CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL

BEAUTY

Comment Fragrance forward Inside 2 Retail insights Travel retail

3 Tech bytes Netwatch 4 Trending Companies to watch

5 Data Around the world

6 Interview LVMH Perfumes & Cosmetics global travel retail managing director Gianluca Toniolo 8 Zoom in on Coty’s turnaround plan

10 Seen in show MakeUp in Paris

12 In case you missed it

INSIGHT

The fragrance landscape is set to shift yet again. L’Oréal’s announcement that it would buy the Mugler and Azzaro brands from Clarins is the latest move in the French

group’s strategy to further strengthen its fragrance business. L’Oréal has shown itself to be aggressive in recent years in the category, through building its successful La Vie est Belle fragrance from Lancôme, its Armani Sì franchise and Yves Saint Laurent’s Black Opium. It also launched new brand Proenza Schouler, acquired the Valentino fragrance license and in a bid to get a foothold in the niche segment, purchased Atelier Cologne. This fall, L’Oréal plans to push ahead with its fragrance offensive with three major launches: One from Lancôme, another from YSL and its first from Valentino. The addition of Mugler, and to a lesser extent Azzaro (together the brands are thought to have sales of over $400m), will boost its fragrance firepower and share in the category even further. L’Oréal’s recent fragrance push was perhaps driven in part by Coty’s deal to acquire

P&G’s beauty brands in 2016. This acquisition made Coty the number-one in fragrance and spooked many competitors in the sector. However, Coty has since suffered a series of setbacks with an integration that proved much more difficult than expected—and that has allowed other players to move forward. But L’Oréal’s move to acquire Mugler and Azzaro is not only a sign of the French group’s

aggression in fragrance. It also indicates that increasingly, success in fragrance is about critical mass, big marketing budgets and the ability to absorb a hefty loss if a launch does not go according to plan. All this is something Clarins has opted to leave to L’Oréal so it can get on with developing its core beauty business.

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Oonagh PhillipsEditor in Chiefophillips@bwconfidential.com

Retail insights• UK retailer The Hut Group (THG) is transforming a 12,000ft2 (1,115m2) space in Manchester city center into a retail and experiential marketing concept showcasing its health and beauty brands. The "World of The Hut Group" multibrand retail concept is designed to attract new customers and encourage stronger brand engagement.

• Amazon launched a dedicated platform for beauty professionals on its US store, which analysts say could be a threat to traditional beauty retailers. The Professional Beauty Store sells a large selection of brands and tools for aestheticians, stylists and barbers. Customers must upload a professional license before accessing the store. US-based retailers Sally Beauty and Ulta Beauty saw their share prices fall on the news.

• Could cashierless and automated stores soon be the norm? Amazon is expanding its Amazon Go automated retail concept, with plans to open a 14th location in San Francisco. There are reports of the online giant aiming to open up to 3,000 locations by 2021. Meanwhile, UK supermarket group Tesco is reportedly looking to enter the fully-automated-store fray, partnering with Israel-based Trigo Vision to develop its own concept.

Travel retail

NPD Travel Retail held a conference on travel retail’s evolving beauty shopper in June in Paris. BW Confidential, the exclusive press partner at the event, brings you the key takeaways:

Low Cost Carriers. More passengers are choosing to travel with Low-Cost Carriers (LCCs). Global international LCC pax rose 8% in 2018, outpacing overall pax growth. In Europe, LCC pax growth came in at 5.5% last year and in the Americas it was 11.1%. Asia Pacific saw a 13.1% increase in LCC passenger growth. LCCs are small from a Chinese shopper perspective, but the industry needs to keep an eye on how this trend evolves. NPD notes that LCC passengers spend significantly less than those using legacy airlines.

Chinese travelers. The Social Credit system, a national reputation system being developed by the Chinese government, blocked 17.5 million trips in 2018, and this is before its implementation in 2020. The system could be a major roadblock for Chinese travel in the future.

To watch out for. More space in airports is being given to food and beverage, making it important for beauty to do more to engage travelers. Arrivals shopping is becoming more important. However, visiting a duty-free store in arrivals is still low on the list of what travelers want to do (in sixth place). On the upside, the most popular category in arrivals is beauty.

