean Nordstrom. manufacturing facilities in the industry, according to  THE COMPANY SOLD Jafra. Most of its products Lipstick Queen to Forma are currently recyclable or KIKO SPA EMBELLEZE Brands, Morphe’s new parent WELEDA BURT'S BEES compostable. 66BERGAMO, ITALY ARLESHEIM, 70 company, and in early 2021 68 GROUP 73DURHAM, N.C. 2020 BEAUTY SALES: SWITZERLAND RIO DE JANEIRO, BRAZIL it sold Eve Lom to China’s 2020 BEAUTY SALES: $420 MILLION (EST.) Yatsen Holding. Manzanita 2020 BEAUTY SALES: 2020 BEAUTY SALES: $345 MILLION (EST.) €368 MILLION (EST.) will continue to hold a $380.1 MILLION $377.9 MILLION (EST.) -8.5% VS. 2019 (EST.) -37.4% VS. 2019 (EST.) minority stake in the business €333 MILLION R1.93 BILLION (EST.) and enter into a strategic MAIN BRANDS: MAIN BRANDS: +1.9% VS. 2019 +41.9% VS. 2019 (EST.) partnership with Yatsen. Burt’s Bees (beauty, skin, Kiko Milano (makeup). MAIN BRANDS: MAIN BRANDS:  FRAGRANCE BRAND BYREDO lip, hair, men’s and baby Weleda (natural and organic KEY FINANCIALS: Novex, Amacihair, Hairlife, launched a makeup collection. care) BIGGEST MARKETS: skin and body care, men’s care, Lisahair, SempreBella (hair PZ CUSSONS KEY FINANCIALS: Italy, France and Spain hair care, mother and baby care and treatment). Natucor,  DIPTYQUE, WHICH HAS 75LONDON DOMESTIC RETAIL SALES: (65% of total sales) care, lip balms, personal care). Maxton (hair color), Nutrisalon 22 stores in the U.S., opened $328 million, -13% (based 2020 BEAUTY SALES: (professional hair care). two new stores in New York. DOMESTIC SALES: 31% of total KEY FINANCIALS: on IRI POS data) $335 MILLION (EST.) BIGGEST MARKETS: Germany, BioSalut (personal care). £261 MILLION (EST.) France and Switzerland  KIKO COMPLETED A €270 KEY FINANCIALS:  CLOROX CO.-OWNED Burt’s +1.2% VS. 2019 (EST.) million refinancing. The INTERNATIONAL SALES: FASTEST-GROWING MARKETS: Bees suffered losses across MAIN BRANDS: amount was loaned by a pool Russia, Ukraine, South Korea 10% of revenues cosmetics, lip care and face St. Tropez (skin and body of banks to support growth and North America DOMESTIC SALES: +20% care in 2020. In response, care), The Sanctuary Spa, and internationalization the brand accelerated  WHILE COVID-19 was a major Imperial Leather projects, as well as personnel  EMBELLEZE FOCUSED omnichannel strategies. challenge for Weleda, the (bath, body and skin care), costs and rents in Italy. on e-commerce and affiliate company noted that it also NOEVIR  KEY LAUNCHES WERE Carex (hygiene, hand care).  KIKO OPENED 28 NEW marketing, with online sales created strong demand for 72 Squeezy Lip Balm and Truly KEY FINANCIALS: stores, 19 of them via and new accounts were major HOLDINGS natural and organic products, Glowing Collection skin care. (SIX MONTHS TO sales drivers. KOBE/TOKYO franchising agreements. which helped the brand’s top  SUSTAINABILITY IS ON NOV. 30, 2020): line stay positive for the year. 2020 BEAUTY SALES: TOTAL COMPANY SALES FROM  E-COMMERCE SALES grew  IN THE U.S., IT expanded the front burner. In 2020, CONTINUING OPERATIONS: 48 percent. Further its footprint in physical retail, $350.4 MILLION (EST.) the company achieved 50  NEW LAUNCHES LIKE the £312.9 million, +14.6%. entering Walmart, CVS and Rite ¥ 37.4 BILLION (EST.) improvements were made Sheer Hydration Facial Care percent recycled materials Aid. It also entered new markets -16.4% VS. 2019 (EST.) on social media marketing in Collection were key drivers. used across its packaging, LARGEST MARKETS: The U.K., U.S. and Nigeria order to increase engagement in Europe and Africa and MAIN BRANDS: a 99.6 percent average of rates in the competitive increased its presence in Spain. Noevir Co.: Speciale, 505, ingredients of natural origin  JONATHAN MYERS, formerly makeup segment. 99Plus (skin care, makeup). in its products, and 100  THE COMPANY launched Avon Products COO, joined Tokiwa Pharmaceutical Co.: percent recyclable packaging. the Superfood line under as CEO in May. In the first Nameraka Honpo (skin care), It is aiming to reach net-zero core brand Novex, as well as six months of his tenure, Excel (makeup), Nov (skin plastic by 2025. BioSalut, created in response group revenue increased by care, makeup). to increased demand for  ITS THREE BIGGEST markets 14.6 percent, driven by the hygiene products. KEY FINANCIALS: (FY remained the U.S., Canada U.K., with growth in all key and the U.K. COMBE INC.  THE DEVALUATION OF THE ENDED SEPT. 30, 2020): markets. Brazilian real had a significant COSMETICS SALES: ¥38.74 69WHITE PLAINS, N.Y.  