7j9WkgN5p

AN ISSUE OF WOMEN’S WEAR DAILY
THE BUSINESS OF BEAUTY
PUNK EYES, PINK LIPS
CIVIL SERVICES:
NEW YORK’S NEWEST
PLACES TO PAMPER
DISHING THE DIRT
WITH HAIR GURU
SALLY HERSHBERGER
THE BEAUTY TOP 100
Who’s Red Hot
Who’s Not
Our Annual Ranking of the World’s
Biggest Beauty Companies

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50 20
16
Welcome to the new
WWD Beauty Inc Top 100.
This list, our annual ranking of the world’s
biggest beauty companies, has become a staple
of the industry. Longtime devotees of the Top
100 will notice a change this year, however.
In addition to the sales-based rankings and
company goings-on that you have come to
rely on, we’ve added a new dimension to the
Top 100, providing in-depth quantitative and
qualitative analysis to give you a more nuanced
picture of the global competitive landscape
in beauty today. Our editors spent countless
hours combing through the available financial
data for the publicly traded companies on
Beauty’s top 100, 50 in all, to compare and
contrast everything from operating profit to
R&D spending to shareholder equity. We also
tapped outside experts, like L2, for insights
into beauty’s top digital thinkers, and
assessed metrics such as the number of women
on the board of directors.
While the numbers one, two and three
companies on the list—L’Oréal, Unilever and
Procter & Gamble respectively—probably
won’t come as a big surprise, hopefully our
Top 100 makeover will. E-mail me at jenny_
fine@fairchildfashion.com and let me know
what you think, and in the meantime, check
out the other features in this issue, including
a tour of the coolest new service spots in
New York City and a conversation on creativity
with star hair stylist Sally Hershberger and
designer Doug Lloyd, who notes the way
brands talk about beauty is changing to better
connect emotionally with consumers. I couldn’t
agree more. —JENNY B. FINE
Sally
Hershberger’s
latest line
of styling
products, 24K,
will launch at
Sephora in July.
The newest
beauty and
fashion
tomes.
Of the top 100
new lipstick
shades in 2014,
pink rang up
23 percent
more in sales
than red.
In This Issue
10 Screen Savers
Rounding up the sunscreen
stars of the new season.
12 Sally Forthcoming
Hair guru Sally Hershberger and
creative director Doug Lloyd
chart the changing beauty
landscape.
14 Shopper Stalker
Who’s buying what—and why—
in San Francisco.
16 Be Our Guest
Anna Dysinger visits the newest
salons and spas in New York.
Facial workout anyone?
17 Page Monitor
What the chic set will be reading
this spring.
18 La Visionnaire
Hairstylist Odile Gilbert breaks
down the key beauty trends
from New York Fashion Week.
20 Some Like It Pink
How sweet it is: a slew of spring
launches in the year’s bestselling
shade.
21 Seed Money
Why chia is a trending beauty
phenom.
23 Hail to the Victors:
The 2014 Top 100
WWD Beauty Inc’s annual
ranking of the world’s biggest
beauty companies, with
in-depth quantitative and
qualitative analysis of the
competitive landscape,
including:
THE DIGITAL PACESETTERS
THE VIEW FROM THE PROFIT LINE
THE BEST AND WORST
PERFORMING STOCKS
THE TOP SPENDERS ON RESEARCH
& DEVELOPMENT
THE MARKET CAPITALIZATION
OF THE BEAUTYTOP 100’S
PUBLICLY TRADED COMPANIES
THE NUMBER OF WOMEN ON THE
BOARD OF DIRECTORS
THE 10 COMPANIES WITH THE MOST
AND LEAST SHAREHOLDER EQUITY
THE CEO SALARIES AT THE
PUBLICLY TRADED COMPANIES
50 Power Forward
Graphic eyes ruled the runways
during the Fall 2015 shows in
Europe.
On the Cover: Photograph by Kristian
Schuller. Styled by Peggy Schuller.
Hair by Deycke Heidorn at L’Atelier
NYC for Bumble and bumble. Makeup
by Steven Canavan at L’Atelier NYC for
Giorgio Armani Beauty. Casting director:
Andrea Deanesi at Broke Creatives.
Model: Amanda Murphy at IMG Models.
Find out
who’s on top—
and who’s not—
in our ranking
of the 100
biggest global
beauty firms
for 2014.
Time to break
out the black
eyeliner.
MAISON MARGIELA PHOTO BY GIOVANNI GIANNONI; PINK BY GEORGE CHINSEE / STYLED BY BARBARA SULLIVAN; BEAUTYRX PEEL BAR PHOTO BY AUDREY AMELIE RUDOLF
WWD IS A REGISTERED TRADEMARK OF FAIRCHILD PUBLISHING, LLC. COPYRIGHT ©2015 FAIRCHILD PUBLISHING, LLC. ALL RIGHTS RESERVED. PRINTED IN THE U.S.A. VOLUME 209, NO. 85. Saturday, April 25, 2015. WWD (ISSN 0149-5380) is published daily (except Saturdays, Sundays and holidays, with one
additional issue in January, June, August, September, October, November and December, and two additional issues in April and three additional issues in February) by Fairchild Media, LLC, which is a division of Penske Business Media, LLC. PRINCIPAL OFFICE: 11175 Santa Monica Blvd., 9th Floor, Los Angeles, CA 90025.
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OR ANY OTHER INJURY TO, UNSOLICITED MANUSCRIPTS, UNSOLICITED ART WORK (INCLUDING, BUT NOT LIMITED TO, DRAWINGS, PHOTOGRAPHS, AND TRANSPARENCIES), OR ANY OTHER UNSOLICITED MATERIALS. THOSE SUBMITTING MANUSCRIPTS, PHOTOGRAPHS, ART WORK, OR OTHER MATERIALS FOR
CONSIDERATION SHOULD NOT SEND ORIGINALS, UNLESS SPECIFICALLY REQUESTED TO DO SO BY WWD IN WRITING. MANUSCRIPTS, PHOTOGRAPHS, AND OTHER MATERIALS SUBMITTED MUST BE ACCOMPANIED BY A SELF-ADDRESSED STAMPED ENVELOPE.
6 WWD BEAUTY INC

WetForce

Britt Robertson
at the
Professional
Bull Riders
world finals in
Las Vegas...
EDWARD NARDOZA EDITOR IN CHIEF, WWD
PETE BORN EXECUTIVE EDITOR, BEAUTY
JENNY B. FINE EDITOR
JENNIFER WEIL EUROPEAN EDITOR
JULIE NAUGHTON SENIOR PRESTIGE MARKET BEAUTY EDITOR
MOLLY PRIOR BEAUTY FINANCIAL EDITOR
FAYE BROOKMAN CONTRIBUTING EDITOR
JAYME CYK MASS MARKET BEAUTY EDITOR
ANNA DYSINGER EDITORIAL ASSISTANT
KATIE KRETSCHMER CONSULTING COPY EDITOR
ART
BARBARA SULLIVAN CONSULTING ART DIRECTOR
CONTRIBUTORS
SAMANTHA CONTI AND NINA JONES (London), MILES SOCHA (Paris),
CYNTHIA MARTENS (Milan), MARCY MEDINA (Los Angeles),
MELISSA DRIER AND SUSAN STONE (Berlin), AMANDA KAISER (Tokyo)
PHOTO
CARRIE PROVENZANO PHOTO DIRECTOR
LEXIE MORELAND ASSOCIATE PHOTO EDITOR
JENNA GREENE ASSISTANT PHOTO EDITOR
EILEEN TSUJI PHOTO STUDIO MANAGER
TRICIA VANGESSEL BOOKINGS & PRODUCTION EDITOR
EMILY TAYLOR PHOTO STUDIO ASSISTANT
JOHN AQUINO, GEORGE CHINSEE, STEVE EICHNER, KYLE ERICKSEN,
THOMAS IANNACCONE PHOTOGRAPHERS
BEAUTY INC ADVERTISING
PAUL JOWDY SENIOR VICE PRESIDENT, GROUP PUBLISHER
PAMELA FIRESTONE ASSOCIATE PUBLISHER
CARLY GRESH BEAUTY DIRECTOR
JILL BIREN WEST COAST DIRECTOR
MARJORIE THOMAS EUROPEAN SALES REPRESENTATIVE
OLGA KOUZNETSOVA ACCOUNT DIRECTOR, ITALY
EMANUELA ALTIMANI SENIOR SALES COORDINATOR, ITALY
PASCALE RAJAC ADVERTISING ASSISTANT, FRANCE
TINA SCHLISSEL ACCOUNT MANAGER
ANNIE BELFIELD WEST COAST SALES COORDINATOR
MARKETING/CREATIVE SERVICES
SHANNON NOBLES MARKETING DIRECTOR
CASS SPENCER CREATIVE DIRECTOR, MARKETING
CHRISTINA MASTROIANNI PUBLIC RELATIONS COORDINATOR
PRODUCTION
KEVIN HURLEY PRODUCTION DIRECTOR
ROBYN WIXMAN ASSOCIATE PRODUCTION MANAGER
PREPRESS PRODUCTION
ALEX SHARFMAN DIGITAL IMAGING
DAVID LEE CHIN PREPRESS IMAGING/ASSEMBLY
GIRL
OF THE
MOMENT
BRITT ROBERTSON is only 25 years old,
but her stellar résumé suggests otherwise.
In 2010, she landed her first lead role in the
TV series Life Unexpected. A year later,
she starred in another series, The Secret Circle.
Then came supporting roles in Under the Dome
and Cake; the lead in the new Nicholas Sparks
adaptation, The Longest Ride; and, come May
22, she’s starring alongside arguably the most
famous male actor in Hollywood—yes, George
Clooney—in Disney’s new film, Tomorrowland.
Although she’s a seasoned actress with looks to
boot, April Webster and Alyssa Weisberg, casting
directors for Tomorrowland, say it’s the North
Carolina native’s down-to-earth attitude that
gives her star power. “She has a little bit
of that tomboy quality we were looking for in this
role and a strong sense of self and wonder,”
says Weisberg. “And she has a great sense of
humor,” adds Webster. “She brings a sense of joy
when she’s on set.” —ANNA DYSINGER
8 WWD BEAUTY INC
...and at the Los
Angeles premiere
of The Longest
Ride.
...attending the
ELLE Women
in Hollywood
Awards...
PHOTO BY DAVID BECKER/GETTY IMAGES FOR PROFESSIONAL BULL RIDERS; AWARDS AND PREMIERE PHOTOS BY JON KOPALOFF/FILMMAGIC
CONSUMER MARKETING
ELLEN DEALY SENIOR EXECUTIVE DIRECTOR
PEGGY PYLE CONSUMER MARKETING DIRECTOR
JANET MENAKER SENIOR DIRECTOR, DIGITAL MARKETING & STRATEGIC DEVELOPMENT
JOHN CROSS PLANNING & OPERATIONS DIRECTOR
RANDI SEGAL SENIOR DIRECTOR, INSTITUTIONAL SALES
SUZANNE BERARDI SENIOR ONLINE MANAGER
TAMRA FEBESH SENIOR MARKETING MANAGER
LAUREN BUSCH ASSOCIATE MARKETING MANAGER
FAIRCHILD PUBLISHING LLC
STEPHANIE GEORGE PRESIDENT AND VICE CHAIRMAN
MICHAEL ATMORE EDITORIAL DIRECTOR, FOOTWEAR NEWS & DIRECTOR OF BRAND DEVELOPMENT
DEVON BEEMER FINANCE DIRECTOR
FAIRCHILD PUBLISHING LLC IS A DIVISION
OF PENSKE MEDIA CORPORATION
JAY PENSKE CHAIRMAN & CEO
GERRY BYRNE VICE CHAIRMAN
PAUL WOOLNOUGH EXECUTIVE VICE PRESIDENT, BUSINESS AFFAIRS
GEORGE GROBAR EXECUTIVE VICE PRESIDENT, STRATEGY AND OPERATIONS
MICHAEL DAVIS CHIEF OF VIDEO STRATEGY
NELSON ANDERSON VICE PRESIDENT, CREATIVE
STACEY FARISH SENIOR VICE PRESIDENT ENTERTAINMENT & PUBLISHER DEADLINE
CRAIG PERREAULT SENIOR VICE PRESIDENT, BUSINESS DEVELOPMENT
TODD GREENE GENERAL COUNSEL & SVP HUMAN RESOURCES
GABRIEL KOEN VICE PRESIDENT, ENGINEERING
KEN DELALCAZAR VICE PRESIDENT, FINANCE
TARIK WEST VICE PRESIDENT, HUMAN RESOURCES
LAUREN GULLION DIRECTOR OF HUMAN RESOURCES & CORPORATE COMMUNICATIONS
ROBB RICE GROUP DESIGN DIRECTOR
JONI ANTONACCI DIRECTOR OF OPERATIONS
YOUNG KO CONTROLLER
CHRISTINA YEOH SENIOR PROGRAM MANAGER
EDDIE KO DIRECTOR, ADVERTISING OPERATIONS
MATT WILLIAMSON DIRECTOR OF IT OPERATIONS & PRODUCTION
DEREK RAMSEY SENIOR PLATFORM MANAGER

BEAUTY BULLETIN
COOLA
MAKEUP SETTING
SPRAY, $36
The matte-finish mist
protects skin from
UV rays and keeps
makeup looking
fresh; hyaluronic
acid and aloe leaf
extract provide
hydration.
SUPERGOOP!
DEFENSE REFRESH
SETTING MIST WITH
ROSEMARY, $28
Developed as a
three-in-one, this
mist sets makeup,
controls oil with
silica and protects
against UV rays.
SHELF LIFE
Screen
Savers
SHISEIDO
ULTIMATE SUN
PROTECTION CREAM
FOR FACE, $36
Shiseido developed
a proprietary
WetForce
technology for its
new sun-care line,
which strengthens
the sunscreen
when it gets wet by
forming a waterrepellant
layer.
Sunscreen is a red-hot category. For the
12 months ending February 2015, sun-care
products grew 4 percent, outpacing the
prestige skin-care market, according to
NPD. Here, some of spring’s most
innovative launches. —ANNA DYSINGER
PALMER’S
COCOA BUTTER
FORMULA EVENTONE
SUNCARE MOISTURIZING
SUNSCREEN BALM, $6
Palmer’s first line of
sunscreen includes
this solid-to-oil
balm that melts on
contact with skin.
The ultramoisturizing
formula blends cocoa
butter, shea butter
and coconut oil.
L’ORÉAL PARIS
ADVANCED SUNCARE
INVISIBLE PROTECT
CLEAR COOL LOTION,
$10.99
The clear formula
is infused with
antioxidants like
vitamin E and white
grape seed and
provides an instant
cooling effect,
said to reduce the
skin’s temperature
by four degrees.
NEUTROGENA
COOLDRY SPORT
WITH MICROMESH
SUNSCREEN SPRAY,
$11.99
The nongreasy
spray uses sweatresistant
technology
that provides
durable protection
for outdoor
activities.
EAU THERMALE
AVÈNE
ULTRA-LIGHT HYDRATING
SUNSCREEN LOTION
SPRAY, $30
European skincare
brand Avène
has launched its
first sunscreen line
specifically for the
U.S. In addition to UVA
and UVB protection,
thermal spring water
soothes skin.
DR DENNIS
GROSS
DARK SPOT SUN
DEFENSE, $42
This sunscreen
doubles as skin
care with vitamin
C and melatonin,
which is said to
help diminish
dark spots and
hyperpigmentation.
PHOTOGRAPHED BY GEORGE CHINSEE
STYLED BY BARBARA SULLIVAN

BEAUTY BULLETIN
DOUBLE MAJOR
Sally
Forthcoming
As she prepares to launch her new styling range
into Sephora, SALLY HERSHBERGER muses on
sexiness, styling and celebrity with creative director
DOUG LLOYD. BY JENNY B. FINE
Two creatives
on a couch:
Sally Hershberger
and Doug Lloyd
Spend an hour with Sally Hershberger and
it quickly becomes clear that the star stylist
is kind of like the Forrest Gump of hair—a
key playmaker at pivotal moments in
beauty history. Break the price barrier with
an $800 haircut? Check. Give Jane Fonda
a gasp-inducing shag cut for her first post-divorce
Academy Awards appearance? Check. Conceive
category-killer ideas for John Frieda hair care. Make
Hillary Clinton look cool on the cover of Vogue?
Colonize the Meatpacking district before it became
a bridge-and-tunnel playground. Check, check and
check. But now, Hershberger is channeling her time,
(personal) money and energy into 24K, her line of
styling products that is available online and on HSN
and set to launch in Sephora in July. Meanwhile,
Hershberger’s namesake mass-market line is being
scaled back, which she acknowledges only makes
sense for a woman who now charges new clients
$1,000 for a haircut. “This is me,” she says. “This is
what I want to do. I am luxury.” Here, WWD Beauty
Inc spends a few minutes with Hershberger and
Doug Lloyd, the branding guru and cofounder of
Lloyd & Co., who is working with Hershberger on
the creative realization of the brand.
How did you two first start working together?
SALLY HERSHBERGER: I always wanted to work with
Doug and couldn’t afford him, to be honest. We both
live in the Hamptons, we are both on the water, we
both like to waterski. Now that I have my company
back, I’m in charge and it’s all coming together. This is
high-end luxury and Doug is the best for that.
Why the transition from mass to prestige?
S.H.: I was in mass because I was with John Frieda
for 10 years and we made it very successful and
they sold it for $450 million. I said, I will continue
in mass. I know this [market]. Mass significantly
changed, yet I was in it—Walgreens wanted me, CVS
wanted me, huge orders—and that’s why I got an
investor, because you have to have millions behind
you. Long story short, it was either go get another
investor to put another huge amount of money in the
company because you have to advertise if you’re in
mass, or focus on who I really am.
Mass is like going into a circus. Women don’t know
what to buy. You walk in there, and there are so many
products and everything is louder than the next. It is
almost impossible to look expensive at mass.
What is the vision for 24K?
DOUG LLOYD: 24K is such a visceral name, you
automatically imagine what that brand stands for.
We’re building everything around that, to leverage
what Sally has built her career on. Bringing together
the worlds of Hollywood, of New York, of fashion.
Why has it historically been so difficult for a
woman to establish herself in hair care?
S.H.: That is the million-dollar question. Men
have always been the ones doing the hair. And
owning salons is men. It’s starting to change a bit.
I came from a family that were very successful and
there were no rules. If you had a vision you just did
it. That’s how I’ve always been. I’ve always picked
things not because other people were doing them,
but because I feel organic in it. Herb Ritts was the
first photographer I worked with—I was 18 and he
threw me in with Olivia Newton-John, who was
like Madonna then. When I moved to New York,
everyone said, “You do celebrities, you’re not going
to be able to work in heavy fashion.” Then Steven
Meisel and I started working together. I have
been the only hairdresser who’s cross-pollinated
celebrities with fashion in the old days. That’s before
Vogue put celebrities on the cover, even. I don’t know
why other women haven’t done it, I really don’t. I
appeal to men and women. I don’t threaten women,
I’m not competing with them, I’m not wearing
higher heels than them, I don’t really wear makeup.
And they just want to look sexy and hot. I did
Michelle Pfeiffer and Julia Roberts, Faye Dunaway,
Raquel Welch, Jane Fonda. Iconic women. No one is
really iconic right now.
D.L.: We’re in an Instagram society where
everything is temporal and it’s really hard to establish
a big career like that. It is definitely a different cycle.
S.H.: I don’t look at myself like I’m a woman. I
just do what I want. I’ve never followed rules. I got
in trouble in school all the time. I was meant to be
a doctor or something. But I was good with hair
because I was obsessed with my own hair. A friend
of mine said, “You should be working for this famous
hairdresser,” and then Herb Ritts met me and then
I was doing every [magazine] cover. Then I gave it
up when I was 28 and became a photographer and
that took off. But then I said I have to go back and do
hair, because this is just calling me, and I’ve got to
do hair products, and then I met John Frieda, like
that [snapping her fingers].
What did you learn from John Frieda and Gail
Federici, his business partner?
S.H.: Oh my God, everything. When it comes to
doing hair products, everything. I learned you don’t
go in the market with something that somebody
already has. I did the Sheer Blonde line, which first
year was like $30 million. I also developed the wave
spray, but it was too advanced and now they are
bringing it back because it was genius. Ideas come
out of my head—when I’m talking they just come.
I don’t strategize and sit there and say let me think
how I’m going to get from A to Z. That is not my
brain. It just happens.
Doug—when you talk about the language of
beauty, how do you see it changing and evolving?
D.L.: There is a lot more tone of voice used that
feels more street and younger. It’s being more
emotional, telling more stories and then connecting
with the consumer.
As opposed to it being more claims based?
D.L.: Yes. In the area that we’re playing in, we can be a
little more style-y and sexy and have a tone of voice and
point of view and really make a statement.
S.H.: Like Calvin Klein did. Or Tom Ford. That’s
my sensibility. It’s clean. It’s minimal. It’s sexy.
You’ve worked on all of these amazing people.
Who haven’t you done that you would like to?
S.H.: Hmmm. Who? Who do you die over right
now?
D.L.: Jennifer Lawrence?
S.H.: YES! She’s amazing.
What would you do?
S.H.: I’d have to get her in my chair and then it
would come out of me. I think she and I would work
well together. I would like to do Madonna. I know
her. I’d like to give her a whole new look. No offense
to anyone, she looks great. I would like to see her a
bit more, like, less of the hairdo, more cool. It would
be great to see her take it all down. More natural.
Strip her down. She would look amazing like that.
12 WWD BEAUTY INC
PHOTOGRAPHED BY LEXIE MORELAND

ADVERTISEMENT
RECOGNIZING EXCELLENCE IN LUXURY SERVICE
L’ORÉAL LUXE IS PROUD TO PARTNER WITH WWD BEAUTY INC TO RECOGNIZE
ALEJANDRA PAZ FOR EXCEPTIONAL CUSTOMER SERVICE IN LUXURY BEAUTY.
In partnership with WWD Beauty Inc,
L’Oréal Luxe continually searches for
retail professionals who exemplify the
ideals of customer service in luxury
beauty. From Giorgio Armani Beauty,
we honor Alejandra Paz, Face
Designer at Neiman Marcus,
Tysons Galleria, MacLean, VA.
“Our job is part psychology.
Beauty starts in the mind.”
Beauty flows in Alejandra’s veins
and is her true passion. “My mother
always loved makeup, and even as
a little girl I sat at her vanity and
imitated her. It made me feel so
beautiful, and I love to pass that
feeling on to my clients.” Her
favorite product: “Crema Nera Eye
Cream. It’s an instant radiance
pick-me-up, any time of day.”
“It’s magic when Armani makeup
turns a bad day around.”
“I want her to feel like she’s the
only one in the store.”
Go to: armanibeauty.com/careers
to learn more about Alejandra’s
commitment to luxury service.
“I love what I do best: making
women feel beautiful.”

