Programming profitable growth (B2B2C) | International C-level, billion-$ P&L Leader | Private Equity Advisor | ex-SVP, Global Consumer Fragrances at dsm-firmenich
TOP 100 BEAUTY COMPANIES: 2023 was a record year with sales reaching $245.17bn (+5.3% or +18bn! vs. 2022). L’Oréal owns 18% (!!) of that, and the top 10 companies almost 60%. More than 3/4 of the TOP 100 have increased their sales, 37 of them double-digit. Just 21 players registered sales declines, and none of them by more than 20%. Interestingly, companies with a broader portfolio across distribution channels did better than those focused on the premium market only. Only exceptions have been high-end fragrance companies who continued to outperform the market. But the landscape shifted, and the agility and cultural relevance of the world’s leading manufacturers was key to their performance. As consumers’ purchasing power is shrinking, they seem more and more discerning about how and where they spend. This is particularly the case in China affecting especially the big players. The market is heavily skewed towards premium products while given the economic slow down, many consumers are moving to bulk purchase. Japanese players were doubly penalized due to consumer backlash over the release of wastewater from Fukushima into the Pacific Ocean. Skin health and dermocosmetics continued to accelerate, while it was another tough year for the majority of direct sellers. Thank you, WWD for pulling this analysis together for us! #beauty #top100 #landscapeshift #consumers #growth
