Call it a year of mostly ups and some downs: In 2014, 77 percent of the world’s leading beauty companies—including number one, L’Oréal—posted sales gains. But one look at the WWD Beauty Inc Top 100, our annual ranking of the world’s biggest beauty companies, shows that some key players faced significant challenges. Not least of these was caused by currency fluctuations, which had a significant impact on many firms. For example, with the exception of the big three (Shiseido, Kao and Kosé), Japanese companies all dropped a few places in the ranking, while certain European companies, particularly those with large businesses in countries plagued by political and economic instability, like Russia and Italy, lagged, too. Conversely, no surprise that South Korean firms all climbed up the rankings, in large part thanks to brisk international business, particularly in China.
In terms of categories, companies with exposure to the professional hair-care channel generally continued to see their sales affected by the weakness in that segment.
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One notable trend in 2014 was the acceleration in acquisition activity by the leading players—L’Oréal and the Estée Lauder Cos., but also Coty, with its surprise agreement to buy Bourjois from Chanel. With the exception of L’Oréal’s purchase of Niely do Brasil, the acquisitions were not large enough to affect the companies in the ranking, and since that acquisition was finalized in 2015, Niely maintains its own place for 2014, at number 100.
Private equity firms were less acquisitive than in previous years, meanwhile, meaning that they did not continue to progress up the Top 100 as was the case in prior years. Following the sale of the majority of its beauty holdings, TSG Consumer Partners was one company to disappear from the ranking.
Total sales for all 100 companies reached $207.41 billion, a 1.4 percent increase year-on-year. L’Oréal accounted for 14.4 percent of total sales, while the top 10 companies overall generated sales of $120.42 billion, or 58 percent of total Top 100 sales.
The numbers aren’t the only thing that continues to grow. WWD Beauty Inc’s Top 100 is bigger and better as well, with expanded quantitative and qualitative analysis to deliver an in-depth picture of the year in beauty.
2014 Beauty Sales:
+1.8% V. ’13
Subsidiaries + Main Brands: CONSUMER PRODUCTS: L’Oréal Paris, Garnier, Maybelline New York, SoftSheen Carson, Essie, Magic, NYX Cosmetics, Carol’s Daughter. PROFESSIONAL PRODUCTS: L’Oréal Professionnel, Kérastase, Redken, Matrix, Decléor, Carita. L’ORÉAL LUXE: Lancôme, Giorgio Armani, Yves Saint Laurent, Kiehl’s, Biotherm, Ralph Lauren Fragrances, Clarisonic, Shu Uemura, Urban Decay, Diesel, Helena Rubinstein, Cacharel, Viktor & Rolf. ACTIVE COSMETICS: Vichy, La Roche-Posay, SkinCeuticals, Roger&Gallet. The Body Shop.
Year in Review: 2014 was a year marked by an acceleration of acquisition activity for the world’s largest beauty company, which registered strong performance for its Active Cosmetics and L’Oréal Luxe divisions and stepped up its digital transformation with the appointment of Lubomira Rochet as chief digital officer. The firm acquired California-based makeup brand NYX Cosmetics and finalized its purchase of Decléor and Carita, which will allow it to expand in the professional beauty channel. It also acquired Magic Holdings and Niely Cosmeticos to help it to continue expanding in emerging markets. Further acquisitions included the U.S. brands Sayuki Custom Cosmetics and Carol’s Daughter. Company revenues rose 3.7% on a like-for-like basis year-on-year. Net profits increased 66% to €4.91 billion, due largely to the disposal of its half of Galderma, resulting in a capital gain of €2.1 billion, or $2.79 billion. The transaction was part of a buyback of 8% of L’Oréal shares held by Nestlé. 2013 revenues were also restated to class Galderma as a discontinued operation for that period. Every division except the Consumer Products division posted sales increases. This included 5.7% growth to €6.2 billion for L’Oréal Luxe, which saw an acceleration in sales in the fourth quarter and outperformed the selective market, buoyed by the dynamic makeup category and fragrances including Yves Saint Laurent’s Black Opium, Armani’s Sí and Lancôme’s La Vie est Belle. The Active Cosmetics division’s 5.3% gain to €1.66 billion was lifted by strong performance on every continent as well as by core brands Vichy and La Roche-Posay, while SkinCeuticals performed well in the U.S. and expanded to new geographies. The Professional Products division was boosted by innovation in a market that remained difficult, growing 2% to €3.03 million. Sales for the Consumer Products division contracted 1% to €10.77 billion, although they picked up towards the end of the year, rising 3% in the fourth quarter. The Body Shop returned to revenue growth, gaining 