SEPHORA
BEAUTY BULLETIN SPRING IN SOHO
$212.00 *
URBAN DECAY
NAKED SKIN
WEIGHTLESS
COMPLETE
COVERAGE
CONCEALER $28
Asked whether she
will wear concealer
frequently, Lili
says, “If I have
breakouts and I’m
going to a party,
then I’ll probably
wear it, but not to
school on a daily
basis because my
friends don’t really
care.”
NARS
PURE RADIANT TINTED
MOISTURIZER BROAD
SPECTRUM SPF 30
SUNSCREEN $43
Harris’ daily beauty
routine consists of
tinted moisturizer,
eyeliner and lipstick.
She gravitates to Nars
because of the shade
range and staying
power.
NARS
BLUSH/BRONZING
POWDER DUO
IN ORGASM AND
LAGUNA $42
“I have used the
blush before, and
the combination
is good for travel,”
says Harris.
EYE, CHEEK AND LIP
PALETTE $10
“This will fit in her
purse, and it wasn’t
expensive,” says
Harris.
NARS
AUDACIOUS
LIPSTICK IN
BRIGITTE $32
Harris was
expanding her
comfort zone
with this new
Nars lipstick.
NARS
EYELINER STYLO
IN BLACK $27
This is a repeat
purchase for Harris.
FIRST AID
BEAUTY
SKIN RESCUE
BLEMISH PATROL
PADS $30
“I liked the idea
of wipes. They’re
easy,” says Lili.
SHOPPER: Meghan Harris
and daughter Lili
DATE/TIME: 3.6.2015, 11:45 a.m.
STORE: Sephora
LOCATION: 2083 Union Street,
San Francisco
What’s in Meghan’s Bag?
TOTAL SPENT
School let out early on Friday, so Meghan Harris
seized the opportunity to take her teenage daughter
Lili to Sephora to introduce her to makeup and skin
care. “She just turned 13, and I’m feeling that she is
welcome to experiment. Lili is starting to get some
breakouts, so we also wanted help finding out what
to use on her sensitive skin,” says Harris. A sales
associate guided the duo to First Aid Beauty, a brand
Lili wasn’t familiar with, but was encouraged to try
for her acne. Makeup was next; Lili scored concealer
and a multiuse palette from Urban Decay and
Sephora’s house label, respectively. Lili thinks a small
handful of cosmetics will be sufficient for her needs.
“I just want to wear some for special occasions and
parties and, when your friends come over, it’s fun to
do each others’ makeup,” she says. While at Sephora,
Harris, who spends about $300 annually on beauty,
snagged some items for herself, too. “I’m really
boring with makeup,” she says. “I am trying some
new stuff, though, but it is all from Nars.”
SHOPPER STALKER
The Buy Side
RACHEL BROWN DISCOVERS WHO’S
BUYING WHAT IN SAN FRANCISCO.
SHOPPER: Kristen Ostro
DATE/TIME: 3.6.2015, 3:40 p.m.
STORE: Nordstrom
LOCATION: 865 Market Street,
San Francisco
What’s in Kristen’s Bag?
$437.00 *
TOTAL SPENT
Kate Winslet is Kristen Ostro’s skin-care icon. “She is aging
gracefully, and she looks gorgeous. I want to accept the lines
when they come, but keep my skin looking as nice as it can,”
says the 34-year-old who works at a venture capital firm.
“My goal is to be proactive in my skin care. If I start taking care
of my skin now, then I’m hoping I won’t need a huge face-lift or
aggressive Botox.” Ostro’s quest led her to the Clarins counter
at Nordstrom in January, when she picked up two products she
ended up adoring. “I was super excited and wanted to try other
things they had,” she says. Prompted by a facial offered free
with a purchase, Ostro returned to the store today to redeem
the service, a prelude to additional purchases. Between items
pre-sold to her and her in-store buy, she exceeded the $500 to
$600 she says she typically spends annually on skin care.
Ostro exclaims, “I’ve really blown my budget.”
14 WWD BEAUTY INC
*Pretax total.
INSTANT LIGHT
LIP BALM
PERFECTOR $23
“I’ve been using
stain on my lips
and they bleed,”
complains Ostro.
“This gives you
shine, but still looks
very natural.”
BLUE ORCHID FACE
TREATMENT OIL $53,
TONIC BODY
TREATMENT OIL $58
These were
recommended to
Ostro by the Clarins
aesthetician.
INSTANT LIGHT
EYE PERFECTING
BASE $25
This fit Ostro’s
preference for
barely-there
makeup. “I want to
look nice without
people knowing
that I’m wearing
makeup,” she
says.
SUPER RESTORATIVE
TOTAL EYE
CONCENTRATE $83
“This is not caffeinebased,
but gives
you all the positive
outcomes that you’d
want from a caffeinebased
eye cream. I
would rather use a
more plant-based
product,” says Ostro.
INSTANT SMOOTH
PERFECTING
TOUCH $36
“I got this
because I have
a lot of problems
with imploded
pores,” she says.
DOUBLE SERUM
COMPLETE
AGE CONTROL
CONCENTRATE $117
“I’m going to be
35 in a couple of
months, so I’m
trying to prepare for
whatever is coming
next,” says Ostro.
UV PLUS ANTI-
POLLUTION BROAD
SPECTRUM SPF 50
$42
Ostro owns a Clarins
day cream without
SPF and wanted to
infuse her regime
with sun protection.
SHOPPER PHOTOS BY RACHEL BROWN; PRODUCTS BY GEORGE CHINSEE; STREETCAR PHOTO BY KROPIC1

ADVERTISEMENT
RECOGNIZING EXCELLENCE IN LUXURY SERVICE
L’ORÉAL LUXE IS PROUD TO PARTNER WITH WWD BEAUTY INC TO RECOGNIZE
ANTHONY WYNN FOR EXCEPTIONAL CUSTOMER SERVICE IN LUXURY BEAUTY.
In partnership with WWD Beauty Inc,
L’Oréal Luxe recognizes beauty
advisors who exemplify the L’Oréal
ideals of customer service in luxury
beauty. From Lancôme we honor
counter manager Anthony Wynn of
Macy’s Prairie Village, Kansas.
“Building a relationship is
building a client’s confidence.”
At Anthony’s Lancôme counter,
he is the host. “Making a client
comfortable, like they are at home,
is essential. The more comfortable,
the longer the stay. I just treat them
as I’d want to be treated if I were a
visitor to a great host’s party.
Excellent service is taking care
of a client, doing whatever it takes
to make her happy.”
“Lancôme is where a woman
can find her own elegance.”
Go to: lancome-usa.com/careers
to learn more about Anthony’s
commitment to luxury service.
“Listening is key. Then comes
the teaching.”
“Respect your client. Trust
comes from respect.”

PH7 NAIL COUTURE Opened: July 28
When Cici Huang got pregnant and stopped using nail polishes with
chemicals, she couldn’t find a nontoxic salon in Williamsburg.
Thus was born pH7 Nail Couture (the name refers to the pH balance
of pure water), which Huang opened with her sister-in-law, Helen Ke.
The all-natural nail salon uses only three- and five-free polishes from
lines like RGB, Butter London and Shewasi Lacquer; organic soy wax
and Calgel, a gas-permeable gel system that enables moisture to
get to the nail bed. 227 Grand Street, Brooklyn; 718.218.8586
BEAUTYRX PEEL BAR Opened: October 17
Nestled in a bright corner of the Butterfly Studio Salon is Dr. Neil
Schultz’s BeautyRX Peel Bar, where consumers can receive his
signature 40 percent glycolic peel at a fraction of the price—just $50,
compared to $225 in-office. The service is super fast and simple—
a nurse removes any makeup, then applies the glycolic peel with a
cotton ball, leaves it on for two minutes and rinses it with water. The
formula is gentle enough for sensitive skin and doesn’t require time
to recoup. Says Dr. Schultz, “This is a New York minute stretched to
two.”149 Fifth Avenue; 212.253.2100
GLAM&GO AT DAVID BARTON
Opened: December 1
Sweaty post-workout hair meets
its match at the newest Glam&Go
outposts, which offer dry-styling
touch-ups in 15 minutes in upscale
gyms. “Blowouts have become
something that women depend
on,” says founder Erika Wasser.
Stations are spread throughout
New York and Miami at workout
emporiums like Equinox, Exhale
and, most recently, David Barton,
and are open to the general public
rather than just those with gym
memberships. Also on the menu
are braided styles, topknots
and ponytails.
4 Astor Place; 212.505.6800
30 East 85th Street; 212.517.7577
RPZL Opened: February 5
Cofounder Monica Thornton was unsatisfied with the time it took to
get hair extensions—at least five hours—and the price, which can
easily reach $1,700. Inspired by the Drybar phenomenon, she used
a similar business model for RPZL, which promises a full head of
hair extensions in three hours for $850. “The price point is really
driving this,” she says. The glittering silver salon has a communal
table with 10 chairs and a selfie booth; services range from clip-ins
to keratin extensions. 27 West 20th Street; 212.255.0036
FACELOVE FITNESS Opened: December 1
FaceLove Fitness cofounders Rachel Lang, Heidi Frederick and
Kate Gyllenhaal offer personal training for the face. “Our technique
helps strengthen and tone the muscles that aren’t used as much,”
says Lang, a facialist by trade. The most popular service, FaceLove,
$50 for 30 minutes, consists of a firming massage, strength and
resistance training and muscle rolling with tools. “Your eyes are
more refreshed, it energizes your brain and oxygenates the whole
upper body,” says Lang, noting it’s particularly popular with nearby
Wall Streeters. 188 Front Street; 646.573.2631
SERVICE SAFARI
Be Our Guest
ANNA DYSINGER scopes out the surge of
new beauty services in New York.
JILLIAN WRIGHT MASK BAR Opened: August 1
Inspired by the benefits of green juice, aesthetician Jillian Wright took
a similar approach for delivering fresh ingredients to the face. She
installed a raw apothecary mask bar in her 16-year-old spa, where
she also sells her nontoxic, plant-based skin-care line. The bar
holds canisters of powders like kale, carrot, acai berry and activated
charcoal. “We start with a base of clay and then pick up to six different
ingredients to add,” says Wright, who crafts personalized concoctions
based on concerns like antiaging, acne or redness. A 2-oz. mask costs
$40 or is free with a facial. 22 East 66th Street; 212.249.2230
BEAUTYRX PEEL BAR PHOTO BY AUDREY AMELIE RUDOLF; GLAM&GO BY MATTHEW HOCH
ILLUSTRATION BY BRETT AFFRUNTI

BEAUTY BULLETIN
PRODUCT PHOTOS BY GEORGE CHINSEE
THE STYLE FILE
Page
Monitor
FROM WITTY NOVELS
TO HELPFUL HOW-
TOS, A SLEW OF NEW
FASHION AND BEAUTY
BOOKS ARE HITTING
SHELVES THIS SPRING.
BY ANNA DYSINGER
(1) Miko Branch,
cofounder of
multicultural hair-care
line Miss Jessie’s, is
sharing her secrets
to entrepreneurship.
Part memoir, part
business guide, Miss
Jessie’s: Creating
a Successful
Business from
Scratch—Naturally
(Amistad, $24.99),
out in April, covers
everything from
how she created a
company with little
money to purchasing
her first storefront in
Brooklyn.
(2) The battle for turf is
on at Glossy magazine
as the assistant to the
editor in chief turns
the industry’s largest
fashion publication into
an app, much to the
dismay of the veteran
staff. Coauthored by
former Marie Claire
fashion director Lucy
Sykes and Yahoo
Travel managing
editor Jo Piazza, The
Knockoff (Doubleday,
$24.95), out in May, is
a novel that captures
our Internet-addicted
culture.
(3) Fern Mallis is
taking her Fashion
Icon series at the
92nd Street Y global.
In book format,
that is. Out in April,
Fashion Lives:
Fashion Icons
with Fern Mallis
(Rizzoli New York,
$55) features 19 of
her most-inspiring
interviews with
industry vets like Tom
Ford, Polly Mellen
and Bruce Weber.
(4) Released in March
and showcasing
some of her mostdramatic
makeup
creations—from red,
exaggerated lashes
to painted pink skin—
On the Edge of
Beauty by Ellis Faas
(Faas, $20) celebrates
the makeup artist’s
imaginative and daring
approach to beauty.
The book features
some of Faas’ favorite
looks since the launch
of her namesake
makeup line in 2009.
(5) Mathilde Thomas,
cofounder of the skincare
brand Caudalie,
grew up on a farm at
the base of the French
Alps where she learned
about homemade beauty
recipes. In July, she’s
releasing her second
book, The French
Beauty Solution:
Time-Tested Secrets
to Look Beautiful and
Feel Beautiful Inside
and Out (Gotham
Books, $26.95), which is
part beauty tips, part DIY
recipes, all inspired by the
French beauty philosophy
of lifelong skin care.
(6) Brow maestro
and celebrity makeup
artist Ramy Gafni has
a beauty philosophy:
Fake what your momma
didn’t give you. Due out
in June is his second
book, How to Fake
Real Beauty: Tricks
of the Trade to
Master Your Makeup
(Running Press, $23),
which teaches readers
how to imitate everything
from fuller lips to
brighter eyes using
makeup. Each chapter
features before-andafter
photos plus tips
from other industry pros.
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BEAUTY BULLETIN
ALTUZARRA
“The idea is to feel fresh, and I love Tom
Pecheux for that,” says Gilbert, of the
makeup artist who crafted the Nordic
beauty look for the show. “He has
magic hands and is very refined. He’s
very good with skin. He’s like heaven.”
RODARTE
“I looooove the makeup,” Gilbert says of the tiny crystals that
makeup artist James Kaliardos glued underneath the lower
lash lines. “When they walk down the runway, it doesn’t look
like makeup. It’s like suddenly they have sparkling eyes but
it’s very subtle. Who doesn’t want sparkling eyes?”
ODILE GILBERT’S FASHION
WEEK SURVIVAL KIT
+
GOODY Classics
Rounded Barrettes
Leggings
from
THE ROW
+
LA MER
Crème
de la Mer
REPETTO
Ballerina
Cendrillon
+
Green Tea
BACKSTAGE CONFIDENTIAL
Odile Gilbert
at work at
Altuzarra.
La Visionnaire
Genius hairstylist ODILE GILBERT has been
a staple backstage at fashion shows since her
first with John Galliano in 1994. ANNA DYSINGER
shadowed the Parisian-born star at New York
Fashion Week to get her take on the season’s
key beauty trends.
Karlie Kloss glides into the backstage
hair area 30 minutes before the Jason
Wu show is scheduled to start. Odile
Gilbert, the epitome of comfort in
black stirrup leggings from The Row
and black UGG Australia slippers,
whisks the supermodel into a chair and begins
methodically wrapping small sections of her hair
around a curling iron, chatting away with the leggy
beauty like an old friend. Gilbert’s hands move
meticulously at a rapid-fire pace, but she notes that
the loose, wavy hairstyle is much more arduous
than an intricate updo. “It’s often more difficult
because it’s simple,” she says. “Natural hair has more
movement and is alive.”
A throng of photographers, editors, bloggers and
other camera-wielding media folk close in, eager for
a money shot of the duo. A petite male photographer
with three cameras slung around his neck aims and
shoots, holding down the shutter-release button
so his camera sounds like a machine gun. Gilbert
gives him a threatening sideways glance; he stutters
something about creating a GIF and shuffles away.
Gilbert is a woman of few words while she
works, unless she’s giving editors the spiel about
the hairstyle—which she does six times an hour, on
average. But get her talking about skin and her eyes
light up. “I love transparency of the skin—it’s very
important,” she says during a hair test for Rodarte. As
proof, she pulls a carefully folded picture of freshfaced
model Aya Jones out of her purse. “I mean, look
at her skin,” raves Gilbert, habitually pushing her
cheeks up to tighten her face. She does the same thing
when Donna, who’s shooting the fitting, asks for a
picture of her tousling the model’s hair for Instagram.
“Just look at her skin,” she whispers, pulling her
cheeks taut before staging the photo.
Gilbert may be the queen of coifs backstage,
but insists she is serving a larger vision. “What is
very important when you work for a designer is to
remember they work a long time on their collections
and they usually have a very precise idea of what
they want,” she says. “If they want crazy, we make
crazy. If they want natural, we make natural. It’s not
about creating. It’s about having the right hair and
makeup for the collection.” Still, there is no doubt of
the artistry and creativity that Gilbert and her peers
bring to the job. Here, she shares the inspiration
behind the hair and makeup ideas at the New York
shows she worked on.
THAKOON PHOTO BY RODIN BANICA; ALTUZARRA BY KYLE ERICKSEN; SUNO BY THOMAS IANNACCONE; WU, RODARTE AND POSEN BY STEPHEN SULLIVAN
18 WWD BEAUTY INC

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MEMBERS-ONLY
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Enjoy Free Access to:

BEAUTY BULLETIN
Pink
popped on
the runways
of Louis
Vuitton
(left) and
Jeremy
Scott
(below).
BOBBI BROWN
ART STICK, $26
Since last June,
Bobbi Brown’s
lip category has
experienced
its strongest
growth ever.
CLARINS
INSTANT LIGHT LIP
COMFORT OIL, $23
The format is
based on the
brand’s first face
and body oils,
launched in 1966.
NYX
HIGH VOLTAGE
LIPSTICK, $6
Five of the 10
top-selling
products on
NYX’s Web
site are pink
lip shades.
BUTTER
LONDON
PATENT SHINE 10X
NAIL LACQUER, $18
Pink was also the
top-selling nail
shade in 2014,
reports NPD.
CHRISTOPHER
KANE FOR NARS
STARSCAPE BLUSH,
$30
Nars collaborated
with the 2013
British Fashion
Awards Women’s
Wear Designer
of the Year on a
makeup range of
neon brights and
neutrals.
SHELF LIFE
Some Like
It Pink
Red is so 2013. Of the top-100 new lipstick
shades last year, pink brought in 23 percent more
dollars according to NPD. “Pink is a health-giving
color that people really gravitate to. The bright,
popping pinks are more energetic and you get that
underlying sensuousness,” says Leatrice Eiseman,
executive director of the Pantone Color Institute.
“We are even seeing more of it in the European
countries and in Asia it is a very popular color as
well.” If these new launches for spring and summer
are any indication, the pink juggernaut shows no
signs of slowing. —ANNA DYSINGER
LIPSTICK
QUEEN
FROG PRINCE, $25
Thanks to
innovative
product ideas,
Lipstick Queen
clocked a 97
percent growth
in sales from
2013 to 2014.
MARC JACOBS
BEAUTY
ENAMORED HI-SHINE LIP
LACQUER, $28
Since 2012, the
brand’s top-selling lip
shade has been Le
Marc Lip Crème in
Kiss Kiss Bang Bang,
a rosy pink.
The sheer
green
transforms
to a rosebud
tint.
GIVENCHY
LE ROUGE À
PORTER, $36
Pink goes punk
with leather
packaging
inspired by
designer Ricardo
Tisci’s clothing.
MAKE UP FOR EVER
ARTIST PLEXI-GLOSS, $19
Pink shades comprise
29 percent of this new
range of high-gloss,
supersaturated hues.
CHANEL
ROUGE COCO, $36
Each shade in
Chanel’s new
lipstick line is named
after someone
special from Coco
Chanel’s life; the
pinks represent her
best friends.
BURBERRY
KISSES, $33
In 2014, Burberry
launched a digital
Kiss campaign
that went viral; the
brand followed
up this year with
a full lipstick line.
DIOR
ROUGE DIOR BRILLIANT, $35
Women first started
experimenting with
shocking pinks in the
Fifties after working
in the factories during
World War II, around
the same time Christian
Dior introduced the
New Look.
RUNWAY PHOTOS BY GIOVANNI GIANNONI; PRODUCTS BY GEORGE CHINSEE /
STYLED BY BARBARA SULLIVAN; PINK LIPS BY WORKER
20 WWD BEAUTY INC

BEAUTY BULLETIN
STELLAR SELLERS
FACE TIME
Which foundations fly off the shelves? Retailers across the U.S. share their standouts. —A.D.
TRENDING NOW
Seed Money
Sales of chia have septupled in the last five
years at Whole Foods Market, and it’s no
wonder: Anyone with aspirations of being
healthy is tossing the superfood into everything
from smoothies to salads. The seed is packed
with antioxidants, fiber, protein and a slew
of other nutrients. Now, beauty brands are
harnessing those benefits, in products like Maya
Chia 100% Supercritical Omega-3 Chia Oil,
which is said to increase firmness, resilience
and radiance. “People are more conscious
about what they eat and what they put on
their skin,” says Susanne Norwitz, founder of
the niche skin-care brand. “It’s not a fleeting
phenomenon—chia is here to stay.” —A.D.
COS BAR
ASPEN, COLO.
AMOREPACIFIC
CC COMPACT SPF
50, $60
“Our customers
love its light,
easy coverage
and high sun
protection.”
— Betsy
Sheridan, store
manager
NEIMAN
MARCUS
DALLAS
GIORGIO ARMANI
LUMINOUS SILK
FOUNDATION, $62
“It has a silky
texture and,
while it feels
so lightweight,
it provides
coverage for allday
wear.”
— Kelly St. John,
vice president,
beauty
SAKS FIFTH
AVENUE
CHICAGO
NARS ALL DAY
LUMINOUS
WEIGHTLESS
FOUNDATION, $48
“Customers like
how lightweight
it feels for the
amount of
coverage.”
— Kate Oldham,
senior vice
president, beauty
TARGET
MIAMI
REVLON
COLORSTAY
FOUNDATION,
$9.99
“Guests love
it because it’s
long-wearing
and doesn’t
cake or flake.”
— Shon E., a
Target beauty
concierge
URBAN
OUTFITTERS
NEW YORK
ARDENCY INN
AMERICANA
CUSTOM COVERAGE
CONCENTRATE, $38
“It’s essentially
a three-in-one
product: It can
be used as a
concealer, tinted
moisturizer or
foundation.”
— Laura Zaccaria,
senior beauty
buyer
CVS
BOSTON
MAYBELLINE NEW
YORK DREAM FRESH
BB, $8.99
“The CVS beauty
shopper is interested
in multipurpose
solutions that save
them time and money
and BB creams
answer that need.”
— Maly Bernstein,
divisional merchandise
manager, beauty and
personal care
PRODUCT PHOTOS BY GEORGE CHINSEE/STYLED BY BARBARA SULLIVAN; CHIA SEEDS PHOTO BY DIANA TALIUN
LAUNCH PAD
FARM TO FACE
As a teen, Tina Hedges’ Cuban mother taught her
to use honey as a mask and steam her face with
chamomile and rosemary. After more than 20 years
in product innovation and marketing at giants like
Estée Lauder and L’Oréal, Hedges is going back to
her holistic roots with the launch of LOLI, a blendit-yourself
beauty box. “We are the Blue Apron of
beauty,” she says. “We send you a carefully curated
box of ingredients and the recipe. You can blend
according to the recipe or use many of the ingredients
independently.” Parcels cost $38 each, or $105 for a
three-month subscription. Hedges works with experts
like tea sommeliers and aromatherapists to craft the
recipes and uses ethically sourced ingredients from
around the world, such as turmeric oil from India
and cupuacu butter from Brazil. She’s also creating a
community, dubbed the Digital Kitchen Table, where
users can share stories, recipes and tips. “DIY content
is so rich,” she says. “Creating a community around
each box and recipe with content and discussion
helps us to be more than just an e-com box that gets
delivered to your door.” —A.D.
WWD BEAUTY INC 21

BEAUTY’S TOP 100
Hail to
The Victors
WWD BEAUTY INC’S ANNUAL
RANKING OF THE WORLD’S BIGGEST
BEAUTY COMPANIES
Photographed by
Kristian Schuller

TOP OF THE CHARTS
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.
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.
COMPILED AND RESEARCHED BY ALEX WYNNE AND LAURA KLEPACKI EDITED BY JENNY B. FINE
WITH CONTRIBUTIONS FROM: MAYU SAINI (NEW DELHI), NINA JONES (LONDON), MOLLY PRIOR (NEW YORK), CYNTHIA MARTENS (MILAN) AND JANE MOIR (TOKYO)
Styled by Peggy Schuller. Hair by Deycke Heidorn at L’Atelier NYC for Bumble and bumble. Makeup by Steven Canavan at L’Atelier NYC for Giorgio Armani Beauty.
Casting director: Andrea Deanesi at Broke Creatives. Model: Amanda Murphy at IMG Models.