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San Francisco-based Tribe Dynamics shares exclusive data about beauty trends and brands making waves on social media

Givenchy indulges bloggers in Monaco While it did not rank among France’s Top 10 brands in Earned Media Value (EMV) in May, Givenchy Beauty surged ahead with 52% month-over-month growth. It closed May with $1.3m EMV. The brand galvanized its influencer family by whisking a squad of bloggers, including Julia Flabat (@julia.flabat on Instagram), to

Monaco, where they enjoyed a day of pampering at the Givenchy spa. Julia generated $88.7k EMV as one of Givenchy Beauty’s top-three May ambassadors after not mentioning the brand last month.Tribe Dynamics is a San Francisco-based software company that helps beauty, fashion and lifestyle brands drive and measure digital earned media at scale. For more stories and rankings of top brands and products in international beauty, check out Tribe Dynamics’ May Tribe Top 10 report for France here.

Tech bytes

• Instagram is introducing advertising to its in-app Explore tab, giving brands more opportunities to connect with and expand their audiences. Advertisers can extend existing campaigns with an opt-in feature. More than 50% of Instagram account holders use Explore each month and 80% follow a business.

• Apple is getting deeper into health and wellness by selling a blood glucose monitor called One Drop at select Apple Store locations. The company already offered One Drop through its App Store, but the move to bring it into brick-and-mortar locations underlines Apple's increased focus on consumer-oriented products centered on health.

• UK-based marketing platform Zyper claims to offer new ways of targeting key customers and connecting brands with their "superfans". Zyper's machine-learning marketing software lets brands identify their top 1% of fans on social media and invite them to participate in promotional campaigns. User-generated ad content is created in exchange for various rewards. Banana Republic and Dior are early adopters.

• AI researchers are creating digital simulations of real spaces to teach algorithms how to navigate them, taking cues from traditional flight simulators. Amazon's Scout delivery robots took to real streets after getting around in simulated neighborhoods. Lasers, cameras and even aircraft were used to create life-like digital spaces. Meanwhile, Facebook recently published a dataset that realistically renders indoor spaces to help machine learning models adapt to surroundings.

Netwatch

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Companies to watch

Freedge Beauty. This France-based brand produces natural skincare products made from freshly squeezed organic fruits and vegetables. The direct-to-consumer company aims to disrupt traditional beauty manufacturing by producing and delivering products to customers within 24 hours. Products are delivered in glass jars and bottles that are collected and re-used, thereby yielding zero waste, the company says. Freedge offers several skincare boxes as well as monthly and quarterly subscriptions.

Elsi Beauty. Launched in 2018 by pharmacologist Elsa Jungman, Elsi Beauty has already created a buzz for its skincare line marketed as microbiome-friendly and ideal for sensitive skin. Jungman won the French-American Entrepreneurship Award this year for her clean, laboratory-tested skincare line. The staple product is a Super Moisturizing Serum formulated with only three ingredients.

Goodiebox. This Danish beauty-box subscription company has garnered €5.7m in a funding round and now plans to expand its footprint in Europe. The company aims to reach 150,000 subscribers and €3.3m in monthly sales by the end of 2019. Currently present in five European countries, it plans to launch in four new markets this year, including Germany.

Matt monochrome eyes are in. Single shades of bold, matte color in yellow, green or blue are favored by beauty influencers,

who recommend either minimal make-up elsewhere or application of the same shade

on the lips and cheeks.

Sunscreens designed for scalp protection are gaining momentum. Suncare brand Supergoop launched an SPF 45 powder formula made

especially for the "part" area that is prone to burning. Scalp and hair mists

from brands such as Oskia London eschew chemical sunscreens and claim

additional hairstyling benefits.

#Mindfulbeauty is trending on social and blogs. Also referred to as "slow beauty", it melds practices like deep

breathing and meditation with the use of products believed to relieve stress and promote wellbeing. Market-research firm The NPD Group says UK value sales of aromatherapy-based skincare products climbed around 550% between January

and April 2019.

Head-to-toe-glow is migrating from red carpets to everyday

beauty routines, as brands such as Huda Beauty, Sol de Janeiro and Fenty Beauty by Rihanna launch bronzing oils and liquid "pantyhose" that can be used

anywhere on the body. Bloggers tout their easy application and

accessible pricing.

