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Millennials continue to be an obsession among marketers. Products are designed with the young

consumer in mind (whether it be the formula, the packaging, the design or the message) and brands are falling over themselves to make sure they are on the latest social platform popular with youthful audiences. Targeting young consumers is nothing new. For years,

brands have been looking to hook the high spenders of tomorrow. However, the current fixation with millennials seems to go further, perhaps fueled by the importance of

digital and the association of technology with youth, and also the eye-popping numbers of young consumers in new key markets, such as China. But the risk is that as the industry chases after the consumer of tomorrow, it may also end up leaving behind the consumer of today. Millennials are not the only shoppers. There is a large (and also growing) number of older consumers, many of whom have greater purchasing power than their millennial counterparts, more time to shop and perhaps even more awareness about the need to preserve their health and appearance. From this perspective these non-millennials look like a marketer’s ideal opportunity. It would be a shame to overlook it.

The millennial mistake? The buzz 2News roundup

Netwatch 7 Social media monitor

Interview 8 Granado president Christopher Freeman

Insight 10 Fragrance in China

Store visit 13 Augustinus Bader, Paris

Oonagh PhillipsEditor in [email protected]

www.bwconfidential.com The inside view on the international beauty industry March 8 - April 4, 2018 #165

News headlines daily on www.bwconfidential.com @BWCbeautynews

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l Cosmoprof Worldwide, Bologna, March 15-19 l Duty Free and Travel Retail Summit of the Americas, Orlando, March 18-21 l Esxence, Milan, April 5-8

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News roundup

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At a glance...

Strategy

Japanese group Shiseido has unveiled its new three-year plan for 2018-20, the second part of its Vision 2020 strategy developed in 2014. With this new plan dubbed ‘New Strategy to Accelerate Growth’, the company aims to be among the top three companies in the global prestige cosmetics market, while maintaining a strong position in Japan and Asia. Shiseido is forecasting a CAGR of more than 8% over 2018-2020, with the aim of exceeding ¥1.2tn ($11.4bn) in sales by 2020 and generating an operating income in excess of ¥120bn ($1.14bn). In the first three years of the group’s Vision 2020 strategy (2015-2017), Shiseido exceeded ¥1tn ($9.4bn) in sales, a target originally set for 2020.Key measures in Shiseido’s new plan include:• Increasing marketing investment for a combined sum of ¥120bn ($1.14bn) over the

next three years.• Following a ‘prestige first’ strategy, focused on boosting its sales of make-up and

fragrances, while strengthening its profit base by growing its biggest category of skincare. • Promoting four brands currently marketed mainly in Japan (Elixir, Anessa, Senka and

Integrate) in China.• Restructuring its supply system and increasing capital expenditure by ¥130bn

($1.14bn) within the next three years to build new factories and strengthen cooperation with suppliers.• Accelerating digital. This will focus on strengthening e-commerce and personalization

technologies, as well as centralizing the management of data and building an integrated IT platform for an investment of ¥27bn ($255.8bn) over the next three years.• Boosting R&D. Shiseido will increase the number of its R&D personnel to 1,500 and

aim to invest 3% of sales in R&D by 2020. From December 2018, the Global Innovation Center in Yokohama, Japan, will begin operating, acting as a hub for all of Shiseido’s innovation centers globally. In Boston, US, Shiseido will establish a Technology Innovation Center.• Talent development. The company plans to invest ¥14bn ($132.5m) in talent

development over 2018-2020.The company said that Japan, China, Asia Pacific and Travel Retail will continue to be

growth engines, and that it will work on improving profitability for its Americas and EMEA regions. The aim for these regions is for a more than 10% operating profit margin.

Spain-based Puig has inked a long-term beauty license with shoemaker Christian Louboutin. The Louboutin beauty business, which includes make-up and fragrance, was launched in 2014 in collaboration with US-based Batallure Beauty. n n n

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n Shiseido unveils new three-year plan

n Puig inks license with Christian Louboutin

n Chloé unveils new scent

News roundup

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n n n US-based Interparfums Inc has signed a 15-year fragrance license with lifestyle brand Guess. The company says it aims to build the existing Guess men’s and women’s scents and launch new products for the brand in early 2020. The Guess fragrance license was most recently held by Coty.

