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2021’s Top 100 Global Beauty Manufacturers

WWD Beauty Inc's annual ranking of beauty's biggest manufacturers shows a buoyant industry with sales surpassing 2019 levels.

1. L’ORÉAL

CLICHY, FRANCE

2021 BEAUTY SALES:

$38.19 BILLION

€32.28 BILLION

+15.3% VS. 2020

+8.1% VS. 2019

MAIN BRANDS: CONSUMER PRODUCTS: L’Oréal Paris, Garnier, Maybelline New York, NYX Professional Makeup, Stylenanda, Essie, Mixa, Dark & Lovely. L’ORÉAL LUXE: Lancôme, Yves Saint Laurent, Giorgio Armani, Kiehl’s, Helena Rubinstein, Biotherm, Shu Uemura, It Cosmetics, Ralph Lauren, Urban Decay, Mugler, Valentino, Viktor & Rolf, Azzaro, Prada, Diesel, Atelier Cologne. PROFESSIONAL PRODUCTS: L’Oréal Professionnel, Redken, Kérastase, Matrix, Pureology, Pulp Riot. ACTIVE COSMETICS: La Roche-Posay, Vichy, SkinCeuticals, CeraVe.

Key Financials:

Like-for-like sales: +16.1% vs. 2020

Operating profit: €6.16 billion, +18.3%

Net profit: €4.6 billion, +29%

Sales by Division:

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Professional Products: €3.78 billion, +22.2% (+24.8% like-for-like)

Consumer Products: €12.23 billion, +4.5% (+5.6% like-for-like)

L’Oréal Luxe: €12.35 billion, +21.3% (+20.9% like-for-like)

Active Cosmetics: €3.92 billion, +30.3% (+31.8% like-for-like)

Sales by geographic zone:

Europe: €10.18 billion, +10.7% (+10.1% like-for-like)

North America: €8.16 billion, +18.1% (+22.2% like-for-like)

North Asia: €9.86 billion, +18.6% (+17.6% like-for-like)

SAPMENA [South Asia Pacific, Middle East, North Africa]: €2.19 billion, +9.4% (+13.8% like-for-like)

SSA [Sub-Saharan Africa]: €119.5 million, +23.2% (+17.2% like-for-like)

Latin America: €1.77 billion, +20.6% (+20.6% like-for-like).

Biggest markets: The U.S., China and France.

 

In what chief executive officer Nicolas Hieronimus — in his first year as leader of the world’s largest beauty company — described as a “grand slam,” L’Oréal claims to have grown twice as fast as the overall beauty market, with gains in all zones, divisions and product categories. The strength of the U.S. market and North Asia, especially China, coupled with the growth of luxury, were major sales drivers. In Europe, L’Oréal gained significant market share and saw its sales return to pre-pandemic levels.

For the L’Oréal Luxe division — which became the company’s largest in 2021 — fragrance was particularly strong, and the company gained market share in North Asia and performed well in Europe. In North America, following the restructuring of distribution, sales began to accelerate once more, L’Oréal said. It gained market share in all of its categories, and consolidated its leadership in fragrance, driven by established lines like Libre by Yves Saint Laurent and launches including Alien Goddess by Mugler and Luna Rossa Ocean from Prada. Skin care was driven by ultra-premium lines Lancôme Absolue and Helena Rubinstein, and antiaging innovations including Kiehl’s Retinol Skin-Renewing Daily Micro-Dose Serum. In makeup, which remained less dynamic, Lancôme and Shu Uemura performed well.

Consumer Products performed strongly in makeup, L’Oréal said. Momentum was strong in the U.S. and markets including India, Brazil, Mexico and Indonesia. Growth in all zones, and especially in emerging markets, was driven by e-commerce development. Sky High mascara was reportedly Maybelline’s most successful launch, and premium innovations in hair care also did well. L’Oréal Paris surpassed 6 billion euros in annual sales and strengthened its position as the world’s number-one beauty brand.

Active Cosmetics continued to outperform, and has doubled its size over the past four years, L’Oréal said. With growth in all zones, the division performed especially well in North America and North Asia.

Professional Products ramped up its omnichannel activity. Its strongest gains came from the U.S. and mainland China. Kérastase was boosted by new line Curl Manifesto, and L’Oréal Professionnel and Redken also did well. Matrix rebranded, aiming to broaden its appeal with a more diverse consumer base. Omar Hajeri was named president of the division in March 2021.

In mainland China, the company recorded overall like-for-like growth of more than 50% in the fourth quarter on a two-year stack, breaking records during the Singles’ Day festival on Tmall, it said. While L’Oréal remains optimistic about the long-term potential of the Chinese market, it admitted that growth had slowed in the second half of last year.

In June, the company said it would merge its reporting entities to create a new Europe zone, grouping together its Eastern and Western European operations that were previously run separately. The new zone is headed by Vianney Derville, formerly head of the Western Europe activity, and follows the retirement of Eastern Europe head Alexandre Popoff. The company said the move was the final step in its restructuring of its regional structure initiated in late 2020 to offer greater coherence to each zone in terms of consumer behavior and market maturity.

E-commerce represented 28.9% of sales for the year, and grew 25.7% on a like-for-like basis.

Key executive news included the appointment of David Greenberg as CEO of L’Oréal USA, following the abrupt departure of Stéphane Rinderknech in March of this year. Asmita Dubey was named chief digital officer in April last year. She was previously L’Oréal’s chief media officer and chief digital officer for the Consumer Products division. Her promotion followed the departure of Lubomira Rochet.

Tech-wise, the company partnered with Israel-based Breezometer on a multiyear partnership to develop a beauty-driven exposome platform, and with Clue, an app that tracks menstrual cycles, to better understand the links between skin health and hormonal changes. Armani Beauty launched Face Maestro, an AI-powered digital service designed to give personalized product recommendations like a makeup artist would. Digitalizing the point-of-sale is also an area of focus, and in January, L’Oréal signed a partnership with health tech player Verily to help better understand and characterize skin and hair aging mechanisms.

In December, L’Oréal acquired Youth to the People, a California-based skin care brand with products built around superfood ingredients, for an undisclosed sum. The brand was expected to do $50 million in sales in 2021. L’Oréal also took a minority stake in Swiss company Gjosa, which offers water-savings solutions and has been partnering with L’Oréal since 2015, notably on the L’Oréal Water Saver shower head for use in salons and homes.

On the sustainability front, L’Oréal announced that by ramping up green chemistry, 95% of the ingredients it uses will come from renewable plant sources, minerals or circular processes, and all formulas will be conceived to respect aquatic environments by 2030.

L’Oréal USA announced that all of its manufacturing, distribution, administrative and research and innovation facilities are now carbon neutral for scope one and scope two emissions. The achievement is a major step on the road to all of its site worldwide reaching carbon neutrality by 2025, a key goal announced in its 2020 plans.

The company was a founding member of a new coalition of beauty conglomerates aiming to rank the sustainability of their beauty products. Henkel, Natura & Co., L’Oréal USA, LVMH Moët Hennessy Louis Vuitton and Unilever all joined forces to create a scorecard for beauty manufacturers used to rank the environmental impacts of their products.

Nestlé, L’Oréal’s second-largest shareholder after the Bettencourt Meyers family, announced it was reducing its stake to 20.1%, from 23.2% previously. L’Oréal is buying back the shares, which represent 4% of its capital, before canceling them by Aug. 29, 2022. The news was met positively on financial markets, and is expected to help optimize L’Oréal’s balance sheet.

 

 

2. UNILEVER

LONDON

2021 BEAUTY SALES:

$23.82 BILLION (EST.)

€20.14 BILLION (EST.)

+ 3.7% VS. 2020 (EST.)

+0.2% VS. 2019 (EST.)

MAIN BRANDS: AHC, Axe/ Lynx, Clear, Dollar Shave Club, Dove, Dove Men+Care, Lifebuoy, Love Beauty and Planet, Lux, Nexxus, Pond’s, Rexona/Sure/Degree, Schmidt’s Naturals, Shea Moisture, Simple, Skinsei, St. Ives, Suave, Sunsilk/Seda/Sedal, Tigi, TRESemmé, Vaseline, The Right to Shower. Unilever Prestige: Dermalogica, Garancia, Hourglass, Kate Somerville, Living Proof, Murad, Paula’s Choice, Ren Clean Skincare, Tatcha.

KEY FINANCIALS:

Beauty & Personal Care division revenues: €21.9billion, +3.7% vs. 2020, +0.1% vs. 2019

(underlying sales growth vs. 2020: 3.8%, underlying volume growth: 0.8%)

Division operating profit: €4.47 billion, +3.7% vs. 2020

Total company revenues: €52.44 billion, +3.4% vs. 2020

Operating profit: €8.7 billion, +4.8% vs. 2020

Net profit: €6.6 billion, +9% vs. 2020

The recent past has been tumultuous for Unilever.

The consumer-goods giant started 2022 with a failed bid to take over GlaxoSmithKline’s consumer health care arm, triggering a share-price collapse, and subsequently said it would shake up its corporate structure, dividing the business into five category-focused divisions, which among other changes will see its Beauty & Personal Care activity split into two entities, Beauty & Wellbeing, and Personal Care, respectively. The new organization is intended to help Unilever move away from a “matrix structure” and become simpler and more category focused. Each business group will be responsible for its strategy, growth and profit delivery globally, according to the company.

Sunny Jain, who took on the top beauty job at Unilever in 2019 and helped it to navigate the pandemic, is leaving to set up an investment fund. His position is being eliminated, and was announced alongside the broad swathe of organizational shifts this January. Senior management roles will be reduced by 15% and more junior management roles by around 5%, resulting in a headcount reduction of around 1,500 globally.

With the shake-up — which Unilever says was a year in the making — Fernando Fernandez, executive vice president of Unilever Latin America, will become president of Beauty & Wellbeing, including Unilever Prestige. Fabian Garcia, president of the firm’s North American arm, becomes president of Personal Care, responsible for skin cleansing, deodorants and oral care. The changes were effective from April 1.

The Elida group of personal care brands, including Q-Tips, Caress, Tigi, Timotei, Impulse and Monsavon, will report into the new Personal Care arm. Unilever had originally planned to sell the cluster of brands, which had combined revenues of around €600 million in 2020, but has now said it can create more value if it manages Elida as an independent unit within the overall business.

Operations-wise in 2021, prestige beauty saw double-digit growth. Deodorants grew well, and skin care saw high -single-digit gains while hair care was up in the mid-single digits.

Dove became Unilever’s first brand to reach €5 billion in sales. The brand continued to advocate in the U.S. against race-based hair discrimination with the  CROWN coalition and created a new campaign to raise awareness.

Within prestige beauty, all brands benefited from e-commerce growth and a recovery in brick-and-mortar. The prestige brands did more than half of their sales online last year, according to Unilever — well above the market average. Unilever is now targeting €3 billion in revenues for its prestige business in the next few years, it said, without giving a specific time frame. Last year, it expanded the division with the acquisition of skin care brand Paula’s Choice, founded in 1995 by Paula Begoun. The brand had estimated sales of $220 million in 2020.

The Degree deodorant brand (also known as Rexona and Sure) ramped up inclusivity initiatives, launching the #TrainersForHire campaign calling for greater representation of people with disabilities in the fitness industry. It also debuted Degree Inclusive, a product concept intended to be easier to use for people with upper limb disabilities and visual impairment.

The company unveiled the Unilever Compass, a strategy focused on sustainable growth with five pillars — developing Unilever’s portfolio in high-growth spaces; winning with brands as a force for good powered by purpose and innovation; accelerating in the U.S., India, China and other key growth markets; leading in the channels of the future, and creating a purpose-led, future-fit organization and growth culture.

For the beauty business specifically, March 2021 saw the introduction of the Positive Beauty for People and Planet strategy, aiming to be the “most positive beauty business in the world” and use its scale to do more good.

Key initiatives included TRESemmé and Lakme joining Unilever’s roster of PETA-approved brands, which now number 27. Dove introduced its first refillable deodorant, while REN, in partnership with supplier Tubex, created the first 100% recycled aluminum sample tube. The company also teamed with other industry leaders Henkel, L’Oréal, LVMH and Natura & Co. to codevelop a brand-agnostic industry-wide environmental impact assessment and scoring system for beauty products.

 

3. THE ESTÉE LAUDER COS.

NEW YORK 

2021 BEAUTY SALES:

$17.7 BILLION (EST).

+24.6% VS. 2020 (EST.)

+11.3% VS. 2019 (EST.)

MAIN BRANDS: Estée Lauder, Aramis, Clinique, Lab Series, Origins, Tommy Hilfiger, MAC, La Mer, Bobbi Brown, Donna Karan New York, DKNY, Aveda, Jo Malone London, Bumble and bumble, Michael Kors, Darphin Paris, Tom Ford Beauty, Smashbox, Ermenegildo Zegna, Aerin, Le Labo, Editions de Parfums Frédéric Malle, Glamglow, Kilian Paris, Too Faced, Dr Jart+. Deciem: The Ordinary, Niod.

Key Financials:

Skin Care: $10.2 billion, +25% vs. 2020 / 58% of total ELC sales

Makeup: $4.5 billion, +15.9% vs. 2020 / 26% of total ELC sales

Fragrance: $2.3 billion, +49.6% vs. 2020 / 13% of total ELC sales

Hair: $609 million, +20.1% vs. 2020 / 3% of total ELC sales

The Americas: $4.4 billion, +31.3% vs. 2020 / 25% of total ELC sales

EMEA: $7.6 billion, +24.9% vs. 2020 / 43% of total ELC sales

Asia Pacific: $5.8 billion, +21% vs. 2020 / 33% of total ELC sales

 

The Estée Lauder Cos. had a major comeback year in 2021, which culminated with the company’s largest sales quarter — $5.5 billion over the holiday period. In total for the calendar year, Lauder had nearly $18 billion in sales.

The company grew sales broadly across categories and geographies, leveraging its signature multiple engines of growth strategy. Skin care and fragrance sales soared, as did those in the Asia Pacific region, which were up more than 75%.

Part of the success is due to the company’s post-COVID-19 recovery plan, a strategy put in place in 2020 that redirected company resources to growing areas of the business — especially skin care, fragrance and the Asia Pacific region.

The results speak for themselves. Skin care sales were up nearly 25%, to more than $10 billion, on top of 11% growth in 2020. The category was led by Estée Lauder, Clinique and La Mer, which saw major increases during the year due to their respective hero franchises. Clinique became one of the first beauty businesses to launch an NFT, or non-fungible token, that the brand used as a loyalty play. Dr.Jart+, which Lauder acquired fully in 2019, also contributed to sales gains.

