CONFIDENTIAL CONFIDENTIAL CONFIDENTIA L...fragrance portfolio. The continued interest in niche fragrance is hardly surprising. The category is seeing growth of around 20% a year, according

Comment Inside

CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL

The niche fragrance market is still hot. Last week, Estée Lauder Companies (ELC) announced that it

had acquired French fragrance house By Kilian. The move comes after the US-based group’s purchase of Editions de Parfums Frédéric Malle and Le Labo at the end of 2014, and is intended to reinforce its ultra-luxury fragrance portfolio. The continued interest in niche fragrance is hardly

surprising. The category is seeing growth of around 20% a year, according to some sources, compared with an

average of 4% for the mainstream prestige fragrance market. And while niche still represents only a small part of the overall market, some industry observers predict that the category could account for 20 to 25% of the prestige perfume market in the near future. ELC is of course not the only company to have shown interest in niche

fragrances. Last year, Spanish group Puig acquired L’Artisan Parfumeur and Penhaligon’s. Given the niche category’s growth rates and consumer demand for more original, individual fragrances, more niche acquisitions are likely to be just around the corner.

Nurturing the niche The buzz 2News roundup

Netwatch 5 Social media monitor

Interview 6RR Perfumes e Cosméticos ceo Francisco Brizuela

Insight 8Argentina

Store visit 12 Guerlain, Paris

Oonagh PhillipsEditor in [email protected]

www.bwconfidential.com The inside view on the international beauty industry March 3-30, 2016 #127

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www.bwconfidential.com - March 3-30, 2016 #127 - Page 2CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL

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At a glance...

Strategy

Estée Lauder Companies (ELC) has acquired Paris-based fragrance brand By Kilian. Over the past year and a half, ELC has purchased a string of niche beauty brands, including fragrance companies Le Labo and Editions de Parfums Frédéric Malle. The acquisition is part of ELC’s strategy of focusing its fragrance portfolio on ultra-luxury brands. By Kilian was founded in 2007 by Kilian Hennessy and is sold in more than

40 countries through freestanding stores, department stores and perfumeries. Its key markets are North America, Europe and the Middle East.

Cosmetics services company Cosmetic Design Group (CDG) has taken a majority stake in indie beauty brand Per-fékt Beauty. Hollywood-based Per-fékt Beauty was founded in 2005 and is sold in more than 700 doors globally, including Sephora and Ulta. The brand is known for its perfectors, or multi-functional make-up-skincare hybrid products. The group says that it is looking for further merger and acquisition opportunities.

Takasago has acquired US-based natural fragrance and flavor ingredient company Centre Ingredient Technology (CIT). The move expands Takasago’s natural materials portfolio and is intended to improve quality and costs of natural ingredients. CIT produces natural ingredients through its biotechnology manufacturing processes.

France-based perfumery chain Beauty Success has acquired French beauty salon company Esthetic Center. Esthetic Center is a franchise concept based on the idea of offering accessibly priced beauty services without an appointment. There are around 180 Esthetic Centers, located mainly in France.

French start-up Saabelis has launched a new fragrance testing and sampling tool, called CapScent. The sample is a capsule, which when lightly pressed liberates the fragrance before returning to its original form. This means that consumers can test the scent without having to spray it on themselves. However, customers can also apply the fragrance directly to their skin.CapScent currently exists in four formats, including a sphere and a cube,

although its shape can be customized and the capsules can be personalized with a brand name. n n n

Stay informed with our daily news headlines on www.bwconfidential.com

n Estée Lauder Companies acquires By Kilian

n CDG takes majority stake in Per-fékt Beauty

n Revlon ceo to step down

CONFIDENTIAL CONFIDENTIAL CONFIDENTIALCONFIDENTIAL CONFIDENTIAL CONFIDENTIAL

www.bwconfidential.com - March 3-30, 2016 #127 - Page 3

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Perfumery retailer Sephora France is putting the focus on Korean beauty. The retailer is spotlighting products from its own-brand inspired by Korean trends, such as its cushion products and masks, as well as brands such as Korean-inspired Erborian and Seoul-based Tony Moly, which will make its debut at Sephora’s French stores this spring. Tony Moly was founded in 2006 and markets around 3,000 products. Sephora has

opted to stock skus from the brand featuring fun packaging. These include packs in the form of pandas (for eye serums and hand creams) and a range of fruit-shaped items (apples, bananas) for its lip balms and hand creams. The brand also markets Egg Pore, a blackhead steam balm in an egg-shaped pack that heats and exfoliates the skin and contains egg yolk to absorb excess sebum. Sephora also revealed that it has revamped its own-brand skincare range to be more