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Asian consumers & sensitive skin

• Sensitive skin is an issue for Asian consumers, who look for products to address the problem, according to a recent report from market-research company Mintel.

• Some 44% of female consumers in China who use facial skincare say they change or upgrade the products they use to address sensitive-skin issues, while a third (34%) of Chinese consumers who use sheet masks say they are willing to pay more for products specifically designed for sensitive skin.

Amazon & loyalty

• While Amazon attracts 36% of all online retail spend internationally, Wunderman Thompson Commerce’s Future Shopper report found that 16 to 24-year olds are less likely than older shoppers to believe that Amazon offers the best experience for access to brands, easy returns and customer service.

• There are few product categories in which Amazon is not the number-one purchase destination. These include health and beauty products, with 24% of shoppers preferring to go to retailer sites, compared to 21% who shop on Amazon.

• For consumers to choose other retailers and brands over Amazon, they look for cheaper pricing (61%), more attractive loyalty programs (26%), more convenient delivery options (23%) and a better, more specialized product range (18%).

• Brick-and-mortar retail is still important. Some 46% of consumers say they prefer to shop with a brand that has a physical store, which rises to 49% among Gen Z.

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Around the world

US president Donald Trump said he would delay imposing another round of tariffs on imports from China. At the G20 summit at the end of June, Trump and China's Xi Jinping said they would restart trade talks. However, there are doubts over whether the two leaders will come to a long-term agreement. China’s commerce ministry later said there would be no agreement if all tariffs on Chinese imports levied by the US during the conflict were not scrapped.

India’s GDP is forecast to rise 7% in 2019-2020, rebounding from a five-year low, boosted by government reforms. The country’s finance ministry expects India to overtake China to take back its title as the world’s fastest-growing large economy. However, there have been questions over the accuracy of official statistics.

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LVMH reorganized its brands into one division for travel retail last year. Where do you now see the opportunities? The project [to unite the brands in a travel-retail division] has become a reality more quickly than we thought. In make-up, skincare and from the three-axe brand side of things, we have many opportunities worldwide to develop the brands in travel retail. For example, Make Up For Ever is only present in travel retail in Asia, so […] why not develop the brand in the Middle East and in Europe? Aqua di Parma is only in Europe today, and Maison Francis Kurkdjian and Loewe are not present, while Fresh is only in Asia. We are moving fast on this project. We have a double mission: To educate our people

internally about the opportunities in travel retail, which are becoming more important, and to communicate externally to retailers.

Does it give the brands more weight in negotiations with operators?Yes, but it’s not about winning one or two points on the margin during negotiations. Each brand may have different commercial conditions with the same operator, and it will continue like that. We are not here to create a uniform universe, but to provide opportunities for retailers and for ourselves. It’s about being able to grow in the good territories. Where will niche and new brands fit into travel retail? There will be a place for niche brands in travel retail, but retailers' expectations are too high. [These brands] are worth their space, but it will always be a niche space in terms of volume and business. It will be good for retailers because it will allow them to differentiate their offer and it represents newness. These brands will give retailers the capacity to increase the rate of conversion and offer the possibility of capturing more clients and bring them into shops. But clients who enter [a store] for a niche brand will afterwards purchase a [big brand]. We have seen the same thing in the local markets [because these big brands] are the ones that invest, that do big launches, and are capable of capturing the consumer at a brand awareness level.

Looking ahead, how do you see beauty’s development in travel retail? Beauty is the category that has brought important growth and a weight to travel retail; that is going to continue. With fashion, you have to open shops, while beauty takes less space and you can change the assortments faster. We saw that everyone was worried about what would happen in Korea after the new Chinese e-commerce law came in, but the Korean market is exploding. We have data showing the market is at +30% to +40% in Korea. The daigou have reorganized to find the products again, and the retailers continue to increase their market share because they are doing vouchers, promotions and discounts and are well equipped to support the market, so I think that’s going to continue. n

”LVMH Perfumes & Cosmetics global travel retail managing director Gianluca Toniolo

We have a double mission: To educate our people internally about the opportunities in travel retail, which are becoming more important, and to communicate externally to retailers

“

Interview LVMH Perfumes & Cosmetics global travel retail managing director Gianluca Toniolo