Lauder’s fragrance segment also grew rapidly, to $2.3 billion in sales, thanks to a renewed interest in fragrance and its connection to self care from consumers. Several of the company’s luxury and artisanal brands, including Tom Ford Beauty, Jo Malone London, Frédéric Malle, Le Labo and Kilian Paris, contributed to growth.

Makeup improved over 2020 levels, with nearly 15 percent growth from the prior year to $4.5 billion, although it is the one category that did not rise above pre-COVID-19 levels for Lauder during 2021.

Geographically, the firm saw gains across regions — even in the U.S., which had struggled well before COVID-19. By the end of calendar 2021, U.S. sales had rebounded, and sales in the Americas for the year totaled $4.4 billion.

Lauder continued sales gains in the Asia Pacific region, where it generated $5.8 billion in revenues, as well as in Europe, the Middle East and Africa, which posted $7.6 billion in sales. China remained a particularly important market; Joy Fan was promoted to president and CEO for China, effective 2022. The company’s top three markets for the year were China, the U.S. and the U.K.

Wins in 2021 did not come without challenges, however. Lauder shuttered operations at Prescriptives, Rodin Olio Lusso and Becca during the year. The company also decided to wind down the Aramis and Designer Fragrances division, letting licensing agreements expire. The segment is expected to fully shutter by 2023, and several brands, including Michael Kors and DKNY, have already signed new licenses.

In executive news, John Demsey, who had a career spanning more than 30 years with Lauder, was asked to leave the company this February after posting a meme on Instagram that contained a racial slur and a joke about COVID-19. Before his departure, Demsey’s purview at the company had been focused on makeup since 2020.

Chris Good, Cedric Prouvé, Alexandra Trower and Greg Polcer retired. Matthew Growdon was promoted to general manager for Asia Pacific; Mark Loomis was appointed to president, North America, and Peter Jueptner was named president, International, among other executive moves.

Lauder also inked several deals, including its largest — a majority position in Deciem that valued the company at $2.2 billion. Deciem, the parent company of The Ordinary and other skin care, hair care and personal care lines, is growing quickly. Under the terms of the agreement, Lauder will buy the rest of the company in about two years. Lauder also made a minority investment in grooming brand Faculty.

 

4. PROCTER & GAMBLE

CINCINNATI

2021 BEAUTY SALES:

$14.6 BILLION (EST).

+7.5% VS. 2020 (EST.)

+9.8% VS. 2019 (EST.)

MAIN BRANDS: Aussie, Hair Food, Head & Shoulders, Herbal Essences, Pantene, Rejoice, VS (hair care). First Aid Beauty, SK-II, Snowberry (skin care). Olay (skin and body care). Native, Old Spice, Walker & Co. (hair and body care, deodorant). Gillette (body care, deodorant). The Art of Shaving, Ivory, Safeguard (body care). Secret (deodorant).

KEY FINANCIALS:

Organic Growth 2021: +5%

Procter & Gamble’s beauty division continued to grow during 2021, in line with the broader P&G business, which has expanded significantly during the COVID-19 pandemic. For beauty, sales came from a mix of categories and geographies. P&G continued to lean into its strategy of premium innovation, and ramped up e-commerce transactions. In total, the company had $14.6 billion in beauty sales during the year, an 8% increase from 2020.

P&G continued to build its prestige beauty division during the year, acquiring Jen Atkin’s brand Ouai, which was P&G’s first foray into prestige hair care and lifestyle, and farm-to-face skin care brand Farmacy. In early 2022, P&G also bought Tula, a probiotic-focused skin care business, from L Catterton.

P&G Beauty CEO Alex Keith has said P&G’s more modern acquisition strategy — “letting the founder and/or CEO really continue to run the business in the way that made it successful and attractive to us in the first place” — is working.

Recently acquired brands saw disproportionate growth during the year. Native, acquired in 2017, as well as First Aid Beauty, Walker & Co. and Snowberry, all acquired in 2018, collectively grew about 30% during the year. Native expanded with more retail stores during 2021, and First Aid Beauty entered Asia.

In skin care, SK-II returned to pre-pandemic sales levels (in 2019, the brand’s sales approached $3 billion) due to duty-free sales in China’s Hainan. Olay launched several ingredient-focused lines, including Regenerist Vitamin C Collection and Regenerist Collagen Peptide Collection. Olay Vitamin C Facial Moisturizer was a bestseller. Three-fourths of the brands in P&G’s hair portfolio saw growth versus the prior year, including Pantene, Head & Shoulders, Aussie, Rejoice and Vidal Sassoon. China was a big part of that growth, where hair care sales expanded more in 2021 than in nearly a decade. In North America, P&G focused on textured hair and saw double-digital growth from Bevel, My Black Is Beautiful, Pantene Gold Series and Head & Shoulders Royal Oils.

In personal care, two P&G brands reached $1 billion status: Safeguard and Old Spice. Both grew sales from premium innovation as well as cleansers. P&G’s personal care division has grown by more than 20% since the beginning of the pandemic.

The company debuted a systems-thinking framework for its Responsible Beauty platform, which considers quality and performance, safety, sustainability, transparency and equity and inclusion as it looks to progress the beauty industry. The goal for the program is to openly share technologies, programs and processes that could help the beauty industry have a more positive impact on the world. In line with that Responsible Beauty goal, P&G Beauty launched reusable, refillable hair care systems at scale in Europe during the year. Four brands — Pantene, Head & Shoulders, Herbal Essences and Aussie — have refillable options. In personal care, Old Spice and Secret also now offer refillable packaging.

 

5. SHISEIDO

TOKYO

2021 BEAUTY SALES:

$9.20 BILLION (EST.)

¥1.01 TRILLION (EST.)

+15.2% VS. 2020 (EST.)

-7.9% VS. 2019 (EST.)

MAIN BRANDS: Shiseido, Clé de Peau Beauté, Nars, Benefique, Ipsa, Shiseido Professional, Elixir, Maquillage, Anessa, Aupres, Urara, Pure & Mild, Senka, Ettusais, Drunk Elephant. Fragrance: Issey Miyake, Narciso Rodriguez, Elie Saab, Zadig & Voltaire, Serge Lutens, Tory Burch.

KEY FINANCIALS:

Total sales: ¥1.04 trillion, +12.4% vs. 2020 (+7.8% at constant currency, +11.9% like-for-like)

Operating profit: ¥41.59 billion, +177.9%

Net profit: ¥42.44 billion, compared with a net loss of ¥11.66 billion

Sales by region:

Japan: ¥276.17 billion, -8.9% vs. 2020 (-1.4% like-for-like)

China: ¥274.72 billion, +16.5% (+19.1%)

Rest of Asia Pacific: ¥65 billion, +9.9% (+5.8%)

The Americas: ¥121.4 billion, +32.8% (+29.9%)

EMEA: ¥117.04 billion, +24.1% (+16.5%)

Travel Retail: ¥120.46 billion, +22.3% (+18.4%)

Professional Sales: ¥15.87 billion, +24.4% (+19.6%)

Sales increases by brand:

Shiseido : +15%

Clé de Peau Beauté : +21%

Ipsa: +4%

Drunk Elephant: +11%

Anessa: +10%

 

Shiseido is in the midst of transforming its business to focus on its core premium skin care activity — it hopes to become the global market leader in the “skin beauty” category by 2030. Last year was the “groundwork” phase for its new three-year strategic roadmap, WIN 2023 and Beyond, and involved significant structural changes to its portfolio. Shiseido transferred its personal care business to CVC Capital, now operating as Fine Today Shiseido, in which the Japanese company retains a 35% stake through a joint venture, KK Asian Personal Care Holding. It also sold off three of its U.S.-based prestige makeup brands, BareMinerals, Buxom and Laura Mercier (now operating as Orveon) to Advent International, and partially terminated its licensing agreement with Dolce & Gabbana — the contract was ended in late 2021 in all markets except France, with production and global distribution intended to continue for another year. In early 2022, it announced a further divestment — it is selling its professional business in Asia to Henkel, although it will retain a 20% stake.

As part of its drive to accelerate in digital last year, Shiseido established the Shiseido Interactive Beauty Company, Limited as a joint venture with Accenture, and entered a strategic partnership with Tencent to strengthen its digital marketing globally. In March 2022, it said it was acquiring a minority stake in beauty tech firm Perfect Corp.

It also ramped up production and logistics with a new factory in Osaka and a distribution center in West Japan starting up full-scale operations during the year. A new research facility in Shanghai’s Oriental Beauty Valley began full-scale operations.

As well as divesting non-core activities, the shift includes less of a focus on topline growth to improve profitability and cashflow management to strengthen its foundations.

Shiseido’s performance in 2021 was mixed, but overall — when stripping out its divestments — like-for-like sales for the year gained 11.9% year-over-year, but failed to rebound to pre-pandemic levels.

On the domestic front, consumer traffic was impacted by shortened opening hours at retail and consumers staying home due to the country’s State of Emergency implemented to counter the pandemic. The lack of international visitors also hampered sales. Shiseido nevertheless registered market share gains, mainly in base makeup and sun care. Live commerce events and online video counseling helped boost domestic e-commerce sales, which grew in the double digits. Excluding the impact of the divestment of its personal care activity, Japanese sales dropped by 1.4%, the company said.

In the rest of the world, sales picked up again, particularly in Europe and the U.S.. In China, partial retail closures and bad weather hampered growth, but e-commerce remained strong, accounting for 40% of annual sales. Investment in prestige brands drove market-share gains, especially for Clé de Peau Beauté and Nars, although overall, profitability for the Chinese business declined significantly.

In the rest of Asia Pacific, business was slowed by continued lockdowns in certain markets, although e-commerce grew and prestige brands including Shiseido and Nars performed well.

Business in the Americas was strong. Drunk Elephant expanded its retail footprint and Nars grew its market share due to virtual store openings and digital marketing actions. Shiseido, Clé de Peau Beauté and the company’s fragrance brands also did well.

For Europe, the Middle East and Africa, the company said it captured the turnaround, notably in skin care and fragrance, to increase its market share, and rolled out Clé de Peau Beauté and Drunk Elephant.

Travel Retail continued to suffer from the lack of international travel. Hainan Island in China was also affected by curbs on travel, but nevertheless saw significant sales acceleration, mainly through e-commerce. Drunk Elephant continued to roll out in travel-retail distribution and the company expanded the number of counters for its major brands in Hainan.

Shiseido made progress in improving its profitability — operating profit jumped 177.9% year-over-year — due to better margins, stronger sales, a more favorable product mix and effective cost management, it said. Net profit gains were attributed to extraordinary gains on the transfer of the personal care business and stronger operating profit, tempered by impairment losses on trademark rights for Dolce & Gabbana and goodwill on the transfer of the U.S. makeup business.

 

6. LVMH MOËT HENNESSY LOUIS VUITTON

PARIS

2021 BEAUTY SALES:

$7.82 BILLION (EST.)

€6.61 BILLION (EST.)

+25.9% VS. 2020 (EST.)

-3.3% VS. 2019 (EST.)

MAIN BRANDS: Parfums Christian Dior, Guerlain, Parfums Givenchy, Parfums Kenzo, Fendi, Pucci, Acqua di Parma, Parfums Loewe, Benefit Cosmetics, Make Up For Ever, Fresh. Maison Francis Kurkdjian (majority stake). Officine Universelle Bully. Kendo Brands: Bite Beauty, KVD Vegan Beauty, Marc Jacobs Beauty, Ole Henriksen, Fenty Beauty by Rihanna. Bulgari. Louis Vuitton. Sephora.

Key Financials:

Organic sales growth: +27%

LVMH Perfumes and Cosmetics revenue by region:

France: 9%

Rest of Europe: 19%

U.S.: 16%

Japan: 4%

Rest of Asia: 42%

Other markets: 10%

Perfumes and Cosmetics Division profit from recurring operations: €684 million, +755% vs. 2020, +0.2% vs. 2019.

 

LVMH continued to suffer the impact of the absence of international travel and temporary retail closures in 2021, and its sales remained below 2019 levels. Nevertheless, the company said its major brands regained momentum, especially in the second half. Its strategic focus was on keeping distribution selective, limiting promotional activity and developing online sales through its own websites.

Parfums Christian Dior recovered well, according to the company, especially in Asia, the U.S. and the Middle East, and consolidated its position in Europe. The brand ramped up its sustainability drive, focusing on ingredients sourcing, joining the Union for Ethical Biotrade and expanding its refillable packaging offer. Fragrance sales were bolstered by Sauvage, and core lines J’adore, Dior Homme and Miss Dior. Francis Kurkdjian was named creative director of Dior’s fragrances, taking over from François Demachy, who had been in-house perfumer since 2006. He remains artistic director of his eponymous brand, which was acquired by LVMH in 2017. Dior’s skin care was driven by the Prestige, Capture and L’Or de Vie lines. In makeup, the brand launched refillable packaging for Rouge Dior lipstick and the Forever Liquid transfer-proof product. The brand’s shift online attracted a new clientele.

Guerlain reportedly grew well, especially in China, thanks to a strong performance in skin care. In fragrance, the Aqua Allegoria line and new artisanal line L’Art et la Matière were high points globally. For makeup, the brand named makeup artist and influencer Violette Serrat — known by just her first name professionally — as its new creative director, replacing Olivier Echaudemaison. Guerlain also stepped up its sustainability initiatives.

Givenchy returned to growth and gained market share thanks to the success of L’Interdit and the relaunch of Irresistible in fragrance. Prisme Libre powder and Le Rouge lipstick drove makeup. Benefit was boosted by They’re Real Magnet mascara, and extended its position in the mascara and brow categories. Fresh enhanced its focus on premium skin care, with major growth for Crème Ancienne. Celebrating its 30th anniversary, the brand launched an initiative to support the communities where its key ingredients are sourced. After relaunching key products in 2020, Make Up For Ever implemented a new retail concept and benefited from the launch of Setting Powder in its Ultra HD range. Fenty Beauty launched Eaze Drop Blurring Skin Tint foundation, and expanded its range of highlighters. Fenty Eau de Parfum, launched in August exclusively online, was another success for Rihanna’s brand. Parfums Kenzo launched a new EdT version of star product Flower by Kenzo and revamped Kenzo Homme and Kenzoki skin care. Maison Francis Kurkdjian continued to outperform, especially in the U.S. Acqua di Parma expanded its presence in China. Parfums Loewe repositioned its offer to draw on parallels with its fashion, and launched a home fragrance collection conceived by Jonathan Anderson.