‘simple, serious and sensorial’. The new packs show designs that aim to represent the texture of the formula inside, highlight the ingredients and feature the term ‘clinically proven tolerance’. In fragrance, Sephora France revealed it will begin selling new scents from leisure-wear

brands Abercrombie & Fitch and Hollister.

People

US-based Revlon’s president and ceo Lorenzo Delpani is to leave the company, citing personal reasons. He will continue to serve on Revlon’s board of directors and as a paid advisor. It was revealed in January that Revlon could soon be sold. The company appointed Gianni Pieraccioni as its new chief operating officer. Pieraccioni

is currently executive vice president and global president of Revlon’s consumer division. In other news, Revlon reported that net sales rose 4.2% to $521.9m in the fourth

quarter of 2015, while net profit came in at $24.8m. For the full year 2015, sales were down 1.4% to $1.91bn. Net profit for the year was

$56.1m, up 37.2% on 2014.

L’Oréal has appointed Stéphane Rinderknech ceo of its China business. He will also continue to head the consumer division of L’Oréal China. Rinderknech succeeds Alexis Perakis-Valat, who will continue to be in charge of the Asia

Pacific zone as executive vice president and member of L’Oréal’s executive committee, based in Shanghai.Rinderknech joined L’Oréal in 2001. After various management positions with the

Luxe division in Japan and Korea, Rinderknech became vice president of L’Oréal China in charge of the Luxe Division in June 2011. He took the helm of the consumer products division at the beginning of 2015.

German group Henkel has appointed Pascal Houdayer executive vice president of beauty care, effective May 1, 2016. Houdayer, who is currently corporate senior vice president of the laundry and home care business unit, will also become a member of the group’s management board from March. Houdayer replaces Hans Van Bylen, who is to become ceo of Henkel. n n n

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The

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z News roundupn n n Flavor and fragrance company IFF has appointed Dionisio Ferenc as vice president, global fine fragrances.Ferenc, who joined IFF Argentina in 1994, was most recently vice president, regional

general manager fragrances Latin America, a role he had held since 2007.

Data

Sales of prestige beauty products in France fell 0.9% in 2015 to €2.9bn, according to The NPD Group. The market, which was on an upward trend in 2015, was hit by slower traffic in perfumeries in November and December as a result of the terrorist attacks in Paris. In December, sales were down by 1.9%. The fragrance category saw sales fall 1.6% in value. Women’s fragrances were down

2.8% in value (sales of gift sets however, rose by 4.7%), while men’s fragrances reported a 0.6% decline. Skincare put in its best performance in two years, with sales up 0.6%. Despite a difficult

month of December, make-up sales rose 0.4% in value, its highest growth rate since 2013. The category was fueled by growth in lipsticks, which saw sales up 8.5%.

Launches

YSL Beauté (L’Oréal) is launching a new mascara range aimed at millennials, called Mascara Vinyl Couture. The brand claims that the product has a vinyl-like texture and provides high-shine. It also says that the mascara has a highly pigmented formula, thereby producing vibrant color effects. The line comprises nine shades, including two sparkling top coats. The launch will be backed by an advertising campaign featuring model Cara Delevingne. The mascara is launching in May, priced at €33.