REVENUE AT PZ CUSSONS’ billion, -14.2% impact on Embelleze’s sales 2020 BEAUTY SALES: “focus brands,” including St. FORMA BRANDS growth in local currency. In COSMETICS OPERATING $380 MILLION (EST.) Tropez and The Sanctuary 67SAN FRANCISCO dollar terms, the company’s INCOME: ¥9.5 billion, -27.9% +1.3% VS. 2019 (EST.) Spa, grew by 21.9 percent. 2020 BEAUTY SALES: sales increased 8 percent. DOMESTIC BUSINESS: more Carex hand hygiene led the $400 MILLION (EST.) MAIN BRANDS: than 90 percent of sales growth in the division. Just for Men, Control GX, -9% VS. 2019 (EST.) BIGGEST INTERNATIONAL  IN THE SIX MONTHS, BEAUTY Virtue Labs (hair care and MARKETS: Taiwan and China MAIN BRANDS: color), Aqua Velva, JAFRA volumes were impacted Bad Habit (skin care), Lipstick by a decline in high street Williams Lectric Shave,  NOEVIR SAW A decrease 74 Queen, Morphe, Morphe 2 COSMETICS shopping, offset by reduced Brylcreem (men’s grooming, in sales for its eponymous (makeup). Playa (hair care). promotional spend and in North America), skin care brand, sold INTERNATIONAL U.S. performance. The KEY FINANCIALS: N/A Vagisil (intimate skin care). mainly through face-to-face WESTLAKE VILLAGE, CALIF. company said beauty revenue channels, including its own KEY FINANCIALS: N/A MANZANITA 2020 BEAUTY SALES: showed a “modest reduction”  IN 2020, FORMA BRANDS retail stores and Noevir 71 $336 MILLION (EST.) with the online performance was established as the CAPITAL Beauty Studios.  COMBE ACQUIRED LONDON -14.6% VS. 2019 (EST.) of St. Tropez and Sanctuary parent company to Morphe, majority ownership of Virtue  IN SELF-SELECTION MAIN BRANDS: almost offsetting the decline as well as the brand’s sister Labs, a professional brand 2020 BEAUTY SALES: cosmetics, sales of the Excel Jafra (fragrance, skin care, in the U.K. high street. companies. The business is founded by Melisse Shaban. $371 MILLION (EST.) and Nameraka Honpo brands color cosmetics, toiletries). majority owned by investment +14% VS. 2019 (EST.)  IN FEBRUARY, ST. TROPEZ  COVID-19 ACCELERATED fell due to the pandemic, but firm General Atlantic. KEY FINANCIALS: named Ashley Graham global sales in categories where MAIN BRANDS: the latter saw strong sales of BIGGEST MARKET: Mexico ambassador. Graham's  IN 2020, MORPHE’S sales Byredo, Diptyque (fragrance); new products. Combe competes. IRI role is a two-year deal, decreased due to the impact of reported Just for Men Kevyn Aucoin (makeup); Eve  NOEVIR’S MEDIUM-term  VORWERK-OWNED JAFRA and is not tied to a specific COVID-19. Morphe was forced Hair Color products rising Lom (skin care); Malin + Goetz management plan includes used the year to usher in product launch. She has to temporarily close its store more than 100 percent for (skin, body and hair care, policies such as pursuing newness that had been approximately 12 million locations, and the pandemic the year-end 2020 in U.S. fragrance); Susanne Kaufmann innovation and profit lacking in the past few years, followers on Instagram. caused declines in makeup sales. drugstores. Sales of Vagisil (skin, body and hair care). generation in the domestic leveraging its accessibility as a also accelerated.  THE BUSINESS STARTED KEY FINANCIALS: market, enhancing brand direct marketer when physical executing on its multibrand LIKE-FOR-LIKE SALES  OMG BY VAGISIL launched value, diversifying human doors were shuttered. strategy, launching Bad Habit, in July to attract a younger GROWTH: +18% resources and corporate Morphe 2 and supplements  IN LOCAL CURRENCIES, the audience. structure, as well as R&D, company’s sales in Mexico, brand Such Good Everything.  MANZANITA’S BRANDS production and logistics the U.S. and Indonesia It also acquired Lipstick  KEECH COMBE SHETTY, were not immune to the systems, and promoting a increased year-on-year. Queen, from Manzanita executive chair of Combe impact of COVID-19. In June, management style that is Capital, and Playa, a high-end Inc., was elected board Space NK confirmed it was responsive to changes in the  SUSTAINABILITY PROJECTS hair line sold at Sephora, chair of the Personal Care closing all eight of its U.S. business environment. include a multipronged plan small brands underscoring Products Council. stores, with plans to focus to continue to reduce C02 Forma’s acquisition strategy instead on its wholesale emissions and water use. going forward. business in the U.S., which

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April2021_BINC_TOP100_V6.indd 46 4/14/21 5:00 PM