LVMH continued to expand its beauty portfolio, snapping up Officine Universelle Buly 1803, a high-end apothecary label with 30 retail outposts worldwide and around 800 stock keeping units founded in 2014 by Victoire de Taillac and Ramdane Touhami. It had previously supported the brand’s growth through its LVMH Luxury Ventures investment vehicle — the first time a brand supported by the fund has been acquired by the luxury giant.

 

7. NATURA &CO.

SÃO PAULO

2021 BEAUTY SALES:

$7.45 BILLION

R$40.16 BILLION

+8.8% VS. 2020

+177.9% VS. 2019

MAIN BRANDS: Natura (fragrance, makeup, skin, hair, sun and body care, toiletries). Aesop (skin, body and hair care, fragrance). The Body Shop. Avon (outside North America).

Key Financials:

Constant-currency growth vs. 2020: +3.8%

Natura &Co. Latin America net sales: R$22.41 billion, +9.1% (+6.3% at constant currency)

Avon International net sales: R$9.33 billion, +2.5% (-4.3%)

The Body Shop net sales: R$5.82 billion, +9.2% (+0.7%)

Aesop net sales: R$2.6 billion, +33.4% (+25.1%)

Gross profit: R$26.15 billion, +10.4%

Group consolidated net income: R$1.05 billion, compared with a net loss of R$650.2 million in 2020 and net income of R$173 million in 2019.

 

Natura continued to fine-tune in its second year as a true beauty heavyweight. It said it was beginning to see signs of a turnaround at Avon, whose international activity it acquired in early 2020, a move that made it a top 10 beauty player for the first time. 2021 involved a focus on integrating Avon’s business in Latin America and accelerating the brand’s transformation worldwide, as well as investing in digital group-wide. Learnings from the Natura brand have helped the company build a new commercial model for Avon in Brazil, which has also been implemented in nine other key international markets after pilot programs in South Africa and the Nordic countries.

The company upwardly revised its forecasts for synergies created by the Avon integration to between $350 million and $450 million by 2024, a target it plans to achieve through shared manufacturing and distribution outside Latin America. It had already delivered 40% of anticipated synergies by the end of 2021, and is planning on 70% for this year.

During 2021, Natura &Co. decreased its dependency on its home market — Hispanic markets accounted for 53% of group sales in Latin America last year, compared with 46% in 2020 — strengthening its resilience to volatility in any given market in the region, where currency fluctuations and inflation are often sources of uncertainty.

The Natura brand grew 10.5%, driven by markets outside Brazil. At home, the brand was impacted by a tough environment, although its sales sequentially improved through the year, and it outperformed the overall beauty market in the country.

Avon’s Latin American business gained 6.6% in the year, driven by a strong performance in Hispanic markets in the first nine months of the year, although this was offset by the impact of the implementation of its new commercial model in Brazil. At constant currency, Avon’s sales grew for the first time in five years in the region, increasing 2.2%, according to the company. Overall, Avon’s sales for the year were roughly stable, despite the headwinds in Brazil, and the company said this reinforced its confidence in the brand’s turnaround plan.

The Body Shop demonstrated its ability to adapt through an enhanced multichannel offer, and is growing its appeal, according to Natura, although its constant-currency sales were roughly stable for the year. During the fourth quarter, the brand saw a significant impact from the Omicron wave on retail sales during the holiday season in the U.K., its biggest market.

Aesop continued to post double-digit growth, driven by retail in North America, Asia and Australia, and is reportedly outperforming global luxury brands.

Digitally enabled sales — which combine e-commerce and social selling — accounted for 51.5% of the group’s total revenue in the fourth quarter, compared with 49% in the prior-year period and 35.4% in fourth-quarter 2019, prior to the pandemic. Natura &Co. has worked to reinvent its traditional direct-sales model. The new Avon On app launched in 51 markets, allowing representatives access to up-to-date brand content and helping them manage their business.

With the aim of growing its presence in markets outside Latin America, the group began steps to enter China, and plans to launch Aesop there during the second half of 2022, followed by The Body Shop.

On the sustainability front, which has long been a key pillar of Natura’s strategy, the company concluded the largest sustainability-linked bond issue in Latin America. As a group, it invested $59 million in social and environmental projects, and inked relationships with 40 new communities in the Amazon — exceeding its 2030 target.

Guilherme Castellan joined Natura &Co. as chief financial officer, with responsibility for mergers and acquisitions, and chief of staff Kay Nemoto took on responsibility for the group’s transformation agenda.

 

8. CHANEL LTD.

LONDON

2021 BEAUTY SALES:

$7.19 BILLION (EST.)

€6.08 BILLION (EST.)

+31% VS. 2020 (EST.)

+4% VS. 2019 (EST.)

MAIN BRANDS: No.5, No.5 l’Eau, Gabrielle, Allure, Allure Sensuelle, Coco, Coco Mademoiselle, Coco Noir, Chance, Chance Eau Fraîche, Chance Eau Tendre, Chance Eau Vive, No.19, Cristalle, Allure Homme, Allure Homme Sport, Bleu de Chanel, Pour Monsieur, Antaeus, Egoiste, Les Exclusifs, Les Eaux de Chanel (fragrance). Sublimage, Blue Serum, Le Lift, Hydra Beauty, CC Cream, Le Blanc, La Solution 10 de Chanel (skin care). Rouge Allure, Rouge Coco, Le Vernis, Inimitable, Le Volume, Dimensions, Les 4 Ombres, Ombre Première, Les Beiges, Vitalumière, Ultra Le Teint, Le Blanc, Le Teint Ultra, Sublimage, Joues Contrastes, Boy de Chanel, Le Rouge Duo Ultra Tenue, La Poudre Universelle (makeup).

Key Financials:

Main markets: China, the U.S. and Japan represented an estimated 47% of 2021 sales (compared with 45% in 2020 and 35% in 2019).

 

Chanel’s beauty business grew in all three segments compared with 2020, although its makeup business — especially the lip segment — continued to suffer the impacts of the pandemic. The firm’s most dynamic segment for 2021 was skin care, driven by gains in Asia. The Sublimage and Le Lift franchises did particularly well, according to estimates. In fragrance, all of the pillar lines returned to growth, with strong performances from Coco Mademoiselle, Bleu de Chanel and No.5, which celebrated its centenary with a range of initiatives including limited-edition products and pop-ups both online and in store. The iconic fragrance got a new bottle that uses recycled glass codeveloped with Pochet that will be rolled out to other lines this year.

All regions were positive for Chanel’s beauty business, according to estimates, although travel retail continued to be strongly impacted by the pandemic. Online sales had strong momentum around the world, both via chanel.com and partner sites.

The brand also continued its brick-and-mortar expansion, mainly in Asia, with the opening of more than 30 new boutiques.

In January 2022, Chanel named former Unilever executive Leena Nair as its new global CEO, replacing Alain Wertheimer, who becomes global executive chairman.

Sustainability initiatives — like the eco-designed glass for No.5 — and tech were areas of focus for the year. The brand introduced a lipstick matching app, LipScanner, which allows users to match photos they upload to shades in the brand’s range using artificial intelligence.

 

9. BEIERSDORF

HAMBURG, GERMANY

2021 BEAUTY SALES:

$6.99 BILLION (EST.)

€5.91 BILLION (EST.)

+7.5% VS. 2020 (EST.)

-1.5% VS. 2019 (EST.) 

MAIN BRANDS: Nivea, Eucerin, La Prairie, Labello, 8×4, Hidrofugal, Florena, Atrix, Aquaphor, Maestro, Coppertone.

Key Financials:

Consumer Division sales: €6.1 billion, +7.5% VS. 2020 (organic sales growth: +8.8%)

Consumer Division EBIT excluding special factors: €740 million, +5.4%; EBIT margin: 12.1%

Consumer Division sales by region: Western Europe: €2.35 billion, +6.1% (+5.7% organic); Eastern Europe: €558 million, +4.3% (+6.3%);

North America: €646 million, +10.5% (+13%); Latin America: €656 million, +15.4% (+18.8%); Africa, Asia and Australia: €1.92 billion, +6.7% (+8.9%).

It was all change at the top for Beiersdorf in 2021. Vincent Warnery was named CEO, effective May 1 last year. Warnery, who previously headed the company’s Pharmacy and Selective division and its North American business, succeeds Stefan De Loecker, who spent just two years in the role, navigating the pandemic and forging forward with the firm’s strategic C.A.R.E.+ program. Former La Prairie head Patrick Rasquinet now heads up the derma-cosmetics and prestige activities. In March this year, the company named Philippe Lamy, a former executive at LVMH Moët Hennessy Louis Vuitton and L’Oréal, as CEO of La Prairie. Former EssilorLuxottica executive Grita Loebsack was named president of Nivea, a newly created position.

In December, Beiersdorf said it had inked a deal to purchase fast-growing skin care and makeup brand Chantecaille that valued the label at between $590 million and $690 million. The acquisition was completed at the beginning of February this year. It also invested in personalized digital skin care startup Routinely, which launched in May, through its Oscar & Paul venture capital unit. A new in-house brand launch, O.W.N., follows a similar strategy, with personalized product recommendations based on artificial intelligence from among 380,000 potential formula combinations, and was introduced in Europe in February last year.

In June, Beiersdorf announced plans to build a new hub for the European market in Leipzig, Germany, near its new factory. It will invest €170 million in the facility, in addition to the €220 million it is investing in the factory, expected to start production toward the end of 2022 – its largest investment worldwide in a single location.

Sales-wise, Beiersdorf’s beauty activity returned to growth in 2021, although business did not return to pre-pandemic levels. Core brand Nivea saw organic sales growth of 5.5%, driven in part by the Luminous630 product range, which targets pigmentation and age spots and helped drive market share gains, especially in Europe.

La Prairie saw the strongest growth after an especially tough year in 2020. Sales increased 20.1% on an organic business, driven by a recovery in travel retail and to China, where its sales reportedly far exceeded pre-crisis levels.

The Derma business unit also did well – as it did in 2020 – with organic sales for Eucerin and Aquaphor up 19.5% year-over-year, driven by the U.S., Germany, Latin America and China.

E-commerce was a strong growth driver, and accounted for 10% of sales for the Consumer division. Regionally, the highest growth rates came from Latin America and North America.

On the sustainability front, initiatives included Nivea’s launch of its first climate-neutral products.

 

10. COTY INC.

NEW YORK

2021 BEAUTY SALES:

$5 BILLION (EST.)

+21% VS. 2020 (EST.)

-40% VS. 2019 (EST.)*

 *When Coty still owned the Wella/Pro business

MAIN BRANDS: LUXURY BEAUTY: Calvin Klein, Hugo Boss, Marc Jacobs, Chloé, Balenciaga, Bottega Veneta, Alexander McQueen, Davidoff, Miu Miu, Lacoste, Tiffany & Co., Joop, Jil Sander, Roberto Cavalli, Escada (prestige fragrance). Philosophy (skin care, fragrance). Kylie Beauty (cosmetics, skin care, baby care). Lancaster (skin care). Gucci, Burberry (fragrance, color cosmetics). CONSUMER BEAUTY: Cover Girl, Rimmel London, Max Factor, Bourjois, Manhattan (color cosmetics). Sally Hansen, Risque (nail products). Biocolor (retail hair color). Adidas, Cenoura & Bronze, Paixão, Bozzano, Monage (body care). 007 James Bond, Bruno Banani, David Beckham, Mexx, Vera Wang, Nautica (mass fragrance).

Key Financials:

Prestige sales: $3 billion, +31% vs. 2020

Consumer sales: $2 billion, +9% vs. 2020

Americas: $2 billion, +18% vs. 2020

EMEA: $2.4 billion, +21% vs. 2020

Asia Pacific: $600 million. +33% vs. 2020

 

Coty Inc. was in full turnaround mode in 2021, which was CEO Sue Nabi’s first full calendar year on the job. She led a leaner business to continued sales acceleration in the prestige division, and to a turnaround in the mass segment, which has been struggling for years. Nabi also accelerated Coty’s business in China, which has been a key region for growth for many of Coty’s competitors, while reducing the company’s debt.

Her goal, she told investors in November, is to “reclaim” Coty’s position “as a true beauty powerhouse.”

In the luxury division, Coty saw strong sales in fragrance, including success for Gucci in fragrance and makeup, Burberry and Marc Jacobs. Gucci Flora Gorgeous Gardenia was the top fragrance launch of 2021 in the U.S., according to the NPD Group, and Burberry Hero is also a top seller. Gucci Flora was the top-selling fragrance launch in the U.S. and Canada in 2021, and number seven on Tmall in December. Burberry Hero was the number four men’s fragrance in the U.S. in 2021.

Coty pushed further in prestige makeup, especially with Gucci, and ended the year with the category comprising about 4% of total sales. In skin care, Lancaster is swiftly growing in China.

During the year, Coty also signed a licensing deal for Orveda, the skin care brand that Nabi launched in 2017, and bought a 20% stake in Kim Kardashian’s beauty business, KKW Beauty. Kylie Jenner’s Kylie Cosmetics got a makeover during the year, and now has new, clean formulations and a brick-and-mortar distribution strategy that spans the U.S., Europe and Australia.

In the mass segment, Coty revived Cover Girl, Rimmel and Max Factor — and those efforts started showing signs of success. Coty’s mass color brands account for about two-thirds of the Consumer segment’s sales.

The consumer division picked up market share for the first time in more than five years. Cover Girl’s lineup became centered around the Clean Fresh line; Rimmel launched clean makeup range Kind and Free, and Max Factor named Priyanka Jonas as its latest face, and has seen success with its Facefinity foundation. Sally Hansen, which has been doing well for several years, continued to perform strongly.

On the financial front, in addition to taking stakes in Orveda and KKW Beauty, Coty sold off more of its stake in Wella, decreasing its ownership position to 25.9%. Coty also decreased its debt, which Nabi said will allow the company to invest in profitability.

Coty appointed Anna Adeola Makanju and Mariasun Aramburuzabala Larregui to its board, which is now made up of a majority of women.

 

11. KAO CORP.

TOKYO

2021 BEAUTY SALES:

$4.93 BILLION (EST.)

¥540.6 BILLION (EST.)

-0.4% VS. 2020 (EST.)

-15.8% VS. 2019 (EST.)

MAIN BRANDS: And and, Bioré, Blauné, Cape, Essential, Guhl, Jergens, Liese, Merit, My Kirei, Rerise, Segreta, Success, Goldwell, KMS, Oribe, Sensai, RMK, Suqqu, Athletia, Est, Kanebo, Sofina IP, Molton Brown, Kate, Freeplus, Curél, Lissage, Twany, Alblanc, Milano Collection, Primavista, Dew, Allie, Media.