P&G is launching a new fragrance this spring for fashion house Alexander McQueen called McQueen Parfum. The scent is based on flowers that bloom at night, with a heart of sambac jasmine, tuberose and ylang ylang. It also features notes of clove, pink pepper, black pepper and vetiver. The fragrance comes in a black glass

bottle with a facetted cap and features gold feathers around the neck. McQueen Parfum launched on March

1 at UK department store Harrods and at Alexander McQueen boutiques in London, Monaco and Paris. The fragrance will roll out on a gradual basis to select prestige points of sale. It retails at €350. n

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Net

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

Social media monitor

There is much talk around what bloggers are calling textured lips products—products that give powdered, velvet finishes or two-toned effects. Novel products in this area include Yves Rocher’s golden loose pigment for the lips and Two Toned Lip Bar from Laneige (pictured).

The trend for dry cleansing and hygiene products has been gaining traction in social media circles. Cleansing sticks, solid shampoos and dry deodorants are especially liked for their convenient formats for traveling and for their economical aspect.

Color correcting pencils or pen concealer innovations have been described as game-changers in the concealer category. Popular items include YSL’s Touche Eclat Neutralizer line. The cult Touche Eclat product is also liked for keeping up with the latest trends.

A new grey-roots hair concealer, Gray Away by Everpro, is liked for its innovative formula. The powder is designed to adhere to the hair like a magnet to color gray roots.

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Brazilian beauty importer RR Perfumes e Cosméticos distributes a string of prestige fragrances in the country. Ceo Francisco Brizuela tells BW Confidential how the company is navigating Brazil’s crisis and how he sees the market evolving

Tough times continue

What is your outlook for Brazil’s beauty market? Last year, the fragrance category saw double-digit growth, but this does not reflect reality, as companies have not yet increased their prices [in line with the new taxes implemented by the Brazilian government last May]. The gap between the prices [that fragrances should be with these new taxes and what they are] is around 30-40%. Nobody wants to raise prices because consumption will plummet; this can only be done gradually. Today, prices are similar to those in the US due to the devaluation of the real. Affluent consumers are going back to local consumption as prices are almost on a par with the US, which has been a key driver of the market. However, this will not last and we will go back to prices that are two-and-a-half or three times more expensive than in the US. In addition, there has been a significant drop in the number of Brazilians

traveling abroad, and so consumers are buying at home and enjoying the facilities offered by retail. Our figures show that Brazilian spend abroad dropped by 32% [in 2015].

What are you doing to offset the difficult economic situation? We are looking at profitability customer by customer and internal costs are being cut—efficiency is very important for this year. To attract new consumers we are focusing more on premium brands, because middle-class consumers are suffering the most. So for luxury brands we are investing in added value for the consumer with gifts, retail support through payment in installments and media investment.

Can you see brands pulling out of Brazil due to the tough economy? Yes. Several brands are rethinking their business model in Brazil, because in addition to the complexity of operating in the country, there has been a drop in profitability. Expansion plans are also restricted, and now markets like Mexico are earning more focus.

What is your focus for developing the market? We are not focusing on expansion, but on existing customers. We are looking at how to do more with less because we all have to adjust our budgets a little. n n n

RR Perfumes e Cosméticos ceo Francisco Brizuela

RR Perfumes e Cosméticosl Brands distributed: Dolce & Gabbana, Gucci,

Hugo Boss, Calvin Klein, Versace, Issey Miyake, Narciso Rodriguez,

Marc Jacobs, Lacoste

“

”RR Perfumes e Cosméticos ceo Francisco Brizuela

Several brands are rethinking the business model in Brazil because in addition to the complexity of operating in the country, there has been a drop in profitability



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n n n How do you see the retail scene for beauty evolving? In terms of fragrance, we believe the focus will continue to be the high-end perfume shops that today bring us the highest volume. We have three or four key accounts, but most of our business comes from independent perfumeries and maintaining this business is key. This means stores like Opaque, Fragrance or The Beauty Box for example. In Brazil, the market could have 3,500 points of sale, but in fact we do not have much more than 600 and the successful businesses remain in the hands of local players.

How do you see Sephora impacting the market? Its impact is positive and [Sephora] is growing the market. Sephora is important in making the market more professional and it has invested more in the category, which is good for everyone. Independent stores have survived the impact and are getting on with business.