US-based Revlon has signed a fragrance agreement with fashion brand AllSaints. Founded in London in 1994, AllSaints is distributed in 31 countries and did sales of more than £300m ($416m) in its 2016 to 2017 financial year.

Chinese retailer JD.com has launched new AR/VR make-up features to help customers test cosmetics on their faces before buying. The new feature, called JD’s AR Styling Station, is an upgrade from its previous AR make-up platform. Using the JD mobile app, consumers can virtually try on products including lipstick, blush and colored contact lenses. JD has also added features to enable customers to share their photos with friends, which it says will help drive traffic and increase conversion rates for brands. The launch of AR Styling Station is part of JD’s broader effort to create personalized shopping functions. In the past two years, JD says it has seen an increase in consumers purchasing international beauty brands, particularly as younger consumers are looking for higher-end beauty products. JD says it will introduce about 200 more high-end beauty brands to Chinese customers in 2018. JD claims to have 266 million customers.

US-based Coty has launched a Digital Accelerator program for technology start-ups. The program’s first focus is Artificial Intelligence (AI). Start-ups are invited to select any one of Coty’s 70+ brands and submit their AI pitch. Coty will choose up to eight start-ups to present their ideas at the group’s Quarterly Digital Accelerator Summit on March 27-28 in London and New York.

Swiss group Givaudan has set out to translate the pleasure of certain tastes or flavors to fragrance with its new creative program Delight. Givaudan perfumers worked with the group’s flavorists to explore the facets of pleasure associated with flavors (such as fruitiness, sweetness, juiciness and tanginess), and bring what the group calls their moreishness, intensity or mouth-watering element to fragrance. The project resulted in a collection of bases covering themes such as a Brooklyn breakfast (featuring bases of pretzel or bacon) and cocktail (with bases like rice cracker). As part of the project, Givaudan introduced a new type of methodology to assess consumers’ non-verbal responses to the fragrances. Instead of using questionnaires, the group observed 250 physical responses, such as salivation, surprise and blushing. Givaudan says that in the tests, the Delight fragrance bases triggered higher levels of pleasure and craving than other bases currently available.

Dutch brand Rituals has launched in Middle East travel retail with a dedicated retail area in Dubai Duty Free at Dubai International airport. The area will stock body and home products from the brand’s collections, and a range of travel-exclusive sets. “We opened our own standalone downtown store in Dubai Mall in 2016 so we have been steadily building our brand awareness in Dubai over the past 12 months. Now, our dedicated retail area with Dubai Duty Free represents a major breakthrough for us in travel retail in the region,” comments Rituals director global travel retail Neil Ebbutt. n n n



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Packager Albéa has acquired Covit SL, a manufacturer of metal parts, from private-equity fund PHI Industrial. Based in Spain, Covit specializes in stamping and anodizing, as well as dispensing systems. The company, which was founded in 1979, employs 200 people and posted sales of €20m in 2017.

Packaging and chemical group PSB Industries has reorganized its Luxury & Beauty division Texen. The new structure is based on three pillars: Texen Industries, the group’s industrial base; Texen Beauty Partners, which will group together its different trading entities in Europe and the US as well as a sourcing department in China, and Texen Innovation, which brings together marketing, communication and innovation. The new structure, with its own board of directors, is headed by managing director Ludovic Anceau (pictured). Texen represents nearly 50% of PSB’s business.

Germany-based hot stamping and coating technology specialist The Kurz Group has developed an environmentally friendly finishing process for sealing caps made from plastic. The company claims that the process, called CAP-tivate Luxury, enables a wide variety of surface designs to be transferred in a dry, emission-free and energy-saving way. This capability also extends to metallic and chrome designs, which can be achieved without electroplating. The coating’s composition can be tailored to the environmental requirements of the customer. A wide range of nature-inspired designs can be used to decorate the lid. The designs can be combined with partial soft-touch surfaces and different effects can be used for the top of the lid and its sides.