KEY FINANCIALS:

Net sales: ¥1.42 trillion (+2.7% versus 2020)

Operating profit: ¥143.51 billion (-18.3%)
Net profit: ¥109.64 billion (-13.1%)

Health and Beauty Care sales: ¥354.5 billion (-2.2%)

Cosmetics sales: ¥239.3 billion (-0.6%)

Cosmetics sales Japan: ¥152.9 billion (-6.6%)

Cosmetics sales rest of Asia: ¥57.8 billion (+27.5%)

Cosmetics sales Americas: ¥5.9 billion (+6.9%)

Cosmetics sales Europe: ¥22.7 billion (+19.2%)

 

As the COVID-19 pandemic entered its second year, Kao made efforts to respond to changing consumer lifestyles, hikes in raw material prices and logistics issues. But delayed market recovery hindered its efforts, particularly in Japan, where demand from overseas shoppers disappeared entirely due to the ongoing border closure.

For its beauty activity, despite lackluster results overall, the company said its 11 global priority brands grew 8% and accounted for 65% of the Cosmetics division’s sales. International sales accounted for 41% of business for the division.

The company restructured its business segments in 2021. Its Health and Beauty Care Business now combines personal health products with skin care and hair care products. The new Hygiene and Living Care Business includes sanitary products as well as fabric care and home care products, and the newly established Life Care Business includes health drinks and hygiene products for commercial use.

Kao is also shedding non-core assets to focus on its leading brands. Out of 28 brands to be discontinued, 15 have already been wound down and 13 more will be shuttered by 2024.

For 2021, within the new Health and Beauty Care business unit, sales of skin care in Japan declined due to comparatively higher sales of hand hygiene products the previous year — although the company said it had gained market share in this area compared with prior to the pandemic. Sun care was impacted by bad weather and people in Japan and the rest of Asia spending less time outdoors. In the Americas, skin care sales were slightly down year-over-year. In hair care, mass-market sales in Japan declined. Salon products saw substantial gains, however. Oribe performed strongly online in the Americas.

For its Cosmetics Business, Kao focused on digital initiatives including online counseling and in-house e-commerce operations. In Asia, it saw strong sales in China of hypoallergenic brand Freeplus and derma care brand Curél. The company began the full-scale rollout of its prestige beauty offer in China, including through duty free on Hainan Island. In Europe, sales of Molton Brown and Sensai grew substantially due to efforts to merge online and offline shopping experiences.

Effective Jan. 1, 2021, Yoshihiro Hasebe took over as president and CEO of the company, taking over from Michitaka Sawada, who took on the role of chairman.

 

12. LG HOUSEHOLD & HEALTH CARE

SEOUL

2021 BEAUTY SALES:

$4.81 BILLION (EST.)

KRW 5.51 TRILLION (EST.)

+3% VS. 2020 (EST.)

+4.2% VS. 2019 (EST.)

MAIN BRANDS: Beauty division: The History of Whoo, Su:m37, O Hui, Belif, VDL, CNP, CNP Rx, (luxury skin care, makeup), Jane Packer (fragrance). Dr. Belmeur, Yehwadam, Isa Knox, Sooryehan, Vdivov, fmgt (premium skin care, makeup). The Face Shop, Beyond, Avon (in the U.S., Canada and Puerto Rico) (skin, body and hair care, makeup, fragrance). Home Care & Daily Beauty division: Veilment, On: The Body (body care), Physiogel (skin and body care, in Asia and North America). Fruits & Passion (body care, fragrance). Elastine, Dr.Groot, ReEn, Organist, Arctic Fox (hair care).

KEY FINANCIALS:

Total Sales: KRW 8.09 trillion, +3.1% vs. 2020

Operating profit: KRW 1.29 trillion, +5.6%

Beauty division sales: KRW 4.4 trillion, -0.4%

Beauty division operating profit: KRW 876 billion, +6.5%

 

The luxury beauty and premium personal care categories were the key sales drivers for LG Household & Healthcare last year, meaning its beauty sales overall grew, surpassing both 2020 and 2019 levels.

Despite a slight contraction in sales for its Beauty division, attributed to economic slowdown and continuing uncertainty due to the pandemic, the company continued to register strong gains for the brands at the top end if its portfolio.

Star brand The History of Whoo reinforced its luxury positioning with products including Cheonyuldan and Hwanyu, and its sales gained 12% year-over-year. O Hui and CNP each grew 8%.

Within its Home Care & Daily Beauty division, its premium personal care lines performed particularly well, led by ReEn, Dr. Groot, Bamboo Salt Himalaya Pink Salt and Physiogel — the latter bought from GlaxoSmithKline in 2020. Dr. Groot, which targets hair loss, grew 9%, while Physiogel gained more than 97%, according to the company.

Overseas sales increased 9%, and the company said it saw an “outstanding” performance of its luxury products in China. In international markets, the logistics crisis negatively impacted revenues, but the business improved its profitability thanks to higher sales of luxury items, LG said.

International markets, especially China, Japan and the U.S., were a major focus. In China, LG attributed growth to a broader customer base and expansion into new sales channels, notably online. In the U.S., its focus was Avon’s ongoing turnaround, with efforts to gain market share through expanding the offer. Sales in the travel-retail channel grew 9% year-over-year.

The company worked to build its live commerce and digital marketing capabilities to target what it calls the “MZ Generation” — Millennials and Gen Z. Improving product quality to achieve consistency across markets and ramping up sustainability were areas of focus at product development level, with solid personal care products added and a vegan makeup line colaunched under Belif and VDL.

LG continued to ramp up its presence Stateside through acquisition, buying a 56% stake in California-based hair care manufacturer Boinca, best known for its Arctic Fox coloring line. The purchase is intended to help the company reduce the dependence of its international operations on the Chinese market, following its 2020 purchase of the rights to Physiogel in Asia and North America and the 2019 acquisition of New Avon.

Lee Chang-yeop, previously a vice president at LG H&H, was named chief operating officer in charge of the Beauty and Home Care & Daily Beauty divisions.

 

13. AMOREPACIFIC

SEOUL 

2021 BEAUTY SALES:

$4.61 BILLION (EST.)

KRW 5.28 TRILLION (EST.)

+11.6% VS. 2020 (EST.)

-12.9% VS. 2019 (EST.)

MAIN BRANDS: Amorepacific, Sulwhasoo, Hera, Primera, Iope, Laneige, Mamonde, Hanyul, Etude, Innisfree, Espoir, Bro&Tips, Be Ready, Sienu, Enough Project, Make On, Aestura, Onhope (skin care and makeup). Mise-en-Scene, Ryo, Amos Professional, Labo-H (hair care). Happy Bath, Illiyoon (body care). Goutal Paris (fragrance).

KEY FINANCIALS:

Amorepacific Group total sales: KRW 5.33 trillion, +8% vs. 2020

Amorepacific Group operating profit: KRW 356.2 billion, +136.4%

Domestic beauty sales: KRW 3.49 trillion, +16.2%

Beauty sales in the rest of Asia: KRW 1.69 trillion, +1.9%

Beauty sales in North America: KRW 98.9 billion, +29.1%

 

The South Korean beauty major continued to work on turning its business around, aiming to improve profitability and shift its focus away from struggling traditional retail channels, especially domestically, and grow its online business. Nevertheless, sales were still significantly below pre-pandemic levels.

In its home market, luxury brands Sulwhasoo and Hera did well, largely thanks to growth online. Premium brands Laneige and Mamonde also grew, enhancing their digital content and initiating collaborations, for example with Maison Kitsuné and Mardi Mercredi.

In China, which accounts for the vast majority of the company’s overseas sales, Sulwhasoo and Laneige gained double digits thanks to a digital push.

In North America, Laneige and Innisfree launched successfully on Amazon. In Europe, Laneige launched on Cult Beauty and Innisfree entered Sephora.

Overall, Amore Pacific tried to enhance its focus on hero products, with Sulwhasoo launching Concentrated Ginseng Renewing, Hera introducing Black Cushion and Laneige focusing on functional skin care. Mass-market brands Ryo, Mise-en-Scène, Happy Bath and Illiyoon also looked to premiumize, focusing on functional products to drive growth.

In September, the group took a minority stake in the South Korean brand CosRx, which specializes in products for sensitive skin, with the two companies agreeing to codevelop products and share business experience. Amorepacific also hopes to learn from CosRx’s success in international markets, where it does 80% of its sales.

 

14. BATH & BODY WORKS

COLUMBUS, OHIO

2021 BEAUTY SALES:

$4.6 BILLION

+21.1% VS. 2020 (EST.)

+39.4% VS. 2019 (EST.)

MAIN BRANDS: Bath & Body Works (fragrance, body care, hand care).

KEY FINANCIALS:

Total sales (FY ended Jan. 29, 2022): $7.88 billion, +22.5% vs. 2020

 

Bath & Body Works lapped a major year — 2020, which saw a spree of pandemic-related spending — with an even better year in 2021. The company posted an estimated 21% increase in beauty sales for the calendar year, to $4.6 billion. Total company sales for the fiscal year ended Jan. 29, 2022, totaled $7.88 billion.

The biggest news of the year was Bath & Body Works’ separation from L Brands, which also housed Victoria’s Secret. As of August, the company has been listed separately on the New York Stock Exchange.

Bath & Body Works ended 2021 with one of the highest stock prices in company history — since 2015, when it was part of a larger company. The business has done well sales-wise post separation, has built up its executive stable and is investing to set up its technology as a stand-alone company.

C-suite level hires included Wendy Arlin as CFO, Michael Wu as chief legal counsel and Nada Aried as chief information officer. In early 2022, the company said longtime CEO Andrew Meslow would step down during the year.

Bath & Body Works saw a 21% sales uptick in 2021, partially attributable to in-store shopping.

Geographically, the U.S. was the top market, followed by Canada. Sales of soaps and sanitizers, which comprised about 20% of the overall business in 2020, softened during the year, the company said, though the customers who came in to the retailer through those products stayed.

Bath & Body Works also saw continued strength in its e-commerce business. The holiday period, in particular the 10-day window ahead of Christmas, saw “very strong results,” Meslow said on a recent earnings call.

 

15. JOHNSON & JOHNSON

NEW BRUNSWICK, N.J.

2021 BEAUTY SALES:

$4.5 Billion (EST.)

+2% VS. 2020 (EST.)

-1.1% VS. 2019 (EST.)

MAIN BRANDS: Aveeno, Bebe, Biafine, Clean & Clear, Dabao, Dr. Ci: Labo, Exuviance, Le Petit Marseillais, Lubriderm, NeoStrata, Neutrogena, Piz Buin, Sundown (skin and body care, including sunscreen). Aveeno, Maui Moisture, Neutrogena, OGX, Rogaine (hair care).

KEY FINANCIALS:

Johnson & Johnson Consumer Health sales: $14.6 billion, +4.1% vs. 2020

U.S.: 53% of beauty sales (est.)

Top international markets: China and Japan

 

Johnson & Johnson announced plans late last year to spin off its Consumer Health division, under which beauty sits, into a second, publicly traded company, separate from its much larger pharmaceutical and medical devices businesses. The carve-out is expected to take 18 to 24 months, and allow J&J to focus on its core business while allowing the consumer health arm the agility and flexibility to innovate and grow.

Analysts have questioned whether the carve-out is not also driven by J&J’s desire to distance itself from ongoing lawsuits surrounding its talcum powder products.

During the year, Neutrogena and Aveeno both performed well, according to J&J, as the market began to recover from the pandemic, although growth was partially offset by external supply constraints for the skin health and beauty activity. In the U.S., sales for the Skin Health/Beauty segment gained 2.1% for the year, while international revenues grew 1.9%.

According to the company, Neutrogena is still the largest skin care brand in the U.S. In 2021, the brand launched compostable plant-based cleansing wipes. The company aims to use the technology across Neutrogena’s product offerings in 2022.

This is also part of Neutrogena’s overarching commitment, along with Aveeno, Johnson’s, OGX and Le Petit Marseillais, to use either fully recyclable, compostable or reusable packaging by 2025.

Among the other top-performing brands are Aveeno, which is said to be the top dermatologist recommended brand for OTC eczema moisturizers in the U.S. Dr. Ci: Labo is also the top dermo-cosmetic brand in Japan.

The company aimed to tap into purpose in a different way, including its first film with Kerry Washington, called “In the Sun,” which documented seven families’ learnings about sun care. Aveeno partnered with media company Essence on its Skin Health StartUp Accelerator, which gives $100,000 to two Black female entrepreneurs in beauty.

 

16. HENKEL

DÜSSELDORF, GERMANY

2021 BEAUTY SALES:

$4.13 BILLION (EST.)

€3.49 BILLION (EST.)

-1.9% VS. 2020 (EST.)

-5.2% VS. 2019 (EST.)

MAIN BRANDS: RETAIL: Schwarzkopf, Syoss, Dial, Fa, Diadermine, N.A.E. (skin, hair and body care). Nature Box (hair and body care). PROFESSIONAL: Igora, BC Bonacure, Osis, Silhouette, Indola, BlondMe, Essensity, Fibre Plex, Scalp Clinix, SexyHair, Alterna, Kenra Professional, Joico, Zotos Professional, Oil Ultime, Mad About, Chroma ID, TBH — True Beautiful Honest, Authentic Beauty Concept (hair care and color), Statement (grooming).

KEY FINANCIALS:

Beauty Care division preliminary sales: €3.68 billion, -2% vs. 2020 (+1.4% on an organic basis).

Beauty Care division adjusted operating profit: €351 million, -6.9%

Consumer business: 71% of beauty sales

Professional business: 29% of beauty sales

Preliminary group sales: €20.07 billion, +4.2% vs. 2020

 

Henkel continues to reassess its business model. In early 2022, the firm said it would streamline its operations, creating a Consumer Brands division merging its Beauty Care and Laundry & Home Care business units, to be headed by Wolfgang König, a former Kellogg executive who was named executive vice president of Henkel’s beauty care business. He succeeded Jens-Martin Schwärzler, who had steered the group’s beauty business since 2017.

Henkel also said it would continue to divest or discontinue non-core brands and activities and make acquisitions in the consumer-goods space. In February, the company announced plans to acquire 80% of Shiseido’s hair care business in Asia Pacific. Last June, it sold the Right Guard and Dry Idea deodorant brands to Thriving Brands LLC.

It has previously said it had identified brands and categories with a sales volume of more than €1 billion, mainly in its consumer business, around half of which it plans to divest or discontinue.

Business-wise in 2021, the recovery of hair salons drove a double-digit increase in organic sales for that activity — but Henkel’s mass-market business was impacted by normalization in body care and home hair color, which had seen a strong 2020. Consequently, overall beauty sales fell by around 2%. On an organic basis, however they grew slightly.