What do you think needs to change in terms of retail to give the market a boost? Retail cannot change. The heavy tax burden does not allow investment in the business. What the independent retailers are doing with much success is personalized service, which for Brazilian culture is very important. There are examples of countries such as Italy where independent retailers account for the largest share of the market because consumers value this personal attention. Here, now, this segment is expected to grow.

What major changes in consumer behavior have you seen in Brazil over the past five years? Consumers are smarter when buying—they compare prices, search the internet and look at Sephora and international websites. They are looking for added value, value-for-money and more personalized services.

What can you do to get new consumers to buy your brands as opposed to strong local brands that are perhaps less expensive?We have some successful cases like Everlast, Forum or Ana Hickmaan. These are brands for which we developed products locally and they are showing real growth. By doing this, we can have better costs and be more competitive. We had plans based on

consumption migrating upwards. However, now with the crisis in Brazil, numbers have been reevaluated and everything has changed. At this point the most important thing is to focus on existing consumption. n

RR Perfumes e Cosméticos ceo Francisco Brizuela

“

”RR Perfumes e Cosméticos ceo Francisco Brizuela

We had plans based on consumption migrating upwards. However, now with the crisis, numbers have been reevaluated and everything has changed. At this point the most important thing is to focus on existing consumption

s RR Perfumes e Cosméticos is focusing on premium brands, as middle-class consumer spend is suffering due to the economic crisis


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Change is finally afoot in Argentina. With the election of new pro-business president Mauricio Macri in December,

market conditions are forecast to improve in the coming months. Macri is expected to liberalize an economy that has been penalized by more than a decade of Kirchnerism.Just a week after coming to power, Macri lifted currency

controls, floating the peso on the free market. Conditions for importing products also improved at the end of last year, with pre-import approval no longer necessary, according to industry sources. For the past few years, it has been difficult for beauty companies to import products to

Argentina, which had a catastrophic impact on the market. “In terms of the number of units sold in 2015, Argentina was about half of Chile, when it used to be bigger,” says Coty general manager for Latin America Tanguy de Buchet. Sales of fragrance, which represent nearly 80% of the prestige market in Argentina, fell nearly 7% in unit terms in 2015, according to data from market-research company Segmenta. The total market was down 8.2% in units last year. In such a context, many major launches

have been delayed and brands have focused on getting their pillar lines into the market, meaning that products like flankers were left behind. “We were not able to invoice anything to Argentina for nine months in our fiscal year 2015,” comments de Buchet. “We stopped launching pretty much anything last year.” The company plans to launch Decadence by Marc Jacobs and CK2 in the second quarter of this year now that the situation has improved.Similar delays have also impacted

the mass channel, with some products held in Argentina’s ports for more than six months, sources say. “Now we can have constant sales and serve all of our accounts,” says Coty Argentina general manager Juan Parra. “We are optimistic.”Double-digit inflation has also made its

mark, putting pressure on n n n

After years of tough market conditions, political change may herald an improvement for Argentina’s beauty industry

Better days aheadArgentina

Argentina prestige beauty sales 2015Category 2015 sales

million pesos

2015 sales$m

% change in value

2015/2014

% change in units

2015/2014Women’s fragrance 704.9 45.9 +28.3 -6.8Men’s fragrance 454.2 29.6 +29.0 -6.6Make-up 154.2 10.1 +21.7 -12.9Skincare 189.5 12.4 +26.1 -9.3Total 1,500 97.9 +27.5 -8.2

Source: Segmenta

Argentina masstige beauty sales* 2015Category 2015 sales

million pesos

2015 sales$m

% change in value

2015/2014

% change in units

2015/2014Women’s fragrance 235.6 15.4 +33.4 +1.2Men’s fragrance 116.4 7.6 +33.3 +0.9Make-up 193.7 12.6 +31.1 -4.7Skincare 40.1 2.6 +24.0 -9.3Total 585.8 38.2 +32.0 +1.6