DOMESTIC SALES: BY THE NUMBERS ¥30.59 billion, -25.54% (86% of beauty revenues) GAINERS AND LOSERS INTERNATIONAL SALES: AMONG BEAUTY’S BIGGEST gainers on the stock market last year, two companies that featured at the other end of the spectrum ¥5.05 billion, -23.11% (14% of beauty revenues) just 12 months earlier, Tupperware and L Brands, as the market rewarded their initiatives to turn business around. C-beauty also did MILBON CO. LTD. well, with Proya and the newly listed Yatsen high on the list of market gainers. At the other end of the spectrum, both Revlon and 76TOKYO MAIN MARKETS: Coty took severe hits, suggesting the market continues to await the results of their own turnaround efforts. Japan, the rest of Asia, U.S. 2020 BEAUTY SALES: $334.8 MILLION  DHC BENEFITED FROM the ¥35.73 BILLION growing demand for J-beauty 10 TOP PERFORMING BEAUTY STOCKS IN 2020 -1.5% VS. 2019 products internationally with double-digit growth in COMPANY YR-END 2019* % CHANGE MAIN BRANDS: the U.S. and U.K. Sales in STOCK SYMBOL YR-END 2020* Milbon, Aujua, Villa Lodola, Japan, where it operated 202 Ordeve, Sophistone, TUPPERWARE BRANDS CORP. $8.58 company-owned stores and is +277.5% NeoLiscio (hair care, color, NYSE: TUP $32.39 sold in more than 72,000 mass styling and perming), Imprea merchandisers, declined. (skin care). L BRANDS $18.12  IN AUGUST 2020, founder $37.19 +105.2% KEY FINANCIALS: NYSE: LB Yoshiaki Yoshida returned to DOMESTIC SALES: lead the company as CEO, PROYA COSMETICS CO. LTD. ¥29.88 billion, -1.7% CNY88.05 ($12.76) +102.2% after stepping down in July SHA: 603605 CNY178 ($25.80) INTERNATIONAL SALES: 2019. In December, however, ¥5.84 billion, -0.2% the gaffe-prone executive YATSEN HOLDING LTD. N/A 1 sparked backlash across +61.9% TOP INTERNATIONAL MARKETS: NYSE: YSG $17 social media for comments South Korea (sales ¥2.54 posted to the company’s billion, +9%, or +13.2% in E.L.F. BEAUTY $16.13 website that were considered +56.2% local currency); China (sales NYSE: ELF $25.19 racist against ethnic Koreans. ¥1.53 billion, +2.7%, or +5.2% in local currency). FANCL CORP. ¥2,912 ($27.28) +41.3% JP: 4921 ¥4,115 ($38.55)  THE JAPANESE professional

hair care manufacturer saw EMAMI LTD. 309.90 RUPEES ($4.19) stronger than expected NSE: EMAMILTD 423.75 RUPEES ($5.72) +36.7% results through its business- to-consumer e-commerce NATURA & CO. R38.67 ($7.57) platform, which launched +35.8% BVMF: NTCO3 R52.50 ($10.28) domestically in June 2020, OLAPLEX as salons sought to counter 78NEW YORK declines in demand for NU SKIN ENTERPRISES $40.98 +33.3% 2020 BEAUTY SALES: NYSE: NS services through product $54.63 $309 MILLION (EST.) sales. +50% VS. 2019 (EST.) HERMÈS INTERNATIONAL €666.20 ($760.41)  SALES IN SOUTH KOREA +32% MAIN BRANDS: EPA: RMS €879.60 ($1,003.99) grew strongly, in part thanks Olaplex (hair care). to the July launch of premium 1 Yatsen’s shares were listed at $10.50 on Nov. 19, 2020. brand Milbon there. KEY FINANCIALS: D-TO-C SALES: +300%  SALES IN THE U.S. declined sharply, by 29.3 percent U.S.: 60% of sales 10 WORST PERFORMING BEAUTY STOCKS IN 2020 after conversion into yen, LARGEST INTERNATIONAL while revenues in other MARKETS: The U.K. % CHANGE YR-END 2019* COMPANY international markets and Germany YR-END 2020* STOCK SYMBOL dropped 5.1 percent.  DESPITE THE PANDEMIC, $21.42 REVLON INC.  SKIN CARE, WHICH -44.5% Olaplex grew across $11.88 NYSE: REV Milbon launched in 2019 all channels, including in a joint venture with Kosé, professional and retail, ¥3,000 ($28.11) MANDOM CORP. grew strongly, climbing -43.4% but online took off with a ¥1,698 ($15.91) JP: 4917 118.3 percent to ¥361 million. 300 percent year-over-year sales increase. -37.6 % $11.25 COTY INC.  THE COMPANY’S NO. 0 $7.02 NYSE: COTY Intensive Bond Building Hair KRW82,700 ($70.13) Treatment was the strongest -33.6% AMOREPACIFIC GROUP prestige hair launch in the U.S. KRW54,900 ($46.56) KS: 002790 in the third quarter, outselling previous Olaplex launches No. -32.4% $58.96 WALGREENS BOOTS ALLIANCE 6 and No. 7 combined. $39.88 NASDAQ: WA DHC CORP. 77TOKYO  UNDER THE OWNERSHIP OF ABLE C&C Advent International, Olaplex -27.8% KRW10,250 ($8.69) 2020 BEAUTY SALES: KRW7,400 ($6.28) KRX: 078520 appointed Jim Macpherson $333.9 MILLION (EST.) as CFO and Tiffany Walden ¥35.64 BILLION (EST.) as COO. -21.9% ¥5,850 ($54.81) NOEVIR HOLDINGS -25.2% VS. 2019 (EST.) ¥4,570 ($42.82) JP: 4928 MAIN BRANDS: DHC (skin care, makeup, -19.9% ¥2,614 ($24.49) POLA ORBIS HOLDINGS hair care, men’s, body and ¥2,094 ($19.62) JP: 4927 baby care, fragrance), Olive Sube Sube, CLIO COSMETICS CO. -18.9% KRW21,950 ($18.61) Medicated Q, KRW17,800 ($15.09) KOSDAQ: 237880 Super Collagen, Q10. INTER PARFUMS INC. -16.8% $72.71 KEY FINANCIALS: NASDAQ: IPAR BEAUTY SALES: $60.49 ¥35.64 billion, -25.2% *Data used was closing price on the last day of the year the stock was traded.