In February 2018, LVMH unveiled a new travel-retail division bringing together its perfume and cosmetics brands (excluding Dior and Bulgari). The division's head Gianluca Toniolo tells BW Confidential about its progress

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Zoom in on: Coty’s turnaround plan

The problems & the fixCoty unveiled its much-awaited turnaround plan last week, which will see it spend $600m to lift the performance of its Consumer Beauty division and improve overall profitability. The four-year plan focuses on investment in fewer brands, cost-cutting mainly

from eliminating layers of the organization, and a new management structure that aims to position key markets closer to the executive committee. The strategy is a response to stagnating revenues, losing share to newer

brands on the market, and of course the problem-filled acquisition of P&G’s beauty brands three years ago. Coty admitted that the merger was more complex than initially imagined and that many parts of the acquired business were weak. The group also announced a $3bn writedown on the acquisition of the brands.

Brands & productsFocusing on priority brands, better managing skus and assessing those that work and those that don’t are key to the plan. Coty, however, stopped short of saying that it would divest brands. The group intends to focus on 20 priority brands, which include Gucci, Burberry and Rimmel, and invest behind them rather than spread its resources too thin. It also aims to better match key brands with key regions. It adds that its priority brands will move from 60% of its portfolio to 70%. Coty says it has around 12 brands that have the potential to be global, but that it will also continue to support strong local players, such as Bruno Banani in Germany. The company highlighted that, especially in the Consumer Beauty division,

there are too many slow-moving items and too many sub-ranges that need to be reduced. “Today we have 60% of our skus that are margin dilutive; it is an incredibly high figure,” commented Coty ceo Pierre Laubies. Coty also plans to trade up its products and pursue premiumization,

especially in the Consumer Beauty division. To this end, it will increase its R&D spend to 2.3% of sales, compared with 1.9% today. In addition, it plans to invest more in advertising by using savings that will be made from reorganizing the company. The main difficulty

will be in the Consumer Beauty division, as the mass category is down 1% to 2% where Coty operates. However, on the upside, Coty highlighted that 60% of

An analysis of Coty’s turnaround plan and what it could mean for the group

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s Coty plans to invest more behind its priority brands, which include Gucci, Burberry and Rimmel

its business is on a strong footing and that it has a leading position in several markets, including the US, the UK and Brazil. It points out that in luxury, sales have been in line with or ahead of the market for the past two years and adds that it is the number-one fragrance company. However, growing in fragrance is not easy.

The market is extremely competitive and demands ever-increasing budgets to secure a successful launch. In addition, L’Oréal has

shown itself to be aggressive in this category, as it acquired the Valentino license last year and just announced that it would also purchase Mugler and Azzaro. The French group also has three major fragrance launches coming up this fall from Lancôme, YSL and Valentino. Another weakness is Coty’s presence in emerging markets and in Asia.

However, the group says that under the plan and based on current growth, it expects Asia to account for 15% of sales by 2023, up from less than 10% today.

The verdictShares of Coty fell 14% following the announcement of the group’s turnaround plan. Analysts say that investors were spooked by the $3bn writedown and that they also expected more significant changes in the portfolio or M&A news. There are also worries that the plan, which is heavily focused on bringing profits up to the levels of competitors, may see revenues suffer. For 2020, Coty has stated that sales will decline moderately as it puts the new strategy in place. However, others say that markets need to give Coty the space and time to turn the business around, although adding that bumps along the way are likely. They also point to ceo Pierre Laubies’ track record in company turnarounds and his success at coffeemaker Jacobs Douwe Egberts, where he worked previously. In a research note, RBC Capital Markets analyst Nik Modi draws a parallel with

Estée Lauder Companies over 10 years ago. “Today, Estée Lauder is recognized as a global leader in prestige beauty with industry-leading top line and margins. However, that was not always the case. When current ceo Fabrizio Freda arrived in 2008 the company struggled with brand imaging, was thought to be structurally impaired to grow due to its channel exposure (mainly department stores) and had Ebit margins around 10%. However, Fabrizio Freda was able to nearly double margins over the next five years, while compounding local currency sales growth at 8% during 2010-2014.” He added: “Today, we hear similar comments about Coty to what we heard about Estée almost a decade ago. We are not suggesting Coty will be the next Estée Lauder overnight. Rather, we are highlighting that the right management team with the right strategy can make a difference. Coty’s progression certainly will not be linear, but increased discipline will move margins and top-line in the right direction, more consistently over the long-run.” n