4.6% to €873.8 million as the decision to hone in on the skin-care category continued to pay off. In a flat Western European market, L’Oréal saw a 3.1% increase in sales to €7.7 billion, with an acceleration in the fourth quarter and strong growth in Germany, the U.K. and Spain. In North America, sales rose 0.6% to €5.39 billion, hampered by weakness for the Consumer Products division. The New Markets zone, including the Asia-Pacific region, Eastern Europe, Latin America plus the Africa and Middle East zone, grew 1.3% to €8.6 billion, strongly impacted by currency effects —growth was 6.9% like-for-like—especially in Latin America and Eastern Europe. Sales in Africa and the Middle East grew 12.5% while Asian revenues gained 4.1%. The company also announced the end of its joint venture with Nestlé for the Innéov supplement brand and the acquisition of a business license for Episkin reconstructed skin models in China. Vichy, La Roche-Posay and Kérastase launched in Asian travel retail, and L’Oréal Paris launched the Makeup Genius app. Following its transaction with Nestlé, the Bettencourt Meyers family upped its stake in L’Oréal to 33.31%, while Nestlé’s stake was reduced to 23.29%.
London/Rotterdam, The Netherlands
2014 Beauty Sales:
$21.66 Billion (EST.)
€16.3 Billion (EST.)
+1.5% V. ’13 (EST.)
Subsidiaries + Main Brands: PERSONAL CARE: Axe/Lynx, Rexona/Sure/Degree, Clear Scalp & Hair Beauty Therapy, TRESemmé, Sunsilk/Seda/Sedal, Timotei, Motions, Nexxus, Mods, Alberto V05 (except in the U.S. and Puerto Rico), Tigi, Brylcreem, Dove, Lux, Pond’s, Suave, Vaseline, Monsavon, Radox, Duschdas, Black Pearl, Pure Line, 100 Recipes of Beauty, Silky Hands, St. Ives, Lifebuoy, Noxzema (except in Western Europe), Just for Me, Simple, Impulse, Camay, Zest (except North America and the Caribbean).
Year in Review: At Unilever, 2014 brought a change of leadership at the Personal Care division as Dave Lewis, who had been with Unilever since 1987, left the firm in August to take on the role of chief executive officer at the embattled British supermarket chain Tesco. Lewis had been head of Personal Care since 2011. During WWD’s Beauty CEO Summit in May 2014, Lewis had outlined the firm’s ambitions to grow its premium product offering alongside its core mass products, through launches such as a higher-end Dove line called Dove Derma Series, and Toni & Guy and Tigi hair care. Alan Jope, who was formerly president of Unilever Russia, Africa and Middle East, replaced Lewis as president of Unilever’s Personal Care business in September. The year also saw the personal-care giant acquire a number of brands—among them Camay and Zest from P&G—alongside driving innovation in its existing product lines. That innovation, the firm said, helped its personal-care category see underlying sales growth of 3.5% in 2014, stripping out the negative impact of exchange rates, with the category as a whole, including oral care, achieving sales of €17.74 billion in the year ended Dec. 31. But taking into account currency effects, Unilever’s personal-care turnover fell 1.8% year-on-year. Reporting its full-year results in January, the company flagged weaker consumer demand in emerging markets, where growth slowed to 5.7%, and a decline of 0.8% in sales in its developed markets, with a “modest” rise in North America’s performance offsetting a contraction in Europe. Personal Care was particularly affected by the weaker demand, the firm said, with “competitive intensity” also high across the regions. Among the launches that helped Unilever mitigate the effects of that weaker demand were Baby Dove in Brazil, Dove Advanced Hair Series’ Oxygen Moisture range in North America and Europe and Clear Scalp & Hair in Japan. Unilever also launched spray deodorants in the U.S. in late 2014. Unilever said Dove, its biggest personal-care brand, saw double-digit growth in the deodorant category and “consistent” performance in skin cleansing. Paul Polman, Unilever’s ceo, said in January that the company does “not plan on significant improvement in market conditions in 2015,” forecasting that its full-year 2015 performance will be similar to that seen in 2014. In December the firm acquired the Camay soap business and the Zest soap business (outside of North America and the Caribbean), a deal that included the Talisman bar soap–manufacturing facility in Mexico. The sale is expected to close during the first half of 2015. Jope said the acquisition would make Unilever “one of the market leaders in skin cleansing in Mexico, a priority for Unilever and one of the largest markets in the world.” Unilever’s acquisition streak continued into March 2015, when the firm announced an agreement to buy the niche British brand Ren Skincare. Financial terms were not disclosed. In early 2015, Unilever said that its hair-care line Nexxus would re-brand, with new product formulations, as Nexxus New York Salon Care.