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April2021_BINC_TOP100_V6.indd 47 4/14/21 5:00 PM Galop d’Hermès, Kelly consumption from Amazon  OVERALL, ITALY, SPAIN AND KEY FINANCIALS: N/A Faberlic Expert, L.Ove (skin Calèche, Calèche, Rouge and Elfcosmetics.com up France are its biggest markets. and body care, hair care). Hermès, Hiris, Amazone, Bel nearly three digits in the nine In addition, BioNike performed  MEIYUME’S SALES WERE Beauty Café (body care, Ami, Equipage, Rocabar, Eau months to December. well in South Africa; Deborah in impacted by the pandemic, but fragrance). Faberlic by d’Hermès (fragrance). Le Bain Northern Africa and the Middle COVID-19 did create a spike in Valentin Yudashkin, Renata,  INTERNATIONAL SALES GREW (toiletries), Le Parfum de la East; the Wash & Go, Lycia, demand for Yardley of London’s Viking (fragrance). Glam 18.9 percent to $32 million for NUXE GROUPE Maison (home fragrances). Denim and Brelil brands in bath range, Brisk beard oil for Team, Secret Story, Sky Line 79BOULOGNE-BILLANCOURT, the year, primarily thanks to Russia and the Balkan countries, Rouge Hermès (makeup). men and facial sheet masks . (makeup). Salon Care, Arisu, gains in Canada and the U.K. FRANCE including Greece and Turkey. Hair care and makeup sales, Blonde Icon (hair care). KEY FINANCIALS: however, declined. 2020 BEAUTY SALES: CONSTANT-CURRENCY SALES  AT THE END OF 2020, the KEY FINANCIALS: $308.2 MILLION (EST.) DECLINE FOR FRAGRANCE group merged the legal  COVID-19 RELIEF EFFORTS DOMESTIC SALES: AND BEAUTY: -19% €270 MILLION (EST.) entities of the Deborah and were immediately instituted, 43% of revenues -5.9% VS. 2019 (EST.) TOTAL COMPANY SALES: Biopoint brands in Italy to with Meiyume transforming its KEY INTERNATIONAL MARKETS: MAIN BRANDS: €6.39 billion, -7.2% favor commercial synergies. Asia and U.K. manufacturing Kazakhstan, Uzbekistan, (-6% at constant currency) Nuxe, Resultime (skin facilities to produce hand wash, Azerbaijan, Belarus, Poland. and body care, fragrance). hand sanitizers and creams.  AS WITH OTHER LUXURY  RUSSIA’S LARGEST  MATT HEUER WAS appointed KEY FINANCIALS: beauty companies, it was L CATTERTON homegrown direct seller new head of U.S. business. FRANCE: Approx. a tough year for Hermès’ 82GREENWICH, CONN. returned to sales growth after 50% of sales (EST.) beauty business, as the 2020 BEAUTY SALES: two years of decline. Sales were pandemic closed stores and BIGGEST INTERNATIONAL $299.4 MILLION (EST.) boosted by new skin and hair MARKETS: Italy and Spain international travel stalled. +17% VS. 2019 (EST.) care lines and international sales. GROWTH IN CHINA: +180%  IN FEBRUARY, THE brand MAIN BRANDS:  SKIN CARE WAS A strong entered the makeup segment CAUDALIE GROWTH IN ASIA Bliss, CoverFX, Etvos, Jou, 84PARIS performer, further strengthened with Rouge Hermès, a premium (INCLUDING CHINA): +80% La Thérapie, Laboratoire by launches that contributed to a lipstick with refillable packaging. Remède, StriVectin, Tula. 2020 BEAUTY SALES: 23 percent increase in sales.  NUXE BENEFITED FROM Hermès reported the collection $296.8 MILLION (EST.)  ITALY WAS THE FASTEST- the fact that its core has performed well. Further KEY FINANCIALS: €260 MILLION (EST.) DR. WOLFF ORGANIC GROWTH (EXCLUDING growing market, followed by distribution channel, makeup products are planned. FLAT VS. 2019 (EST.) 86 THE ELEMIS BUSINESS, WHICH GROUP Poland and Central Asia. pharmacies, remained open BIELEFELD, GERMANY  HERMÈS CONTINUED WAS SOLD IN MARCH 2019): MAIN BRANDS: in most markets. In France, expanding and renovating its +43%  ACTIVE CONSULTANT Resveratrol-Lift, Vinoperfect, 2020 BEAUTY SALES: it was the market leader in own store network. numbers increased from Premier Cru, Vinosource, $274.9 MILLION (EST.) key categories including oils,  TULA, AN EARLY MOVER in 1.5 million to 2 million. Eau de Beauté, Vinopure, €240.8 MILLION (EST.) antiaging and fragrance. probiotic skin care, had another Vin[Activ], Teint Divin (skin +8% VS. 2019 (EST.) year of rapid growth. Industry  THE COMPANY ALSO SAW care). Vinosculpt, Divine sources said the brand reached MAIN BRANDS: considerable sales gains Body (body care). Eaux about $90 million in sales. Dr. Kurt Wolff: Alpecin, online, with its domestic Fraîches, Parfum Divin Plantur 39, Plantur 21 e-commerce sales doubling.  