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Zoom in on: Coty’s turnaround plan

s Coty ceo Pierre Laubies

Seen in show: MakeUp in Paris

German company Geka presented two collections. Tentation is described as a premium range: The packs come in red and orange shades and are characterized by metal components, integrated weights, metallization and lacquering. The collection is part of Geka’s strategy to reinforce its position in the prestige color market. It comprises a mascara, liquid concealer, liquid lipstick, liquid highlighter, concealer sponge and make-up bag. The mascara features Geka’s intenseLashes brush made from the company’s EOSbombyx fiber, which enables fast absorption of the formula into the lashes and provides a volume effect. The liquid concealer in a nude shade includes new standard packaging, fantasticRUBY, which has heavy walls. The second collection puts the focus on sustainable solutions. Called vertTentation, the

collection consists of three green mascara developments. The bottles are made of 100% PCR-PET, produced from post-consumer PET-A bottle scraps. Caps are made of 100% PCR-PP, produced from post-consumer PP waste, while the brushes are made from Geka`s greenLINE fiber that consists of 100% renewable raw materials derived from the castor oil plant. The wiper is made of LLDPE with a bio-based content of 84%, derived from sugar cane. The three mascaras have vegan formulas, are free from parabens and allergens and come in an eco-friendly bag made from cork and canvas.

France-based Cosmogen showed its Half Moon Brush, a three-in-one brush offer, where the brushes can be combined or separated. It can be used as one brush to apply powder to the face, while the half parts can be used for contouring and highlighting. It also presented Precious Ridoki, a new take on the jade roller for facial massage. The three rollers use three stones with different colors and textures.

German company Schwan Cosmetics was out to show that it has expertise in more than just pencils and presented an expanded portfolio at the event. The company has made a foray into compact powder, and said it wants to be a ‘one-stop shop’ for its clients and is looking to diversify its offer. Schwan Cosmetics presented two new product collections: Fruity and Artistique. The Fruity line (top) includes its new compact powder, consisting of a blush and an eyeshadow in a range of colors. The Artistique collection (bottom) is positioned as a luxury make-up line. The company also highlighted packaging designs showing Instagrammable 3D-printed solutions for customized products.

Germany-based Faber Castell showed its new collection Privil’age, which the company says caters to women who want to feel good about looking good. It includes what Faber Castell calls seven caring cosmetic pencils with rich pigments. Each formula has a mix of active natural oils, hydrating ingredients or powders for smooth application. It includes a concealer with wild rose oil, a powder eyeshadow with marula oil and a hydrating two-in-on formula for lips and cheeks with shea butter.

Texen showcased a collection of five turnkey lip applicators for lip make-up and lip care. Called Beautifull Lips (right), the collection uses Mucell technology to produce a smooth, lightweight feel, and each of the five applicators targets a specific result and is adapted to a different type of formula. The products have a short wide stem to allow application close to the lips. The applicators include The Donut, which has a chubby shape with

BW Confidential reports on innovations presented at the 10th edition of the MakeUp in Paris show, which took place from June 18-19

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lateral cavities to capture the formula, and The Seashape, an asymmetric form for highly pigmented matte formulas. Its pointed tip also aims to ensure precision, while the concave part allows the user to fill the lips with color and its rounded back serves for finishing. The Russian Doll combines three benefits—allowing a shaded effect, a precise gesture and light effects when combined with a metallic formula. The Facet is designed for exfoliating formulas, and the Spatula for hydrating formulas. Texen also showcased its new eco-designed product range. It presented a single brush

handle that can be adapted to a range of 10 different brushes. The idea is to minimize the use of plastic with just one brush handle. It also presented its Stylo or clicpen, an 8ml refill that is housed inside a pack and can be easily clipped in or removed. It can be used for a range of product, including fragrance, skincare and make-up.