1
L’ORÉAL
CLICHY, FRANCE
2014 BEAUTY SALES:
$29.94 BILLION
€22.53 BILLION
+1.8% V. ’13
2UNILEVER
LONDON/ROTTERDAM,
THE NETHERLANDS
2014 BEAUTY SALES:
$21.66 BILLION (EST.)
€16.3 BILLION (EST.)
+1.5% V. ’13 (EST.)
3PROCTER &
GAMBLE
CINCINNATI, OHIO
2014 BEAUTY SALES:
$19.8 BILLION (EST.)
-3.4% V. ’13 (EST.)
+ + -
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%.
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.
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.
OUR METHODOLOGY: The WWD Beauty Inc Top 100 ranks the world’s largest beauty
manufacturers. Firms are arranged by their beauty sales for the 2014 calendar year. For
those companies whose fiscal year did not run from Jan. 1, 2014 to Dec. 31, 2014, estimates
were calculated. All sales figures were either obtained from the companies or generated
with the help of industry sources.
For this list, “beauty” includes fragrance, makeup, skin care, body care, sun care, hair
care, deodorant, plus cellulite and shaving products. It does not take into account bar
soaps, razors, toothpastes, food and diet foods, medicines, vitamins or detergents. The
revenues only include sales of beauty products each firm manufactures and do not include
business from private-label lines or products distributed for other companies. Information
in the subsidiaries and main brands section reflects each company’s holdings in 2014.
Year-on-year percentage changes are in reported terms, not on a like-for-like or constantcurrency
basis. Non-U.S.-based firms’ sales are converted into dollars according to the
2014 average yearly exchange rate.*
*CURRENCY CONVERSIONS: Sales figures in non-U.S. currencies were converted to the dollar using the following 2014 average exchange rates from Oanda.com:
€1=$1.3291; ¥1=$0.0095; £1=$1.6486; 1 KRW=$0.0010; 1 Ruble=$0.0266; R$1=$0.4270; CNY 1=$0.1627; 1 Rupee=$0.0164; 1 SFr=$1.0944; 1 HK$=$0.1290; 1 SEK=$0.149
25

4
THE ESTÉE LAUDER
COS.
NEW YORK
2014 BEAUTY SALES:
$10.95 BILLION
+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 doubledigit
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.
TOKYO
+
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.
6
BEIERSDORF
HAMBURG, GERMANY
2014 BEAUTY SALES:
$6.59 BILLION (EST.)
€4.96 BILLION (EST.)
+2.3% V. ’13 (EST.)
+
SUBSIDIARIES + MAIN BRANDS:
Nivea, Eucerin, La Prairie, Labello, 8x4,
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, 8x4, Hidrofugal and Florena.
Beiersdorf will open a production facility
in Sanand, India in 2015.
7
AVON PRODUCTS
NEW YORK
2014 BEAUTY SALES:
$6.3 BILLION
-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.
8
CHANEL
NEUILLY-SUR-SEINE, FRANCE
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.
ANNUAL
REVIEW
LOOKING BACK AT THE
COMINGS AND GOINGS,
TO-INGS AND FRO-INGS,
BUYINGS AND
SELLINGS FROM 2014.
BY ANNA DYSINGER
JANUARY
2: Spiderman actress
KIRSTEN DUNST is named
the first-ever global L’Oréal
Professionnel spokesperson.
4: Former Harrods chief
merchant Marigay McKee
takes the helm at Saks Fifth
Avenue as president. Fifteen
months later she will be out,
replaced by Marc Metrick.
6: Coty acquires the U.K.-
based Lena White Ltd.,
the largest international
distributor of OPI.
7: SERGE
ROSINOER, a
former chief
executive officer
of Clarins, dies
at 81.
8: Amid growing
competition from midtier
Korean brands, L’Oréal pulls
Garnier from China in order
to beef up efforts on L’Oréal
Paris and Maybelline.
29: PRESIDENT BILL
CLINTON shocks the
crowd at the inaugural
Fragrance Foundation
Talks when he admits
he no longer wears
cologne.
31: Julia Goldin,
global chief
marketing officer
and senior vice
president at
Revlon, leaves
shortly after
the company
announces its exit
from China—one
of the markets she
focused on.
DUNST PHOTO BY MATTHEW BROOKES FOR L’ORÉAL PROFESSIONNEL; CLINTON BY JOHN LAMPARSKI/WIREIMAGE
26

28
THE TOP 100
AT A GLANCE
BY THE
NUMBERS
BEAUTY’S
TOP 100
From the companies that posted stellar
growth to those that lagged behind, a quick
overview of the year’s big winners and losers
in the WWD Beauty Inc Top 100.
GOOD TIMES
More than three quarters of
the companies in the Top 100
posted sales gains in 2014:
DOWN:
21%
UP:
77%
TOP 10 SALES GAINS
U.S. ......................... 32
France ..................... 15
Japan ...................... 12
Germany ................. 7
Italy ......................... 6
U.K. .......................... 6
China........................ 5
Brazil .......................4
India ........................ 3
South Korea .......... 3
Belgium .................. 1
Luxembourg .......... 1
Peru ......................... 1
Russia ..................... 1
Spain ....................... 1
Switzerland ........... 1
The Bahamas........ 1
1. .... NERIUM INTERNATIONAL .............................. 59 ..............................+ 94.7%
2. ... RODAN + FIELDS ................................................. 79 ..............................+ 68%
3. ... BURBERRY ............................................................ 73 ..............................+ 53.1%
4. ... PDC BRANDS ........................................................ 91 ...............................+ 30.2%
5. ... REVLON .................................................................. 22 ..............................+ 29.9%
6. ... VOGUE INTERNATIONAL ................................. 72 ..............................+ 25%
7. .... AMOREPACIFIC CORP. ...................................... 14 ...............................+ 21.2%
8. ... MARKWINS INTERNATIONAL ....................... 56 ..............................+ 18.4%
8. ... DR. WOLFF-GRUPPE ........................................ 78 ..............................+ 18.4%
9. ... LG HOUSEHOLD & HEALTH CARE ................ 20..............................+ 18%
9. ... MARICO LTD. ........................................................ 41 ...............................+ 18%
10 .. FABERLIC ............................................................... 95 ..............................+ 17.2%
TOP 10 LOSSES
FLAT:
2%
THE WWD
BEAUTY INC
TOP 100
BY COUNTRY
COMPANY TOP 100 RANK % INCREASE
COMPANY TOP 100 RANK % DECREASE
1 ..... BELCORP................................................................ 30 ..............................- 30%
2 .... ELIZABETH ARDEN ............................................ 34 ..............................- 21.7%
3 .... JAFRA COSMETICS INTERNATIONAL ........... 47 ..............................- 12.9%
4 .... AVON PRODUCTS................................................ 7 .................................- 12%
5 .... INTER PARFUMS ................................................. 52 ..............................- 11.4%
6 .... ORIFLAME COSMETICS ..................................... 28 ..............................- 10%
7 .... ALTICOR ................................................................. 19 ...............................- 7.7%
8 .... TUPPERWARE BRANDS CORP........................ 49..............................- 6.4%
9 .... GROUPE ROCHER ................................................ 21 ...............................- 5.1%
10 .. NU SKIN ENTERPRISES .................................... 32 ..............................- 5%
#9: Johnson & Johnson continued
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.
TOKYO
2014 BEAUTY SALES:
$5.6 BILLION
¥589.9 BILLION
+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.
11
LVMH MOËT
HENNESSY LOUIS
VUITTON
PARIS
2014 BEAUTY SALES:
$5.21 BILLION
€3.92 BILLION
+5.4% V. ’13
+
SUBSIDIARIES + MAIN BRANDS:
PERFUMES AND COSMETICS/
PARFUMS CHRISTIAN DIOR: Addict,
Higher, J’adore, Dolce Vita, Tendre
Poison, Fahrenheit, Eau Sauvage,
Poison, Midnight Poison, Capture
Totale, Diorskin, Dior Homme, Dior
Homme Sport, Miss Dior, L’Or de Vie,
Escale à Portofino, Collection Privée
Christian Dior. GUERLAIN: Issima,
Shalimar, Aqua Allegoria, L’Instant de
Guerlain, L’Instant Magic, Insolence,
Vetiver, La Petite Robe Noire, Super
Aqua-Serum, Orchidée Impériale,
Météorites, Terracotta, Guerlain
Homme. PARFUMS GIVENCHY:
Givenchy Pour Homme, Organza,
Amarige, Very Irresistible, Ange ou
Démon, Play, Dahlia Noir. Givenchy
Gentleman, Gentlemen Only, Givenchy
Le Makeup. PARFUMS KENZO: Flower
by Kenzo, Kenzo Homme, Kenzo
Amour, l’Eau Par Kenzo, Kenzo Ki,
Kenzo Power, Madly Kenzo. FENDI.
PUCCI. BULGARI. ACQUA DI PARMA.
PARFUMS LOEWE. SEPHORA.
BENEFIT COSMETICS. MAKE UP FOR
EVER. FRESH. OLE HENRIKSEN.
NUDE.
YEAR IN REVIEW: Both core product
lines and innovations at Christian Dior,
Benefit and Fresh drove growth in 2014
for LVMH’s Perfumes and Cosmetics
division. On a like-for-like and constantcurrency
basis, division revenues grew
7%. Makeup increased its share in
LVMH’s beauty portfolio, accounting for
39% of revenues, while fragrance’s share
decreased 2 percentage points to 43%.
Skin care’s share, at 18%, was stable. All
three categories generated sales gains.
The Perfumes and Cosmetics division
rang up 13% of sales domestically, 30%
in the rest of Europe, 13% in the U.S.,
4% in Japan, 26% in the rest of Asia and
14% in other markets. Sales growth was
notably strong in the U.S. and Asia,

E.L.F. PHOTO BY GEORGE CHINSEE
FEBRUARY
2014
REVIEW
1: Former Thierry Mugler
fragrance exec Joël Palix is
named ceo of Feelunique.
com, the British online
retailer of premium beauty
products.
1: Bloomingdale’s president
and chief operating officer
Tony Spring succeeds
Michael Gould as chairman
and ceo of the departmentstore
stalwart.
3: TPG Growth acquires
a majority stake in E.L.F.
COSMETICS with plans
to make the valueconscious
brand
an international
player.
3: Avon
Products
names former
Heinz exec
Nilesh Patel
senior vice
president of the Asia-Pacific
region to help revive business
there after revenues decline
22 percent.
5: VIOLET GREY enters the
world of e-commerce with
brands including Dior, Tom
Ford, Giorgio Armani and YSL.
15: Aveda founder Horst
Rechelbacher dies at 72.
21: Former L’Oréal exec
Rodolphe d’Ornano, credited
with launching Lancôme in
the U.S., dies at 93.
24: Cover Girl teams up with
Soledad O’Brien and Pink,
among other celebs, for
GIRLS CAN, a campaign
to support and empower
young women.
MARCH
1: Sephora bridges content
and commerce with
The Beauty Board,
a proprietary social
media platform where
users can upload
photos and shop the
products used.
4: In a quest for total
market domination,
L’Oréal opens its first
professional hairdressing
institute in Africa with a
focus on multiethnic hair.
6: MAC opens its first
pro flagship store in
San Francisco.
especially China. The division’s profit
from recurring operations remained
fl at at €415 million, as did its operating
margin at 11%. Christian Dior was
driven by its core fragrance lines, while in
makeup, the brand saw the fruit of building
ties with its fashion activity under
new creative director Peter Philips. Dior’s
skin-care growth was driven by Asia.
Guerlain gained market share in France
and China, and opened its new skin care
and makeup manufacturing facility, La
Ruche, in Chartres, France. Benefit was
the leading makeup brand in the U.K.,
while Make Up For Ever gained market
share in all regions. LVMH opened 39
stand-alone beauty stores in 2014.
12
COTY
NEW YORK
2014 BEAUTY SALES:
$4.49 BILLION
-1.4% V. ’13
-
SUBSIDIARIES + MAIN BRANDS:
Balenciaga, Bottega Veneta, Calvin
Klein, Cerruti, Chloé, Guess, Jil
Sander, Joop, Marc Jacobs, Nautica,
Roberto Cavalli, Vera Wang, Vivienne
Westwood, Chopard, Davidoff, Jovan,
Nikos, Stetson, Tonino Lamborghini,
Vespa, Jennifer Lopez, Truth or Dare by
Madonna, Beyoncé, Celine Dion, David
Beckham, Halle Berry, Katy Perry, Lady
Gaga, Tim McGraw (fragrance). Adidas,
Playboy, Lancaster, Philosophy (skin
and body care). Astor, CK One Color,
Manhattan, Miss Sporty, N.Y.C. New
York Color, OPI, Rimmel, Sally Hansen
(color cosmetics).
YEAR IN REVIEW: A year after
Coty raised nearly $1 billion in its IPO,
the company underwent a massive
restructuring, with ceo Michele Scannavini
departing for personal reasons and
chairman Bart Becht assuming the role
of interim chief executive officer. Coty’s
previous stand-alone divisions, Coty
Prestige and Coty Beauty, are now integrated
in a model built around categories
and regions, with all brands organized
under fragrance, color cosmetics, skin
care and body care. Renato Semerari was
reassigned to the newly created position
of president of categories and innovation,
and Jean Mortier was named president of
global markets. Aside from currency fluctuations,
sales were flat. Color cosmetics
was the strongest performer, thanks to
Sally Hansen Miracle Gel, which boosted
the industry’s sagging nail-color segment.
In fiscal 2014, Coty discontinued the Tjoy
skin-care brand in China and reorganized
its mass business there. Europe, the
Middle East and Africa was Coty’s largest
region, accounting for 51% of revenues.
Coty acquired Lena White Ltd., an
international distributor, and signed an
acquisition agreement for Bourjois with
Chanel in March 2015. The deal, valued at
approximately $239 million, is expected
to close in April.
13
HENKEL
DÜSSELDORF
2014 BEAUTY SALES:
$4.48 BILLION (EST.)
€3.37 BILLION (EST.)
+1% V. ’13 (EST.)
+
SUBSIDIARIES + MAIN BRANDS:
RETAIL: Schwarzkopf, Syoss, Taft,
Gliss Kur, Schauma, Palette, Brilliance,
Got2b, Perfect Mousse, Paon, Fresh
Light, Pert (hair care). Dry Idea
(deodorant). Fa, Dial, Tone, Right
Guard (bath and body care). Diadermine
(skin care). PROFESSIONAL: Igora,
BC Bonacure, Osis, Seah Hairspa,
Silhouette, Indola, BlondMe, Essensity,
SexyHair, Alterna, Kenra (hair care
and color).
YEAR IN REVIEW: Sales from
Henkel’s beauty-care division, including
oral care, grew 1% to €3.55 billion in
2014, and generated 22% of Henkel’s
total revenues. On an organic basis,
sales increased 2% year-on-year, while
at constant-currency rates, they grew
4.3%. Operating profit fell 11.2% to €421
million, while adjusted for one-time
charges/gains and restructuring charges
EBIT increased by 3.5% to €544 million.
Schwarzkopf, Henkel’s biggest beauty
brand, saw sales of approximately
€2 billion, on par with 2013. Growth
drivers included the introduction of
Diadermine No. 110, an antiaging skincare
line. Sales in the hair-salon channel
declined, although the company said it
outperformed the market. The beautycare
division saw double-digit organic
growth in Asia outside Japan, buoyed by
China and strong growth in Africa and
the Middle East; sales declined in Latin
America. Western Europe saw positive
sales growth, but in the mature markets
of Asia-Pacific and North America, sales
were down. Henkel made several acquisitions
in the hair-care category in 2014.
It bought Latin American brand Pert
for €24 million in May, then purchased
professional brands SexyHair, Alterna
and Kenra from TSG Consumer Partners
for €274 million in a deal that closed at
the end of June. The latter three brands
generated sales of about €140 million in
2013, and are expected to help Henkel
boost its presence in the professional
hair-care category.
14
AMOREPACIFIC
GROUP
SEOUL
2014 BEAUTY SALES:
$4.47 BILLION
KRW 4.47 TRILLION
+21.2% V. ’13
SUBSIDIARIES + MAIN BRANDS:
AmorePacific, Sulwhasoo, Hera, Lirikos,
Iope, Hanyul, Laneige, Mamonde,
Innisfree, Primera, Verite (skin care).
Etude, Espoir (makeup). Lolita
Lempicka, Annick Goutal (fragrance).
Mise en Scene, Ryo, Amos, Ayunche
(hair care). Happy Bath, Illi (body care).
Spa Goa (professional hair and body
care). MakeON (device).
YEAR IN REVIEW: AmorePacific
Group attributed its 2014 revenue
increase to the strong performance of
Sulwhasoo, Laneige, Mamonde, Innisfree
and Etude in overseas markets, where
sales were up by 32%. Sales in China
rose 38% and in other Asian markets
(excluding China and Japan) by 127%.
Throughout Asia, the company expanded
and diversified distribution channels and
introduced new brands. France accounted
for 2% of total revenues and the U.S.,
1%. In the U.S., sales increased 49%
in 2014. In South Korea, duty-free and
digital channels (including TV home
shopping and e-commerce) contributed
to year-on-year growth of 19%. The
domestic market accounted for 81%
of revenues. Duty-free sales increased
by more than 100% in 2014, driven
by strong growth in inbound travellers,
mainly Chinese tourists. Sales of Sulwhasoo
increased 22%, Laneige grew by 41%
and Innisfree by 59%.
15
L BRANDS
COLUMBUS, OHIO
2014 BEAUTY SALES:
$4.45 BILLION (EST.)
+14.1% V. ’13
+
+
SUBSIDIARIES + MAIN BRANDS:
BATH & BODY WORKS: Signature
(body care, fragrance). Aromatherapy
(body care). True Blue Spa (body
and hair care). Liplicious (lip color).
VICTORIA’S SECRET: Victoria by
Victoria’s Secret, Victoria’s Secret
Bombshell, Victoria’s Secret Heavenly,
Victoria’s Secret Scandalous, Very Sexy,
Very Sexy Now, Very Sexy Forbidden,
Very Sexy Night, Sexy Little Things
Tease, Fabulous by Victoria’s Secret,
Sexy Little Things Noir, Eau So Sexy,
Victoria’s Secret Fearless, Body by
Victoria, Victoria’s Secret Love Me,
Victoria’s Secret Angel, Angels Only,
Rapture, Victoria’s Secret Pink, Very
Sexy for Him, Very Sexy for Him
Platinum, VS Fantasies (fragrance,
body care). Beach Sexy (body care).
Beauty Rush (body care). Victoria’s
Secret Hair (hair care).
YEAR IN REVIEW: L Brands escalated
its international expansion program for
its brands and eliminated makeup at
Victoria’s Secret. In 2014, 99 Victoria’s
Secret Beauty stores opened for a total of
290, with 120 planned for 2015. Bath &
Body Works added 26 stores for a count
of 80, with 50 more planned. The U.K.,
South Asia, Latin America, China and
Mexico are targeted locales, along with
airports globally. Bath & Body Works
sales (including home categories) rose
7% to $3.35 billion and beauty accounted
for an estimated 20% of Victoria’s Secret
sales in the U.S., the company’s core
market. Victoria’s Secret makeup, along
with an outgoing apparel business, had
posted sales of $185 million.
16
MARY KAY
DALLAS
2014 BEAUTY SALES:
$4 BILLION
+14.2% V. ’13
+
SUBSIDIARIES + MAIN BRANDS:
Mary Kay (makeup, skin, sun, bath
and body care; fragrance). TimeWise,
Botanical Effects, Satin Hands, Clear
Proof (skin care). Mary Kay At Play
(makeup). MKMen (men’s skin care,
fragrance).
YEAR IN REVIEW: Company celebrations
and marketing programs associated
with Mary Kay’s 50th anniversary in 2013
helped attract and motivate consultants,
resulting in a sales increase of 14.2% in
2014. Its annual convention, called Seminar,
and the Global Makeover Contest
saw record participation. Key sales drivers
included extensions of the Mary Kay At
Play makeup line for younger consumers,
Mary Kay TimeWise Repair skin offerings
and fragrances. Mary Kay operates in 35
markets and generated 70% of its business
abroad. Its largest markets were the
U.S., China, Russia, Mexico and Brazil.
17
COLGATE-
PALMOLIVE CO.
NEW YORK
2014 BEAUTY SALES:
$3.33 BILLION (EST.)
-1.2% V. ’13 (EST.)
-
SUBSIDIARIES + MAIN BRANDS:
Palmolive, Speed Stick, Sanex,
Protex, Caprice, Lady Speed Stick,
Softsoap, Irish Spring, Tom’s of Maine
(deodorant, skin care and lip care).
29