L CATTERTON CONTINUED (fragrance). In China, it opened a Tmall (hair care). Alcina KEY FINANCIALS: site and in the U.S., its own  MAKEUP BRAND COVERFX (hair and skin care; makeup). experienced growth with BIGGEST MARKETS: France, the Dr. August Wolff: Linola e-commerce. Sales on third- E.L.F. BEAUTY U.S., China, Italy, Germany. party sites internationally hybrid products. (skin care) Vagisan 81OAKLAND, CALIF. (intimate hygiene). ABLE C&C E-COMMERCE SALES GROWTH: gained 50 percent. 88SEOUL, SOUTH KOREA +120% 2020 BEAUTY SALES: KEY FINANCIALS:  NUXE ENTERED FIVE $300 MILLION (EST.) PRELIMINARY GROUP SALES: 2020 BEAUTY SALES: new markets in Asia: Taiwan, +9.4% VS. 2019 (EST.)  E-COMMERCE GROWTH €340 million, +8.5% (EST.) $258.1 MILLION (EST.) Singapore, India, Hong Kong helped Caudalie to maintain KRW304.42 BILLION (EST.) MAIN BRANDS and Malaysia. sales levels in 2020. -27.9% VS. 2019 (EST.) E.l.f. Cosmetics (makeup,  THANKS TO GAINS in Asia  IT OPENED A FLAGSHIP skin care, brushes, tools and  IN FRANCE, SELL-OUT VIA and online, sales increased. MAIN BRANDS: store in Paris and five new the pharmacy network grew devices), W3ll People (makeup,  THE PLANTUR SHAMPOO Missha, A’Pieu, Swiss Pure, spas in Europe. skin care), Keys Soulcare SODALIS GROUP 5 percent, according to data brand saw growth attributed to Mefactory, TR (skin, bath from IQVIA. Caudalie was the  KEY LAUNCHES INCLUDED (Skin care, home fragrance) 83LODI VECCHIO, ITALY its science-backed positioning and body care; makeup). number-five brand in French a new organic line, Nuxe Bio. KEY FINANCIALS (NINE 2020 BEAUTY SALES: and digital sales; Alpecin KEY FINANCIALS: pharmacies for the year. reportedly outperformed the  FABIENNE BRAVARD WAS MONTHS TO DEC. 31, $298.7 MILLION (EST.) OPERATING LOSS: KRW65.96 domestic market, with the billion, versus an operating named international deputy 2020): €261.7 MILLION (EST.) launch of its e-commerce site. profit of KRW1.8 billion managing director and NET SALES: $225.4 million, -6% VS. 2019 (EST.) in 2019. +8% Sophie Allain-Dupré deputy  UNDER LINOLA, Sept Hand MAIN BRANDS: NET LOSS: KRW87.35 billion, managing director for France. ADJUSTED EBITDA: BioNike (skin care, body Hygiene Balm launched, $48.2 million, -5% versus 9.61 billion care, makeup). Lycia (skin said to be the first hand in 2019 (-809.1%) NET INCOME: care, deodorants). Leocrema, cream to protect against $6.3 million, -65.4% Dermolab (skin and sun care). the coronavirus.  IN MARCH 2020, Cho Jeong- U.S.: 89% of sales Vitesse (face care). Tesori MEIYUME yeol joined Able C&C as D’Oriente, Denim (body care, 85HONG KONG CEO. Previously head of local

 E.L.F. BEAUTY PIVOTED from fragrances). Natural Honey pharmaceutical company a single-brand to a multibrand (lotion). Noxzema, Depilzero, 2020 BEAUTY SALES: Handok, she has also worked portfolio, following its February Strep (shaving/depilation). $285.7 MILLION (EST.) at multinationals including HERMÈS 2020 acquisition of W3ll Biopoint (hair care, skin care -7.3% VS. 2019 (EST.) Unilever and L’Oréal. People. It also launched Keys and sun care). Brelil, Wash & 80 MAIN BRANDS:  FOLLOWING THE LAUNCH INTERNATIONAL Soulcare, fronted by entertainer Go (hair care). Deborah, Debby, PARIS Collection Cosmetics of its Nunc multibrand store Alicia Keys, in December. Rouge Baiser (makeup). (makeup). Finesse, Aqua FABERLIC concept in 2019, the company 2020 BEAUTY SALES: Net, Harmony, Vosene,  THE DIGITALLY NATIVE KEY FINANCIALS: 87MOSCOW debuted an e-commerce $300.4 MILLION ITALY: €191.4 million, -7% Bristows (hair care). Yardley platform, Mynunc.com, €263.2 MILLION company activated online, with 2020 BEAUTY SALES: of London (in Germany, offering about 190 brands. -19.3% VS. 2019 digital channels making up 16 INTERNATIONAL: $259.8 MILLION €70.3 million, -2% Austria and the Americas), percent of its business. It was an 18.7 BILLION RUBLES  IN CHINA, THE COMPANY MAIN BRANDS: CD (bath and body). Lypsyl early adopter of TikTok, and still +17.6 % VS. 2019 teamed with Lily & Beauty, a Hermès Parfums: Terre  COVID-19 NEGATIVELY (lip care).Witch, Handsan has a presence there, as well as division of Alibaba Group, to d’Hermès, Eau des Merveilles, affected Sodalis’ sales of (skin care). Triple Dry on video platforms Twitch and MAIN BRANDS: grow its sales there. Collection Les Jardins, Twilly Triller. The company reaches makeup, fragrances and (deodorant). Wrights, Global Oxygen, Oxiology, d’Hermès, Les Colognes more than 9 