Results

Germany-based Beiersdorf’s sales grew 4.5% to €7.06bn in 2017. On an organic basis, sales were up 5.7%. In the Consumer Business Segment, sales increased 3.4% (+4.7% on an organic basis) to €5.799bn. Nivea sales increased by 4.5%, Eucerin sales grew 3.4% and La Prairie sales were up 11.5%. Beiersdorf’s profit after tax fell 5.2% to €689m in 2017. For 2018, the company is targeting sales growth of around 4%.

US-based Elf Beauty posted net sales up 7% to $81.6m for the fourth quarter of 2017. Net income was $21.5m, against net income of $6.6m in the same period last year. For fiscal 2017, Elf Beauty posted net sales up 18% to $269.9m. Net income was $33.5m. n n n

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Estée Lauder Companies (ELC) has appointed Philippe Pinatel as senior vice president, global general manager, MAC Cosmetics. Pinatel joins ELC’s executive leadership team and will report directly to John Demsey, executive group president. Pinatel has been president and coo of beauty retailer Birchbox since 2015. Pinatel succeeds MAC Cosmetics global brand president Karen Buglisi Weiler, who is stepping down after 20 years with the brand on December 31, 2018. From this July, Buglisi will move into an advisory role for MAC and ELC’s North America region.

Stéphane Rinderknech (pictured), ceo of L’Oréal China, has joined the group’s executive committee. L’Oréal said that China’s strong growth and digital and e-commerce development are key to the group’s strategy and that the participation of L’Oréal China in the executive committee will speed up its reaction on these areas. Rinderknech has been ceo of L’Oréal China since 2016. L’Oréal also named Jean-Claude Le Grand executive vice president human resources and

member of the group’s executive committee. The appointment is effective July 1. Le Grand replaces Jérôme Tixier. Le Grand has worked alongside Jérôme Tixier for the last seven years as director of international HR development and corporate diversity.

Italy-based brand Salvatore Ferragamo’s ceo Eraldo Poletto has left the company on March 8. Poletto took on the role of ceo in 2016. A successor has not been named.

German company drom fragrances is looking to expand in Africa with the appointment of Jörg Schaper as account manager Africa. Schaper has more than 30 years of experience in the African market and has worked for Dragoco (Symrise) and Fragrance Resources.

Data

French cosmetics exports grew by 12% in 2017, exceeding €13bn, according to French cosmetics association Febea. Skincare and fragrance continue to account for three quarters of French cosmetics exports. Exports to European Union countries grew 6.2%. Exports to North America saw growth of 19%. French cosmetics exports to Asia were up by 25%. Some 20% of French beauty exports are now shipped to Asia, representing more than €2.6bn. Exports to the Middle East increased 13.1%. North Africa was the only market to see a drop in French cosmetics exports in 2017, with a decline of 14%.

Launches

Coty has unveiled a new Chloé scent, called Chloé Nomade. The floral chypre fragrance was created by perfumer Quentin Bisch of Givaudan. It contains notes of oak moss, mirabelle and freesia. French actress Ariane Labed is the face of the fragrance. She features in a campaign shot in Rajasthan by contemporary artist Ryan McGinley. Launched in February, the fragrance retails at €60.60 for the 30ml EdP, €88 for the 50ml EdP and €105 for the 75ml EdP. n

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BW Confidential reports on what’s being said about beauty on social networks

Social media monitor

The latest natural-based hair color launches by L’Oreal—Botanea from L’Oreal Paris (pictured) and Color Herbalia from Garnier—have created much excitement on the web, with bloggers lauding the move to make hair color products safer.

The #skinpositivity movement, which encourages people to embrace their skin imperfections, is currently gaining ground on social media and is giving rise to related movements like #acnepositivity.