30
#17: Colgate-Palmolive Co. continued
YEAR IN REVIEW: Colgate-Palmolive
focused on innovation and strengthening
its marketing strategies in 2014,
particularly in emerging countries. Its
liquid soap business is the market-share
leader in North America and Europe.
Introductions included Protex Omega 3,
Palmolive Gourmet body scrubs in coffee
and peppermint scents and Lady Speed
Stick Altai Herbs. To enter hard-to-reach
villages in India, the company mobilized
targeted sales teams using urban vans
and increased sales reps from 1,046 in
2013 to 1,372. Its personal-care business,
including bar soaps, represented an estimated
21% of the company’s total sales.
18
NATURA COSMÉTICOS
SÃO PAULO
2014 BEAUTY SALES:
$3.16 BILLION
R$7.41 BILLION
+5.7% V. ’13
+
SUBSIDIARIES + MAIN BRANDS:
Chronos (skin care). Tododia (skin care,
deodorant). Sou (skin, bath and hair
care). Ekos (fragrance; hair, skin and
body care). Una (makeup, fragrance).
Amó, Essencial, Biografia, Kriska,
#Urbano, Luna, Kaiak (fragrance).
Aquarela, Faces (makeup). Plant (hair
care). Sève, Erva Doce (body care).
Natura Homem (men’s fragrance,
skin and hair care). Mamãe e Bebé
(mother and baby body and hair care,
fragrance). Naturé (children’s skin, body
and hair care). Fotoequilibrio (sun care).
Aesop (65%).
YEAR IN REVIEW: Net revenues in
Brazil—which accounted for 80.8% of
Natura’s consolidated business in 2014—
rose 1.9% to R$6 billion. Nevertheless,
the company saw a 3.5% decrease in
domestic sales in the fourth quarter
due to accentuated competition in the
direct-sales channel. Natura remained
Brazil’s largest beauty player. Its net sales
in Argentina, Chile and Peru increased
11.6% to R$735.4 million. In Mexico and
Colombia, they grew 33.9% to R$417.9
million. In other markets, which include
France, Aesop’s business and other
corporate sales in Latin America, net
revenues climbed 60.9% to R$255.7 million.
Aesop closed the year with 98 stores
in 14 countries. Natura’s net income fell
13% to R$732.8 million. Its sales force increased
5.2% to 1.7 million, mainly thanks
to expanding numbers of distributors
in international markets. In September,
Roberto Lima, the former chairman of
media group Publicis in Brazil, took over
as chief executive officer from Alessandro
Carlucci, who held the post for 10 years.
19
ALTICOR
ADA, MICH.
2014 BEAUTY SALES:
$2.41 BILLION (EST.)
-7.7% V. ’13
-
SUBSIDIARIES + MAIN BRANDS:
AMWAY: Artistry, Beautycycle (skin
care, makeup). Artistry Men (men’s
skin care). Body Series/G&H (body
care). Satinique, Ertia (hair care).
GURWITCH: Laura Mercier (makeup,
skin care, fragrance). RéVive (skin care).
YEAR IN REVIEW: A sales decline in
China coupled with currency fluctuations
negatively impacted beauty sales for
Alticor, which operates in more than 100
markets. However, beauty gained against
other categories and now represents a
1% larger share of Alticor’s overall business.
Growth was largely due to Artistry
skin care; in makeup, Artistry launched
Signature Color Lipstick with a patented
click-and-twist package. In 2014, Laura
Mercier ranked 10th in dollar sales in the
U.S. prestige market, according to NPD.
Total 2014 Alticor sales declined 8% to
$10.8 billion.
20
LG HOUSEHOLD &
HEALTH CARE
SEOUL
2014 BEAUTY SALES:
$2.3 BILLION (EST.)
KRW 2.3 TRILLION (EST.)
+18% V. ’13 (EST.)
+
SUBSIDIARIES + MAIN BRANDS:
Ohui, Whoo, Su:m37, Belif, Frostine
(prestige skin care, makeup). Isa Knox,
Lac Vert, Vonin, CathyCat, Sooryehan
(masstige skin care, makeup). Say, On:
The Body (body care). Fruits & Passion
(body care, fragrance). Elastine, Curair,
ReEn, Organist (hair care). The Face
Shop, Beyond (skin, hair and body care;
makeup, men’s grooming, fragrance).
VDL (Violet Dream Luminous)
(makeup).
YEAR IN REVIEW: LG Household
& Health Care attributed strong 2014
beauty sales to growth in prestige products
and gains in the duty-free channel,
particularly for the Whoo brand. In the
prestige sector, sales were up 60.9%
year-on-year with Whoo revenues up
110.5% to KRW 430 billion on the back
of a sharp increase in Chinese customers
in South Korea and elsewhere in Asia.
Sales of Su:m37 grew 17.6%, sales
of Belif increased 45% and The Face
Shop grew 11.4% to KRW 610 billion.
LG took an 86% stake in South Korean
cosmeceuticals company CNP Cosmetics
in October for KRW 54.2 billion. LG
made an offer for Elizabeth Arden but
ultimately opted not to pursue it.
BY THE
NUMBERS
BEAUTY’S
TOP 100
3%
38%
27%
17%
15%
THE DIGITAL
PACESETTERS
Every year, L2 ranks beauty’s most widely known brands (94 in all) in
its Digital IQ Index. In determining each brand’s score, L2 analyzes the
effectiveness of a brand’s Web site and e-tailer investments (35%); its
digital marketing efforts, particularly in terms of search, display and e-mail
(30%); its mobile and tablet optimization and innovation (20%), and its social
media efforts (15%). In 2014, for the first time, a mass brand—L’Oréal Paris—
topped the index with a digital IQ score of 152. L2 said the brand showed
particular prowess in driving site traffic from display advertising.
GENIUS
L’Oréal Paris: 152
Lancôme: 144
Clinique: 143
GIFTED
Estée Lauder: 138
Maybelline
New York: 138
Benefit Cosmetics:
136
Urban Decay: 136
Kiehl’s: 135
Bare Escentuals: 134
MAC: 134
Olay: 133
Avon: 131
Aveda: 129
Cover Girl: 129
Bobbi Brown: 128
AVERAGE
Dermablend: 109
Dior: 109
Clarisonic: 108
La Mer: 106
Skinceuticals: 105
Laura Mercier: 104
Physicians
Formula: 104
Revlon: 104
CHALLENGED
Dolce & Gabbana: 89
OPI: 88
Artistry: 87
Marc Jacobs
Beauty: 87
Cetaphil: 86
Gucci: 85
FEEBLE
Guerlain: 68
Avène: 64
N.Y.C. New York
Color: 62
Lacoste: 61
>140
110-139
90-109

21
GROUPE ROCHER
ISSY-LES-MOULINEAUX,
FRANCE
2014 BEAUTY SALES:
$2.25 BILLION (EST.)
€1.7 BILLION (EST.)
-5.1% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Yves Rocher, Stanhome Changing Lives:
Stanhome, Kiotis (skin and body care,
fragrance). Dr. Pierre Ricaud (skin
and body care, makeup). ID Parfums
(fragrance). Daniel Jouvance (skin and
body care, makeup, fragrance). Flormar
(51%).
YEAR IN REVIEW: In November,
Groupe Yves Rocher changed its name to
Groupe Rocher. The company’s cosmetics
business was negatively impacted by
currency effects in 2014; at constantcurrency
rates, sales increased 1.8%
year-on-year. The Yves Rocher brand
accounted for 64% of group revenues,
which also fell 5.1% year-on-year, to
€2.14 billion. Stanhome accounted for
13% of group revenues, while Dr. Pierre
Ricaud and ID Parfums combined made
up 5%; Flormar represented 3% of
sales and Daniel Jouvance 2%. Exports
represented 63% of group sales, with
Germany (9%) and Italy (8%) the
company’s largest international markets.
For the Yves Rocher brand, sales in brickand-mortar
stores accounted for 50% of
business; mail order, 28%; e-commerce,
10%, and door-to-door, 8%.
22
REVLON
NEW YORK
2014 BEAUTY SALES:
$1.94 BILLION
+29.9% V. ’13
+
-
SUBSIDIARIES + MAIN BRANDS:
CONSUMER: Revlon (makeup).
SinfulColors, Pure Ice (nail color).
Almay (makeup, skin care). Mitchum
(deodorant). Charlie, Jean Naté
(fragrance). ColorSilk (hair color).
Gatineau, Ultima II, Natural Honey
(skin care). PROFESSIONAL:
Revlon Professional, Intercosmo,
Orofluido, UniqOne, Creme of
Nature (hair care). CND Shellac,
CND Vinylux (nail color).
American Crew, D:Fi (men’s
grooming).
YEAR IN REVIEW:
Revlon’s 30% sales gain in
2014 came in large part from
the acquisition of the Colomer
Group in late 2013, along
with positive performances
by Revlon cosmetics, ColorSilk
hair color and Mitchum. It
was a year of reinvention as
the flagship Revlon brand was
relaunched with a new global tag
7: Target moves beyond
the mass market, adding a
premium skin-care offering and
concierge counter to elevate its
approach to beauty.
10: PETER PHILIPS,
former creative
director of Chanel
makeup, heads
to Christian
Dior makeup
as creative
and image
director.
17: Japan’s
Kosé Corp.
buys a 93.5
percent stake
in Tarte Cosmetics for $135
million, giving the company a
foothold in the U.S. market.
18: L’Oréal taps former Valtech
exec Lubomira Rochet for the
new role of chief digital officer.
31: Macy’s Inc. promotes
Jeffrey Gennette to president of
the corporation.
APRIL
1: Masahiko Uotani, formerly
chairman of Coca Cola Japan,
becomes ceo of Shiseido,
the first outsider to hold
the position. Also today,
the company launches Za
Cosmetics in India, its first
foray into the country.
4: Andrea Q. Robinson
publishes her tell-all, Toss the
Gloss: Beauty Tips, Tricks &
Truths for Women 50+.
8: L’Oréal acquires MAGIC
HOLDINGS INTERNATIONAL
LTD.—a facial mask leader in
China—for an estimated $840
million. L’Oréal ceo Jean-Paul
Agon calls it the mostimportant
acquisition since
Yves Saint Laurent Beauté.
9: Bobbi Brown is named
editor in chief of Yahoo
Beauty.
2014
REVIEW
10: Tennis superstar
MARIA SHARAPOVA
becomes co-owner of
sunscreen brand
Supergoop!,
after making a
“significant”
investment in
the company.
14: Julep Beauty
secures $30 million
in Series C financing,
bringing its total venture
backing to $56 million.
16: Henri Bendel ceases
business with third-party
vendors, leaving many
indie brands homeless.
line and mission, Love is On, and Almay
was supported with the Simply American
campaign featuring global ambassador
Carrie Underwood. Along with a shift
to fewer, bigger, better launches, global
operations were streamlined from global,
regional and local teams to just global and
local operations. The U.S. remained its
largest market, accounting for more than
50% of sales.
23
KOSÉ CORP.
TOKYO
2014 BEAUTY SALES:
$1.92 BILLION (EST.)
¥202.06 BILLION (EST.)
+11.8% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
KOSÉ CORP.: Cosme Decorte,
Sekkisei, Visée, Esprique, Astablanc,
Hadakiwami, Stephen Knoll Collection,
Prédia, Infinity, Fasio, Elsia Softymo,
Je l’aime, Jill Stuart, Addiction,
Paul Stuart; Tarte; Albion; Dr. Phil
Cosmetics; Rimmel (in Japan).
YEAR IN REVIEW: Kosé Corp.
benefitted from a pickup in consumer
spending last year, in part accelerated by
higher demand from Asian tourists visiting
Japan. In April, the company bought a
93.5% stake in the New York-based Tarte
Cosmetics for $135 million, giving it a
foothold in the U.S. market. Tarte is said
to be one of the fastest-growing cosmetics
companies in the U.S., logging growth
of 30% annually according to sources. For
the nine months ended December 2014,
Kosé reported net sales of ¥149.3 billion,
an increase of 8.8% year-on-year, with
operating income up 16.9% to ¥15.97
billion. Sales abroad in the nine-month
period totalled ¥21.64 billion, accounting
for 14.5% of total sales.
24
GUTHY-RENKER
SANTA MONICA, CALIF.
2014 BEAUTY SALES:
$1.83 BILLION (EST.)
+1.5% (EST.)
+
+
SUBSIDIARIES + MAIN BRANDS:
Proactiv Solution, Meaningful Beauty,
Principal Secret, X Out (skin care). Wen
(hair care). Sheer Cover (makeup).
YEAR IN REVIEW: Guthy-Renker
dug deeper into digital, while introducing
a number of new products in 2014. The
Proactiv brand expanded its acne-care
regimen with additional treatment products
and grew its broadcast and digital
presence, ending the year with more than
2,000 broadcast and 100 digital spots
for the brand. It debuted #BeYouTV, a
YouTube content series geared towards
Millennials. The first four videos went
live in December and counted more than
400,000 views, making it Proactiv’s
THE
PUBLICLY
TRADED COMPANIES
BY THE
NUMBERS:
THE PLAYERS
BY THE
NUMBERS
BEAUTY’S
TOP 100
Able C&C
Half of WWD Beauty Inc’s 2014
Top 100 List is comprised of public
companies—50 in all—with representation
nearly evenly divided among North America,
Europe and Asia. For the following charts,
WWD Beauty Inc analyzed publicly available
financial data to see which firms performed
the best in a variety of areas.
Alès Groupe
Allergan (Actavis)
AmorePacific Corp.
Avon Products
Bayer AG
Beiersdorf
Burberry
Clorox Co.
Colgate-Palmolive
Compagnie Financière
Richemont
Coty
Dabur India
Elizabeth Arden
Energizer Holdings
Estée Lauder Cos.
Fancl Corp.
Godrej Consumer
Products Ltd.
Henkel
Herbalife
Hermès International
Hypermarcas
Inter Parfums
Johnson & Johnson
Kao Corp.
Kosé Corp.
L Brands
LG Household &
Health Care
Li & Fung
Lion Corp.
L’Occitane Group
L’Oréal
LVMH Moët Hennessy
Louis Vuitton
Mandom Corp.
Marico Ltd.
Milbon Co. Ltd.
Natura Cosméticos
Noevir Holdings Co.
Nu Skin Enterprises
Oriflame Cosmetics
Pola Orbis Holdings
Procter & Gamble
PZ Cussons
Reckitt Benckiser
Revlon
Shanghai Jahwa
United Co.
Shiseido Co.
Steiner Leisure Ltd.
Tupperware Brands
Corp.
Unilever
32

GERMANY’S NO. 1 SELECTIVE MAKEUP BRAND
ARTDECO offers high-quality decorative cosmetics and
skin care products at affordable prices.
The constant focus on individual wishes and needs of
all women, combined with an unique assortment and a
huge color variety is ARTDECO’s secret of success.
MY BEAUTY MY WAY
ARTDECO cosmetic GmbH Germany, www.artdeco.com