million followers sun care products. BioNike, Cidal, Simple (soap, in the OxyCarboxy, Oceanum,  MISSHA DEBUTED THE Hermès, Eau d’orange verte, across social platforms. a key brand, helped to U.K., Ireland and Channel Prolixir, Garderica, Renovage, Missha Plus store concept in Jour d’Hermès, Collection counterbalance losses as it is islands). Brisk (beard oil). Beauty Lab, Biomica, its home market, offering its Hermessence, Voyage  CONSUMERS’ MIGRATION TO mainly sold in pharmacies. The Beauty Mask Co. BioGlow, Verbena, Iseul, namesake brand as well as d’Hermès, 24 Faubourg, digital also drove growth, with (facial sheet masks). Vario, Bloom (skin care). A’Pieu, MeFactory and Cellapy,

48 WWD BEAUTY INC

April2021_BINC_TOP100_V6.indd 48 4/14/21 5:00 PM all sister brands, and an external MAIN BRANDS:  LAUNCH ACTIVITY included offering from Lapothicell, Stila Boroplus, Navratna, La Panthère Le Parfum. and Bourjois. Vasocare, Emami Golden Beauty Talc, Malai Kesar Cold Cream (skin care), Fair & Handsome (men’s skin LABORATOIRE care), Kesh King, Emami PAULA’S CHOICE MÄURER SEATTLE 97 93 95 NATIVE 7 Oils in One, Creme 21 & WIRTZ (hair care), HE (deodorant) 2020 BEAUTY SALES: STOLBERG, GERMANY PARIS KEY FINANCIALS: $220 MILLION (EST.) 2020 BEAUTY SALES: 2020 BEAUTY SALES: DOMESTIC SALES: +83% VS. 2019 (EST.) $201 MILLION (EST.) $196.3 MILLION (EST.) LABORATOIRES GUANGDONG 84% of business (EST.) MAIN BRANDS: €176.1 MILLION (EST.) €172 MILLION (EST.) 99 EXPANSCIENCE 89 Paula’s Choice -14.1% VS. 2019 (EST.) N/A VS. 2019 MARUBI BIO- INTERNATIONAL SALES: LA DÉFENSE, FRANCE South Asian Association KEY FINANCIALS: N/A MAIN BRANDS: MAIN BRANDS: TECHNOLOGY CO. 2020 BEAUTY SALES: for Regional Cooperation Baldessarini, 4711 Original Phyto (hair care). Lierac, Jowaé GUANGDONG, CHINA $191 MILLION (EST.) (42%), Middle East,  PAULA’S CHOICE’S science- Eau de Cologne, 4711 (skin care), Roger & Gallet €167.3 MILLION (EST.) 2020 BEAUTY SALES: North Africa and Pakistan backed positioning resonated, Acqua Colonia, 4711 Remix (fragrance and body care). +1% VS. 2019 (EST.) $256.6 MILLION (EST.) (34%), Commonwealth of Cologne, Tabac, S. Oliver, with skin care-obsessed KEY FINANCIALS: N/A CNY1.77 BILLION (EST.) Independent States (12%), consumers on the hunt for Betty Barclay, Otto Kern, MAIN BRANDS: -1.9% VS. 2019 (EST.) Africa (7%), Others (5%) Tosca, Sir Irisch Moos, Mustela, Babo Botanicals effective products. The brand  WITH ITS ACQUISITIONS of (infant skin care). MAIN BRANDS: was founded more than 30 Nonchalance, Sophia Thiel. Roger & Gallet, bought from  EMAMI FOCUSED ON years ago by Paula Begoun. Marubi, Haruki (skin care). KEY FINANCIALS: L’Oréal in a deal finalized in KEY FINANCIALS: cost-cutting measures and Passional Lover (makeup).  ITS “BEAUTY BEGINS INTERNATIONAL SALES: June, and Alès Groupe, bought CONSTANT-CURRENCY SALES a strategy of identifying and GROWTH FOR BEAUTY: +2% WITH Truth” messaging hit 35% of revenues out of administration for €13.5 KEY FINANCIALS: N/A tapping opportunities in the mark with shoppers. (stable year-on-year). million in September, holding markets with high hair TOTAL COMPANY SALES:  MARUBI REINFORCED its According to Google, Paula’s company Impala SAS created €250.4 million, -6.2% oil usage.  THE GERMAN scent-maker online business, including Choice was one of the top five Laboratoire Native, a new saw a significant sales decline INTERNATIONAL SALES: +3%, through livestreaming. It  BUSINESS PICKED UP in the skin care brands searched in beauty player. The new owner 73.1% of total revenues in the face of the pandemic. performed well during the final quarter, with domestic 2020. Customer acquisition has reportedly said it will sales up 16 percent and was up threefold. invest more than €100 million 618 online shopping festival in  IN MARCH 2020, Stephan  DESPITE THE PANDEMIC, international up 26 percent. in innovation for the brands. June, according to sources.  