3. PROCTER & GAMBLE
2014 Beauty Sales:
$19.8 Billion (EST.)
-3.4% v. ’13 (EST.)
Subsidiaries + Main Brands: Pantene, Head & Shoulders, Clairol, Herbal Essences, Wella, Vidal Sassoon, Aussie, Rejoice, Frédéric Fekkai (hair care). Cover Girl, Max Factor (makeup). Hugo Boss, Lacoste, Escada, Christina Aguilera, Rochas, Bruno Banani, Mexx, 007, Stella McCartney (fragrance). Gucci (makeup and fragrance). Dolce & Gabbana (skin care, fragrance, makeup). Olay, SK-II, Gillette, The Art of Shaving (skin care). Natural Instincts, Nice ’n Easy (hair color). Olay, Safeguard, Gillette, Old Spice, Venus, Camay (body care). Secret, Old Spice (deodorant). Wella Professional, Sebastian Professional, Nioxin, Sassoon Professional, Clairol Professional (professional hair care).
Year in Review: P&G’s beauty woes continued in 2014 as sales dropped 3.4%. In February 2015, the company reorganized its senior management in beauty. David Taylor was named group president of global beauty, grooming and health care, making him the front-runner in the race to succeed A.G. Lafley as P&G’s chairman, president and ceo. Patrice Louvet was named group president of global beauty, overseeing the hair care, cosmetics, prestige and salon professional divisions. Former group president Deb Henretta was reassigned to group president, global e-business. A question lingering over beauty now is how many beauty properties P&G may divest as part of its company-wide sweeping realignment to focus on the 80 or so brands that contribute the majority of its sales. In March 2015, it signed an agreement to sell the Rochas fashion and fragrance business to Inter Parfums SA and last year sold DDF to Designer Parfums. The company expects to announce details of its divestment plans, or at least the largest components, by this summer, with completion by June 2016. In the company’s fiscal year 2014, beauty, excluding shave products, accounted for 24% of P&G’s business. Company-wide, P&G’s largest market during this time continued to be North America with 39% of sales, followed by Europe with 28% and Asia with 16%. In calendar year 2014, hair care, deodorants and personal cleansing sales grew, while there was an overall decline in the salon professional, prestige and skin-care categories. In recent years, P&G has struggled to restore declining sales of its billion-dollar brands Olay and Pantene, particularly in the U.S. In 2014, it signed actress Katie Holmes as the global face of Olay, while a new Pantene collection featuring proprietary technology that conditions hair from root to tip is now shipping. Gucci cosmetics launched and Dolce & Gabbana introduced its first skin-care range. In Europe, Max Factor tapped Gwyneth Paltrow for the promotional campaign 100 Years of Iconic Glamorous Looks. Head & Shoulders, the world’s largest shampoo brand, was boosted with spokeswoman Sofia Vergara in the U.S. and a tie-in with the television show Glee in China. Other product news included the launch of Safeguard DermaGuard+ in Asia, the Refresh body spray from Old Spice and Katy Perry’s InstaGlam collection from Cover Girl. SK-II introduced DNA counseling at Asian beauty counters.
4. THE ESTÉE LAUDER COS.
2014 Beauty Sales:
+5.4% v. ’13
Subsidiaries + Main Brands: Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, MAC, Bobbi Brown, Tommy Hilfiger, Kiton, La Mer, Donna Karan Cosmetics, Aveda, Jo Malone London, Bumble and bumble, Darphin Paris, Michael Kors, Flirt, GoodSkin Labs, Tom Ford Beauty, Coach, Ojon, Smashbox, Ermenegildo Zegna, Aerin Beauty, Osiao, Marni, Tory Burch, Rodin Olio Lusso, Le Labo, Editions de Parfums Frédéric Malle, GlamGlow.