#24: Guthy-Renker continued
most-successful content campaign to
date. Guthy-Renker’s e-commerce teams
upgraded the online experience to enable
customers to select products based on
offers they may have seen on television,
customized to their skin concerns.
25
PUIG
BARCELONA
2014 BEAUTY SALES:
$1.77 BILLION (EST.)
€1.33 BILLION (EST.)
+0.7% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
PREMIUM BRANDS: Prada Parfums,
Valentino Parfums, Comme des Garçons
Parfums. PRESTIGE BRANDS: Carolina
Herrera, Nina Ricci, Paco Rabanne.
INTERNATIONAL FRAGRANCES:
Antonio Banderas, Shakira, Mango,
Benetton. REGIONAL FRAGRANCES:
Agatha Ruiz de la Prada, Adolfo
Dominguez.
YEAR IN REVIEW: Successful
launches provided a boost for the
family-owned firm, which celebrated its
100th anniversary in 2014 and opened
new corporate headquarters in Barcelona.
Key introductions included Carolina
Herrera’s 212 VIP Rosé, Valentino Uomo,
Paco Rabanne Lady Million Eau My Gold,
Prada Candy Florale and Benetton, for
which Puig took over the license on Jan. 1,
2014. On a like-for-like basis, sales grew
an estimated 4.5%. In the second half,
Puig opened an office in China as part
of its drive to grow business in emerging
markets, which represent almost half of
its sales. The company sold the Payot
skin-care brand in September in order
to focus on its fragrance and fashion
activities. In January 2015, Puig bought
niche fragrance brands Penhaligon’s and
L’Artisan Parfumeur in a bid to boost its
prestige business.
26
POLA ORBIS
HOLDINGS
TOKYO
2014 BEAUTY SALES:
$1.75 BILLION
¥184.48 BILLION
+3.5% V. ’13
+
+
SUBSIDIARIES + MAIN BRANDS:
POLA: B.A, Red B.A, Apex, Whitissimo,
Moistissimo, D (skin care, makeup).
White Shot, Signs Shot (skin care).
Muselle (makeup). ORBIS: Orbis=U,
Aqua Force, Excellent Enrich, Excellent
White (skin care). Clear (skin care,
makeup). JURLIQUE. H2O PLUS.
ACRO: Three (skin care, makeup). PdC:
Pure Natural, 1 de Bijin, Celdie (skin
care). FUTURE LABO. DECENCIA.
YEAR IN REVIEW: Pola Orbis Holdings
attributed 2014 beauty sales growth
to its Orbis and Jurlique brands. Strong
growth in the Orbis=U skin-care line,
launched in January 2014, contributed
to an 8.6% rise in Orbis sales to
¥52.3 billion. Online sales for the brand
were up 18% and retail stores and
overseas revenues increased by 5%. At
Pola, sales increased 4.4% at the 622
Pola the Beauty stores; door-to-door
sales were down 9.7%, with Pola Orbis
citing the effect of a consumption-tax
hike on customers. Jurlique performed
well in Australia and China, with sales
up 18.8% to ¥17.6 billion. Sales of H2O
Plus were down 11.1% to ¥4.8 billion
due to sluggish sales in China (-39%)
and the U.S. (-5%). Three and Decencia
performed well, and the “brands under
development” category’s sales were up
11.2% to ¥10.12 billion amid new store
openings and product launches. Operating
income was up 11.9% year-on-year to
¥16.53 billion.
27
GROUPE CLARINS
NEUILLY-SUR-SEINE,
FRANCE
2014 BEAUTY SALES:
$1.74 BILLION (EST.)
€1.31 BILLION (EST.)
+1.2% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
CLARINS: Super Restorative, Multi-
Active, Extra-Firming, Vital Light,
Masvelt, Contour Body Treatment
Oil, Double Serum (skin care). True
Radiance, Radiance-Plus Golden Glow
Booster, Skin Illusion, Joli Rouge
(makeup). Clarins Men (men’s skin
care). CLARINS FRAGRANCE GROUP:
Thierry Mugler Fragrances, Azzaro
Fragrances, Swarovski. MY BLEND BY
DR. OLIVIER COURTIN.
YEAR IN REVIEW: Skin and body
care, which represented approximately
two-thirds of Clarins’ estimated revenues
in 2014, was boosted by the continued
success of Double Serum, as well as
Shaping Facial Lift in Asia and Europe
and the relaunch of Extra-Firming. In
makeup, new products including True
Radiance foundation and Radiance-
Plus Golden Glow Booster were well
received, according to the company.
Clarins’ fragrance business suffered from
a competitive market environment, but
new launches and the revamped Angel
performed well. Groupe Clarins celebrated
its 60th anniversary in 2014, and moved
into new headquarters in Paris’ 17th
arrondissement. Natalie Bader, previously
ceo of Prada’s French division and a
former Sephora executive, was named
president of the Clarins brand in March
2014. In February 2015, Groupe Clarins
named Jonathan Zrihen as chief operating
officer. He was previously president
and ceo of the Americas region.
24: Shares of Elizabeth Arden
jump 13.1 percent following
reports that it hired Goldman
Sachs to help explore
strategic alternatives.
30: L’Oréal closes on its
purchase of Decléor and
Carita from Shiseido Co. Ltd.
for €227.5 million, or $315.4
million at current exchange.
MAY
1: Selfridges kicks off THE
BEAUTY PROJECT, an in-store
wonderland with workshops,
services, one-on-one
fragrance consultations and
experiential-type pathways to
purchase.
1: BareMinerals launches its
first liquid foundation, which
QVC says later is its biggest
launch of the year.
1: Giorgio Armani
launches SÌ, which
became the secondlargest
fragrance
launch of 2014
according to NPD, with
$20.3 million in sales.
1: Sephora opens a
new 5,000-squarefoot
flagship in
Ambience mall, in Gurgaon,
India, close to a large,
affluent customer base.
3: Former beauty editor and
nail-art aficionado Eleanor
Langston opens Paintbox, a
manicure studio in SoHo that
soon becomes a beautyinsider
fave.
5: Grace Choi unveils her
MINK 3-D MAKEUP PRINTER
at TechCrunch Disrupt in
New York.
7: Jumei.com, China’s
largest online beauty retailer,
sets IPO terms. It plans to
raise $195 million and sets
the price range for shares
between $19.50 and $21.50.
12: Farouk Systems acquires
BLOWPRO for an estimated
$10 million.
14: Coty and Avon Brazil
finalize a distribution
agreement to sell select
Coty fragrances through
the direct seller’s
1.5 million sales
representatives in the
country.
2014
REVIEW
15: L’Oréal Paris
unveils its Makeup
Genius app, which
garners more than two
million downloads globally
in the four months after
its launch.
28
ORIFLAME COSMETICS
LUXEMBOURG
2014 BEAUTY SALES:
$1.69 BILLION
€1.27 BILLION
-10% V. ’13
+ -
SUBSIDIARIES + MAIN BRANDS:
Oriflame (makeup, skin care, toiletries,
fragrance).
YEAR IN REVIEW: Oriflame continued
to face significant challenges in 2014.
Revenues dropped 10%, although in local
currencies they increased 1%. The company
was heavily impacted by geopolitical
events and currency devaluation in Russia
and Ukraine, two of its largest markets
(the Commonwealth of Independent
States represented 43% of revenues,
down from 49% in 2013). Sales in the
CIS countries fell 21% to €549.4 million
and dropped 10% in Europe to €267.4
million. Growth was strong in other
markets including Turkey, Africa and
Asia, where sales increased 10% to €319
million. The firm’s three largest markets
were Russia, Indonesia and India. Gross
margin fell to 68.4%, from 70.1% a year
earlier. Oriflame appointed a new global
management team in November.
29
L’OCCITANE GROUP
MANOSQUE-EN-PROVENCE,
FRANCE
2014 BEAUTY SALES:
$1.5 BILLION (EST.)
€1.13 BILLION (EST.)
+8.3% V. ’13 (EST).
+
SUBSIDIARIES + MAIN BRANDS:
L’Occitane en Provence (skin, hair, body
and men’s care; fragrance; makeup).
L’Occitane au Brésil. Le Couvent des
Minimes. Melvita. Erborian (63%).
YEAR IN REVIEW: L’Occitane’s
business was boosted by strong local currency
growth in markets including China,
Hong Kong, Russia and Brazil in the nine
months ended Dec. 31, 2014. Revenues
increased 9.8% year-on-year to €882.3
million. Local currency growth was
10.8%, while same-store sales increased
5.9%, an acceleration of 3.4 percentage
points over the prior-year period. At constant
exchange rates, sales grew 19.5%
in China, 15.8% in Hong Kong, 13.4% in
Russia and 12.3% in Brazil. The group
registered 33% growth in its e-commerce
sales. France, which accounted for 8.1%
of revenues, saw like-for-like sales grow
2.6%. L’Occitane’s largest international
markets remained Japan, the U.S. and
Hong Kong. The company continued
to expand and upgrade its global retail
network with 75 net store openings and
86 store renovations or relocations.
30
BELCORP
LIMA, PERU
2014 BEAUTY SALES:
$1.4 BILLION (EST.)
-30% V. ’13 (EST).
SUBSIDIARIES + MAIN BRANDS:
L’Bel, Ésika, Cyzone (skin, body and
hair care; fragrance, makeup).
YEAR IN REVIEW: The Peru-based
direct seller was severely impacted by
currency devaluation in Latin America
in 2014, especially in Venezuela, which
alone accounted for $424 million of
the reduction in sales, according to
the company. Colombia represented
24% of Belcorp’s sales; Peru, 18% and
Mexico, 10%. Belcorp was present in 15
markets. Ésika, which represented 46%
of business, relaunched in 2014. Cyzone
accounted for 33% of sales and L’Bel,
21%. Key launches were Ésika’s Suntuosa
fragrance for women and Victorius scent
for men, which became the numbertwo
men’s fragrance in Mexico and
Brazil, according to the company. L’Bel
introduction Nocturne Serum was the
number-two treatment product in Peru
and Colombia.
31
GROUPE PIERRE
FABRE
BOULOGNE, FRANCE
2014 BEAUTY SALES:
$1.38 BILLION
€1.04 BILLION
+5.3% V. ’13
+
-
SUBSIDIARIES + MAIN BRANDS:
PIERRE FABRE DERMO-COSMÉTIQUE:
Avène, A-Derma, Galénic, Darrow
(skin and body care). Ducray, Klorane,
Glytone (skin and hair care). René
Furterer (hair care). Elancyl (body care).
YEAR IN REVIEW: Asia was the
fastest-growing region for Pierre Fabre
Dermo-Cosmétique in 2014, when business
grew in all regions for the firm.
Growth was driven by the strong performance
of Avène in China, Taiwan, South
SÌ PHOTO BY GEORGE CHINSEE
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#31: Groupe Pierre Fabre continued
Korea and Singapore. South America, led
by Brazil, and Africa, boosted by Algeria,
both posted double-digit growth. The
company opened new subsidiaries in
Chile and the Middle East. Avène, René
Furterer and Ducray were its fastestgrowing
brands last year. International
sales accounted for 64% of Pierre Fabre
Dermo-Cosmétique’s business, which,
including dermatology, grew 5.7% to
€1.15 billion. Parent company Pierre Fabre
Group registered total sales of
€2.11 billion.
32
NU SKIN
ENTERPRISES
PROVO, UTAH
2014 BEAUTY SALES:
$1.32 BILLION
-5% V. ’13
-
SUBSIDIARIES + MAIN BRANDS:
Nu Skin, AgeLOC, Tru Face (skin care).
Epoch (skin, body and hair care). Nu
Colour (cosmetics).
YEAR IN REVIEW: A stronger U.S.
dollar, comparison to robust results in
2013 and losses stemming from a regulatory
review in China caused a decline for
Nu Skin. Sales in Greater China, its largest
market, dropped 30%. Its other leading
markets included South Korea and Japan.
The AgeLOC skin-care brand performed
well and continued to be a key growth
driver. Company-wide sales (including
nutritionals) fell 19% to $2.57 billion.
Despite the 2014 declines, Nu Skin has
a three-year compound annual growth
rate of 14%.
33
GRUPO BOTICÁRIO
CURITIBA, BRAZIL
2014 BEAUTY SALES:
$1.12 BILLION (EST.)
R$2.61 BILLION (EST.)
+16% V. ’13 (EST).
+
SUBSIDIARIES + MAIN BRANDS:
O BOTICÁRIO: Nativa Spa (body
and hair care). Make B., Intense
(makeup). Floratta, Egeo Dolce, Malbec
(fragrance). THE BEAUTY BOX (hair,
bath and body care). EUDORA. QUEM
DISSE, BERENICE.
YEAR IN REVIEW: Grupo Boticário
registered estimated 2014 retail sales
of R$9.3 billion, up 16% year-on-year,
outpacing growth of the Brazilian
cosmetics market. Under its four brands,
the company opened 160 new stores in
Brazil, bringing its total to 3,912. Of these,
3,750 operate under the O Boticário
brand, including franchises. Quem Disse,
Berenice upped its store and kiosk count
to 130, while The Beauty Box doubled its
footprint, with a total of 28 boutiques
at yearend. O Boticário entered two new
markets in 2014, Mozambique and Colombia,
bringing its international country
count to eight. Direct-sales brand Eudora
launched its first hair-care products.
Grupo Boticário overtook Brazilian market
leader Natura to become the country’s
biggest player in fragrance, according
to Euromonitor International data. The
company opened a new factory in Bahia
state, based on the principles of sustainable
design, with the aim of increasing its
production capacity by 50%.
34
ELIZABETH ARDEN
NEW YORK
2014 BEAUTY SALES:
$1.01 BILLION (EST.)
-21.7% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Elizabeth Arden (skin care, makeup,
fragrance). Britney Spears, Elizabeth
Taylor, Jennifer Aniston, Justin Bieber,
Mariah Carey, Nicki Minaj, Taylor Swift,
Juicy Couture, Alfred Sung, BCBG Max
Azria, Geoffrey Beene, Halston, Ed
Hardy, John Varvatos, Lucky Brand,
Rocawear, Wildfox Couture, Curve,
Giorgio Beverly Hills, PS Fine Cologne
(fragrance).
YEAR IN REVIEW: In 2014, South
Korean firm LG Household & Health Care
made an offer for the company but ultimately
opted not to pursue it. Elizabeth
Arden hired Goldman Sachs to explore
potential strategic alternatives to increase
shareholder value and accelerate growth.
Rhone Capital, L.L.C. made a minority
equity investment. Arden’s sales were
impacted by fewer fragrance launches, a
decline in its celebrity fragrance business
and its proactive exit from underperforming
markets. The company entered an
agreement with Wildfox Couture and
forged a joint venture in the Middle East.
Prestige fragrance brands accounted for
63% of sales and the Elizabeth Arden
brand 37%. North America represented
62% of sales. In April, Rod Little joined
Elizabeth Arden as chief financial officer.
35
EUROITALIA
CAVENAGO, ITALY
2014 BEAUTY SALES:
$902.9 MILLION
€679.3 MILLION
+8.7 % V. ’13
+
-
SUBSIDIARIES + MAIN BRANDS:
Versace, Moschino, John Richmond,
Reporter (fragrance). Naj-Oleari
(makeup).
YEAR IN REVIEW: With several big
launches driving sales—Versace Yellow
Diamond Intense, Cheap and Chic
Moschino Stars and Moschino Toy (the
fi rst scent under Moschino’s new creative
director Jeremy Scott, packaged in a teddy
bear)—Euroitalia posted a strong 2014.
Exports comprised its core business, with
92% of turnover derived from abroad,
compared with 95% in 2013. Top markets
were the U.S., Russia, China and the
Middle East.
36
BOOTS
NOTTINGHAM, U.K.
2014 BEAUTY SALES:
$886.6 MILLION (EST.)
£537.8 MILLION (EST.)
+3.6 % V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
No7, Seventeen, Soltan, Boots Expert,
Boots Extracts, Natural Collection,
Botanics, Boots Laboratories, Soap &
Glory.
YEAR IN REVIEW: On Dec. 31, 2014,
Walgreen Co. completed step two of its
merger with Boots’ parent company, Alliance
Boots GmbH, to create Walgreens
Boots Alliance Inc., which is domiciled in
the U.S. The move followed a strategic
partnership that began in June 2012,
when Walgreen acquired a 45% stake
in Alliance Boots, buying the remaining
55% in December 2014. Greg Wasson,
then president and ceo at Walgreens,
announced that he would retire shortly
after completion of the full merger. Now,
James Skinner, formerly chairman
of Walgreens, serves as executive
chairman of Walgreens Boots
Alliance, while Stefano Pessina,
formerly executive chairman of
Alliance Boots and a Walgreens
board member, has become
executive vice chairman and acting
ceo of Walgreens Boots Alliance.
In the year-ended March 31, 2014,
Boots reported that sales of its No7
skin care and cosmetics lines rose.
In November, Alliance Boots acquired
Soap & Glory from its founder, Marcia
Kilgore. The brand is estimated to
generate annual sales of £100 million.
Shortly afterwards, Soap & Glory’s
partnership with Sephora in the U.S.
came to an end, and Walgreens Boots
Alliance said it will be repositioned at a
more masstige level Stateside.
37
LUSH
POOLE, U.K.
2014 BEAUTY SALES:
$854.3 MILLION (EST.)
£518.2 MILLION (EST.)
+14.1% V. ’13 (EST.)
+
+
SUBSIDIARIES + MAIN BRANDS:
Lush Fresh Handmade Cosmetics
2014
REVIEW
16: Sally Hansen launches
MIRACLE GEL to boost the
lagging nail-care business;
it goes on to become the
number-one makeup launch
in the mass market for the
year, according to Coty.
22: JOHN GALLIANO joins
Russian perfumery chain
L’Etoile as creative director.
28: To bolster its skinhealth
activity, Nestlé says
it is acquiring the rights to
commercialize the aesthetic
dermatology products
Restylane, Perlane, Emervel,
Dysport and Sculptra in the
U.S. and Canada from Valeant
Pharmaceuticals International
for $1.4 billion in cash.
JUNE
1: Bluemercury opens its
50th store in Chestnut Hill,
Mass., kicking off a period
of rapid expansion. Six
months later, Macy’s
announces plans to buy
the indie beauty retailer
for $210 million in
cash.
2: Henkel AG acquires
SexyHair, Alterna
and Kenra from TSG
Consumer Partners
in a cash deal worth
approximately
$370 million (€274
million).
17: L’Oréal continues
its buying spree, adding NYX
COSMETICS to its roster.
23: PAULA KENT MEEHAN,
cofounder of Redken, dies
at 82.
27: Benefit launches They’re
Real Push-Up Liner, which
goes on to rack up $1.4
million in sales in its first
month.
30: Former Lauder, L’Oréal
and Avon exec ELANA DRELL-
SZYFER is named ceo at
Laura Geller Beauty, where
she will tackle a re-branding
initiative.
JULY
1: Nicky Kinnaird, founder of
Space NK Apothecary, steps
down.
(bath, body, hair and skin care). Gorilla
Perfume (fragrance).
YEAR IN REVIEW: Expansion in
both emerging and established markets
drove Lush’s growth in 2014, along with
a rise in like-for-like online sales. Lush
opened 28 stores in the U.S., which is
now its largest single market, seeing 25%
same-store sales growth and representing
26% of total sales. Lush also opened
three stores in Hong Kong and its first
store in Brazil. In total, Lush opened 66
shops and closed 62 in the year-ended
June 2014. Looking to future expansion,
Lush has acquired a 10,000-square-foot
store on London’s Oxford Street and is
scouting for similar sites globally. U.K.
sales were up 1.7% and accounted for
15.8% of overall volume; Japan declined
7.9% and represented 15.8% of business.
In December, ceo Andrew Gerrie stepped
down, with his duties now split among
the current management team.
38
SISLEY
PARIS
2014 BEAUTY SALES:
$848 MILLION
€638 MILLION
+4.8% V. ’13
+
SUBSIDIARIES + MAIN BRANDS:
Sisleyä (skin and body care). All Day
All Year, Hydra Global, Supremÿa,
Supremÿa Yeux, Botanical D-Tox,
Cellulinov, Masque Crème à la Rose
Noire, Global Perfect Pore Minimizer,
Sisleyouth, Huile Précieuse à la Rose
Noire, Sunleya GE, Phytoblanc (skin
care). Sisleÿum (men’s skin care). Eau
de Campagne, Eau du Soir, Soir de
Lune, Eaux de Sisley, Eau Tropicale, Eau
d’Ikar (fragrance). Phyto-Teint Expert,
Phyto-Lip Twist, Skinleÿa (makeup).
YEAR IN REVIEW: Sisley was
boosted in 2014 by double-digit growth
in the Americas; the family-owned firm
saw sales gains in all of its geographic
markets, with the strongest increases in
China, the U.S., Japan and Spain. Digital
sales grew thanks to the launch of new
e-commerce sites in the U.K., Germany
NYX PHOTO BY GEORGE CHINSEE ; DRELL-SZYFER BY MICHAEL JURICK

and Spain. Makeup and fragrance grew
by double digits, while skin care saw a
single-digit increase. Sisley expanded its
retail footprint by opening its first standalone
doors in the U.S., in Las Vegas and
New York, as well as a boutique in Wuhan,
China. It also opened a subsidiary in
Brazil. Key launches included Sisleyouth,
Black Rose Oil, Phyto-Lip Twist and Eau
Tropicale fragrance.
39
DABUR INDIA LTD.
GHAZIABAD, INDIA
2014 BEAUTY SALES:
$767.2 MILLION (EST.)
46.78 BILLION RUPEES
(EST.)
+10.1% V. ’13 (EST).
SUBSIDIARIES + MAIN BRANDS:
Vatika Professional, Dabur Amla, ORS
(hair care). Fem, Gulabari, Oxylife, New
Era, DermoViva (skin care). Vatika (hair
and skin care). Hobby (skin, hair and
bath care; shave preparations).
YEAR IN REVIEW: Innovation was
the main growth driver for Dabur in 2014.
Successful products included hair oils
under the Amla, Anmol and Vatika brands
and a new range of hair gels under the
Hobby brand. OxyLife Crème Bleach was
relaunched with a new identity, including
new packaging and communication. In
international markets, Dabur launched
Vatika Genghir hair oil, Vatika Enriched
Sarson hair oil, a new Volume & Thickness
variant of Vatika Hammam Zaith, Amla
leave-on hair oils and Hobby Trendz Hair
Gel. Skin-care brand Uveda was discontinued
at the end of 2013, with plans to
relaunch in 2015. Restructuring continued
at Namaste Laboratories, a U.S.-based
hair-care company acquired in 2010. A
fire at the Fem factory in India caused a
slowdown in sales for the brand.
40
RECKITT
BENCKISER
BERKSHIRE, U.K.
2014 BEAUTY SALES:
$758.4 MILLION
£460 MILLION (EST.)
FLAT V. ’13 (EST.)
+
=
SUBSIDIARIES + MAIN BRANDS:
Clearasil, E45 (skin care). Veet
(depilatories).
YEAR IN REVIEW: Reckitt Benckiser’s
Hygiene division, of which Veet, E45 and
Clearasil are all part, saw its revenues at
actual exchange rates fall 5% to £3.63
billion in the year-ended Dec. 31. But
stripping out the 9% negative impact of
exchange rates given the strength of the
pound in 2014, the category would have
risen 3%. According to industry sources,
the negative impact of exchange rates
would have impacted Reckitt’s beauty
brands, too. Rakesh Kapoor, Reckitt’s
ceo, called 2014 market conditions “challenging,”
and announced a project called
Supercharge, intended to reduce costs,
drive efficiencies and simplify Reckitt’s
organization. The company said that Veet
had a “strong” year, led by the success
of its Naturals hair-removal range in
India and Turkey. According to provisional
figures from Euromonitor, Veet’s global
retail sales grew 4.4% to $775 million,
E45’s rose 3.2% to $45 million, and
Clearasil’s were down 1% to $291 million.
41
MARICO LTD.
MUMBAI
2014 BEAUTY SALES:
$738 MILLION (EST.)
45 BILLION RUPEES (EST.)
+18% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Livon, Parachute Advansed, Nihar
Naturals, Hair & Care, Caivil, Black Chic
(hair care and color). Advansed (hair
and body care). Set Wet (deodorants
and hair styling). Fiancée, Hair Code
(hair care and styling). Code 10, X-Men
(men’s grooming). L’Ovite (skin care,
makeup, body care and hair care).
YEAR IN REVIEW: Under new
managing director and ceo Saugata Gupta
since April 2014, Marico has honed its
focus on skin and hair care and men’s
grooming, and targeted the youth market
more aggressively with its hair-styling
and deodorant brands. In 2014, the
company unified its leadership for India
and international operations to accelerate
growth, and has been driving distribution
aggressively. The company reported
strong growth in Bangladesh, Vietnam
and Egypt and has also been strengthening
the Livon and Set Wet and Zatak
brands, which it acquired from Reckitt
Benckiser in 2012. Marico-owned brands
were available in more than 25 countries
across emerging markets of Asia and
Africa.
42
SHANGHAI JAHWA
UNITED CO.
SHANGHAI
2014 BEAUTY SALES:
$720.8 MILLION (EST.)
CNY 4.43 BILLION (EST.)
+11.4% V. ’13 (EST.)
+
+
SUBSIDIARIES + MAIN BRANDS:
Herborist, Maxam, Fresh Herb (skin
and body care). Liushen (body care). GF
(men’s skin and hair care; fragrance).
Shanghai Vive (skin care, fragrance,
makeup). Dr. Yu (skin care). Giving
(baby care).
YEAR IN REVIEW: Shanghai Jahwa
United Co. saw robust growth in 2014,
particularly with its Liushen and Herborist
brands. As reported by Nikkei Asian
THE
PUBLICLY
TRADED COMPANIES
BY THE
NUMBERS
VIEW FROM THE PROFIT LINE
BEAUTY’S
TOP 100
Logging sales is great, but controlling costs is important too. So who are the
sharpest financial performers in the WWD Beauty Inc Top 100? In a review of
available data on operating profit derived directly from beauty, it was no surprise to
see large and efficient players such as Procter & Gamble and L’Oréal near the top of
the list. But smaller companies came on strong too, with Brazilian direct seller Natura
Cosméticos rivaling Unilever with an 18.4% operating margin—the profit as a percent of
revenue—while Japanese firm Noevir outperformed all, posting a margin of 26.2%. Here,
a list of companies in order of profit margin success in 2014. —LAURA KLEPACKI
COMPANY
BEAUTY
SALES
NOEVIR HOLDINGS CO. $305 Million $79.8 Million
¥32.10 Billion 1 ¥8.41 Billion 1 +8.2% 26.2%
UNILEVER $23.58 Billion $4.33 Billion
€17.74 Billion 3 €3.26 Billion 3 +5.9% 18.4%
NATURA COSMÉTICOS $3.16 Billion $580.7 Million
R$7.41 Billion R$1.36 Billion -3.7% 18.4%
MILBON CO. LTD. $239.7 Million $42.29 Million +3.4% 17.6%
¥25.23 Billion ¥4.45 Billion
PROCTER & GAMBLE (EST.) $19.83 Billion $3.48 Billion +5.5% 17.5%
L’ORÉAL $29.94 Billion $5.17 Billion
€22.53 Billion €3.89 Billion +3.5% 17.3%
ESTÉE LAUDER COS. (EST.) $10.95 Billion $1.70 Billion +13% 15.5%
LG HOUSEHOLD $2 Billion $272 Million
& HEALTH CARE KRW 2 Trillion KRW 272 Billion +16.8% 13.6%
REVLON $1.94 Billion $235.5 Million +24.6% 12.1%
HENKEL $4.7 Billion $559.6 Million
€3.55 Billion 5 €421 Million 5 -11.2% 11.9%
BEIERSDORF $6.92 Billion $814.74 Million
€5.21 Billion 4 €613 Million 4 -2.1 % 11.8%
FANCL CORP. (EST.) $463.6 Million $50.6 Million
¥48.8 Billion ¥5.33 Billion N/A 2 10.9%
INTER PARFUMS $499.3 Million $53.4 Million -32.2% 10.7%
LVMH MOËT HENNESSY $5.21 Billion $551.6 Million
LOUIS VUITTON €3.92 Billion €415 Million (flat) 10.6%
KOSÉ CORP. (EST.) $1.92 Billion $201.7 Million
¥202.06 Billion ¥21.23 Billion +26% 10.5%
MANDOM CORP. (EST.) $664.34 Million $59.5 Million
¥69.93 Billion ¥6.27 Billion -17% 9%
POLA ORBIS HOLDINGS $1.75 Billion $157.1 Million
¥184.48 Billion ¥16.53 Billion +11.9% 9%
ORIFLAME COSMETICS $1.69 Billion $125.9 Million
€1.27 Billion €94.7 Million -31% 7.5%
KAO CORP. $5.6 Billion $269.8 Million
¥589.9 Billion ¥28.4 Billion +18.8% 4.8%
SHISEIDO CO. (EST.) $7.37 Billion $333.5 Million
¥775.91 Billion ¥35.11 Billion N/A 2 4.5%
COTY (EST.) $4.49 Billion $20.4 Million -93% 0.45%
ELIZABETH ARDEN (EST.) $1.01 Billion ($218.7 Million) 6 -732% ------
Sources and Methodology: Figures presented were
gathered and compiled using publicly available
corporate financial statements and based on
reported numbers. For companies whose fiscal
year is not calendar year, quarterly, interim and prior
full-year data were computed to best approximate
calendar year 2014 sales and operating profit.
OPERATING
PROFIT (LOSS)
PROFIT AS %
OF SALES
1
Noevir results are for year-ended September 30, 2014.
2
Percent change not available due to changes in reporting.
3
Personal Care division, including oral care.
4
Consumer division, including bandages.
5
Beauty Care division, including oral care.
6
Elizabeth Arden reported earnings before interest and
taxes, not operating profit.