North America, where Henkel had seen strong growth the year before, experienced a significant decline, and Western Europe was also down. Emerging markets performed well, however, Henkel said.

Several of the firm’s beauty brands were successfully relaunched during the year, it said, including Taft hairstyling products and Igora Royal in professional hair color.

In October, Henkel opened its first direct-to-consumer concept store, the House of Schwarzkopf, in Berlin.

The company joined with L’Oréal, LVMH, Natura &Co. and Unilever as founder members of a consortium intended to create a brand-agnostic voluntary sustainability impact assessment and scoring system, the Eco Beauty Score Consortium, for beauty products, open to all industry players. 

 

17. Mary Kay

Addison, Texas

2021 Beauty Sales:

$3.9 billion (EST.)

+5.4% VS. 2020 (EST.)

+11.4% VS. 2019 (EST.)

Main Brands: Mary Kay (skin care, makeup, bath and body care, fragrance), Mary Kay Naturally, TimeWise, TimeWise Repair, Botanical Effects, Satin Hands, Satin Body, Satin Lips, Clear Proof, Mary Kay Clinical Solutions (skin care). MKMen (men’s skin care, fragrance), Mary Kay Chromafusion (makeup).

KEY FINANCIALS: n/a

Mary Kay joined the TikTok revolution as it seeks to attract a broader audience. The brand’s Global Design Studio created a fashion reality competition in conjunction with Glamhive that was hosted on the platform. Called Step & Repeat, winners receive cash prizes and mentoring from industry leaders.

The direct seller also kept new products flowing into the market including the Mary Kay Clinical Solutions dermatological-inspired skin care range.

Management changes were designed to strengthen support to its sales force, including appointing company veteran Nathan Moore to the newly created position of president of global sales and marketing.

The company launched “Enriching Lives Today for a Sustainable Future,” including sustainability goals it aims to achieve by 2030. Those include reducing the use of plastics and water while also empowering 5 million women worldwide through entrepreneurship skills development. It also plans to provide support to more than 10 million survivors of gender-based and domestic violence worldwide.

 

18. COLGATE-PALMOLIVE

NEW YORK

2021 BEAUTY SALES

$3.48 BILLION (EST.)

+0.6% VS. 2020 (EST.)

+10.8% VS. 2019 (EST.) 

MAIN BRANDS: Palmolive, Speed Stick, Sanex, Protex, Caprice, Lady Speed Stick, Softsoap, Irish Spring, Tom’s of Maine, (deodorant, skin care, lip care), PCA Skin, EltaMD, (professional skin care), Laboratoires Filorga Cosmétiques.

KEY FINANCIALS:

Total Company sales: $17.42 billion, +5.8%

Oral, Personal and Home Care sales: $14.11billion, +3.8%

Oral, Personal and Home Care sales by region:

North America: $3.69 billion, -1.3%

Latin America: $3.66 billion, +7.2%

Europe: $2.84 billion, +3.4%

Asia Pacific: $2.86 billion, +6%

Africa Eurasia: $1.05 billion, +6.5%

 

Colgate-Palmolive saw a significant increase in demand across many categories during 2020 as a result of COVID-19, driven by consumer pantry-loading and increased consumption. While consumer purchasing of most of these categories declined year-over-year in 2021, many remained above historical levels, and estimates are that some of this increase is sustainable. In 2021, on a two-year stack, the company’s dollar sales of oral, personal care and home products rose by 15%.

Colgate is focusing on building its digital presence, reaching sustainability goals and moving to more product premiumization — a sector where its beauty portfolio with high gross margins can play a role. It has announced plans to have all packaging reusable and/or compostable by 2025.

Filorga, which Colgate purchased just prior to the beginning of COVID-19, was impacted by the closure of key channels such as travel retail and duty free in China. Although the company said it has not been able to offset the continued weakness on those channels versus projections when the purchase was announced, it is forecasting double-digit growth for the brand going forward. Plans call to build out its distribution and accelerate innovation.

PCA Skin and EltaMD are performing well and should continue to deliver strong growth, said John Faucher, chief investor relations officer. PCA Skin is going into space. The company announced plans to send the first private sector skin health experiment to the International Space Station. It intends to explore the effects of microgravity on skin-related genes as biomarkers used to evaluate overall skin health to guide future product launches.

EltaMD continues to build upon its reputation as a dermatologist recommended sun care brand. Last year, the brand kicked off a Destination Healthy Skin tour where volunteer dermatologists provided free full body cancer screenings.

In January 2022, the board approved the 2022 Global Productivity Initiative. The program is intended to reallocate resources toward strategic priorities and faster growth businesses, drive efficiencies in operations and streamline the supply chain to reduce structural costs. Implementation is expected to be substantially completed by December 2022.

 

19. PUIG

BARCELONA, SPAIN

2021 BEAUTY SALES:

$2.83 BILLION (EST.)

€2.39 BILLION (EST.)

+72.4% VS. 2020 (EST.)

+31.9% VS. 2019 (EST.)

MAIN BRANDS: Paco Rabanne, Carolina Herrera, Jean Paul Gaultier, Nina Ricci, Charlotte Tilbury, Uriage, Apivita, Penhaligon’s, L’Artisan Parfumeur, Christian Louboutin, Comme des Garçons Parfums, Antonio Banderas, Shakira, United Colors of Benetton, Adolfo Dominguez.

KEY FINANCIALS:

Main markets: The U.S., U.K. and Spain combined accounted for 37% of estimated sales.

 

Puig saw spectacular sales gains both year-over-year and compared with pre-pandemic levels, according to estimates, putting the Spanish firm on track to potentially meet its ambitious €3 billion sales target for 2023. All beauty categories and geographies, especially North America, contributed to growth. Results included a full year of sales from Charlotte Tilbury, added to the portfolio in 2020. The rebound of the fragrance category also drove the company’s business.

Mariano Puig Planas, a member of the second generation of the Puig family who led the company as president for more than three decades, spearheading its international expansion, passed away at 93.

The company took out a sustainability linked loan, with Banco Sabadell, for €200 million. On the acquisition front, the company bought a minority stake in Chinese fragrance brand Scent Library, which targets Gen Z.

Paco Rabanne launched the Phantom scent for men, with a connected bottle shaped like a robot. Under Jean Paul Gaultier, the Scandal men’s scent — the brand’s first since its fragrance business was taken over by Puig in 2016 — was launched. Charlotte Tilbury got Leaping Bunny certification.

 

20. KOSÉ CORP.

TOKYO

2021 BEAUTY SALES:

$2.74 BILLION (EST.)

¥300.24 BILLION (EST.)

+6.2% VS. 2020 (EST.)

-10.1% VS. 2019 (EST.)

Main Brands: Decorté, Sekkisei, Jill Stuart, Addiction, Clear Turn, One by Kosé, Infinity, Crie, Esprique, Visée, Fasio, Elsia, Nail Holic, Softymo, Je l’aime, Kokutousei, Grace One, Suncut, Prédia, Paul Stuart, Awake, Imprea, Albion, Tarte, Phil Naturnt, Formule, Maihada, Stephen Knoll New York, Cell Radiance, Spawake, Carté HD.

KEY FINANCIALS (Nine months to December 2021):

Company net sales: ¥224.98 billion, +4.8% vs. April-December 2020

Operating profit:: ¥18.85 billion, +14.1%

Cosmetics sales: ¥189.08 billion, +7.2%

Cosmetaries sales: ¥34.35 billion, +5.8%

Japan: ¥114.08 billion, +0.2%

Rest of Asia: ¥74.36 billion, +4.5%

North America: ¥32.72 billion, +23.9%

Other: ¥3.82 billion, +14.8%

 

As the global economy and cosmetics market made a gradual recovery following the start of the pandemic in 2020, Kosé saw its sales increase in each of the geographic regions in which it operates. In Japan and China, sales at department stores and via e-commerce channels were strong, despite challenges in drugstores and other mass distribution in Japan, due to intensifying competition. The company said cosmetics sales in China were negatively affected by restrictions on travel and outings due to the pandemic, but that the e-commerce and travel retail categories remained strong.

The company shifted its financial reporting during the year, with its fiscal year now ending in December, instead of March. On a like-for-like basis, Decorté, which is in the midst of a revamp, performed well, with sales recovering in Japan and strong in Europe and the U.S. Albion and Cosmeport saw declines, although they improved profitability. Sekkesei’s sales continued to decline.

In North America, Tarte increased its sales both in stores and online, strengthening its lineup of concealers, mascaras and other key products. The brand also continued its rapid growth in Europe, particularly in the makeup category, and launched on e-commerce platform Zalando.

For the Cosmetaries business, revenues fell, notably due to lower demand for makeup.

During the year, Kosé said it would partner with its competitor Kao on sustainability initiatives, with plans to work together on areas including environmentally friendly materials for packaging, jointly promoting resource circulation and upcycling, and sourcing materials with a lower environmental impact.

 

21. GROUPE ROCHER

ISSY-LES-MOULINEAUX, FRANCE 

2021 BEAUTY SALES:

$2.22 BILLION (EST.)

€1.88 BILLION (EST.)

-9.8% VS. 2020 (EST.)

-14.5% VS. 2019 (EST.)

MAIN BRANDS: Yves Rocher (makeup, fragrance, skin and body care). Arbonne (skin care, cosmetics). Stanhome (beauty and personal care) Kiotis (skin and body care, fragrance). Dr Pierre Ricaud (skin and body care, makeup). Sabon (skin and body care). Flormar (makeup). ID Parfums (fragrance).

KEY FINANCIALS (EST.):

Group sales: €2.39 billion, -7.1% vs. 2020

Yves Rocher: 48.2% of sales (vs. 45.2% in 2020)

Arbonne: 19.2% (vs. 26.4%)

Stanhome: 9.8% (vs. 9.2%)

Sabon: 5.9% (vs. 4.5%)

Dr Pierre Ricaud and ID Parfums: 3% (vs. 3.1%)

Flormar: 2.1% (vs. 1.6%)

 

22. REVLON INC.

NEW YORK 

2021 BEAUTY SALES:

$2.08 BILLION

+9.5% VS. 2020

-14% VS. 2019

MAIN BRANDS:

Revlon: Revlon, Revlon Professional, Revlon ColorSilk. Elizabeth Arden: Elizabeth Arden, Ceramide, Prevage, Eight Hour. Portfolio: Almay, American Crew, CND, Mitchum, Cutex, Crème of Nature, Natural Honey, SinfulColors, D:Fi, Orofluido. Fragrances: Juicy Couture, John Varvatos, AllSaints, Britney Spears, Curve, Giorgio Beverly Hills, Ed Hardy, Christina Aguilera, Jennifer Aniston, Lucky Brand, Halston, Geoffrey Beene, Alfred Sung, Mariah Carey, Elizabeth Taylor, P.S.

KEY FINANCIALS:

Revlon net sales: $727.9 million, +5.7% vs. 2020

Elizabeth Arden net sales: $532.3 million, +14.8%

Portfolio net sales: $419.1 million, +4.4%

Fragrances net sales: $399.4 million, +13.8%

Operating income: $103.2 million compared with an operating loss of $226.3 million

Net loss: $206.9 million, vs. $619 million

 

22. THE WELLA CO.

GENEVA 

2021 BEAUTY SALES:

$2.08 BILLION (EST.)

+17.5% VS. 2020 (EST.)

N/A VS. 2019 (EST.)

MAIN BRANDS:

Wella Professionals, Wella Retail, Nioxin, Clairol Professional, Clairol Retail, Sebastian Professional, weDo, System Professional, Londa/Kadus Professional, Sassoon Professional (hair). OPI (nail).

KEY FINANCIALS (EST.):

Wella Co. total sales: $2.49 billion, +18.1% vs. 2020

Professional hair: $1.81 billion, +25% vs. 2020

Nail: $202.5 million, +16% vs. 2020

Retail Hair: $473.3 million, -3% vs. 2020

 

24. L’OCCITANE INTERNATIONAL

PLAN-LES-OUATES, SWITZERLAND

2021 BEAUTY SALES:

$2.06 BILLION (EST.)

€1.74 BILLION (EST.)

+13.8% VS. 2020 (EST.)

+5.5% VS. 2019 (EST.)

MAIN BRANDS: L’Occitane en Provence (skin, hair, body and men’s care; fragrance; makeup). Elemis. Melvita. L’Occitane au Brésil. Erborian. LimeLife, Sol de Janeiro (majority stake). 

KEY FINANCIALS:

Constant currency sales growth vs. 2020: +10.7% (EST.)

Nine months to Dec. 31, 2021:

Net sales: €1.38 billion, +15.6%

Constant currency sales progression: +14.2%

Online sales: 33.5% of total
Sales by brand:

L’Occitane en Provence €1.08 billion, +16.1% (+14.8% at constant currency)

Elemis: €163.2 million, +40% (+35.9%)

LimeLife: €55.2 million, -30.2% (-29.7%)

Others: €73.8 million, +21% (+21.7%)

Largest markets:

China: €248.7 million, +25.2% (+18.5% at constant currency)

U.S.: €207.5 million, +4.4% (+5.2% at constant currency)

Japan: €154.9 million, -2.5% (+3.3% at constant currency)

 

25. GROUPE CLARINS

NEUILLY-SUR-SEINE, FRANCE

2021 BEAUTY SALES:

$1.99 BILLION (EST.)

€1.68 BILLION (EST.)

+12% VS. 2020 (EST.)

-16.4% VS. 2019 (EST.)

MAIN BRANDS: Clarins (skin care, makeup), Clarins Men (men’s skin care). My Blend by Dr. Olivier Courtin.

KEY FINANCIALS (EST.):

Like-for-like sales and constant currency growth: +15% vs. 2020 (+3% vs. 2019)

Product category breakdown:

Skin care: 92%

Makeup: 8%

Growth by category: Skin care: +16% (+7%)

Makeup: +4% (-24%)

Growth by region:

Europe +11% (-3%)

Asia Pacific +26% (+37%)

Americas +25% (+1%)

Middle East & Africa +27% (+8%)

Travel Retail -3% (-25%)

Growth in largest markets:

Mainland China: +30% (+68%)

U.K. +4% (-17%, +6% excluding Debenhams)

France +13% (-3%)

E-commerce +29% (x2.4 vs. 2019)

 

26. RODAN + FIELDS

SAN FRANCISCO

2021 BEAUTY SALES:

$1.6 BILLION (EST.)

Flat VS. 2020 (EST.)

-8.6% VS. 2019 (EST.)

MAIN BRANDS: Recharge, Redefine, Reverse, Unblemish, Soothe, Enhancements, Essentials, Spotless, Dermacosmetics, Total RF Serum (skin care).