IT Cosmetics’ new Bye Bye Foundation Full Coverage Moisturizer SPF 50+ (pictured)has interested bloggers for appearing like a foundation but positioning itself as a moisturizer. The line comes in 12 shades and is described as a full coverage moisturizer which protects, treats and nourishes the skin with ingredients like hydrolyzed collagen, hyaluronic acid, fermented plant ingredients and sunscreen.

There are high expectations as at-home skin diagnostic tools start to hit the mainstream, notably Neutrogena’s SkinScanner, which was presented at the CES 2018 show. Such tools will be able to offer more objective and precise analysis compared to online questionnaires, say bloggers.

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Brazil-based Granado, which manufactures cosmetics and fragrance and claims to be the country’s oldest pharmacy, got a boost in 2016 when Spain’s Puig took a minority stake in the company. Granado is now out to develop its international business and roll out its store concept both at home and abroad. Granado president Christopher Freeman tells BW Confidential about the company’s development

Branching out

What has changed at the company since Puig took a minority investment in 2016? The capital invested by Puig helped a lot with the financial situation of Granado. It meant that the debts we had for the construction of our new factory were absorbed. We have also exchanged a lot of ideas and information with them, and we continue to study ways that we can work together.

What are your current priorities for the Brazil market? In terms of sales, we grew by 12% in 2017. We expect to increase our sales by another 15% in 2018. The plan is to continue opening our own stores. We opened 10 stores last year, and we will open another eight this year. We will continue to launch new products on all of our lines, but this year we will focus more on the fragrance lines.

How are you weathering the difficult market in Brazil? Despite the difficult situation in Brazil, Granado continues to invest in the future. As I said, our sales increased last year above the market average. And we continue with our normal pace of new product launches and sales. Our strategy is to continue selling quality products at affordable prices.

What are your priorities for international expansion? Is your international strategy based primarily on having your own standalone stores? For our international expansion, we have already opened our first store in Paris [the brand opened a store in Paris’ Saint Germain area in December 2017] n n n

Granado president Christopher Freeman

Granado l Founded: 1870l N° of standalone stores: 59 in Brazil, one in Parisl Total n° of doors: 50,000 (drugstores, supermarkets, perfumeries, online)



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n n n and our e-commerce site, which serves several countries in Europe. For now it is in French, but we will soon make the site available in English and Portuguese and it will serve to distribute our products throughout Europe.Our strategy in Europe is the same as our strategy in Brazil: to open our own

stores to showcase our products while also studying other points of sale, such as [Paris department store] Le Bon Marché—which will continue to sell our products. And also like Sephora Europe, which will start selling some of our products in 220 of its stores from May this year.First, we want to consolidate the performance of the store and other activities

in Paris, and then once we get everything up and running, we will look at other possibilities.

What was the rationale for entering Sephora in Europe? It was an opportunity that appeared to help show our products to the general public there. Sephora buyers visited our space at [Paris department store] Le Bon Marché and were delighted with our products, especially the Brazil Nut line. We expect that by working with them, we will optimize our sales. The product range sold there will for now will be a small mix and affordable.

How do you see your distribution model evolving, in terms of your own stores and wholesale distribution through specialty stores, pharmacies and other outlets?Our distribution in Brazil consists of 25% of business from our own stores, while wholesale represents 75% of our business. We expect our stores to grow gradually. Maybe in Europe our stores will be more important for the moment, but it is still too early to be sure. n

Granado president Christopher Freeman

s Granado’s distribution model is a mix of standalone stores and wholesale through specialty stores and pharmacies

”Granado president Christopher Freeman

Our strategy in Europe is the same as our strategy in Brazil: to open our own stores to showcase our products while also studying other points of sale

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How the scent market in China is set to evolve