Year in Review: The Estée Lauder Companies went on an acquisition spree in 2014, announcing plans to snap up four brands: Rodin Olio Lusso, Le Labo, Editions de Parfums Frédéric Malle and GlamGlow, completing all the deals by January 2015. The company also continued its push into digital, launching 35 new m-commerce sites to expand into otherwise hard-to-reach international markets. Additionally, travel retail remained a high-growth channel, as did company-owned freestanding retail stores. Sales grew across all segments with skin care, Lauder’s largest and most profitable category, up 4%, makeup up 6%, hair care up 3% and fragrance up 3%, despite weakness at the end of the year. The Estée Lauder, Clinique and La Mer brands drove skin care, while double-digit increases from MAC, Smashbox and Tom Ford boosted makeup. The U.S. was its largest market with 36% of sales, followed by the U.K. with 9% and China with 6%. Excluding China, sales in emerging markets rose in the double digits, with strong results in the Middle East, Brazil, Turkey and South Africa. The American Beauty brand was discontinued at Kohl’s. Agnes Landau was appointed senior vice president, global general manager, Darphin; Peter Lichtenthal became global brand president, Bobbi Brown and Bumble and bumble; and Daniel Annese was promoted to global brand president, Aramis and Designer Fragrances. In November, the Estée Lauder brand tapped model and social media sensation Kendall Jenner as the latest face of the brand.
5. SHISEIDO CO.
2014 Beauty Sales
$7.37 BILLION (EST.)
¥775.91 BILLION (EST.)
+1.9% V. ’13 (EST.)
Subsidiaries + Main Brands: Shiseido, Clé de Peau Beauté, Sea Breeze, Nars, Joico, Aupres, Senka, Urara, Pure & Mild, Za, D’ici Là, Ipsa, Ayura, Ettusais, Shiseido Professional, Zotos, Serge Lutens, Tsubaki. BARE ESCENTUALS: bareMinerals. BEAUTÉ PRESTIGE INTERNATIONAL: Parfums Issey Miyake, Parfums Jean Paul Gaultier, Parfums Narciso Rodriguez, Parfums Elie Saab.
Year in Review: Masahiko Uotani took over as ceo of Shiseido on April 1, 2014 and lost no time in launching an aggressive globalization and modernization campaign. His goal: to make Japan’s largest beauty company an international powerhouse with a strategy built around empowering employees, transforming the company’s culture and sharpening its marketing chops. Overall, Shiseido forecast domestic sales of ¥363 billion for the fiscal year ended March 31, 2015, a decrease of 3.8%. International sales were expected to increase by 7.1% to ¥412 billion. In the first three quarters of the company’s fiscal year it posted net profits of ¥27.82 billion, a 66.1% year-on-year increase, thanks to the sale of the Decléor and Carita brands to L’Oréal. Net sales were up 3.8% year-on-year to ¥555.8 billion during the period. Sales in the domestic cosmetics business declined 2.3% year-on-year to ¥245.4 billion, as the increase in Japan’s consumption tax dampened demand. Shiseido’s overseas cosmetics activity, which comprised 52.3% of total sales, gained 2.8% to ¥290.77 billion. In the first nine months of the fiscal year, sales were up 11.9% in the Americas, 8.4% in Europe, 10% in Asia/Oceania and 11.3% in China. Major launches included Shiseido Ultimune Power Infusing Concentrate.
2014 Beauty Sales:
$6.59 Billion (EST.)
€4.96 Billion (EST.)
+2.3% V. ’13 (EST.)
Subsidiaries + Main Brands: Nivea, Eucerin, La Prairie, Labello, 8×4, Hidrofugal, Florena, Slek, Maestro, Atrix.