Source: Segmenta *in prestige distribution


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n n n purchasing power for middle-class and lower-income consumers. Prices for products have risen on an almost monthly basis over the past few years due to inflation, although retailers have tried to counter this by bolstering their loyalty programs and offering extended payment terms to encourage consumers to continue buying.Yet despite the difficult context, Argentines remain avid consumers of fragrance. “The

big problem wasn’t Argentines not wanting to buy the products, it was a question of availability,” says Segmenta Latam retail manager Daniel Morimoto.“Whatever stores had in stock last year was selling,” says de Buchet. Consumers

remain, however, relatively conservative in their tastes, preferring familiar brands. “People like novelties but within the brands they already know,” observes BPI Americas travel retail & Latin American local market general manager Gérard Pichon-Varin. BPI claims to have a strong position in Argentina with its Issey Miyake brand and recently launched the Narciso and Alaïa fragrances there.Make-up and skincare, meanwhile, remain underdeveloped in prestige. While Argentine

consumers have traditionally not been big consumers of these products, retailers have also not focused on developing these categories and dedicate little space to them in store. “Skincare and make-up are very badly displayed in most stores,” says Pichon-Varin. Industry sources estimate that there are only between 20 and 30 stores in Argentina offering a coherent environment for all three axes, compared with a total of around 150 prestige doors.The problem with importing new products may also have been a factor in this, especially

when it comes to seasonal make-up collections. “You need to have assured supply, which they haven’t had,” observes one Brazilian distributor. “Both treatment and make-up are fueled by launches, so that could have been a problem.”According to Euromonitor data, the prestige segment represents only 2.7% of make-up

sales in Argentina, with mass accounting for 97.3%, including 47% from direct sales. L’Oréal is the market leader in mass make-up with a 32.9% market share in December 2015, although its share fell nearly 11 percentage points last year as Coty, the second-biggest player, bolstered its position, increasing store space and adding new displays and growing its share 12 percentage points to 25.4%, according to Nielsen data. Revlon was number three with a 15% share.

A static retail marketAs a result of the problems that the country’s beauty market has faced, there has been little activity in terms of distribution, as retailers struggled just to get products in stores. “The [retail] market has not changed in the past eight years,” comments Pichon-Varin. “The distribution needs a little more dynamism.” Retailers have focused mainly on getting products into their top stores, and little on developing new stores and categories, although chains like Pigmento and new player Look Farmacity, which offer mass make-up and skincare alongside prestige fragrances, have continued to grow their footprints. Perfugroup-owned chain Pigmento opened five new doors over the n n n

”

“The [retail] market has not changed in the past eight years. The distribution needs a little more dynamism

BPI Americas travel retail & Latin American local market general manager Gérard Pichon-Varin

Argentina top-five prestige brands 2015Rank Women’s

fragranceMen’s fragrance

Make-up Skincare

1 Carolina Herrera

Paco Rabanne

Lancôme Lancôme

2 Givenchy Carolina Herrera

Dior Biotherm

3 Lancôme Ralph Lauren MAC* Dior4 Dior Giorgio

ArmaniGivenchy Estée

Lauder5 Kenzo Dior Clinique La Prairie

Source: Segmenta. *Does not take into account sales from the brand’s freestanding stores

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”

“In terms of the number of units sold in 2015, Argentina was about half of Chile, when it used to be bigger

Coty general manager for Latin America Tanguy de Buchet

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n n n past two years, while Look Farmacity launched its 23rd door in Mendoza in January. Observers also point to the Juleriaque chain, which has 31 stores, as being well positioned for growth. In August 2014, Juleriaque opened a new store in Buenos Aires’ Galerias Pacifico, a major tourist hub, with a greater focus on make-up and skincare. Because of the import difficulties, perfumery chains have developed their masstige offer,

which has been possible because certain manufacturers produce locally. “The masstige market is gaining some share of sales,” says Segmenta’s Morimoto. “For Coty Argentina, 2015 was a stellar year for Rimmel and Sally Hansen,” de Buchet notes. The beauty business should slowly begin to improve in Argentina, although high

inflation is expected to continue. Growth in unit terms for prestige is expected in the realm of 5-10% this year. After the peso was floated in December, its value decreased by 40%, meaning manufacturers were obliged to increase their prices once again. “We need to monitor consumer purchasing behavior after [the] January price increase,” observes Coty Argentina’s Parra. “I believe we are going to have all 2016 to calibrate the market to see [its] full potential.”But things are already changing. “There is a lot of suppressed consumption,” says

Coty’s de Buchet. Over the post-election holiday period, consumer sentiment was high, and many Argentines began traveling again, notably to Uruguay. The difficulties of recent years will not be erased overnight, but stronger consumer sentiment and an improved business climate will no doubt positively impact the market. n


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PigmentoN° of doors: 58Recent and upcoming initiatives: Perfugroup-owned chain Pigmento, which offers selective fragrances alongside mass-market make-up and skincare, continues to grow its store footprint, and has opened five new doors over the past two years.