Japanese company Nippon Shikizai’s France-based Thepenier division presented the Blue Light Shield Mist, a spray mist intended to protect the skin against damage from blue light emitted by phones and computers. The formula is said to contain 99.3% natural ingredients and is vegan. The company also presented a Blue Light Shield Eyelid Gel, as blue light is said to be one of the first causes of lines and wrinkles around the eye. Another product on show was the In&Out Pollution Cleanser, which is a thick gel oil-

like texture that turns into a milk when rinsed. When massaged on the skin, the carbon microbeads are crushed and softly scrub the skin and pull out pollutants. The finish on the skin is said to be silicone-like, although no silicone is used in the product. Also in terms of innovative textures, the company presented iCream, a hand cream that is said to be non-sticky, non-greasy and absorbs into the skin quickly. In terms of trends from Japan, the company highlighted its 3 W (Warm Water

Washable) Liquid Liner, which has a thin brush for precision application and a long-lasting formula that can be removed with warm water. It also focused on sun protection products, which for Japanese consumers require high SPFs, a light texture and a formula that is transparent and does not leave a white trace on the skin.

Key trends seen in show• Sustainable make-up. Demand for eco-designed packaging and applicators for color cosmetics was much in evidence at the show.

• Vegan. Many products boasted vegan credentials. Executives said that vegan is now becoming seen as standard in formulas.

• Indie brands. Formulators and packagers continue to look at how they can better serve indie brands, given the growing share of market these companies are taking.

• Speed to market. Getting products out fast to respond to the latest social-media trends is still seen as key, and increasingly for more established legacy brands.

• Premium focus. More companies are looking to better position themselves in the luxury market, given its growth prospects and the tough market for mass color.

• Hemp. CBD has made its mark in skincare, but is beginning to be seen in color.

• Long wear. Long-lasting lipsticks and mascara are still in much demand

Seen in show: MakeUp in Paris

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CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL

In case you missed it

L’Oréal in talks with Clarins to acquire Mugler and Azzaro

Coty announces new structure, cost cuts in turnaround plan

L’Oréal takes stake in plastics recycling biotech company Carbios

Amazon launches professional beauty platform in US

Lancôme looks to youth with Idôle fragrance

Lancôme to launch new-generation Génifique focusing on the microbiome

Shiseido rolls out personalized digital skincare system Optune

Alibaba unveils new Tmall Flagship Store concept for branded sites

ELC makes Smashbox & Glamglow appointments

KDC/ONE acquires Alkos Group

Boots unveils new Beauty Hall concept

Brazil gets new niche perfumery store

Dufry’s Rene Riedi named chairman of IAADFS Go to bwconfidential.com for full stories and daily news updates

The leading publication on the international beauty industry

www.bwconfidential.com N°38 May-June 2019

InterviewL’Oréal chief digital officerLubomira Rochet

Market watch: ChinaTmall and beyond,KOLs & pricing

Travel retail: South KoreaData, daigou &operator strategies

PackagingThe latest trends inturnkey solutions

Insight: SkincareClean beauty, personalization & social media

The leading publication on the international beauty industry

BW Confidential 17 rue Louis Rouquier, 92300 Levallois-Perret, France contact@bwconfidential.com Tel: +33 (0) 1 74 63 49 61 www.bwconfidential.com ISSN: 2104-3302 Publisher: Nicolas Grob ngrob@bwconfidential.com Editorial Director: Oonagh Phillips ophillips@bwconfidential.com Journalist & Copy Editor: Katie Nichol knichol@bwconfidential.com Journalist: Monica Defrances mdefrances@bwconfidential.com Contributors: Sophie Douez, Alex Wynne, Renata Ashcar, Mayu Saini, Corinne Blanché, Naomi Marcoulet, Kevin Rozario, Tina Milton Subscriptions 1 year: Beauty Insight (20 issues) + Print Magazine (4 issues) + This Week in Beauty + Daily News + Collector’s Guide + Beauty & Travel Retail Special Edition: €549/US$769 subscribe@bwconfidential.com Advertising advertise@bwconfidential.com BW Confidential is published by Noon Media 513 746 297 RCS Nanterre Copyright © 2019. All rights reserved. Reproduction in whole or in part without permission is strictly prohibited.

The next issue of BW Confidential’s Beauty Insight out on August 27, 2019 • The latest retail and tech news • Interview • Travel retail data • Beauty trends • Social media insights

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