On the up

Fragrance in China

While fragrance is still a small part of the beauty market in China, industry players are hopeful about the category’s expansion. Analysts say that

fragrance could see a similar trajectory to make-up, a category that just a few years ago was tiny in China, but now is seeing strong growth and driving the market. Industry players add that once China begins to participate in the fragrance category, the global perfume market will benefit from a major boom. Fragrance sales in China rose 2.9% to $830.7m in 2017, according to

forecasts from market-research provider Euromonitor International. Premium fragrances outperformed the market to grow 4.8% to $602.8m, at the expense of mass fragrances which declined 1.9%. Over the year 2018, Euromonitor forecasts that total fragrance sales in China will grow 8.1%, with premium sales set to increase 10.2%. Euromonitor adds that this trend should continue through to 2021. “Consumers are expected to trade-up from mass to premium fragrances, or even customized fragrances in line with their rising disposable incomes, which is also likely to boost the forecast performance [of the category],” comments a spokesperson for Euromonitor. Prestige fragrance sales in China are concentrated in traditional high-end n n n

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credit: istock


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www.bwconfidential.com - March 8 - April 4, 2018 #165 - Page 11

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n n n retail channels, with luxury western brands like Chanel (12% value market share in 2016, according to Euromonitor) or Dior dominating the market in tier-one cites. Chinese consumers’ enthusiasm for fragrance is likely to remain centred in the big cities, say analysts, as more wealth is injected into these economies and expanded retail options for fragrance generate excitement around the category. “When you look at the big cities like Shanghai, there are more consumers [becoming interested in fragrance], but in the other cities fragrance is still a bit stagnant,” comments Gentlemen Marketing Agency founder Olivier Verot. He adds that the fragrance market in China has yet to truly take off and that despite an interest in niche players, the category is still dominated by big brands.

Changing Chinese habitsChinese consumption of prestige fragrance has been underpinned by purchases of large 100ml formats primarily offered as gifts. However, as more middle-class generation Z consumers discover the category, they are increasingly looking for fragrances in smaller formats at lower price points. Picking up on this demand, mass retailer Watsons and US fragrance retailer Demeter Fragrance Library—which has ten stores in Beijing and Shanghai—are introducing fragrances and fragrance products at lower prices. In addition, social-media platforms like Beijing-based fragrance sampling app ScentPage are set to be key to fragrance discovery by the next generation of Chinese consumers. Launched in 2016, ScentPage is a subscription service that uses an algorithm to make personalized fragrance recommendations. For a monthly fee of RMB99 ($15), subscribers receive two fragrance samples from the collection of niche and prestige brands represented on the app.But at the same time, increased spending power is set to boost the interest in

niche perfumery. As Chinese consumers have become more sophisticated in their beauty purchasing habits generally, and more aware of fragrance from overseas travel, there has been an uptick in demand for high-end niche fragrance brands. Jo Malone (Estée Lauder Companies) has seen strong growth in recent years on the back of a steady string of store openings in tier-one cities and intensive marketing on social media, according to analysts. Meanwhile, brands like Serge Lutens, L’Artisan Parfumeur or Diptyque are increasingly present in niche perfumeries or own-brand stores where they can capture the imagination of consumers with n n n

China fragrance sales by category 2017* Category Sales $m % change

2017/2016Premium women’s 484.4 +4.9Premium men’s 108.6 +4.3Premium unisex 9.8 +1.7Premium fragrances 602.8 +4.8Mass women’s 205.3 -2.0Mass men’s 22.6 -0.6Mass fragrances 227.9 -1.9Total premium & mass

830.7 +2.9

Source: Euromonitor International. Retail sales price. *Forecast

”Gentlemen Marketing Agency founder Olivier Verot

When you look at the big cities like Shanghai, there are more consumers [becoming interested in fragrance], but in the other cities fragrance is still a bit stagnant