KEY FINANCIALS:

Largest markets: The U.S., Canada, Australia

 

27. POLA ORBIS HOLDINGS

TOKYO 

2021 BEAUTY SALES:

$1.59 BILLION

¥174.15 BILLION

+1.5% VS. 2020

-18.9% VS. 2019

MAIN BRANDS: Pola (skin care, makeup), Orbis (skin care, makeup), Jurlique, H20 Plus, Three, Decencia, Amplitude, Itrim, Fiveism x Three, Fujimi.

KEY FINANCIALS:

Total net sales: ¥178.64 billion, +1.3% vs. 2020

Beauty Care operating income: ¥17.06 billion, +31.6% vs. 2020

 

28. GROUPE PIERRE FABRE

PARIS

2021 BEAUTY SALES:

$1.47 BILLION

€1.24 BILLION

+10% VS. 2020

-4% VS. 2019

MAIN BRANDS: PIERRE FABRE DERMO-COSMÉTIQUE: Eau Thermale Avène, A-Derma, Darrow, Glytone (skin and body care). Ducray, Klorane (skin, hair and body care). René Furterer (hair care).

KEY FINANCIALS:

International beauty care sales: 72% of beauty revenues (up from 71%)

Biggest international markets: China, Italy, Spain and Germany

Group sales: €2.5 billion, +8% vs. 2020

 

29. AMWAY

ADA, MICH.

2021 BEAUTY SALES:

$1.46 Billion (EST.)

–7% VS. 2020 (EST.)

–12.6% VS. 2019 (EST.)

MAIN BRANDS: Amway: Artistry, Artistry Studio, Artistry Men (skin care), Body Series/G&H (body care), Satinique, Ertia (hair care).

KEY FINANCIALS:

Total sales: $8.9 billion, +4.7% vs. 2020

Top beauty markets: Mainland China, the U.S., Japan

 

30. GALDERMA

ZUG, SWITZERLAND

2021 BEAUTY SALES:

$1.35 BILLION (EST.)

SFR 1.23 BILLION (EST.)

+10% VS. 2020 (EST.)

+10% VS. 2019 (EST.)

MAIN BRANDS: Cetaphil (skin care). Proactiv (majority stake).

KEY FINANCIALS: N/A

 

31. VICTORIA’S SECRET

COLUMBUS, OHIO

2021 BEAUTY SALES:

$1.2 BILLION (EST).

+25% VS. 2020 (EST.)

-14.3% VS. 2019 (EST.)

MAIN BRANDS: Victoria’s Secret: Bombshell, Tease, Heavenly, Very Sexy, Love, The Mist Collection, VS Him, Natural Beauty Body Care. Pink Beauty (fragrance mists and lotion). 

KEY FINANCIALS:

North America: approx. 70% of sales

 

32. NU SKIN ENTERPRISES

PROVO, UTAH

2021 BEAUTY SALES:

$1.1 BILLION (EST.)

-3.3% VS. 2020 (EST.)

+0.9% VS. 2019 (EST.)

MAIN BRANDS: Nu Skin, AgeLOC, Nutricentials, Epoch, Tru Face, Nu Colour.

KEY FINANCIALS:

Personal care sales including devices: $1.44 billion, -3.3% vs. 2020, +1.3% vs. 2019.

Top three geographies in total revenue:

Mainland China: $568.8 million, -9%

U.S: $540.3 million, +27%

South Korea: $354.3 million, +9%

 

32. LUSH

POOLE, U.K.

2021 BEAUTY SALES:

$1.1 BILLION (EST.)

£797.4 MILLION (EST.)

+10.6% VS. 2020 (EST.)

-14.2% VS. 2019 (EST.)

MAIN BRANDS:

Lush Fresh Handmade Cosmetics (bath, body, hair and skin care, makeup, fragrance).

KEY FINANCIALS (EST.):

Constant currency sales growth: +13.6% vs. 2020

Top markets:

U.S.: £245.7 million, +21.7% vs. 2020

U.K.: £133.5 million, +11.3%

South Korea: £77.6 million, +32.7%

 

34. SISLEY

PARIS

2021 BEAUTY SALES:

$1.05 BILLION

€887 MILLION

+10.2% VS. 2020

+3.1% VS. 2019

Main Brands: Sisley (fragrance, skin care, makeup). Hair Rituel by Sisley (hair care).

 

35. GRUPO BOTICÁRIO

CURITIBA, BRAZIL

2021 BEAUTY SALES:

$1.01 BILLION (EST.)

R$5.47 BILLION (EST.)

-5.8% VS. 2020 (EST.)

+0.3% VS. 2019 (EST.) 

MAIN BRANDS: O Boticário (skin, body and hair care, makeup, fragrance). The Beauty Box (hair, bath and body care). Eume (hair care). Eudora, Quem Disse, Berenice?, Vult. O.U.I.

 

36. BELCORP

LIMA, PERU

2021 Beauty Sales:

$1 BILLION (EST.)

+13.6% VS. 2020 (EST.)

-14.5% VS. 2019 (EST.)

Main Brands: L’Bel, Ésika, Cyzone (fragrance, makeup, skin, body and hair care).

Key Financials:

Main markets: Peru, Colombia and Mexico: 51% of sales

Breakdown by brand:

Ésika: 47%

Cyzone: 30%

L´Bel: 23%.

 

37. ORIFLAME HOLDING AG

SCHAFFHAUSEN, SWITZERLAND

2021 BEAUTY SALES:

$940.9 MILLION (EST.)

€795.4 MILLION (EST.)

-13% VS. 2020 (EST.)

-22.8% VS. 2019 (EST.)

MAIN BRANDS: Oriflame (makeup, skin, body, hair and personal care, fragrance).

KEY FINANCIALS:

Total company sales (including wellness and accessories): €1.02 billion, -12.1% vs. 2020

Constant-currency sales: -9%

Local currency sales progression by region:

Latin America: -4%

CIS: -10%

Europe: -5%

Turkey and Africa: -25%

Asia: -21% vs. 2020

Adjusted EBITDA: €188.9 million, +6%

 

38. John Paul Mitchell Systems

Los Angeles

2021 BEAUTY SALES:

$925 MILLION (EST.)

+5.7% VS. 2020 (EST.)

+8.8% vs. 2019 (eST.)

main brands: Paul Mitchell, Paul Mitchell Clean Beauty, Awapuhi Wild Ginger, Neuro, Tea Tree (hair and body care), Mitch, MVRCK (men’s grooming), Paul Mitchell Professional Hair Color.

 

39. YATSEN HOLDING LTD.

GUANGZHOU, CHINA

2021 BEAUTY SALES:

$905 MILLION (EST.)

CNY 5.84 BILLION (EST.)

+11.6% VS. 2020 (EST.)

+92.7% VS. 2019 (EST.)

MAIN BRANDS: Perfect Diary, Little Ondine, Pink Bear (makeup). Abby’s Choice, Galénic, Eve Lom, Dr. Wu (skin care).

KEY FINANCIALS:

Gross profit: CNY 3.9 billion, +15.9% vs. 2020

Operating loss: CNY 1.62 billion, vs. CNY 2.68 billion in 2020

 

40. INTER PARFUMS INC.

NEW YORK

2021 BEAUTY SALES:

$879.5 MILLION

+63.2% VS. 2020

+23.3% VS. 2019

MAIN BRANDS: Abercrombie & Fitch, Anna Sui, Bebe, Boucheron, Coach, Dunhill, Ferragamo, Graff, Guess, Hollister, Jimmy Choo, Karl Lagerfeld, Kate Spade New York, Lanvin, MCM, Moncler, Montblanc, Oscar de la Renta, Paul Smith, Repetto, Rochas, S.T. Dupont, Van Cleef & Arpels.

KEY FINANCIALS:

Sales by brand:

Montblanc: $168.2 million, +46%

Coach: $136.8 million, +45%

Jimmy Choo: $154.9 million, + 61%

Guess: $101.9 million, +83%

Sales by key region:

North America: $354.1 million, +83%

Western Europe: $202 million, +37%

Asia: $128 million, +61%

 

41. GODREJ CONSUMER PRODUCTS LTD.

MUMBAI, INDIA

2021 BEAUTY SALES:

$869.6 MILLION (EST.)

64.34 BILLION RUPEES (EST.)

+22.8 % VS. 2020 (EST.)

+ 27.1 % VS. 2019 (EST.)

MAIN BRANDS: Godrej Expert, Godrej Nupur, NYU, BBlunt, Godrej Professional, Motions, Profectiv Mega Growth, African Pride, Just for Me, TCB, Darling, Valon, Ilicit, Issue, 919, Renew, Inecto, Roby (hair care). Millefiori, Cinthol, Godrej No. 1, Villeneuve, Tura (skin care), Pamela Grant (makeup)

KEY FINANCIALS:

BIGGEST MARKETS:

India: 56% of sales

Africa and the U.S.: 24%

Indonesia:15%

 

42. MARICO LTD.

MUMBAI, INDIA

2021 BEAUTY SALES:

$860.4 MILLION (EST.)

63.66 BILLION RUPEES (EST.)

+20% VS. 2020 (EST.)

+17% VS. 2019 (EST.)

MAIN BRANDS: Parachute, Livon, NiharNaturals, Hair & Care, Caivil, Black Chic, True Roots (hair care and color). Parachute Advansed (hair and body care). Set Wet (deodorants and hair styling). Fiancée, Hair Code, IsoPlus (hair care and styling). Code 10, X-Men (men’s grooming). Kamillen, Jamilla (hairstyling), Karazel, Rivage, Grace, Pure Sense, Just Herbs, Kaya Youth O2 (skin care), Beardo (men’s grooming).

KEY FINANCIALS:

Total company sales (nine months to December 2021): 73.51 billion rupees, +21.7% vs. 2020.

Key international markets:

Bangladesh: 49% of sales

South East Asia : 26%

MENA: 12%

South Africa: 7%

 

43. SHANGHAI JAHWA UNITED CO. LTD.

SHANGHAI

2021 BEAUTY SALES:

$846.1 MILLION (EST.)

CNY 5.46 BILLION (EST.)

+12.8% VS. 2020 (EST.)

-1% VS. 2019 (EST.)

MAIN BRANDS: Shanghai Vive (skin care, fragrance), Maxam (skin, body and hair care), Liushen (skin, body and hair care, fragrance), GF (men’s skin and hair care, fragrance), Herborist (skin care, makeup, men’s skin care), Dr.Yu (skin care), Herborist Derma (skin care, makeup), Giving (baby care).

KEY FINANCIALS:

Total company revenues: CNY 7.65 billion, +8.7% vs. 2020

Net profit: CNY 649 million, +50.9%

 

44. NEORA

FARMERS BRANCH, TEXAS 

2021 BEAUTY SALES:

$820 MILLION (EST.)

+7.9% VS. 2020 (EST.)

+19.7% VS. 2019 (EST.)

MAIN BRANDS: ProLuxe Hair Care System and NeoraFit Set, Age IQ Night & Day Cream, Double Cleansing Botanical Face Wash, Age-Defying Eye Serum, Illumaboost Brightening & Shield, Complexion Clearing Acne Treatment (skin and body care). 

KEY FINANCIALS:

Largest markets: U.S., Canada, Mexico

 

45. DABUR INDIA LTD.

GHAZIABAD, INDIA

2021 BEAUTY SALES:

$797.7 MILLION (EST.)

59.02 BILLION RUPEES (EST.)

+17.1% VS. 2020 (EST.)

+8.9 % VS. 2019 (EST.)

MAIN BRANDS: Dabur Amla, Dabur Almond, Vatika, ORS, Long & Lasting (hair care). Fem, Gulabari, OxyLife, New Era, DermoViva, Vatika (skin care). Hobby (skin, hair and bath care; shave preparations).

KEY FINANCIALS:

Consolidated net profit in the nine months to December: +10%

 

46. RITUALS COSMETICS ENTERPRISE B.V.

AMSTERDAM

2021 BEAUTY SALES:

$788.2 MILLION (EST.)

€666.3 MILLION (EST.)

+25% VS. 2020 (EST.)

+27% VS. 2019 (EST.)

Main Brands: Rituals (fragrance, home fragrance, skin, body and hair care, makeup).

Key Financials:

Total company sales: €1 billion, up 25% vs. 2020

 

47. NAOS

AIX-EN-PROVENCE, FRANCE

2021 BEAUTY SALES:

$750.5 MILLION (EST.)

€634.4 MILLION (EST.)

+18% VS. 2020 (EST.)

+2% VS. 2019 (EST.)

 Main Brands: Laboratoire Bioderma: ABC Derm, Atoderm, Cicabio, Crealine/Sensibio, Hydrabio, Matricium, Sebium, Secure, Pigmentbio (skin care), Node (hair care), Photoderm (sun care). Institut Esthederm: Age Prevention, Age Correction, Body Care, Cabine  Exclusive, Cellular Water Range, Cleansing Osmoclean, Intensive Molecular Care, Sun Care, White (skin care). Etat Pur: Actifs Pur, Cosmétiques Biomimétiques (skin, sun and body care).

Key Financials:

Laboratoire Bioderma: €581.9 million, +18% vs. 2020 (+2% vs. 2019)

Institut Esthederm: €50.9 million, +20% (-1%)

Etat Pur: €1.6 million, +287% (+249%)

International Markets: 78.3% of sales

Key markets: France, China and South Korea accounted for an estimated 44.3% of global sales.

 

48. WALGREENS BOOTS ALLIANCE

DEERFIELD, IL.

2021 BEAUTY SALES:

$750 MILLION (EST.)

+27% VS. 2020 (EST.)

+17% VS. 2019 (EST.)

MAIN BRANDS: No7, Botanics, Soap & Glory, Liz Earle, Sleek MakeUp, YourGoodSkin.

KEY FINANCIALS: N/A

 

49. PROYA COSMETICS CO. LTD.

HANGZHOU, CHINA

2021 BEAUTY SALES:

$728.3 MILLION (EST.)

CNY 4.7 BILLION (EST.)

+25.3% VS. 2020 (EST.)

+50.6% VS. 2019 (EST.)

MAIN BRANDS: Proya, Uzero, Anya, Yoya, Cats & Roses, Timage, Ins Baha.

KEY FINANCIALS:

(Nine months ended Sept. 30, 2021)

Net sales: CNY3.01 billion, +31.5% year-over-year

Net profit: CNY356 million, +23.6%

 

50. EDGEWELL PERSONAL CARE

SHELTON, CONN.

2021 BEAUTY SALES:

$716 MILLION (EST.)

+13.6% VS. 2020 (EST.)

+17.3% VS. 2019 (EST.)