MORE THAN 50 PERCENT Kemen was named CEO of Laboratoires Expanscience’s of Paula’s Choice sales are the family-owned company,  ALÈS GROUPE, WHICH HAD international beauty sales  WITH JINDING CAPITAL, replacing Steffen Seifarth. total sales of €208.6 million in continued to grow in 2020, Marubi launched a CNY1 billion outside of the U.S., with Kemen joined in 2014 from 2019, had been struggling to notably in Brazil, the U.S., investment fund to buy into strength in Europe and Asia. Coty and RTL Deutschland, turn its business around, and Turkey, Australia, South East beauty brands and suppliers. The business now owns its European and South Korean and was previously chief filed for bankruptcy in July 2020. Asia and Russia, although sales operations. marketing officer. The company’s hairdressing in Southern Europe suffered. activity, with estimated sales of  THE DEVELOPMENT  PAULA’S CHOICE IS BACKED  THE FIRM implemented a around €45 million, was spun off of e-commerce, which by private equity firm TA new sustainability program TUPPERWARE and bought by its management accounted for more than a Associates and Bertram Capital. called #futurevalues to reduce 92 as part of the deal, meaning the quarter of sales for the year, BRANDS CORP. its environmental footprint new company is only present and new ranges, particularly ORLANDO, FLA. and develop 100 percent in pharmacy distribution. Alès Mustela’s organic baby care vegan fragrances. 2020 BEAUTY SALES: Groupe’s sales fell 20 percent to line, drove sales. Mustela, HUDA BEAUTY $233.9 MILLION €83.5 million in the first half of which accounts for the bulk 90DUBAI, U.A.E. -5.7% VS. 2019 2020, the last period for which of the business, celebrated its it reported. 2020 BEAUTY SALES: MAIN BRANDS: 70th anniversary last year. $250 MILLION (EST). Avroy Shlain, Fuller  LABORATOIRE NATIVE is  BABO BOTANICALS increased Cosmetics, NaturCare, headed by Stéphane Enouf, FLAT VS. 2019 (EST). domestic sales by 30 percent. Nutrimetics, Nuvo LUXURY BRAND the former CEO of Caudalie. MAIN BRANDS: Cosmetics (makeup, skin 94 PARTNERS Huda Beauty (makeup), Kayali  ROGER & GALLET HAD annual care, fragrance). MIAMI (fragrance), Wishful (skin care). ANASTASIA sales of around €50 million. KEY FINANCIALS: 2020 BEAUTY SALES: KEY FINANCIALS: N/A 96 TOTAL NET SALES: $210 MILLION (EST.) BEVERLY HILLS $1.74 billion, -4.4% +3% VS. 2019 (EST.) LOS ANGELES  HUDA BEAUTY FOCUSED 2020 BEAUTY SALES: on e-commerce operations OPERATING INCOME FROM MAIN BRANDS: $200 MILLION (EST.) during 2020. The business BEAUTY: $15.4 million (prior- R+Co, R+Co Bleu, IGK, V76 -33% VS. 2019 (EST.) combined the Huda Beauty year number unavailable) by Vaughn, In Common (hair CLIO blog with e-commerce, and care). Smith & Cult (makeup, MAIN BRANDS: 10 0  TUPPERWARE’S BEAUTY COSMETICS expanded to China and South nails). One/Size (makeup). Anastasia Beverly Hills sales continued to slide in CO. LTD. Korea via online sales. Elaluz (makeup, skin care). (makeup). CARTIER 2020, albeit at a slower rate SEOUL, SOUTH KOREA  THE COMPANY BRANCHED KEY FINANCIALS: N/A 98PARIS than in several years. It is KEY FINANCIALS: N/A 2020 BEAUTY SALES: into skin care with the launch reviewing its portfolio and in 2020 BEAUTY SALES: $185 MILLION (EST.) of Wishful. early 2021 completed the sale  LUXURY BRAND PARTNERS  ANASTASIA BEVERLY $194 MILLION (EST.) reorganized into two different KRW218.2 BILLION (EST.)  FOUNDER HUDA KATTAN of Avroy Shlain in South Africa Hills’ sales were negatively €170 MILLION (EST.) groups: Prestige Hair, led by -12.8% VS. 2019 (EST.) handed over the CEO role for $33.6 million. Per an impacted by COVID-19, which -19% VS. 2019 (EST.) SEC filing, it is eyeing further Dan Langer, and Prestige Skin hit makeup sales especially MAIN BRANDS: to Nathalie Kristo, MAIN BRANDS: divestitures to focus on its and Makeup, led by hard. The brand continued Clio Professional, Peripera Cartier Carat, L’Envol de core beauty activities. Bob DeBaker. discounting and promotional (makeup), Goodal, Dermatory Cartier, La Panthère de Cartier, activity through the year. (skin care), Healing Bird  LBP LAUNCHED SEVERAL Pasha de Cartier, Baiser Volé,  FULLER MEXICO gained (hair and body care). due to the growth of its sales new brands including Patrick  ABH EXPERIMENTED WITH Déclaration, Eau de Cartier, force and higher business-to- Starrr’s One/Size, Camila new distribution methods, Must de Cartier, Santos de KEY FINANCIALS: business sales. Coehlo’s Elaluz and R+CO Bleu, including a partnership with Cartier, Les Heures de Parfum, OPERATING PROFIT: cruelty-free, vegan hair care. delivery service Postmates. Les Heures Voyageuses, Les KRW6.33 billion, -66%  MIGUEL FERNANDEZ JOINED Epures de Parfum (fragrance).  WHILE 2020 WAS challenging NET INCOME: KRW9.66 billion, in April 2020 as president and  IN JANUARY 2021, ABH hired for salon-based hair care +228.2% EMAMI LTD. CEO. He was global president a new CFO, Robert Fagan. KEY FINANCIALS: N/A 91KOLKATA, INDIA at Avon. businesses, R+Co launched  THE FIRM attributed its an affiliate program for salons  ACCORDING TO ESTIMATES, 2020 BEAUTY SALES: decline to reduced brick-and- and stylists that pays high Cartier saw significant $244.4 MILLION (EST.) mortar business, but it still commissions on sales via declines for its beauty activity 18.09 BILLION RUPEES (EST.) registered a sharp rise in net weekly direct deposit. last year due to the pandemic. -12.2% VS. 2019 (EST.) profit.