#42: Shanghai Jahwa United Co.
continued
Review, an ongoing boardroom tussle
between management and Ping An
Insurance (Group) Co., Jahwa’s major
shareholder, resulted in the removal of
general manager Wang Zhou in June. In
December, the company announced that
it would invest CNY 1.35 billion in a new
manufacturing base in Shanghai Qingpu
Zone to replace its 20-year-old factory.
The new facility will be operational in
2018. In the first three quarters of 2014,
the company saw net profits increase 13%
to CNY 905 million. China remained its
largest market.
43
JOHN PAUL MITCHELL
SYSTEMS
LOS ANGELES
2014 BEAUTY SALES:
$698.5 MILLION (EST.)
+10% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Paul Mitchell, Awapuhi Wild Ginger,
Mitch (hair care). Tea Tree (hair and
body care). Paul Mitchell The Color
(professional hair color).
YEAR IN REVIEW: In a bid to widen
a leading position in hair color, Paul
Mitchell introduced Ultimate Color Repair
in fall 2014, a three-part color-protecting
system designed to help color last up to
nine weeks. Paul Mitchell expanded its
male-focused Mitch line with the introduction
of Heavy Hitter shampoo, which
achieved notable success, according to
the brand. The campaign featured Angus
Mitchell, who is co-owner of the company
and the son of the late Paul Mitchell.
Other top performers included the core
lines Paul Mitchell and Tea Tree.
44
MANDOM CORP.
OSAKA, JAPAN
2014 BEAUTY SALES:
$664.3 MILLION (EST.)
¥69.93 BILLION (EST.)
+4.1% V. ’13
+
+
SUBSIDIARIES + MAIN BRANDS:
MEN’S GROOMING: Gatsby (skin, body
and hair care; hair color, fragrance,
deodorant). Lúcido (skin, body, hair
and scalp care; deodorant). Mandom
(skin, body and hair care; fragrance).
Tancho (hair care and color). Spalding
(deodorant, fragrance, body care).
WOMEN’S COSMETRIES: Lúcido-L
(hair care and color). Baby Veil (hair
care). Lovillea (fragrance). Miratone
(hair color). Mandom (hair and skin
care). Johnny Andrean, Style Up (hair
care). Simplity (deodorant). Pucelle
(fragrance, body care). WOMEN’S
COSMETICS: Pixy (skin care, makeup).
Bifesta, Barrier Repair (skin care).
YEAR IN REVIEW: Strengthening
economies throughout Asia and tempered
optimism about a resumption
of consumer spending in Japan
is leading Mandom to pursue
a range of growth initiatives.
Efforts include continued
emphasis on men’s grooming,
its largest product category; an
expansion of women’s cosmetics,
and overall market development
throughout Asia. In 2014,
Japan accounted for about 60%
of sales, with Indonesia and
Malaysia its next-largest markets.
Mandom revamped Bifesta skin
care with positive results, and reported
strong sales from Mandom
body care and Lúcido skin and hair
care in Japan and Pucelle fragrances
in Indonesia.
45
GODREJ
CONSUMER
PRODUCTS LTD.
MUMBAI
2014 BEAUTY SALES:
$631.4 MILLION (EST.)
38.5 BILLION RUPEES
(EST.)
+10% V. ’13 (EST).
SUBSIDIARIES + MAIN BRANDS:
Darling, Ilicit, Issue, 919, Renew, Inecto,
Touch of Silver, Roby, Godrej Nupur,
Godrej Expert, Shikakai (hair care).
Crowning Glory, Swastik (hair and
body care). Cinthol, Godrej No 1, Godrej
Fairglow, Godrej Shaving Cream, Soft
& Gentle, Villeneuve, Tura (skin care).
Pamela Grant (makeup).
YEAR IN REVIEW: Godrej Consumer
Products Ltd. spent 2014 ramping up its
international operations in Asia, Africa
and Latin America as well as strengthening
its position in hair and skin care.
In India, the company launched brand
extensions for its Cinthol and Godrej No 1
lines. Godrej No 1 launched in the facialwash
category, including a multiuse sachet
product. Godrej registered total sales
of 81.15 billion rupees. Domestic sales
were 43.28 billion rupees; international
revenues reached 37.86 billion rupees.
46
ENERGIZER
HOLDINGS
ST. LOUIS
2014 BEAUTY SALES:
$600 MILLION (EST.)
-4.8% V. ’13 (EST.)
+
-
SUBSIDIARIES + MAIN BRANDS:
Banana Boat, Hawaiian Tropic (sun
care). Skintimates, Edge, Schick (shave
preparations).
YEAR IN REVIEW: In 2014,
Energizer’s sun-care category (including
wipes) fell 1% to $425 million, attributed
to unseasonable weather in the U.S., its
2014
REVIEW
15: Kate Oldham is named
senior vice president and
general merchandise
manager of beauty, fragrance,
lingerie and swimwear at
Saks, replacing 22-year
veteran Deborah Walters.
18: Beiersdorf AG opens
a research and production
center in Silano, Mexico to
boost business in the region.
21: DAVE
LEWIS steps
down as
president of
Unilever’s
Personal
Care division to
become ceo of the troubled
supermarket giant Tesco.
Unilever veteran Alan Jope
replaces Lewis.
23: Christian Louboutin
enters the beauty
arena with nail lacquer.
The signature red,
ROUGE LOUBOUTIN,
priced at $50, sells
out on sephora.com
in one hour.
29: Kao Corp.’s firsthalf
net profits climb 73.3
percent following 2013’s
extraordinary losses due
to a recall of more than 50
Kanebo brightening products.
AUGUST
1: CVS Pharmacy targets the
masstige market with its first
upmarket proprietary beauty
line, MAKEUP ACADEMY.
1: P&G ceo A.G. Lafley
announces plans to sell off
or shutter at least half of the
behemoth’s brands.
7: THE KARDASHIAN trio—
Kourtney, Kim and Khloé—
team up with Farouk Systems
to create Kardashian Beauty.
8: Urban Outfitters opens a
2,000-square-foot beauty
shop in its Herald Square
flagship in New York.
15: The Estée Lauder Cos.
posts fourth-quarter profits
that more than doubled
from a year ago thanks to
increased distribution online
in growing markets like China.
largest market. Its next-biggest markets
were Japan and Canada. To reach a larger
audience, Banana Boat introduced a collection
for men featuring black packaging
and masculine scents. This summer, the
company is spinning off its personalcare
business into a new division called
Edgewell Personal Care.
47
JAFRA COSMETICS
INTERNATIONAL
WESTLAKE VILLAGE, CALIF.
2014 BEAUTY SALES:
$533.6 MILLION
€401.5 MILLION
-12.9% V. ’13
SUBSIDIARIES + MAIN BRANDS:
Royal Jelly, Jafra Dynamics, Jafra Pro
(skin care). Royal Almond, Tender
Moments, Jafra Spa (bath and body
care). Eau d’Arômes, Navigo, Legend,
JF9, Double Nature, Jandé, Diamonds
(fragrance). Jafra Color, Vibe (makeup).
YEAR IN REVIEW: Sales for Jafra
Cosmetics International were negatively
impacted by fluctuating market
conditions in Mexico, Brazil and Russia
and by unfavorable exchange rates. It
also suffered a 4% decline in consultant
numbers. While fragrance is its overall
top category, the Vorwerk Group–owned
direct seller introduced six skin-care
regimens last year to further develop that
business. Sold in 18 countries, Jafra’s
largest market is Mexico, followed by the
U.S., then Brazil. A turnaround in the
U.S., where it installed new leadership
with Paulo Moledo as president, helped
boost sales.
48
ALLERGAN
IRVINE, CALIF.
-
2014 BEAUTY SALES:
$523.6 MILLION (EST.)
+12% V. ’13 (EST.)
+
SUBSIDIARIES + MAIN BRANDS:
SkinMedica, Prevage MD (skin care).
YEAR IN REVIEW: Allergan, best
known as the maker of Botox, fought
unwanted advances from Valeant
Pharmaceuticals and announced in
November it would be acquired by Actavis
plc. The deal closed on March 17, 2015,
resulting in a company with combined
revenues of $23 billion. In 2014,
Allergan focused its efforts in growing the
physician-dispensed brands SkinMedica
and Prevage MD. Laurent Combredet,
formerly of Amazon, was named general
manager of SkinMedica. Skin care generated
an estimated 7% of Allergan’s total
revenues of $7.1 billion. With 63% of
sales, the U.S. is its largest market. To
grow the business, SkinMedica has been
developing and promoting products
featuring growth factors, retinol, antioxidants
and sun protection.
49
TUPPERWARE
BRANDS CORP.
ORLANDO, FLA.
2014 BEAUTY SALES:
$521.2 MILLION (EST.)
-6.4% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Armand Dupree, Avroy Shlain,
BeautiControl, Fuller Cosmetics,
NaturCare, Nutrimetics, Nuvo
Cosmeticos (makeup, skin care,
fragrance).
YEAR IN REVIEW: Losses at Tupperware
Beauty’s North America division,
due to the closing of the Armand Dupree
business in the U.S. and weakness of
Fuller Cosmetics in Mexico, led to an
overall decline in beauty sales last year.
Revenues for the division slid from $320.1
million in 2013 to $290.9 million. However,
BeautiControl in North America was
a highlight, with sales up 7%. Meanwhile,
Avroy Shlain posted strong sales in South
Africa, Italy, the Middle East and Turkey.
Tupperware operates in 100 markets with
Asia-Pacific its largest region, followed
by Europe.
50
DHC CORP.
TOKYO
2014 BEAUTY SALES:
$510.4 MILLION (EST.)
¥53.73 BILLION (EST.)
-2.2% V. ’13 (EST.)
-
-
SUBSIDIARIES + MAIN BRANDS:
DHC (skin, hair, men’s, body and baby
care; fragrance, makeup). Olive Sube
Sube series, Medicated Q series, Pore
Care series, Salicylic Acne series (skin
care). Q10 Revitalizing Hair Care series
(hair care).
YEAR IN REVIEW: DHC Corp.’s
domestic sales, which made 87% of
its beauty revenues in the fiscal year
ended July 31, 2014, declined 3.8% while
exports were up by 14% during the same
period. Skin care remained its largest
category; bestsellers included the Olive
Sube Sube series, DHC Lip Cream and
Eyelash Tonic. Q10 Quick Color Treatment
and Astaxanthin Series were key
launches. DHC bills itself to be Japan’s
leading direct-mail skin-care seller and
as of March 2015 had more than 12.36
million registered mail-order users. Total
stand-alone stores reached 200 in 2014.
LOUBOUTIN PHOTO BY GEORGE CHINSEE; KARDASHIANS BY STEPHEN SULLIVAN
38

51
PZ CUSSONS
MANCHESTER, U.K.
2014 BEAUTY SALES:
$506.5 MILLION (EST.)
£307.2 MILLION (EST.)
-4.6% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
St. Tropez (skin and body care). The
Sanctuary Spa, Luksja (skin, bath and
body care). Charles Worthington, Fudge
Professional, Fudge Urban (hair care).
Original Source, Imperial Leather (bath
and body care). Venus, Joy (hair and
skin care, toiletries). Stella (skin care).
YEAR IN REVIEW: 2014 saw the
departure of PZ Cussons Beauty’s ceo
Michelle Feeney, who was replaced by
Selma Terzic, global managing director
for PZ Cussons Beauty. As to the firm’s
performance in 2014, PZ Cussons noted
“tougher trading conditions” for its
brands in the U.K., which accounted
for 57% of its beauty sales. The U.K.’s
performance weighed on the division’s
stronger international growth in the
U.S., where the Charles Worthington
and Fudge Urban brands launched at
Target. New products also boosted sales,
particularly Charles Worthington’s Instant
Root Concealer and St. Tropez’s Self Tan
Express Bronzing Mousse & Luxe Body
Oil. Imperial Leather relaunched with
new product categories; Original Source
launched a new body care line. Nigeria
and Australia are PZ Cussons’ nextlargest
beauty markets after the U.K.
52
INTER PARFUMS
NEW YORK
2014 BEAUTY SALES:
$499.3 MILLION
-11.4% V. ’13
-
-
SUBSIDIARIES + MAIN BRANDS:
Lanvin, Montblanc, Jimmy Choo,
Boucheron, Van Cleef & Arpels, Karl
Lagerfeld, Paul Smith, S.T. Dupont,
Balmain, Repetto, Agent Provocateur,
Alfred Dunhill, Anna Sui, Shanghai
Tang, Oscar de la Renta, Gap, Banana
Republic, Brooks Brothers, Bebe, Betsey
Johnson (fragrance).
YEAR IN REVIEW: Inter Parfums’
three largest brands—Montblanc, Jimmy
Choo and Lanvin—along with its newer
brands Karl Lagerfeld, Oscar de la Renta
and Agent Provocateur, drove a 15.3%
sales uptick last year for its ongoing
business. Sales were overall negatively
impacted by the loss of its Burberry
license. In December, the company
entered a seven-year exclusive deal with
Abercrombie & Fitch and Hollister to
create, produce and distribute fragrances
for the youth-oriented brands. Inter
Parfums’ strongest regions are Western
Europe, North America and Asia.
53
NATURAL PRODUCTS
GROUP
IRVINE, CALIF.
2014 BEAUTY SALES:
$497 MILLION (EST.)
+16.1% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
ARBONNE: Arbonne Cosmetics
(makeup). RE9 Advanced, Revelâge,
FC5, Clear Advantage, Calm (skin care).
Before Sun (sun care). SeaSource Detox
Spa (skin and body care). Arbonne
Intelligence Genius (skin care). ABC
Arbonne (baby care). Pure Mint
(deodorant). Pure Vibrance (hair care).
LEVLAD: Nature’s Gate, Nature’s Gate
Advanced Care, Nature’s Gate Herbal
Blend, Nature’s Gate Fruit Blend (skin,
hair and sun care).
YEAR IN REVIEW: Arbonne accounted
for the bulk of Natural Products
Group’s beauty business with $472
million in sales. Business grew across
all categories behind new and existing
lines. Arbonne reformulated its babycare
range, ABC Arbonne, with fewer
ingredients and new packaging. The
number of active sales representatives
increased 1.3% to 243,000. By region,
the U.S. accounted for the bulk of NPG’s
beauty sales at 62%, followed by Canada
at 19%, Australia at 13%, the U.K. at 6%
and Poland, which it entered in October,
at 0.1%.
54
NIPPON MENARD
COSMETIC CO.
NAGOYA, JAPAN
2014 BEAUTY SALES:
$474.2 MILLION (EST.)
¥49.92 BILLION (EST.)
-4% V. ’13 (EST)
+
-
SUBSIDIARIES + MAIN BRANDS:
MENARD: Saranari, Lisciare, Fairlucent,
Colax, Beauness, Herb Mask (skin care).
Kasaneka (body care). Embellir, Tsukika
(skin care, makeup). Divum (skin care,
makeup, in China). Jupier (makeup).
Authent (skin care, fragrance). L’Eau de
Ryokuei, L’Eau de Taoyaka (fragrance).
YEAR IN REVIEW: Nippon Menard
Cosmetic Co. celebrated its 55th anniversary
in 2014. Its best-selling product
was the Illuneige skin-care series, which
was relaunched in Japan. China remained
Nippon Menard’s largest market overseas,
followed by Vietnam. Overseas sales
accounted for an estimated 15% of the
THE
PUBLICLY
TRADED COMPANIES
1
2
3
4
5
6
7
8
9
10
1
2
3
4
5
6
7
8
9
10
TOP-10 PERFORMING
BEAUTY STOCKS IN 2014
BY THE
NUMBERS
BEAUTY’S
TOP 100
International beauty stocks had a good year in 2014, taking seven out
of the top 10 positions. Three Asian firms—Marico, Kao and Kosé—led
the way, each with growth exceeding 40 percent. Also notable were
gains made by domestic firms Revlon and L Brands, which won market
favor regardless of some balance-sheet weakness. —L.K.
COMPANY YEAREND 2014* YEAREND 2013* % CHANGE
MARICO LTD. $5.38 $3.62 +48.5%
327.85 Rupees 220.80 Rupees
KAO CORP. $45.19 $31.45 +43.7%
¥4,757 ¥3,310
KOSÉ CORP. $44.89 $31.73 +41.5%
¥4,725 ¥3,340
L BRANDS $86.55 $61.85 +39.9%
DABUR INDIA $3.85 $2.80 +37.8%
234.9 Rupees 170.5 Rupees
REVLON $34.16 $24.96 +36.9%
COTY $20.66 $15.25 +35.5%
POLA ORBIS HOLDINGS $46.12 $35.67 +29.3%
¥4,855 ¥3,755
ALÈS GROUPE $23.72 $18.41 +28.9%
€17.85 €13.85
LG HOUSEHOLD & $272.50 $228 +19.5%
HEALTH CARE KRW 272,500 KRW 228,000
10 WORST-PERFORMING
BEAUTY STOCKS IN 2014
It was a rough year for direct sellers, with six companies landing in the bottom 10
stock-losers list. Nu Skin took the biggest hit, with a fall of 68.4%, followed by Herbalife
with a 52.1% decline, both amid allegations the operations are pyramid schemes.
Slower than expected progress on its turnaround plan pushed Avon’s shares down
45.5% over the year, while Tupperware fell on lower sales and earnings. —L.K.
COMPANY YEAREND 2014* YEAREND 2013* % CHANGE
NU SKIN ENTERPRISES $43.70 $138.22 -68.4%
HERBALIFE $37.70 $78.70 -52.1%
AVON PRODUCTS $9.39 $17.22 -45.5%
ORIFLAME COSMETICS $16.26 $29.61 -45.1%
SEK 108.50 SEK 197.50
ELIZABETH ARDEN $21.39 $35.45 -39.7%
TUPPERWARE BRANDS CORP. $63.00 $94.53 -33.4%
INTER PARFUMS $27.45 $35.81 -23.4%
ABLE C&C $23.30 $30.30 -23.1%
KRW 23,300 KRW 30,300
NATURA COSMÉTICOS $13.60 $17.66 -23.0%
R$31.85
R$41.37
MILBON CO. LTD. $31.11 $39.14 -20.5%
¥3,275 ¥4,120
*Data used was the closing price on the last day of the year the stock traded. 39

BEAUTY COMPANY
SPENDING ON
RESEARCH AND
DEVELOPMENT
BY THE
NUMBERS
BEAUTY’S
TOP 100
Among the pure-play beauty companies, L’Oréal
came out clearly on top as the biggest spender
on R&D in 2014, dedicating $1 billion to come
up with innovations enticing to consumers. But it
has plenty of company. Shiseido, for one, has a new
R&D facility underway and plans to increase its spending
in 2015, up from 1.8% of revenue to 2.5% of revenue.
There are several other leaders—including P&G, Unilever
and J&J—not included here because they don’t break out
spending directly related to beauty. —L.K.
COMPANY
R&D SPEND
L’ORÉAL $1 Billion 3.4%
€760.6 Million
BEIERSDORF $162.2 Million 2.3%
€122 Million***
ESTÉE LAUDER COS. $157.9 Million* 1.4%
SHISEIDO CO. $128.6 Million 1.8%
¥13.54 Billion*
NATURA COSMÉTICOS $93.1 Million 2.9%
R$218.1 Million
AVON PRODUCTS $62.5 Million 1%
COTY $45 Million* 1%
R&D AS %
OF REVENUE
POLA ORBIS HOLDINGS $37.6 Million (EST.) 2% (EST.)
¥3.96 Billion (EST.)
REVLON $31.6 Million 1.6%
ORIFLAME COSMETICS $17 Million** 1%
€12.8 Million**
L’OCCITANE GROUP $14.5 Million 1%
€10.9 Million*
NOEVIR HOLDINGS CO. $9.9 Million 3.2%
¥1.04 Billion*
ALÈS GROUPE $7.6 Million (EST.) 2.5% (EST.)
€5.7 Million (EST.)
ABLE C&C $2.48 Million 0.6%
KRW2.48 Billion
THE
PUBLICLY
TRADED COMPANIES
*Fiscal year ended March 2014 for L’Occitane and Shiseido; June
2014 for Coty and Estée Lauder, and November 2014 for Noevir.
All others ended December 2014.
**Oriflame figures are fiscal year 2013.
***Beiersdorf % was calculated against consumer division sales,
which include bandages.
#54: Nippon Menard Cosmetic Co.
continued
company’s total beauty sales. The company’s
Embellir line launched in Turkey
at Harvey Nichols stores and Menard
revamped two counters in Hong Kong.
Authent’s Web site was relaunched.
Nippon Menard introduced its skin-care
consultations, where users’ skin keratin
levels are analyzed, in Malaysia.
55
FANCL CORP.
YOKOHAMA, JAPAN
2014 BEAUTY SALES:
$463.6 MILLION (EST.)
¥48.8 BILLION (EST.)
+5.9% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Fancl, Attenir (skin care, makeup).
Boscia (skin care).
YEAR IN REVIEW: Expanded retail
distribution and a relaunched color cosmetics
line contributed to Fancl’s growth.
Fancl products are sold predominantly
through domestic mail order, which
accounted for 48.3% of sales. Stores
comprised 35.1%—Fancl’s main products
are sold in around 7,500 drugstores and
in Lawson convenience stores. Overseas
markets accounted for 10.9% of beauty
sales in 2014. Hong Kong and mainland
China are Fancl’s largest markets abroad.
56
MARKWINS
INTERNATIONAL
CITY OF INDUSTRY, CALIF.
2014 BEAUTY SALES:
$440.1 MILLION (EST.)
+18.4% V. ’13 (EST.)
+
+
SUBSIDIARIES + MAIN BRANDS:
Wet ‘n’ Wild, Physicians Formula,
Black Radiance, Fantasy Makers, The
Color Institute, The Color Workshop,
Nova 360, Pop, Disney Princess, Disney
Fairies, Monster High, Barbie, Minnie
Mouse, Act, FrontCover Cosmetics.
YEAR IN REVIEW: Last year, Markwins’
sales grew 18.4% driven by strong
brand promotions, new retail distribution
and international expansion. Top sellers
included Black Radiance, a collection for
women of color, and Wet ‘n’ Wild. Physicians
Formula ended 2014 with revenues
up double digits, with sales growth across
categories. In January 2015, Markwins
entered into an agreement to acquire
Bonne Bell and Lip Smacker from Aspire
Brands, filling a void in its product portfolio
for the youth market. It was its third
major acquisition in 12 years.
57
ABLE C&C
SEOUL
2014 BEAUTY SALES:
$438.3 MILLION
KRW 438.3 BILLION
-1% V. ’13
SUBSIDIARIES + MAIN BRANDS:
Missha, A’Pieu, Mika, Swiss Pure (skin,
bath and body care; makeup).
YEAR IN REVIEW: Able C&C’s 2014
revenues declined as it focused on its
profit structure and closed underperforming
Missha stores in South Korea. Its net
profits dropped 79% to KRW 2.6 billion
while operating income fell 48% to KRW
6.7 billion. Best-selling products in 2014
were Missha Time Revolution Immortal
Youth Cream and Missha Signature Real
Complete BB Cream. New launches
included Missha for Men items and Missha
Signature BB Cake. Missha increased
its outlets by nearly 300 during the year
to 1,500, and opened its first store in Turkey.
It is sold in 28 countries. Its largest
market abroad was China.
58
HOYU CO.
NAGOYA, JAPAN
2014 BEAUTY SALES:
$434.4 MILLION (EST.)
¥45.73 BILLION (EST.)
+2.3% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Bigen, Cielo, Beautylabo, Beauteen,
Naturain (hair color). Men’s Bigen,
Rexy, Promaster (men’s hair color).
Samy (hair care).
YEAR IN REVIEW: Hoyu Co. saw
modest growth in 2014 as it reformulated
and repackaged a number of hair
products. Key launches included Men’s
Bigen Dark Gray to partially cover gray
hair. February 2015 saw the relaunch of
Beauteen hair color, which targets young
women. After Japan, Hoyu’s strongest
markets remained Southeast Asia and the
Americas. The company established the
Hoyu Science Foundation with funding of
¥10 million in April 2014. The foundation
aims to support research on hair science,
dermatology, pharmacology and the
chemical dyeing process.
59
NERIUM
INTERNATIONAL
ADDISON, TEX.
2014 BEAUTY SALES:
$403 MILLION
+94.7% V. ’13
-
+
+
SUBSIDIARIES + MAIN BRANDS:
NeriumAD Formula (skin care and body
care). Optimera (skin care).
YEAR IN REVIEW: The Texas-based
direct seller has grown significantly since
its founding in August 2011 by Jeff Olson,
now co-ceo. In 2014, the company expanded
its footprint beyond the U.S. into
Canada and Mexico. Driving growth was
its bestseller, Age-Defying Night Cream,
NeriumAD Formula. The biggest launch
of the year was Firm Body Contouring
Cream, which took the company beyond
its core facial skin-care business and into
the body-care category. In addition to its
98,187 independent sales associates, the
brand is sold online.
60
NAOS LIGHTHOUSE
AIX-EN-PROVENCE, FRANCE
2014 BEAUTY SALES:
$390.8 MILLION (EST.)
€294 MILLION (EST.)
+15.2% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
NAOS GROUP/LABORATORIE
BIODERMA: ABC Derm, Atoderm,
Cicabio, Créaline, Hydrabio, Matriciane,
Matricium, Sébium, White Objective,
Secure (skin care). Nodé (hair care).
Photoderm (sun care). INSTITUT
ESTHEDERM: Defepil, Molecular Care,
Osmo Cellular, Time Cellular Essentiel,
Time Cyclo System, Time Lift & Repair,
Time White System (skin care). Morpho
Cellular (body care). Photo Cellular
(sun care). ETAT PUR: Actifs Pur,
Cosmétiques Biomimétiques (skin, sun
and body care).
YEAR IN REVIEW: Key drivers for
the company in 2014 continued to be
the Créaline H20 cleanser and Atoderm
PP line from Bioderma, which registered
strong sales. The Laboratoire Bioderma
master brand saw a 16.1% increase in
revenues year-on-year to €261.5 million.
Institut Esthederm returned to growth after
a year of reorganization in 2013, with
revenues increasing an estimated 8.6%
to €31.2 million. Etat Pur’s revenues were
€1.3 million, up 6.4%. The firm did not
enter any new markets.
61
BAYER CONSUMER
CARE
WHIPPANY, N.J.
2014 BEAUTY SALES:
$380 MILLION (EST.)
-2.6% V. ’13 (EST.)
+
-
SUBSIDIARIES + MAIN BRANDS:
Coppertone, Bain de Soleil (sun care).
Complex 15 Hand & Body Lotion (skin
and body care). Dr. Scholl’s For Her
(foot care).
YEAR IN REVIEW: In October,
Bayer completed the acquisition of Merck
Consumer Care for $14.2 billion. Merck’s
beauty brands are now part of the Bayer
Consumer Care Division. Major launches
in 2014 included Coppertone’s Clearly-
Sheer for Sunny Days, ClearlySheer for
40