Year in Review: Despite what it acknowledged was an increasingly difficult market environment in its categories, growth accelerated for Beiersdorf’s beauty activity in 2014, due to core brands Nivea, La Prairie and Eucerin, as well as innovation. Beiersdorf’s consumer business segment saw 2014 revenues of €5.21 billion, up 2.1%. Organic sales increased 4.8%. Nivea, which represents the bulk of the division’s business, saw organic sales growth of 6.2%, driven by deodorant, shower and body-care products. It gained market share in Japan, Australia, Spain and Brazil. Eucerin’s organic sales grew 6%, with strong business in the U.S., France and Thailand. La Prairie’s sales grew 5.1%, buoyed by strong sales in the U.S., China, Russia and Japan. Weak sales growth of the firm’s Chinese hair-care brands negatively affected the region’s growth rate. Broken down by region, consumer division sales in Western Europe grew 2.2% to €2.24 billion; Eastern European revenues fell 6.2% to €555 million; North American sales increased 4.3% to €349 million, and Latin American business increased 1.4% to €624 million. In Africa, Asia and Australia, sales increased 5.2% to €1.44 billion, with strong gains in the Middle East and South Africa countering softening markets in Asia. In a bid to boost the activity of its smaller brands, Beiersdorf created a new business unit within consumer, dubbed “Pearl Brands,” which groups together Labello, 8×4, Hidrofugal and Florena. Beiersdorf will open a production facility in Sanand, India in 2015.
7. AVON PRODUCTS
2014 Beauty Sales:
-12% v. ’13
Subsidiaries + Main Brands: Anew, Avon Clearskin, Liz Earle (skin care). Skin So Soft, Avon Naturals, Footworks (bath and body care). Advance Techniques (hair care). Avon Makeup, Mark (makeup). Fergie (fragrance).
Year in Review: Avon’s revenues weakened again in 2014 despite new executive appointments, a Web site relaunch and new partnerships with Korres and Coty in Latin America. Skin care slid 11% to$2.59 billion, fragrance fell 11% to $2.12 billion and color declined 13% to $1.56 billion. On a constant-currency basis, beauty sales were approximately flat. North America continued to stumble, with sales down 17% to $1.2 billion, but remains, with Brazil, one of Avon’s two largest markets. Latin America declined 12% to $4.24 billion; the Europe, Middle East and Africa region slid 7% to $2.71 billion and Asia Pacific dropped 7% to $702.7 million. Chief executive officer Sheri McCoy noted that Avon “delivered improvement on both top and bottom line in the second half” and that “reducing structural costs remains a key priority.” James S. Scully was named executive vice president and chief financial officer and Fernando Acosta was named president, North Latin America and Andean Cluster and Avon’s head of global brand marketing. To rebuild skin care, Avon launched the Anew Vitale collection, which claims to revive tired, stressed skin. Avon agreed to pay fines of $135 million in an agreement with the Department of Justice and the SEC stemming from a review of its business practices in China.
2014 Beauty Sales:
$6.21 Billion (EST.)
€4.67 Billion (EST.)
+6% V. ’13 (EST.)
Subsidiaries + Main Brands: Chanel No. 5, Allure, Coco, Coco Mademoiselle, Coco Noir, Chance, Chance Eau Fraîche, Chance Eau Tendre, No.19, Cristalle, Allure Homme, Allure Homme Sport, Bleu de Chanel, Pour Monsieur, Antaeus, Egoiste, Platinum Egoiste, Les Exclusifs (fragrance). Sublimage, Les Temps Essentiels-Resynchronizing Skincare Program, Le Lift, Hydra Beauty, CC Cream (skin care). Le Blanc (skin care, makeup). Rouge Allure, Rouge Coco, Le Vernis, Inimitable, Inimitable Intense, Le Volume, Sublime, Les 4 Ombres, Illusions d’Ombre, Les Beiges, Vitalumière, Perfection Lumière, Joues Contrastes (makeup).
Year in Review: Fragrance was the main growth contributor to Chanel’s beauty activity in 2014, driven by the success of Bleu, Coco Mademoiselle and Chance. Asia and the U.S. were the main geographic revenue drivers. The U.S., France and China, the leading countries for the company’s fragrance and beauty division, accounted for 29% of sales. Chanel’s fragrance revenues advanced 7.7% year-on-year, with all pillar fragrances sharing the positive trend. Key launches were Bleu de Chanel eau de parfum and the Coco Noir body-care line. Makeup revenues grew 5%, due primarily to the lip category in Asia and glosses worldwide thanks to the October launch of Rouge Allure Gloss. Following 13% growth in 2013, the skin-care category increased its revenues by 2.5%, with contrasting results in different regions. The category outperformed the market in Europe with an 8% increase and also grew 8% in Japan. Le Lift, for which the brand launched creams in Europe and a serum and eye treatment in other markets, saw 23% sales growth. Chanel announced the appointment of Lucia Pica as global creative makeup and color designer, effective Jan. 1, 2015, and received an offer from Coty Inc. to acquire its masstige makeup brand Bourjois in an all-share deal worth about $239 million.