WWD BEAUTY INC 49

April2021_BINC_TOP100_V6.indd 49 4/14/21 5:00 PM FOUNDER’S CORNER

classical music, and she soon learned about household names like German composer Ludwig van Beethoven. “There’s a lot of discipline, so I remember the feelings of frustration,” she said of those early days. “There was a lot of repetition, learning and memorizing scales, memorizing every key and type of chord.” It’s a new language one has to acquire, she continued: “Once you learn it, it starts to feel a little more free.” In college, she discovered French musician and composer Yann Tiersen, the man behind the accordion- and piano-filled soundtrack of “Amélie,” Jean-Pierre Jeunet’s 2001 romantic comedy. “That was when I started to go my own way. I was really interested in contemporary, minimalist pianists, and he was one of them,” Yaitanes said. She took a course on the history of jazz, which was “mind-opening,” she said, a welcome change from the world of classical. “They would pick a key all together as a group, and then improvise within the key,” she went on. “And as long as you’re within the key and a couple other things, like within the time signature, you’re going to have a song.” She continues to do that today, on her own while home: “On any day, I’ll pick a key and four chords that feel like they work together. That’s usually actually what people respond to, if anyone’s around. When they hear that, they’re like, ‘Wow, what is that? That’s so beautiful.’ People respond to that, because it’s easy for your mind to take it in.” Her seven-year-old daughter is often nearby, wandering into the room when she hears her mother play. Yaitanes plans to introduce her to piano lessons in a year. “I know she’s interested.” For Yaitanes, music has been a way of utilizing her creative energy in a new way. “Right now, the Kosas brand is the playground for that energy, but it’s not really pure, because there’s so many considerations,” she said. “We have to make a commercially viable product and brand all the time, and so it’s not just a pure expression of whatever I feel like doing. There are a lot of other people involved, multiple stakeholders and other creators within the company. It’s a collaborative effort versus a singular pure expression for its own sake. So that’s what the piano is for me now.” STRIKING A CHORD It’s her artistry that helped fuel the launch of Kosas, blending skin care and makeup to create For Kosas founder Sheena Yaitanes, the piano is equal parts inspiration products free of harsh chemicals. The growing and meditation. BY RYMA CHIKHOUNE business, found at retailers like Sephora, Credo and The Detox Market, began in her kitchen. SHEENA YAITANES HAS TURNED to her love for chatting from her home in Calabasas, Calif. “I feel like I have a lot of ups and downs with piano during the pandemic. “I started then, and I really never stopped.…There the way that things are going creatively in the The founder of Kosas — the Los Angeles-based, has to be some natural pull toward music, and for company, and so sitting down at a piano and not cruelty-free beauty brand launched in 2015 — me, there was. All of life has felt musical and so having anyone there — it’s not for anyone, not for began taking lessons at the age of eight in piano felt natural.” anything, really for no reason other than for that Orange County, where she grew up. Her training in her youth, taught by a strict moment — that feels nice,” she continued. “It feels “It was initiated by my mom,” Yaitanes said, piano teacher, Mrs. Kim, was centered in like a pure expression and a personal expression.”

50 WWD BEAUTY INC Photograph by ROZETTE RAGO

April BINC Founders Corner.indd 1 4/12/21 6:12 PM Discover omnishopper insights as powerful as your mascara

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