MAIN BRANDS: Banana Boat, Hawaiian Tropic (sun and skin care), Jack Black, Bulldog, Cremo (grooming) Skintimate, Edge, Shick (shave preparations).

KEY FINANCIALS:

(FY ended Sept. 30, 2021)

Company sales: $2.09 billion, +7.1% vs. 2020

Sun care: $333.6 million, +17.8%

Skin care: $251.7 million, +40.9%

Shaving gels and creams: $131.3 million, -5.5%

 

51. JALA GROUP CO.

SHANGHAI

2021 BEAUTY SALES:

$697.3 MILLION (EST.)

CNY 4.5 BILLION (EST.)

+7.7% VS. 2020 (EST.)

-2.2% VS. 2019 (EST.)

MAIN BRANDS: Chando (skin care, makeup). Maysu, Botanical Wisdom, Spring Summer, Biorrier (skin care). Como (makeup). Assassina (fragrance).

KEY FINANCIALS: N/A

 

52. THE CARLYLE GROUP

WASHINGTON, D.C.

2021 BEAUTY SALES:

$684.3 MILLION (EST.)

N/A VS. 2020/2019

MAIN BRANDS: Beautycounter, Every Man Jack.

KEY FINANCIALS: N/A

 

53. PDC WELLNESS & PERSONAL CARE

STAMFORD, CONN.

 2021 BEAUTY SALES:

$675 MILLION (EST.)

+11% VS. 2020 (EST.)

+28% VS. 2019 (EST.)

MAIN BRANDS:

Dr Teal’s, Bodycology (wellness), Cantu, Eylure (personal care), Body Fantasies, BOD Man (fragrance).

KEY FINANCIALS:

International: 22% of sales

Largest markets: U.S., U.K., Canada

Wellness: $335 million (+13%)

Personal Care: $251 million (+15%)

Fragrance: $89 million (-4%)

 

54. EUROITALIA

CAVENAGO DI BRIANZA, ITALY

2021 BEAUTY SALES:

$640 BILLION (EST.)

€541 MILLION (EST.)

+45% VS. 2020 (EST.)

+20.7% VS. 2019 (EST.)

MAIN BRANDS: Versace, Moschino, Missoni, Dsquared2, Reporter, Atkinsons 1799 (fragrance). Naj Oleari Beauty (makeup), I Coloniali (body and skin care).

KEY FINANCIALS:

Exports: 95% of sales

 

55. ALCORA CORP.

MIAMI

2021 BEAUTY SALES:

$632.5 MILLION (EST.)

-15.5% VS. 2020 (EST.)

+95.4% VS. 2019 (EST.)

MAIN BRANDS: Monat (hair care, skin care). Hairgurt (hair care). L’Eudine (hair and body care, fragrance), Pardon My Pretty (body care).

 

56. FANCL CORP.

YOKOHAMA, JAPAN

2021 BEAUTY SALES:

$599.4 MILLION (EST.)

¥65.78 BILLION (EST.)

+0.6% VS. 2020 (EST.)

-13.6% VS. 2019 (EST.)

MAIN BRANDS: Fancl Cosmetics, Attenir Cosmetics (skin care, makeup), Boscia (skin care).

KEY FINANCIALS (Nine months to Dec. 31*):

Cosmetics sales: ¥44.61 billion, +1.4% vs. 2020

Fancl Cosmetics sales: ¥32.44 billion, -0.8%

Attenir Cosmetics sales: ¥10.58 billion, +15.9%

Boscia sales: ¥794 million, -51.2%

Domestic online and catalogue sales: ¥23 billion, -2.8%

Domestic retail store sales: ¥10.12 billion, +6.7%

Domestic wholesale and others: ¥6.39 billion, +11.3%

Overseas sales: ¥5.05 billion, +0.1%

Cosmetics division operating profit: ¥6.08 billion, +11.1%

*Fancl changed its accounting methods in 2021, and restated its numbers for the previous year. All numbers in the Key Financials section are based on restated figures. The percentage changes at the top of the entry are based on historical comparisons.

 

57. OLAPLEX

NEW YORK

2021 BEAUTY SALES:

$598.4 MILLION (EST).

+112% VS. 2020 (EST.)

+190.5% VS. 2019 (EST.)

MAIN BRANDS: Olaplex (hair care).

Financial Performance:

U.S.: 58% of sales

International: 42%

 

58. SHANGHAI CHICMAX COSMETIC CO. LTD.

SHANGHAI

2021 BEAUTY SALES:

$573.4 MILLION (EST.)

CNY 3.7 BILLION (EST.)

+11.7% VS. 2020 (EST.)

+31.2% VS. 2019 (EST.) 

MAIN BRANDS: Kans, One Leaf (skin care), Baby Elephant (infant care).

KEY FINANCIALS (January-September 2021):

Total sales: CNY 2.6 billion, +12.7% VS. 2020

Gross profit: CNY 1.69 billion, +13.7%

Adjusted profit: CNY 284.5 million, +45.3%

 

59. ORVEON

NEW YORK

2021 BEAUTY SALES:

$571 million (EST.)

+12.6% VS. 2020 (EST.)

-26% VS. 2019 (EST.)

MAIN BRANDS: Bare Minerals, Laura Mercier, Buxom (makeup).

KEY FINANCIALS:

U.S. Sales: $370 million

U.K.: $60 million

Japan: $35 million

 

60. RECKITT BENCKISER 

BERKSHIRE, ENGLAND 

2021 BEAUTY SALES  

$563.4 MILLION (EST.)

£409.6 MILLION (EST.)

+5% VS. 2020 (EST.)

+6.3% VS. 2019 (EST.)

MAIN BRANDS: 

E45, Clearasil (skin care), Veet (depilatories).

KEY FINANCIALS: 

TOTAL REVENUES:

£13.23 billion, -5.4% vs. 2020 (+3.5% like-for-like)

 

61. KIKO SPA

BERGAMO, ITALY

2021 BEAUTY SALES:

$560.6 MILLION (EST.)

€473.9 MILLION (EST.)

+28.7% VS. 2020 (EST.)

-19.3% VS. 2019 (EST.)

MAIN BRANDS: Kiko Milano (makeup).

KEY FINANCIALS:

Biggest Markets: Italy, France and Spain (59% of total sales)

Domestic Sales: 29% of total

 

62. YANBAL INTERNATIONAL

LIMA, PERU

2021 BEAUTY SALES:

$556 MILLION (EST.)

+30% VS. 2020 (EST.)

-2.5% VS. 2019 (EST.) 

Main Brands: Yanbal, Unique (makeup, skin, body, sun and hair care, fragrance).

 

63. COSNOVA

SULZBACH, GERMANY

2021 BEAUTY SALES:

$552.4 MILLION (EST.)

€467 MILLION (EST.)

+15% VS. 2020 (EST.)

+5% VS. 2019 (EST.)

MAIN BRANDS: Essence, Catrice (makeup).

KEY FINANCIALS:

E-commerce: 10% of sales, + 50% year-over-year and 130% compared vs. 2019

U.S.: +40%

China: +22%

Western Europe: +25%

Middle East and North Africa: +50%

 

64. MANDOM CORP.

OSAKA, JAPAN

2021 BEAUTY SALES:

$528.2 MILLION (EST.)

¥57.97 BILLION (EST.)

-10% VS. 2020 (EST.)

-28% VS. 2019 (EST.)

MAIN BRANDS: MEN’S GROOMING: Gatsby (skin, body and hair care; hair color, fragrance, deodorant), Lúcido (skin, body, hair and scalp care; deodorant), Mandom (skin, body and hair care; fragrance), Tancho (hair care and color), Spalding (deodorant, fragrance, body care). WOMEN’S COSMETICS: Pixy (skin care, makeup), Bifesta, Barrier Repair (skin care). Lúcido‐L (hair care and color), Baby Veil (hair care), Lovillea (fragrance), Miratone (hair color), Mandom (hair and skin care), Johnny Andrean, Style Up (hair care), Simplity (deodorant), Pucelle (fragrance, body care).

KEY FINANCIALS (Nine months to Dec. 21):

Net sales: ¥42.6 billion, -11.1% vs. 2020

Operating loss: ¥1.02 billion, vs. an operating income of ¥813 million in 2020

Sales in Japan: ¥25.13 billion, -15.7%

Sales in Indonesia: ¥8.08 billion, -8.3%

Sales in other markets: ¥9.39 billion, +0.8%

 

65. BLOOMAGE BIOTECHNOLOGY CORPORATION LTD.

SHANGHAI

2021 BEAUTY SALES:

$517.6 MILLION (EST.)

CNY 3.34 BILLION (EST.)

+146.6% VS. 2020 (EST.)

+426.5% VS. 2019 (EST.)

MAIN BRANDS: Biohyalux, Quadhai, Medrepair, Bio-meds, Plumoon, Laboratoire Revitacare, Bloomcare, BioBurgeon, HA Paws, Tianduo, Green, DMKO.

KEY FINANCIALS:

Total revenue CNY 4.94 billion +87.93% VS. 2020

Net profit CNY 890 million, +17.3% VS. 2020

 

66. FINE TODAY SHISEIDO CO. LTD.

TOKYO

2021 BEAUTY SALES:

$492 MILLION (EST.)

¥54 BILLION (EST.)

N/A VS. 2020/2019

MAIN BRANDS: Tsubaki, Senka, Uno, Sea Breeze, Super Mild, Ag Deo24, Fino.

 

67. HOYU CO. LTD.

NAGOYA, JAPAN

 2021 BEAUTY SALES:

$478.4 MILLION (EST.)

¥52.5 BILLION (EST.)

+1% VS. 2020 (EST.)

-6.25% VS. 2019 (EST.)

 MAIN BRANDS: Bigen, Cielo, Beautylabo, Beauteen, Naturain, Promaster, Men’s Bigen (hair color and care).

KEY FINANCIALS (FY ended Oct. 31):

Consolidated net sales: ¥52.5 billion, +1%

Consolidated operating income: ¥3.4 billion, -12.8%

 

68. HERMÈS INTERNATIONAL

PARIS

2021 BEAUTY SALES:

$455.7 MILLION

€385.2 MILLION

+46.4% VS. 2020

+18.2% VS. 2019

MAIN BRANDS: HERMÈS PARFUMS: Terre d’Hermès, Eau des Merveilles, Twilly d’Hermès, Collection Parfums-Jardins, Collection Colognes, Collection Hermessence, Voyage d’Hermès, 24 Faubourg, Galop d’Hermès, Calèche (fragrance). Le Bain (toiletries). Rouge Hermès, Rose Hermès (makeup) Les Mains Hermès (nail polish and hand care).

KEY FINANCIALS:

Constant-currency sales growth for beauty: +46.5% vs. 2020

Total company sales: €8.98 billion, +40.6%

 

69. MANZANITA CAPITAL

LONDON

2021 BEAUTY SALES:

$448 MILLION (EST.)

+21% VS. 2020 (EST.)

+38% VS. 2019 (EST.)

MAIN BRANDS:

Byredo, Diptyque (fragrance); Malin + Goetz (skin, body and hair care, fragrance); Susanne Kaufmann (skin, body and hair care).

KEY FINANCIALS:

Like-for-like sales growth: +43% (EST.) vs. 2020, +74% vs. 2019

Like-for-like sales growth CAGR: 2019-21: +32%

 

70. MARKWINS BEAUTY BRANDS

CITY OF INDUSTRY, CALIF.

 2021 BEAUTY SALES:

$420 MILLION (EST.)

-17.6% VS. 2020 (EST.)

-30.6% VS. 2019 (EST.)

MAIN BRANDS: Wet ‘n’ Wild, Lip Smacker, Physicians Formula, Lorac, Black Radiance, The Color Workshop, The Color Institute, Bonne Bell, Pop.

KEY FINANCIALS: N/A

 

71. WELEDA

ARLESHEIM, SWITZERLAND

2021 BEAUTY SALES:

$405.6 MILLION (EST.)

€342.9 MILLION (EST.)

+3% VS. 2020 (EST.)

+4.9% VS. 2019 (EST.)

MAIN BRANDS: Weleda (natural and organic skin and body care, men’s care, hair care, mother and baby care, lip balms, personal care).

KEY FINANCIALS:

Biggest markets: Germany, France, Switzerland

 

72. COMBE INC.

WHITE PLAINS, N.Y.

2021 BEAUTY SALES:

$405 MILLION (EST.)

+6.6% VS. 2020 (EST.)

+8% VS. 2019 (EST.)

MAIN BRANDS:

Just for Men, Control GX, Virtue Labs (hair care and color), Aqua Velva, Williams Lectric Shave, Brylcreem (men’s grooming, in North America), Vagisil (intimate skin care).

 

73. NIPPON MENARD COSMETIC CO.

NAGOYA, JAPAN

2021 BEAUTY SALES:

$401.8 MILLION (EST.)

¥44.1 BILLION (EST.)

-13.2% VS. 2020 (EST.)

-11.1% VS. 2019 (EST.)

MAIN BRANDS: Authent (skin care, fragrance, body care), Embellir, Fairlucent (skin care, makeup), Illuneige, Lisciare, Colax, Herb Mask (skin care), Beauness (skin and body care), Jupier, TK (makeup, skin care), Crowa (hair care), Divum (skin care, makeup, in China), Reliever (skin care, in China).

 

74. EMBELLEZE GROUP

RIO DE JANEIRO

2021 BEAUTY SALES:

$387.7 MILLION (EST.)

R$2.09 BILLION (EST.)

+8.3% VS. 2020 (EST.)

+53.7% VS. 2019 (EST.)

MAIN BRANDS: Novex, Amacihair, Hairlife, Lisahair, SempreBella, Vitay (hair care and treatment). Natucor, Maxton (hair color), Nutrisalon (professional hair care). BioSalut (personal care).

Key Financials:

International sales: 11% of revenues

Domestic sales: +24%

  

75. BURT’S BEES

DURHAM, N.C.

2021 BEAUTY SALES:

$380 MILLION (EST.)

+10% VS. 2020 (EST.)

+0.8% VS. 2019 (EST.)

MAIN BRANDS:

Burt’s Bees (beauty, skin, lip, hair, men’s and baby care)

KEY FINANCIALS:

Domestic retail sales: $361 million (based on IRI POS data),

+10.1%  vs. 2020

Flat vs. 2019

Biggest markets: U.S., Canada, the U.K.

 

75. E.L.F. BEAUTY

OAKLAND, CALIF.

2021 BEAUTY SALES:

$380 MILLION (EST.)

+26.5% VS. 2020 (EST.)

+38.4% VS. 2019 (EST.)

MAIN BRANDS: E.l.f. Cosmetics (makeup, skin care, brushes, tools and devices), Well People, (makeup, skin care), Keys Soulcare (skin care, home fragrance).