GUCCI PHOTO BY GEORGE CHINSEE; SCANNAVINI BY DOMINIQUE MAÎTRE
Beach & Pool and Sport AccuSpray. U.S.
retail sales of Coppertone and Bain de
Soleil sun care slid 3% to $268.25 million
and represented 23.7% of all category
sales, according to IRI. Coppertone Sport
was the top seller with a 10.4% market
share. Coppertone is sold in 20 markets,
the largest of which is the U.S. Bain de
Soleil is only sold in the U.S. Complex 15
Hand and Body Lotion was discontinued
in the U.S. but remains in Canada.
62
COSNOVA
SULZBACH, GERMANY
2014 BEAUTY SALES:
$371.2 MILLION
€279.3 MILLION
+12.9% V. ’13
SUBSIDIARIES + MAIN BRANDS:
Essence (makeup; skin, nail and foot
care; fragrance). Catrice (makeup).
YEAR IN REVIEW: A highlight for
budget cosmetics firm Cosnova included
double-digit sales growth in its domestic
market. Essence entered France and the
U.K., while Catrice expanded to several
new markets, including France. Exports
accounted for more than 50% of sales,
with Essence now available in nearly
80 countries and Catrice in more than
50. Cosnova’s largest markets outside
Germany remained the Netherlands, Italy,
Spain and Switzerland.
63
JALA GROUP
SHANGHAI
+
2014 BEAUTY SALES:
$346.6 MILLION (EST.)
CNY 2.13 BILLION (EST.)
+14.2% V. ’13 (EST.)
+
SUBSIDIARIES + MAIN BRANDS:
Chando, Maysu (skin care, makeup).
Aglaia, Insea (skin care).
26: L’Oréal USA becomes
the first U.S.-based company
to receive gender-equality
certification from Edge
Certified Foundation.
SEPTEMBER
1: Alexandra Wilkis
Wilson, formerly
of Gilt Groupe, is
named president
and ceo of
Glamsquad.
1: GUCCI
launches its first
color cosmetics
collection.
8: L’Oréal
inks a deal to
acquire Brazil’s Niely
Cosméticos, continuing its
push into emerging markets.
9: Ringed brows at RODARTE
bolster the eyebrow boom.
22: Hourglass opens its first
store in Venice, Calif.
25: In its second acquisition
this month, L’Oréal nabs
Sayuki Custom Cosmetics,
maker of skin color matching
technology.
26: Puig sells Payot to private
investors.
26: L’Oréal and Puma sign a
beauty product license.
26: Lancaster names Pauline
Ducruet, daughter of
Princess Stéphanie
of Monaco, as its
ambassador in
Asia, a burgeoning
market for the
brand.
29: Coty ceo
MICHELE
SCANNAVINI
steps down
following
a massive
reorganization to
streamline the
business.
OCTOBER
2014
REVIEW
7: Coty announces plans to
acquire masstige makeup
brand Bourjois from Chanel in
an all-share deal worth about
$239 million.
14: Gisele Bünchden + Karl
Lagerfeld + Baz Luhrmann =
the buzziest ad campaign to
date for CHANEL NO. 5. The
short film, titled You’re the
One that I Want, receives
almost 10 million views on
YouTube.
YEAR IN REVIEW: Privately held Jala
Group continued to see growth in both
revenues and market share in 2014. The
fi rm relaunched its Maysu brand in July
with new products and packaging and
a more upscale positioning to compete
with international prestige brands in a
department-store setting. Plans call for
30 counters in 10 cities in 2015. Chando
continued to account for the majority of
Jala Group’s sales. The company’s products
are available in more than 23,800
points of sale in upwards of 10,000
towns and cities across China.
64
OMEGA PHARMA
NAZARETH, BELGIUM
2014 BEAUTY SALES:
$343.7 MILLION (EST.)
€258.6 MILLION (EST.)
+9.8% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Angstrom, Bergasol (sun care). Aco/
Cosmica, Bodysol, Eau Précieuse,
Sant’Angelica, Biodermal, Addax,
Dermalex (skin care). Restiva (hair
care). Farmatint (hair color). Innoxa, T.
LeClerc (makeup). Deotak (deodorant).
Depitak (depilatories).
YEAR IN REVIEW: In November, the
Perrigo Company PLC announced it had
agreed to acquire Omega Pharma in a
deal worth $4.5 billion. The transaction
is expected to close in the first half of
2015. The move will help Perrigo build its
over-the-counter business and expand
throughout Europe. Omega Pharma’s
largest market is Western Europe. The
firm attributed its beauty growth last
year to strong sales of Aco/Cosmica,
Biodermal and Bodysol. Overall, Omega
Pharma, whose core business is in OTC
pharmaceuticals, registered 5% growth
to €1.27 billion. It sold the Claire Fisher
brand to Stada Arzneimittel for an undisclosed
amount.
65
WELEDA
ARLESHEIM, SWITZERLAND
2014 BEAUTY SALES:
$339.1 MILLION
€255.1 MILLION
+8% V. ’13
+
SUBSIDIARIES + MAIN BRANDS:
Evening Primrose, Wild Rose,
Pomegranate (skin and body care).
Almond, Iris (skin care). Citrus,
Lavender, Birch, Sea Buckthorn, Men
Active (body care). Calendula, White
Mallow (mother and baby care). Millet,
Wheat, Oat (hair care).
YEAR IN REVIEW: Product launches
and growing awareness of natural and
organic ingredients were the main business
drivers for the Swiss firm in 2014.
Natural organic cosmetics accounted
for 70.1% of total revenues for Weleda,
which also produces anthroposophic
pharmaceuticals. Its overall sales grew
8% year-on-year to €364 million.
Weleda introduced the Evening Primrose
age-revitalising skin-care line, extended
the White Mallow line for babies and
launched Men Active shower gel. Weleda
also extended its marketing reach with
television advertising in Germany,
Switzerland and Austria. Key markets
remained those where the company
manufactures its products—Germany,
Switzerland and France.
66
JIANGSU LONGRICH
GROUP CO.
CHANGSU, CHINA
2014 BEAUTY SALES:
$327 MILLION (EST.)
CNY 2.01 BILLION (EST.)
+6.4% V. ’13 (EST.)
+ +
SUBSIDIARIES + MAIN BRANDS:
Longliqi, Longrich, YaFei, Yuzhibao,
Evergreen, Fruity (skin, body and hair
care, men’s grooming, makeup).
YEAR IN REVIEW: Men’s grooming
(up 7.6%) and sun care (up 8%) were
the biggest growth categories for Jiangsu
Longrich Group Co. in 2014, according
to provisional data from Euromonitor
International. Skin care, the group’s
largest category, saw a 6.3% increase in
retail sales to $114 million, according to
Euromonitor. Hair-care revenues grew
6.4% to $82 million. Longrich expanded
its international business, where it operates
in the direct-sales channel. It opened
an office in South Korea and received a
direct-selling license for Indonesia. The
company’s products are sold in around 50
countries.
67
HYPERMARCAS
SÃO PAULO
2014 BEAUTY SALES:
$313.3 MILLION (EST.)
R$733.7 MILLION (EST.)
+8.6% V. ’13 (EST.)
+
SUBSIDIARIES + MAIN BRANDS:
Monange (hair and skin care,
deodorant). Leite de Colônia (skin care).
Bozzano (shave preparations, hair
styling). Biocolor (hair color, care and
styling). Éh, Aqua Marine (hair care).
Risqué (nail color). Avanço (deodorant).
Cenoura & Bronze (sun care). Paixão
(skin care).
YEAR IN REVIEW: Having finalized
its three-year restructuring program,
last year Hypermarcas invested more
heavily in product promotion, increasing
spending by 17.7%. There was an increase
in mass-media and point-of-sale efforts,
including a new advertising campaign for
Cenoura & Bronze sun care. Expanded
trade marketing activities included new
category-management programs for
leading brands including Monange and
Paixão body care, Risqué nail color and
Bozzano men’s care. For growth it focused
on three areas: improving operational
productivity, customizing innovation to
target specific Brazilian consumer segments
and generating demand with more
effective marketing.
68
NOEVIR HOLDINGS CO.
TOKYO
2014 BEAUTY SALES:
$307 MILLION (EST.)
¥32.32 BILLION (EST.)
+2.9% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
NOEVIR CO.: Speciale, 505, 105, 99
Plus, NHS (skin care). Tokara Sea
Mineral Toiletries (body and hair care).
Raysela (sun care). Noevir Actrice
(makeup). TOKIWA PHARMACEUTICAL
CO.: Sana (skin and body care,
makeup). Nov (skin care, makeup).
Act-Nov, Cellnew (skin care).
YEAR IN REVIEW: Noevir Holdings
Co. saw modest growth in beauty sales
as the Japanese economic recovery
plateaued and the beauty sector felt the
effects of a consumption-tax hike. The
company saw solid sales of its high-end
basic skin-care series, in particular the
505 line, while prestige cosmetics sales
declined. Sales were firm for self-selection
cosmetics, with a relaunch of the
Sana Nameraka Honpo products. Noevir’s
Beauty Studios, which sell its prestige
products, expanded to about 1,600 salons
by December, up from 1,350 in 2013.
After Japan, Noevir’s largest markets
were Taiwan and the U.S. More than
90% of Noevir’s business is domestic.
69
HERMÈS
INTERNATIONAL
PARIS
2014 BEAUTY SALES:
$306.8 MILLION
€230.8 MILLION
+10.1% V. ’13
+
+
SUBSIDIARIES + MAIN BRANDS:
HERMÈS PARFUMS: Terre d’Hermès,
24 Faubourg, Voyage d’Hermès,
Calèche, Eau des Merveilles, Collection
Hermessence, Collection Parfums-
Jardins, Collection Les Classiques,
Kelly Calèche, Collection les Colognes
Hermès, Jour d’Hermès (fragrance). Le
Bain Hermès (toiletries). Le Parfum de
la maison (home fragrances).
YEAR IN REVIEW: Boosted by the
launches of Terre d’Hermès Eau Très
Fraîche and Jour d’Hermès Absolu, Hermès’
fragrance revenues advanced 10.4%
year-on-year in constant-currency terms
in 2014. Fragrance accounted for 5.6%
41

#69: Hermès International
continued
of the company’s total revenues of €4.12
billion, which grew 9.7% year-on-year.
Perfumer Christine Nagel joined Hermès
to work alongside in-house nose Jean-
Claude Ellena. Key launches included Le
Bain Hermès, a range of luxury toiletries,
and Le Parfum de la maison, a line of
scented candles.
70
ATLANTIC COAST
MEDIA GROUP
JERSEY CITY, N.J.
2014 BEAUTY SALES:
$306.6 MILLION (EST.)
+5% V. ’13
SUBSIDIARIES + MAIN BRANDS:
Christie Brinkley Authentic Skincare,
Hydroxatone, Miracle Skin Transformer,
Bellaplex, Luminique (skin care).
Keranique (hair care).
YEAR IN REVIEW: The company spent
the year codeveloping a skin-care line with
model Christie Brinkley, which had a soft
launch on HSN.com in late 2014. Called
Christie Brinkley Authentic Skincare, the
eight-item line launched on HSN March 5,
2015, then rolled out to Kohl’s. First-year
retail sales are expected to exceed $20
million. Keranique, a hair-care range for
women with thinning hair, launched at
Ulta in October, and is slated to roll out
to Nordstrom this year. In 2014, Miracle
Skin Transformer reformulated its Body
product. The company said its year-onyear
profit gained 35%.
71
ALÈS GROUPE
PARIS
2014 BEAUTY SALES:
$302.5 MILLION
€227.6 MILLION
+4.2% V. ’13
+
+
SUBSIDIARIES + MAIN BRANDS:
Phyto, PhytoSpecific, Secret
Professionnel, Kydra, Ducastel (hair
care). Lierac (skin care). Caron
(fragrance).
YEAR IN REVIEW: Alès Groupe’s
growth accelerated in the second half of
2014 with revenues increasing 8.4%. For
the full year, skin-care sales grew 5.5% to
€128.1 million, boosted by Lierac’s launch
of the antiaging line Liftissime and international
growth. Hair-care sales, up 3.1%
to €90.5 million, benefitted from new oil
products. Fragrance sales dropped 3.1%
to €8.9 million, largely due to the transfer
of Caron’s distribution in the U.S. to an
external company. Sales in France rose
0.3% to €91.9 million, due to a morose
market climate and retailer de-stocking;
international revenues increased 7% to
€135.7 million.
7 2
VOGUE
INTERNATIONAL
CLEARWATER, FLA.
2014 BEAUTY SALES:
$300 MILLION (EST.)
+25% (EST.)
SUBSIDIARIES + MAIN BRANDS:
OGX Beauty (hair, bath and body care).
FX, Proganix (hair care).
YEAR IN REVIEW: In early 2014, Todd
Christopher, Vogue’s founder, attracted an
investment from private equity firm The
Carlyle Group. Christopher retained a 51%
share of the company that distributes
premium-priced hair-care lines and bath
and body products to the mass market.
OGX Beauty, which organizes collections
around ingredient stories such as Argan
Oil and Cherry Blossom, accounts for
the bulk of the company’s sales. The
introduction of new collections, including
Coconut Water and Sea Mineral Moisture,
expanded shelf space in existing mass retail
accounts, and the launch of Proganix
also helped fuel the double-digit sales
gain in 2014. As well as the U.S., Vogue’s
products are distributed in countries
including the U.K. and Australia.
73
BURBERRY
LONDON
2014 BEAUTY SALES:
$285.2 MILLION (EST.)
£173 MILLION (EST.)
+53.1% V. ’13 (EST.)
+
+
SUBSIDIARIES + MAIN BRANDS:
Burberry (fragrance, makeup).
YEAR IN REVIEW: 2014 saw Christopher
Bailey take over as Burberry’s ceo,
in addition to his duties as chief creative
officer. He replaced Angela Ahrendts,
who went to Apple. March 2014 ended
Burberry’s first full year of having its
beauty business back in house. In 2014,
it opened new stores and launched scents
including the My Burberry fragrance. Its
first Asian Beauty Box store opened in
Seoul in December. In the six months
ended Sept. 30, 2014, Burberry reported
that beauty wholesale revenues rose 55%
year-on-year at constant exchange rates
and 47% at actual exchange rates, to
£74.7 million, as well as retail beauty sales
of £3.8 million. Burberry said it plans
to launch skin care as part of its bid to
become a top-10 luxury beauty company,
with chief operating officer John Smith
commenting that the firm is talking to a
“range of possible partners.” For the fiscal
year-ended March 2015, Burberry expects
its wholesale beauty revenues to grow by
25% at constant exchange rates.
74
BURT’S BEES
DURHAM, N.C.
2014 BEAUTY SALES:
$270 MILLION (EST.)
+12.5% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Burt’s Bees (skin, lip, hair, body, men’s
and baby care). Güd by Burt’s Bees
(fragrance, skin and hair care).
YEAR IN REVIEW: Burt’s Bees’ burgeoning
lip business was again its biggest
growth driver. Skin care also contributed
thanks to the new Brightening Face Care
range and facial wipes. Now available in
more than 50 countries, the U.S., Canada
and the U.K. remain the strongest markets
for the Clorox Co.–owned brand. Lip
Crayons lip color led the sales gains, with
additional boosts from flavored lip balms.
Burt’s Bees lip care made its television
debut last fall with 15- and 30-second
commercials airing in the U.S.
75
CARTIER
PARIS
2014 BEAUTY SALES:
$265.8 MILLION (EST.)
€200 MILLION (EST.)
+12% V. ’13 (EST.)
+
+
SUBSIDIARIES + MAIN BRANDS:
La Panthère de Cartier, Baiser Volé,
Déclaration, Déclaration d’un Soir, Eau
de Cartier, Pasha de Cartier, Must de
Cartier, Santos de Cartier, Délices de
Cartier, Roadster, Les Heures de Parfum
(fragrance).
YEAR IN REVIEW: Compagnie
Financière Richemont-owned Cartier’s
fragrance activity saw double-digit growth
in all of its markets in 2014, especially in
travel retail, where sales increased 26%
and accounted for 16% of overall sales.
France remained the leading market
with 14% of revenues, followed by Italy
(13%), the U.S. (12%) and the Middle
14: The Estée Lauder Cos.
signs a deal to purchase
indie fragrance brand
Le Labo, its first major
acquisition since
Smashbox in 2010.
15: Dove Hair
partners with
on-demand
beauty app
PRIV to deliver
products and
services right
to consumers’
doors in
Manhattan and
Los Angeles.
17: CEW
presents
LEONARD
LAUDER with
the Lifetime
Achievement
Award—the first
time a man has
received the
honor.
17: MAC introduces a
youth retail format store in
Orlando to attract Millennials
and Generation Z.
20: L’Oréal USA purchases
Carol’s Daughter, with plans
to build a multicultural
beauty division.
22: Harrods unveils SALON
DE PARFUMS, a gallery for
fine and rare fragrances—
some that fetch as much as
$228,000.
29: MAC Cosmetics names
uberprovocative MILEY
CYRUS as its 2015 Viva
Glam spokesperson.
2014
REVIEW
East (8%). The brand was boosted by
the March 2014 launch of La Panthère,
which industry sources estimated would
reach €60 million in first-year wholesale
revenues. Déclaration remained the bestselling
men’s scent globally, although
Pasha Edition Noire, launched in 2013,
superseded it in the Americas and the
Middle East.
75
COLLISTAR
MILAN
2014 BEAUTY SALES:
$265.8 MILLION
€200 MILLION
+2.6% V. ’13
+
SUBSIDIARIES + MAIN BRANDS:
Collistar (makeup; skin, hair, body and
sun care; men’s skin care and fragrance;
aromatherapy).
YEAR IN REVIEW: While the domestic
market remained flat, Collistar boosted
its international presence, with Russia,
Germany and Poland among its most
strategic areas outside Italy. In 2014,
58% of its sales were at home and 42%
abroad. Collistar has remained Italy’s
top-selling brand in terms of volume for
12 consecutive years. The firm kicked off a
Ti Amo Italia (I love you, Italy) advertising
campaign and introduced a successful
range of Italy-themed cosmetics, including
a limited-edition makeup collection
with fashion designer Antonio Marras.
77
STEINER LEISURE
NASSAU, THE BAHAMAS
2014 BEAUTY SALES:
$265.4 MILLION
+1.4% V. ’13
+
SUBSIDIARIES + MAIN BRANDS:
Elemis, La Therapie, Bliss, Laboratoire
Remède, Mandara Spa (skin care).
YEAR IN REVIEW: The Elemis and
Bliss brands drove Steiner Leisure’s
growth in 2014. Elemis saw strong gains
in the U.K., with sales spread across
stores, online and via QVC; Pro-Collagen
Marine Cream was its best-selling product.
Key launches included Pro-Collagen
Hydra-Gel Eye Masks and Pro-Collagen
Marine Cream Ultra-Rich. Elemis’ largest
markets were the U.K., the U.S. and Asia.
Product innovation boosted growth for
Bliss, with launches including FatGirlSlim
Arm Candy and Multi-‘face’-eted All-In-
One Anti-Aging Clay Mask. Bliss entered
China and saw growth in the Nordic
countries.
LAUDER PHOTO BY JOHN AQUINO
42