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Fragrance in China n n n personalized fragrance experiences. Crucial to their fortunes has been the enlisting of KOLs (key opinion leaders) to push the brands on social media. “[Jo Malone] has been widely accepted by local customers in top-tier department stores and has been positively rated by KOL on social media,” according to Euromonitor. Guerlain too, said it has seen success with its high-service, personalized

approach to fragrance delivered through its Guerlain Parfumeur perfume boutiques. The brand opened its first boutique in Shanghai based on the concept last August (some 75% of the store’s assortment is fragrance and 80% of its sales are done in perfume) and after opening claimed that it was the second-ranking of 25 beauty brands in the mall. The brand highlights that there is a demand for scent in China and for a service-based, customized approach to the category. While cultural sensitivities around wearing fragrance have been a barrier to

overcome in the market, experts predict premium and niche fragrances from foreign brands will become a status symbol for millennial consumers as more brands invest in both marketing and in expanding scent ranges to cater to local tastes. The rapid growth of China’s e-commerce market is also expected to have a positive impact, with consumers turning to trusted online platforms like Tmall or cross-border sites to purchase authentic branded fragrances.

Locals look to scentBut it is not only foreign players that are getting in on the act. Shanghai’s M50 arts district last year became the location of the first Minorité perfumery, opened by a Chinese businessman and stocking some 15 independent fragrance brands. And while competition among multinational prestige players is expected to heat up, local brands are also on the hunt for a share of the market. Euromonitor notes that Chinese fragrance brand Maysu (Jala Group) launched a premium line in 2016, while Carslan and LF Beauty formed a joint venture aimed at tapping into the fragrance market. Brand intelligence and design firm Centdegrés China general manager

Matthieu Rochette Schneider says that Chinese brands can be expected to aggressively target the fragrance segment over the next year. “Every month I see greater attraction emerging in China for fragrance and fragrance products in the larger sense of the term,” comments Rochette Schneider, adding that his agency is developing fragrance projects for several Chinese beauty companies that will launch in 2018. He says that more than other beauty categories, fragrance provides Chinese brands focused on creativity and innovation with an opportunity to tap into cultural ideals. “There will be a legitimacy and capacity to speak about Chinese culture in a way that is stronger than with other beauty products,” comments Rochette Schneider. “Through fragrance, you can talk about origins, ingredients, culture and sourcing. In one hit you can have a complete adventure.”However, the move by local companies into fragrance is unlikely to constitute

a threat to the major foreign players. Instead, this trend is set to introduce more Chinese consumers to fragrance and encourage them to use it, which would have a positive effect on international brands and the market as a whole. n

”Centdegrés China general manager Matthieu Rochette Schneider

Every month I see greater attraction emerging in China for fragrance and fragrance products in the larger sense of the term

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New skincare brand Augustinus Bader has opened its first flagship store, which it describes as an atypical boutique where consumers can learn about

regenerative medicine. The 81m2 (872ft2) store, in Paris’ Jardin du Palais Royal, aims to highlight the

three pillars of the brand, which was created by professor Augustinus Bader, a leading scientist in the area of regenerative medicine and stem-cell research. The three pillars are: the brand’s two products, biotech research and the Augustinus Bader Foundation. The brand is based on Bader’s research in regenerative medicine and on

technology he developed to activate and boost the body’s stem cells. This technology was originally used by Bader to develop a hydrogel to treat burn victims. Bader sought to bring the technology to a wider audience and use a portion of the profits to develop his foundation, which provides treatments free of charge to those suffering from severe burns. Some 10% of the skincare brand’s profits will be donated to the foundation. At the store, consumers can find out more about this regenerative approach

and how the body’s cells can repair and heal themselves. There are also a series of educational tools about regenerative medicine that have been developed specifically for the boutique. Despite this scientific focus, the store has a lounge-like feel and its décor

features custom-made furniture. There is also a grand piano at the back of the store, a nod to Bader’s love of music. The Augustinus Bader brand launched in February with two creams (retailing at

€225) that claim to stimulate the skin, reduce wrinkles and provide a more even complexion. n



Augustinus Bader puts the focus on learning at its first boutique

Science first

Augustinus Bader l Location: Jardin du Palais

Royal, Paris l Opened: February l Size: 81m2 (872ft2) l Special features:

Educational tools about regenerative medicine

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