JuleriaqueN° of doors: 31 (including kiosks and single-brand stores)Recent and upcoming initiatives: Juleriaque is seen as the best positioned beauty retailer to grow in the market. In 2014, Juleriaque opened a new store in Buenos Aires’ Galerias Pacifico, a major tourist hub, with a greater focus on make-up and skincare.

Rouge InternacionalN° of doors: 28Recent and upcoming initiatives: Rouge has closed a handful of doors over the past few years. The retailer, owned by distributor Diffupar, continues to be criticized by industry observers for prioritizing the brands that it distributes.

Look FarmacityN° of doors: 23Recent and upcoming initiatives: Pharmacy chain Farmacity has developed its beauty store concept combining mass and masstige make-up and skincare with a range of prestige fragrance brands over the past 18 months. The chain is praised for its open-sell environment. Its 23rd door opened in Mendoza in January.

CortassaN° of doors: around 15 wholly owned storesRecent and upcoming initiatives: Santa Fe province-based Cortassa has been the exception in Argentine retail by continuing to grow its store footprint in smaller cities through franchises. Cortassa opened a store with digital features in Capital Federal last October, a kiosk in San Juan’s Shopping Espacio San Juan in June, a store in San Martin in May and one in San Salvador de Jujuy in March.

Falabella:N° of doors: 11Recent and upcoming initiatives: Chile’s Falabella is the only department-store operator in Argentina, and saw sales in local currency grow 13.6% there in the first nine months of 2015. While Falabella has not opened any new stores in several years in Argentina, sources suggest that as market conditions improve, it may benefit from its long-standing presence in the country to grow its footprint.

El BalconN° of doors: 9

La ParfumerieN° of doors: 7

Argentina: Retail roundup


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Guerlainl Opened: January

l Location: Rue Saint Honoré, Paris, France

l Size: 120m2 (1,292ft2)l Special features:

Digital perfume organ, fragrance library, fragrance cellar, personalization services

LVMH-owned Guerlain is out to reinforce its positioning as a fragrance expert with a new boutique devoted entirely to scent. The brand claims that the

new 120m2 (1,292ft2) store located on Paris’ Rue Saint-Honoré pays homage to the role of the perfumer, puts the brand’s long fragrance heritage on show and celebrates the art of perfumery. The store boasts a range of features intended to help consumers better

understand and learn about fragrances. It is home to a digital version of the perfume organ, which allows shoppers to match words with what it calls olfactive emotions to determine their own personal olfactive profile. There is also a fragrance library with almost 100 scents classified by 14 raw materials. Meanwhile, a fragrance cellar is used to house the brand’s scents, which are stored there under light and temperature controls, similar to the storage of vintage wines. In line with the personalization trend, shoppers can choose the color of the

brand’s emblematic bee-design fragrance bottle from a new collection of 125ml flacons (priced from €140), which was created specifically for the boutique. They can then fill the bottle from one of the store’s 18 fragrance fountains, choose the type of ribbon and ribbon knot to decorate the bottle and the name or message to be engraved on it. n

Guerlain showcases its scent expertise with new Paris store

Fragrance on show





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s The store boasts a digital version of the fragrance organ

s The store houses 18 fragrance fountains where consumers can fill their bottles. Shoppers can personalize their fragrances by choosing ribbons and engraving the bottle

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CONFIDENTIAL CONFIDENTIAL CONFIDENTIA L...fragrance portfolio. The continued interest in niche fragrance is hardly surprising. The category is seeing growth of around 20% a year, according