KEY FINANCIALS:

U.S.: 89% of sales

Digital: 14% of sales (vs. 16% in 2020 and 10% in 2019)

 

77. MILBON CO. LTD.

TOKYO

2021 BEAUTY SALES:

$378.9 MILLION

¥41.58 BILLION

+16.4% VS. 2020

+14.7% VS. 2019

MAIN BRANDS: Milbon, Aujua, Villa Lodola, Ordeve, Sophistone, NeoLiscio (hair care, color, styling and perming), Imprea (skin care, makeup).

KEY FINANCIALS:

Domestic sales: ¥33.64 billion, +12.6% vs. 2020

International sales: ¥7.9 billion, +35.8% vs. 2020

Top international markets:

South Korea (sales ¥3.4 billion, +34%, or +25% in local currency); China (sales ¥2.15 billion, +42%, or +27% in local currency); U.S. (sales ¥905 million, +95%, or +89% in local currency).

 

 

78. PZ CUSSONS 

LONDON 

2021 BEAUTY SALES:

$374.1 MILLION (EST.)

£272 MILLION (EST.)

+4.3% VS. 2020 (EST.) 

+5.5% VS. 2019 (EST.)

MAIN BRANDS: St. Tropez (skin and body care), The Sanctuary Spa, Imperial Leather (bath, body and skin care), Carex (hygiene, hand care).

KEY FINANCIALS: 

(SIX MONTHS TO NOV. 30): 

TOTAL COMPANY SALES FROM CONTINUING OPERATIONS:

283.7 million pounds, -9.3%, due chiefly to the Carex brand’s tough comparisons with the corresponding period last year.

Largest markets: The U.K., U.S., Nigeria

 

79. GUTHY-RENKER

EL SEGUNDO, CALIF.

2021 BEAUTY SALES:

$369 MILLION (EST.)

-17.3% VS 2020 (EST.)

-19% VS. 2019 (EST.) 

MAIN BRANDS: Crépe Erase, Meaningful Beauty, Westmore, Specific Beauty, Dermaflash, It Cosmetics (repeat sales to existing customers), Sea Calm Skin, JLo Beauty. 

KEY FINANCIALS: N/A

 

80. FORMA BRANDS

SAN FRANCISCO

 2021 BEAUTY SALES:

$350 MILLION (EST.)

-12.5% VS. 2020 (EST.)

-20.5% VS. 2019 (EST.)

MAIN BRANDS: Bad Habit (skin care), Lipstick Queen, Morphe, Morphe 2, R.E.M. Beauty (makeup). Playa (hair care).

 

81. NOEVIR HOLDINGS

KOBE and TOKYO 

2021 BEAUTY SALES:

$349.5 MILLION (EST.)

¥38.35 BILLION (EST.)

+2.5% VS. 2020 (EST.)

-14.3% VS. 2019 (EST.)

MAIN BRANDS: NOEVIR CO.: Speciale, 505, 99Plus (skin care, makeup). TOKIWA PHARMACEUTICAL CO.: Nameraka Honpo (skin care), Excel (makeup), Nov (skin care, makeup).

KEY FINANCIALS (FY ended Sept. 30, 2021):

Cosmetics sales: ¥38.33 billion, -1.1% vs. 2020

Cosmetics operating income: ¥9.6 billion, +1%

More than 90% of the group’s business was domestic

Biggest international markets: China, Taiwan

 

82. NUXE GROUPE

BOULOGNE-BILLANCOURT, FRANCE

2021 BEAUTY SALES:

$343.1 MILLION (EST.)

€290 MILLION (EST.)

+7.5% VS. 2020 (EST.)

+1% VS. 2019 (EST.)

MAIN BRANDS: Nuxe, Resultime (skin and body care, fragrance).

KEY FINANCIALS:

France: 47% of sales (est.)

Biggest international markets: Italy, Spain

Online sales: +15% vs. 2020

 

83. CAUDALIE

PARIS

2021 BEAUTY SALES:

$337.1 MILLION (EST.)

€285 MILLION (EST.)

+10% VS. 2020 (EST.)

+10% VS. 2019 (EST.)

MAIN BRANDS: Vinoperfect, Resveratrol-Lift, Premier Cru, Vinosource, Beauty Elixir, Vinergetic, Vinothérapist, Vinosculpt, Vincoclean (skin care). Eaux Fraîches (fragrance).

KEY FINANCIALS:

Biggest markets: France, the U.S., China, Italy, Germany

 

84. LION CORP.

TOKYO

 2021 BEAUTY SALES:

$334.6 MILLION (EST.)

¥36.72 BILLION (EST.)

-21.5% VS. 2020 (EST.)

+5.1% VS. 2019 (EST.)

MAIN BRANDS: Kirei Kirei (hand soap), Ban (deodorant), Pro Tec (men’s hair and body care), Hadakara, Shokubutsu-Monogatari (body care), Soft in 1 (hair care).

KEY FINANCIALS:

Total company net sales: ¥366.23 billion, +3.1% vs. 2020

Total operating profit: ¥31.18 billion, -29.3%

Beauty care sales in Japan: ¥24.73 billion, -21.5%

 

85. SODALIS GROUP

LODI VECCHIO, ITALY

2021 BEAUTY SALES:

$317.4 MILLION (EST.)

€268.3 MILLION (EST.)

+2.5% VS. 2020 (EST.)

-3.6% VS. 2019 (EST.)

MAIN BRANDS: BioNike (skin care, body care, makeup). Bioetyc (skin care). Lycia (skin care, deodorants). Arbre Vert (skin care, hair care, deodorants). Leocrema, Dermolab (skin care, sun care). Vitesse (face care). Tesori D’Oriente, Denim (body care, fragrances). Natural Honey (body wash and lotion). Noxzema, Depilzero, Strep (shaving/depilation). Biopoint (hair care, skin care and sun care). Brelil, Wash&Go (hair care). Deborah (makeup).

KEY FINANCIALS:

Italy: €198.9 million (+4% vs. 2020, -4% vs. 2019)

International: €69.4 million (-1% vs. 2020, -4% vs 2019)

 

86. JAFRA COSMETICS INTERNATIONAL

WESTLAKE VILLAGE, CALIF.

2021 BEAUTY SALES:

$314.6 MILLION (EST.)

€265.9 MILLION (EST.)

-16.6% VS. 2020 (EST.)

-24.4% VS. 2019 (EST.) 

MAIN BRANDS:

Jafra (fragrance, skin care, color cosmetics, toiletries)

 

87. DHC CORP.

TOKYO

2021 BEAUTY SALES:

$301 MILLION (EST.)

¥33.03 BILLION (EST.)

-7.3% VS. 2020 (EST.)

-30.7% VS. 2019 (EST.)

MAIN BRANDS: DHC (skin care, makeup, hair care, men’s, body and baby care, fragrance). Olive Sube Sube, Medicated Q, Super Collagen.

KEY FINANCIALS:

Domestic sales: ¥26.94 billion, -11.9% (81.6% of total)

Overseas sales: ¥6.09 billion, +20.6% (18.4% of total)

Top three markets: Japan, Greater Asia, the U.S.

 

88. WOLFF GROUP

BIELEFELD, GERMANY

2021 BEAUTY SALES:

$294 MILLION (EST.)

€248.5 MILLION (EST.)

+3.2% VS. 2020 (EST.)

+10% VS. 2019 (EST.)

MAIN BRANDS: DR. KURT WOLFF: Alpecin, Plantur 39, Plantur 21 (hair care). Alcina (hair and skin care; makeup), Plantur 49 (skin care). DR. AUGUST WOLFF: Linola (skin care).

Key Financials:

Preliminary group sales: €355 million, +4.4% vs. 2020 (+13.4% vs. 2019)

 

89. EMAMI LTD.

KOLKATA, INDIA

2021 BEAUTY SALES:

$289.9 MILLION (EST.)

21.45 BILLION RUPEES (EST.)

+15.3% VS. 2020 (EST.)

+4.1% VS. 2019 (EST.)

MAIN BRANDS: Boroplus, Navratna, Vasocare, Emami Golden Beauty Talc, Malai Kesar Cold Cream, Creme 21 (skin care), Fair & Handsome (men’s skin care), Kesh King, Emami 7 Oils in One (hair care), HE (deodorant).

KEY FINANCIALS:

Domestic sales: 84% of business (EST.)

International Sales:

South Asian Association for Regional Cooperation: 37%

Middle East, North Africa: 41%

Commonwealth of Independent States: 11%

Africa: 7%

Others: 5%

 

90. FABERLIC

MOSCOW 

2021 BEAUTY SALES:

$272.7 MILLION

20.1 BILLION RUBLES

+7.5% VS. 2020

+26.4% VS. 2019

MAIN BRANDS: Global Oxygen, Oxiology, OxyCarboxy, Oceanum, Dream Therapy, One Week Miracle, Dr. Core, Garderica, Renovage, Beauty Lab, Biomica, BioGlow, Verbena, Iseul, Vario, Bloom (skin care). Faberlic Expert, L.Ove (skin and body care, hair care). Beauty Café (body care, fragrance). Faberlic by Valentin Yudashkin, Renata, Viking (fragrance). Glam Team, Do the Best, Secret Story (makeup). Salon Care, Arisu, Blonde Icon, Curly Icon, Volume & Style (hair care).

KEY FINANCIALS:

Domestic sales: 41% of revenues

Key international markets: Kazakhstan, Belarus, Uzbekistan, Azerbaijan, Poland.

 

91. GUANGDONG MARUBI BIOTECHNOLOGY CO.

GUANGDONG, CHINA

2021 BEAUTY SALES:

$271.2 MILLION (EST.)

CNY 1.75 BILLION (EST.)

Flat VS. 2020 (EST.)

-3.1% VS. 2019 (EST.)

MAIN BRANDS: Marubi, Haruki (skin care). Passional Lover (makeup).

KEY FINANCIALS:

Reported sales in the first nine months of 2021: CNY 1.14 billion, flat year-over-year (-5.8% vs. 9M 2019)

 

92. ODDITY

NEW YORK

2021 BEAUTY SALES:

$268 MILLION (EST.)

+95.6% VS. 2020 (EST.)

+312.3% VS. 2019 (EST.)

MAIN BRANDS: Il Makiage

KEY FINANCIALS:

95% of revenue comes from IlMakiage.com

U.S.: 75% of revenue

 

93. REVOLUTION BEAUTY GROUP

LONDON

2021 BEAUTY SALES:

$264.8 MILLION (EST.)

£192.5 MILLION (EST.)

+40% VS. 2020 (EST.)

+41% VS. 2019 (EST.)

MAIN BRANDS: Makeup Revolution, I Heart Revolution (makeup). Revolution Skincare, Revolution Haircare.

KEY FINANCIALS:

Sales March-August 2021: £78.6 million, +39% vs. H1 2020

 

94. CARTIER

PARIS

2021 BEAUTY SALES:

$261.4 MILLION (EST.)

€221 MILLION (EST.)

+30% VS. 2020 (EST.)

+5.2% VS. 2019 (EST.)

MAIN BRANDS: Cartier Carat, L’Envol de Cartier, La Panthère de Cartier, Pasha de Cartier, Baiser Volé, Déclaration, Eau de Cartier, Must de Cartier, Santos de Cartier, Les Heures de Parfum, Les Heures Voyageuses, Les Epures de Parfum, Rivières de Cartier (fragrance).

KEY FINANCIALS:

N/A

 

95. ANASTASIA BEVERLY HILLS

LOS ANGELES

2021 BEAUTY SALES:

$250 MILLION (EST.)

+25% VS. 2020 (EST.)

-16.7% VS. 2019 (EST.)

MAIN BRANDS: Anastasia Beverly Hills (makeup).

KEY FINANCIALS: N/A

 

95. HUDA BEAUTY

DUBAI, U.A.E.

2021 BEAUTY SALES:

$250 MILLION (EST).

FLAT VS. 2020 (EST).

FLAT VS. 2019 (EST).

MAIN BRANDS: Huda Beauty, Glowish (makeup). Kayali (fragrance). Wishful (skin care).

KEY FINANCIALS: N/A

 

97. LUXURY BRAND PARTNERS

NEW YORK 

2021 BEAUTY SALES:

$249.9 MILLION (EST).

+19% VS. 2020 (EST.)

+22.5% VS. 2019 (EST.)

MAIN BRANDS: R+Co, R+Co Bleu, IGK, V76 by Vaughn, In Common (hair care). Smith & Cult (makeup, nails). One/Size (makeup). Elaluz (makeup, skin care).

KEY FINANCIALS:

U.S.: 80% of sales

International: 20% of sales, led by Australia and Canada

 

98. ALFAPARF GROUP

OSIO SOTTO (BERGAMO), ITALY

2021 BEAUTY SALES:

$247.2 MILLION

€209 MILLION

+37% VS. 2020

+7.7% VS. 2019

MAIN BRANDS: Alfaparf Milano, Yellow, Alta Moda é…, Il Salone Milano (hair care), Ten Science, Dibi Milano, Becos, Olos (skin and body care). Solarium (sun care). Decoderm (skin care/makeup).

KEY FINANCIALS:

Main markets:

Italy: €75.9 million (+34% vs. 2020, +12.6% vs. 2019)

Brazil: €29.3 million (+68% vs. 2020, +5% vs. 2019)

Mexico: €19.6 million (+67% vs. 2020, +12% vs. 2019)

 

99. MAESA

NEW YORK 

2021 BEAUTY SALES:

$241.3 MILLION (EST.)

+78 % VS. 2020 (EST.)

+145.2% 2019 (EST.)

MAIN BRANDS: Kristin Ess, Flower Beauty, Hairitage, TPH by Taraji, P2, Hey Humans, Anomaly, Mix:Bar, Believe Beauty, Believe Skin, Root-to-End, GoodBaths.

KEY FINANCIALS:

Total Maesa sales: $344 million +46% vs 2020 (EST.)

Hair care: 53%

Color cosmetics: 31%

Bath & body care: 7%

Fragrance: 6%

Skin care: 3%

 

100. ABLE C&C

SEOUL

2021 BEAUTY SALES:

$232 MILLION (EST.)

KRW 265.75 BILLION (EST.)

-13.6% VS. 2020 (EST.)

-37% VS. 2019 (EST.)

MAIN BRANDS: Missha, A’Pieu, Swiss Pure, Mefactory, TR (skin, bath and body care; makeup).

KEY FINANCIALS (EST.):

Operating loss: KRW 22.28 billion vs. KRW 68 billion in 2020

Net loss: KRW 42.47 billion vs. KRW 88.26 billion

 

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