9. JOHNSON & JOHNSON
New Brunswick, N.J.
2014 Beauty Sales:
$6 Billion (Est.)
-0.1% v. ’13 (Est.)
Subsidiaries + Main Brands: Neutrogena, Aveeno, RoC, Clean & Clear, Johnson’s, Lubriderm, Piz Buin, Le Petit Marseillais, Bebe, Biafine, Natusan, Penaten, Prim’Age, Vendôme, Sundown, Dabao, Elsker.
Year in Review: Currency headwinds slightly impacted beauty revenues for Johnson & Johnson, which posted a sales gain of 2% on a constant-currency basis. In 2014 the company’s top-three beauty markets were the U.S., China and Brazil, which together generated 50% of sales. Strong advertising and promotions behind its Le Petit Marseillais brand in Europe, the Middle East and Asia helped gain market share, particularly in Russia. The brand also entered Poland. In Latin America, Neutrogena launched the Makeup Remover line and SunFresh, while Johnson introduced deodorants, which drove overall market-share gains for J&J. Moreover, RoC C-Superieur became the best-selling antiaging item in its product segment in Brazil. Neutrogena and Aveeno continued their growth in the U.S. and Asia-Pacific. In Asia-Pacific, Neutrogena sun care grew nearly 25% while Aveeno grew more than 20% in Australia and New Zealand. In the U.S. Neutrogena held the number-one position in mass-market facial care, according to the company. Neutrogena’s Rapid Wrinkle Repair and Makeup Remover wipes lines each grew more than 30%. Meanwhile, the See the Real Me global campaign for Clean & Clear helped the brand return to growth in the U.S. The company named Jorge S. Mesquita as the worldwide chairman of Consumer Companies in December.
10. KAO CORP.
2014 BEAUTY SALES:
+3.4% V. ’13
Subsidiaries + Main Brands: KAO: Bioré, Jergens, Curél (skin care). Soﬁna, Est (skin care, makeup). Asience, Essential, Merit, Sifoné, Feather, Liese, Blauné, Segreta, Cape, Prettia, John Frieda, Guhl, Goldwell, KMS California (hair care). Aube (makeup). Ban (deodorant, except in Japan). MOLTON BROWN: Molton Brown (fragrance, skin care). KANEBO COSMETICS: Sensai, RMK, Suqqu, Aqua Sprina, Twany, Impress, Freeplus, Dew, Blanchir Superior, Freshel, Aqua Lunash (skin care, makeup). Lunasol, Coffret D’Or, Kate Tokyo, Lavshuca, Media (makeup). Doltier, Lissage, Chicca (skin and body care, makeup). Evita (skin, body and hair care; makeup). Allie, Sala (sun and hair care). Suisai (skin care).
Year in Review: Kao Corp. attributed its 2014 growth to strong performance of its cosmetics overseas and healthy domestic growth in skin care, notably for Bioré and Curel. Domestic beauty sales grew 1.7% year-on-year to ¥415.5 billion. Cosmetics sales were up 1.4% to ¥260.6 billion; excluding the effect of currency, sales would have risen by 0.3%. Japanese cosmetics sales were flat due to adverse weather in the summer and the introduction of a consumption sales tax in April. Outside Japan, the activity saw constant-currency sales growth notably thanks to the revamp of Molton Brown. Skin- and hair-care sales grew 5.1% globally to ¥329.3 billion. Skin care was boosted in the Americas thanks to the relaunch of Jergens body-care products. Sales of hair-care products were on a par with 2013, increasing in Japan and declining in international markets. Kanebo Cosmetics contributed a larger share to the gains, with net sales of less than ¥180 billion, representing just over 7%, up from 5% in 2013. Beauty sales generated about 40% of the company’s overall revenues. On a like-for-like basis, Kao Corp.’s beauty sales gained 1.3%. Operating income for the category rose by 18.8% to ¥28.4 billion.