#69: Hermès International
continued
of the company’s total revenues of €4.12
billion, which grew 9.7% year-on-year.
Perfumer Christine Nagel joined Hermès
to work alongside in-house nose Jean-
Claude Ellena. Key launches included Le
Bain Hermès, a range of luxury toiletries,
and Le Parfum de la maison, a line of
scented candles.
70
ATLANTIC COAST
MEDIA GROUP
JERSEY CITY, N.J.
2014 BEAUTY SALES:
$306.6 MILLION (EST.)
+5% V. ’13
SUBSIDIARIES + MAIN BRANDS:
Christie Brinkley Authentic Skincare,
Hydroxatone, Miracle Skin Transformer,
Bellaplex, Luminique (skin care).
Keranique (hair care).
YEAR IN REVIEW: The company spent
the year codeveloping a skin-care line with
model Christie Brinkley, which had a soft
launch on HSN.com in late 2014. Called
Christie Brinkley Authentic Skincare, the
eight-item line launched on HSN March 5,
2015, then rolled out to Kohl’s. First-year
retail sales are expected to exceed $20
million. Keranique, a hair-care range for
women with thinning hair, launched at
Ulta in October, and is slated to roll out
to Nordstrom this year. In 2014, Miracle
Skin Transformer reformulated its Body
product. The company said its year-onyear
profit gained 35%.
71
ALÈS GROUPE
PARIS
2014 BEAUTY SALES:
$302.5 MILLION
€227.6 MILLION
+4.2% V. ’13
+
+
SUBSIDIARIES + MAIN BRANDS:
Phyto, PhytoSpecific, Secret
Professionnel, Kydra, Ducastel (hair
care). Lierac (skin care). Caron
(fragrance).
YEAR IN REVIEW: Alès Groupe’s
growth accelerated in the second half of
2014 with revenues increasing 8.4%. For
the full year, skin-care sales grew 5.5% to
€128.1 million, boosted by Lierac’s launch
of the antiaging line Liftissime and international
growth. Hair-care sales, up 3.1%
to €90.5 million, benefitted from new oil
products. Fragrance sales dropped 3.1%
to €8.9 million, largely due to the transfer
of Caron’s distribution in the U.S. to an
external company. Sales in France rose
0.3% to €91.9 million, due to a morose
market climate and retailer de-stocking;
international revenues increased 7% to
€135.7 million.
7 2
VOGUE
INTERNATIONAL
CLEARWATER, FLA.
2014 BEAUTY SALES:
$300 MILLION (EST.)
+25% (EST.)
SUBSIDIARIES + MAIN BRANDS:
OGX Beauty (hair, bath and body care).
FX, Proganix (hair care).
YEAR IN REVIEW: In early 2014, Todd
Christopher, Vogue’s founder, attracted an
investment from private equity firm The
Carlyle Group. Christopher retained a 51%
share of the company that distributes
premium-priced hair-care lines and bath
and body products to the mass market.
OGX Beauty, which organizes collections
around ingredient stories such as Argan
Oil and Cherry Blossom, accounts for
the bulk of the company’s sales. The
introduction of new collections, including
Coconut Water and Sea Mineral Moisture,
expanded shelf space in existing mass retail
accounts, and the launch of Proganix
also helped fuel the double-digit sales
gain in 2014. As well as the U.S., Vogue’s
products are distributed in countries
including the U.K. and Australia.
73
BURBERRY
LONDON
2014 BEAUTY SALES:
$285.2 MILLION (EST.)
£173 MILLION (EST.)
+53.1% V. ’13 (EST.)
+
+
SUBSIDIARIES + MAIN BRANDS:
Burberry (fragrance, makeup).
YEAR IN REVIEW: 2014 saw Christopher
Bailey take over as Burberry’s ceo,
in addition to his duties as chief creative
officer. He replaced Angela Ahrendts,
who went to Apple. March 2014 ended
Burberry’s first full year of having its
beauty business back in house. In 2014,
it opened new stores and launched scents
including the My Burberry fragrance. Its
first Asian Beauty Box store opened in
Seoul in December. In the six months
ended Sept. 30, 2014, Burberry reported
that beauty wholesale revenues rose 55%
year-on-year at constant exchange rates
and 47% at actual exchange rates, to
£74.7 million, as well as retail beauty sales
of £3.8 million. Burberry said it plans
to launch skin care as part of its bid to
become a top-10 luxury beauty company,
with chief operating officer John Smith
commenting that the firm is talking to a
“range of possible partners.” For the fiscal
year-ended March 2015, Burberry expects
its wholesale beauty revenues to grow by
25% at constant exchange rates.
74
BURT’S BEES
DURHAM, N.C.
2014 BEAUTY SALES:
$270 MILLION (EST.)
+12.5% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Burt’s Bees (skin, lip, hair, body, men’s
and baby care). Güd by Burt’s Bees
(fragrance, skin and hair care).
YEAR IN REVIEW: Burt’s Bees’ burgeoning
lip business was again its biggest
growth driver. Skin care also contributed
thanks to the new Brightening Face Care
range and facial wipes. Now available in
more than 50 countries, the U.S., Canada
and the U.K. remain the strongest markets
for the Clorox Co.–owned brand. Lip
Crayons lip color led the sales gains, with
additional boosts from flavored lip balms.
Burt’s Bees lip care made its television
debut last fall with 15- and 30-second
commercials airing in the U.S.
75
CARTIER
PARIS
2014 BEAUTY SALES:
$265.8 MILLION (EST.)
€200 MILLION (EST.)
+12% V. ’13 (EST.)
+
+
SUBSIDIARIES + MAIN BRANDS:
La Panthère de Cartier, Baiser Volé,
Déclaration, Déclaration d’un Soir, Eau
de Cartier, Pasha de Cartier, Must de
Cartier, Santos de Cartier, Délices de
Cartier, Roadster, Les Heures de Parfum
(fragrance).
YEAR IN REVIEW: Compagnie
Financière Richemont-owned Cartier’s
fragrance activity saw double-digit growth
in all of its markets in 2014, especially in
travel retail, where sales increased 26%
and accounted for 16% of overall sales.
France remained the leading market
with 14% of revenues, followed by Italy
(13%), the U.S. (12%) and the Middle
14: The Estée Lauder Cos.
signs a deal to purchase
indie fragrance brand
Le Labo, its first major
acquisition since
Smashbox in 2010.
15: Dove Hair
partners with
on-demand
beauty app
PRIV to deliver
products and
services right
to consumers’
doors in
Manhattan and
Los Angeles.
17: CEW
presents
LEONARD
LAUDER with
the Lifetime
Achievement
Award—the first
time a man has
received the
honor.
17: MAC introduces a
youth retail format store in
Orlando to attract Millennials
and Generation Z.
20: L’Oréal USA purchases
Carol’s Daughter, with plans
to build a multicultural
beauty division.
22: Harrods unveils SALON
DE PARFUMS, a gallery for
fine and rare fragrances—
some that fetch as much as
$228,000.
29: MAC Cosmetics names
uberprovocative MILEY
CYRUS as its 2015 Viva
Glam spokesperson.
2014
REVIEW
East (8%). The brand was boosted by
the March 2014 launch of La Panthère,
which industry sources estimated would
reach €60 million in first-year wholesale
revenues. Déclaration remained the bestselling
men’s scent globally, although
Pasha Edition Noire, launched in 2013,
superseded it in the Americas and the
Middle East.
75
COLLISTAR
MILAN
2014 BEAUTY SALES:
$265.8 MILLION
€200 MILLION
+2.6% V. ’13
+
SUBSIDIARIES + MAIN BRANDS:
Collistar (makeup; skin, hair, body and
sun care; men’s skin care and fragrance;
aromatherapy).
YEAR IN REVIEW: While the domestic
market remained flat, Collistar boosted
its international presence, with Russia,
Germany and Poland among its most
strategic areas outside Italy. In 2014,
58% of its sales were at home and 42%
abroad. Collistar has remained Italy’s
top-selling brand in terms of volume for
12 consecutive years. The firm kicked off a
Ti Amo Italia (I love you, Italy) advertising
campaign and introduced a successful
range of Italy-themed cosmetics, including
a limited-edition makeup collection
with fashion designer Antonio Marras.
77
STEINER LEISURE
NASSAU, THE BAHAMAS
2014 BEAUTY SALES:
$265.4 MILLION
+1.4% V. ’13
+
SUBSIDIARIES + MAIN BRANDS:
Elemis, La Therapie, Bliss, Laboratoire
Remède, Mandara Spa (skin care).
YEAR IN REVIEW: The Elemis and
Bliss brands drove Steiner Leisure’s
growth in 2014. Elemis saw strong gains
in the U.K., with sales spread across
stores, online and via QVC; Pro-Collagen
Marine Cream was its best-selling product.
Key launches included Pro-Collagen
Hydra-Gel Eye Masks and Pro-Collagen
Marine Cream Ultra-Rich. Elemis’ largest
markets were the U.K., the U.S. and Asia.
Product innovation boosted growth for
Bliss, with launches including FatGirlSlim
Arm Candy and Multi-‘face’-eted All-In-
One Anti-Aging Clay Mask. Bliss entered
China and saw growth in the Nordic
countries.
LAUDER PHOTO BY JOHN AQUINO
42

78
DR. WOLFF-GRUPPE
BIELEFELD, GERMANY
80
COMBE
WHITE PLAINS, N.Y.
2014
REVIEW
82
LION CORP.
TOKYO
83
NUXE GROUPE
PARIS
2014 BEAUTY SALES:
$264.5 MILLION (EST.)
€199 MILLION (EST.)
+18.4% V. ’13
SUBSIDIARIES + MAIN BRANDS:
DR. KURT WOLFF: Alpecin, Plantur 39,
Plantur 21 (hair care). Alcina (hair, skin
and sun care; makeup). DR. AUGUST
WOLFF: Linola (skin care).
YEAR IN REVIEW: The Alpecin brand
was the main sales driver for Dr. Wolff-
Gruppe in 2014, due primarily to international
expansion. Dr. Wolff-Gruppe’s total
revenues, which include beauty, oral and
intimate-care products, increased 18% to
€243 million. International sales climbed
47% to €46 million. Alpecin sales
increased 22% to €69 million, including a
16% advance in domestic sales and 44%
growth abroad. Plantur revenues grew
28% to €41 million, and its international
sales doubled. Alcina’s sales increased
17% to €42 million thanks to high levels
of investment. Sales for dermatological
skin-care brand Linola increased 9%
to €47 million, including a 37% gain in
international revenues.
79
RODAN + FIELDS
SAN FRANCISCO
2014 BEAUTY SALES:
$260.2 MILLION
+68% V. ’13
+
+
SUBSIDIARIES + MAIN BRANDS:
Redefine, Acute Care, Reverse,
Unblemish, Soothe, Essentials,
Enhancements (skin care).
YEAR IN REVIEW: Direct seller Rodan
+ Fields saw 2014 revenues surge behind
its growing sales force and new product
launches. The number of sales consultants
rose 61% to 77,600. Launches,
including Acute Care Skincare for Expression
Lines and the Reverse Regimen for
the appearance of brown spots, dullness
and discoloration, helped drive sales.
Rodan + Fields’ loyalty program, PC
Perks, helped grow the top line by selling
enrolled customers products on a recurring
basis for a discount, free shipping
and exclusive promotions. To mobilize its
sellers, the company introduced the Lead
the Way Consultant program. The U.S.
accounted for all company sales, however
Rodan + Fields launched in Canada in
February 2015.
2014 BEAUTY SALES:
$255.6 MILLION (EST.)
+2.3% (EST.)
SUBSIDIARIES + MAIN BRANDS:
Just For Men, Grecian, Restoria, (hair
color). Aqua Velva, Williams Lectric
Shave (men’s grooming). Brylcreem
(men’s hair styling, in the U.S.).
YEAR IN REVIEW: Combe’s Just For
Men maintained its global leadership
position as the number-one men’s hair
color brand with more than 90% of the
global market share, according to the
company. Combe said men’s growing
preference for facial hair over the
last several years has boosted sales of
products like Just For Men Mustache
and Beard hair color. Just for Men, which
accounts for 50% of the privately owned
company’s total retail sales, was a leader
in the grooming marketplace through its
Just For Men and Touch of Gray lines.
81
BRYNWOOD
PARTNERS
GREENWICH, CONN.
2014 BEAUTY SALES:
$254.4 MILLION (EST.)
+2.3% (EST.)
+
+
SUBSIDIARIES + MAIN BRANDS:
HIGH RIDGE BRANDS COMPANY:
Alberto VO5 (hair care and styling,
in the U.S.). Rave (hair styling).
Zest (body wash, in the U.S. and
Canada). White Rain (hair care, body
wash). Coast (body wash). NEWHALL
LABORATORIES: La Bella (hair and
skin care). L.A. Looks, Zero Frizz,
Thicker Fuller Hair (hair care). Dep (hair
styling). Pure & Natural (body care).
Soft & Dri (deodorant).
YEAR IN REVIEW: The private equity
fi rm saw growth in its beauty portfolio
behind new product introductions,
expanded distribution and an increased
marketing budget, led by the Thicker
Fuller Hair brand. It also stepped up
investment behind consumer marketing
initiatives and retail-specific trade
promotions. The U.S. remained its largest
market, accounting for 93%
of revenues, Canada followed
at 5% and the Middle East
and North Africa (MENA)
region at 2%. The company
said that each market saw
increased revenues from the
prior year, with the largest
gains coming from Canada
and MENA.
31: In keeping up with rival
L’Oréal, the Estée Lauder
Cos. acquires luxury
skin-care brand Rodin Olio
Lusso.
NOVEMBER
1: Urban Decay opens
its first store in Newport
Beach, Calif.
7: Just one
week after
inking a deal
with Rodin
Olio Lusso,
the Estée
Lauder Cos. signs
a deal to buy Editions
de Parfums FRÉDÉRIC
MALLE.
11: Yale Martin, credited
with bringing celeb
fragrances to Wal-Mart,
retires after 18 years.
13: Kendo cuts ties with
Sephora in order to
expand distribution and
nurture new brands. For its
first move, Kendo acquires
Canadian lipstick purveyor
Bite Beauty.
14: John Frieda
announces plans to
revive its BEACH BLONDE
line, which, much to the
dismay of consumers,
was discontinued back in
2004.
15: Saks debuts Beauty
On 5, a concept that
offers express services
from Blink Brow Bar, Trish
McEvoy and the Nails Inc
Paint Workshop.
15: In a bid to attract
Millennials, Estée
Lauder names
KENDALL JENNER
as its newest face.
2014 BEAUTY SALES:
$252.8 MILLION (EST.)
¥26.61 BILLION (EST.)
+4.7% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Kirei Kirei (hand soap). Ban
(deodorant). Pro Tec (men’s hair and
body care). Bathtology (body care). Soft
in 1, Shokubutu-Monogatari (shampoo
and body soap).
YEAR IN REVIEW: Lion Corp.’s 2014
beauty sales felt the effect of Japan’s
consumption-tax hike in the second
half of the year but its hand-soap
and deodorant markets continued to
perform well. Kirei Kirei hand soap was
its bestseller in Japan and Shokubutsu-
Monogatari body wash increased its sales
in Thailand. The company posted a 7.5%
year-on-year increase in domestic beauty
sales to ¥20.47 billion. Lion, whose
business includes beauty, detergent,
soap, toothpaste and pharmaceuticals,
registered total net revenues of ¥367.4
billion, up 4.4%.
83
ARTDECO COSMETIC
GROUP
KARLSFELD, GERMANY
2014 BEAUTY SALES:
$243.4 MILLION
€183.1 MILLION
+4.2% V. ’13
+
SUBSIDIARIES + MAIN BRANDS:
ARTDECO: Artdeco (skin and body
care, makeup). BEYU COSMETICS
AND MORE: BeYu (makeup). ICB
INNOVATIVE COSMETICS BRANDS:
Make Up Factory, Misslyn (makeup).
Anny (nail color and care). MALU WILZ
BEAUTÉ: Malu Wilz (makeup, skin
care). AMERICAN NAILS.
YEAR IN REVIEW: Growth for Artdeco
Cosmetic Group in 2014 was driven by
exports, which grew 10.2% year-on-year
to €105.8 million and accounted for 57%
of business. The Artdeco brand accounted
for 58.7% of total sales. Domestically,
de-stocking at retailers caused sales for
the brand to fall 3%. Its international
sales increased 9.7%, and revenues in
Russia increased 50% thanks to expansion
with perfumery chain L’Etoile. It
also established new partnerships in Iraq,
Bolivia, Turkey and Chile. BeYu and Anny
also saw domestic sales declines of 16%
and 7.5% respectively, while domestic
sales for Misslyn grew 11% and Make
Up Factory’s grew 4.3%. Misslyn posted
a 13% increase in exports and entered
Shoppers Drug Mart in Canada and
L’Etoile in Russia. Anny’s international
sales climbed 72.5%. Make Up Factory
saw international sales rise 32%. BeYu
accounted for 12.5% of company sales;
Make Up Factory, 8.3%; Anny, 6.3%;
Malu Wilz, 7.6%; and Misslyn, 6.7%.
2014 BEAUTY SALES:
$243.4 MILLION (EST.)
€183.1 MILLION (EST.)
+7% V. ’13 (EST.)
+ +
SUBSIDIARIES + MAIN BRANDS:
Nuxe, Bio-Beauté by Nuxe, Resultime
(skin and body care, fragrance).
YEAR IN REVIEW: On a comparable
basis, Nuxe Groupe saw sales increase
8.3% in 2014, with exports representing
40% of its revenues. The French
company sold the Docteur Renaud brand
in July in order to focus on its core brands
and the pharmacy channel. Its largest
international markets were Italy, Belgium
and Spain. It entered seven new markets
including Austria, Paraguay, Serbia,
Hungary and Chile, bringing its country
count to 73, and expanded in travel retail.
Sales for the Nuxe brand, which remained
the third best-selling brand in French
pharmacies, according to IMS data, grew
an estimated 7.1% to €165.5 million,
while Bio-Beauté by Nuxe saw estimated
growth of 39.7% to €10.9 million. The
Collin Resultime brand was renamed
Resultime in January 2014 and relaunched
in the pharmacy channel in a bid to drive
future growth; its sales increased an
estimated 1.4% to €3.7 million.
85
MÄURER & WIRTZ
STOLBERG, GERMANY
2014 BEAUTY SALES:
$243.2 MILLION
€183 MILLION
+2.8% V. ’13
+
SUBSIDIARIES + MAIN BRANDS:
PRESTIGE: Baldessarini, Strellson.
4711: 4711 Original Eau de
Cologne, 4711 Acqua Colonia, 4711
Wunderwasser, 4711 Nouveau Cologne.
BEAUTY: Tabac, Betty Barclay,
Otto Kern, Tosca, Sir Irisch Moos,
Nonchalance, TNT, Comma, New
Yorker, Pussy Deluxe.
YEAR IN REVIEW: While Germany
remained Mäurer & Wirtz’s largest market,
representing 69% of its revenues in
2014, international markets advanced to
account for 31% of sales, partly thanks to
the growing strength of Eastern Europe
and Russia. Domestic sales increased
1.3% to €126 million and international
revenues grew 6.2% to €57 million. The
company introduced 4711 Wunderwasser,
targeting younger consumers, and
opened a 4711 shop-in-shop at Cologne/
Bonn airport.
JENNER PHOTO BY GIOVANNI GIANNONI
44

86
MICYS
CASTATENOVO, ITALY
2014 BEAUTY SALES:
$241.9 MILLION
€182 MILLION
-4.7% V. ’13
-
SUBSIDIARIES + MAIN BRANDS:
Pupa (makeup, skin care).
YEAR IN REVIEW: Italy, Russia and
France were Micys’ top markets overall,
and the combination of the domestic recession
with Russia’s increasingly volatile
political climate—and weak ruble—led to
a decrease in 2014 sales. The firm saw a
3% drop in the export market, largely due
to a decrease in sales in Russia and former
Soviet countries. Micys discontinued
its Miss Milkie and AEF brands to invest
more heavily in Pupa.
87
MILBON CO. LTD.
OSAKA, JAPAN
2014 BEAUTY SALES:
$239.7 MILLION (EST.)
¥25.23 BILLION (EST.)
+5.9% V. ’13 (EST.)
+
SUBSIDIARIES + MAIN BRANDS:
Plarmia, Elujuda, Nigelle Dressia,
Ordeve, Liscio, Aujua (hair care, color,
smoothing, styling).
YEAR IN REVIEW: Professional haircare
manufacturer Milbon saw increased
sales driven by the introduction of its own
breakthrough reparative ingredient known
as CMADK, which is able to bind with
the hair’s broken keratin on a molecular
level. Milbon used the ingredient in a
series of new products. International
business and a change in distributor
strategy also boosted revenues. Domestic
sales accounted for 89.6% of its business
and grew 3% year-on-year to ¥22.61
billion, despite an ongoing weak market.
International revenues climbed 38.8% to
¥2.61 billion. Sales of hair-care products,
which accounted for just over half the
company’s business, grew 15.7% to ¥14.6
billion; sales of hair colorants fell 5.1% to
¥8.82 billion. Milbon has subsidiaries in
the U.S., China, South Korea and Thailand
and its products are also available
in Turkey, Taiwan, Hong Kong, Vietnam,
Malaysia and Indonesia.
THE
PUBLICLY
TRADED COMPANIES
LARGE CAP
THE MARKET
CAPITALIZATION OF
THE BEAUTY TOP
100’S PUBLICLY
TRADED COMPANIES
BY THE
NUMBERS
BEAUTY’S
TOP 100
Of the 50 public companies on the Top 100
List at yearend 2014, 20 were large cap,
18 midcap ($2 billion to $10 billion)
and 12 were small cap (under $2 billion).
COMPANY MARKET CAP 2014 CLOSING
STOCK PRICE*
JOHNSON & $294.39 Billion $104.57
JOHNSON
PROCTER $246.69 Billion $91.09
& GAMBLE
BAYER AG $124.2 Billion $150.18
€93.45 Billion €113
UNILEVER $123.2 Billion $43.38
€92.7 Billion €32.64
L’ORÉAL $103.6 Billion $185.14
€77.9 Billion €139.30
LVMH MOËT $89.2 Billion $176.24
HENNESSY LOUIS €67.1 Billion €132.25
VUITTON
ALLERGAN $63.39 Billion $212.59
COLGATE- $62.76 Billion $69.19
PALMOLIVE
RECKITT $62.11 Billion $85.89
BENCKISER £37.67 Billion £52.10
COMPAGNIE $54.74 Billion $97.18
FINANCIÈRE SFr 50.02 Billion SFr 88.80
RICHEMONT
HERMÈS $41.36 Billion $391.82
INTERNATIONAL €31.12 Billion €294.80
L’OCCITANE $38.22 Billion $26
GROUP €28.75 Billion €19.56
HENKEL $33.32 Billion $128.26
€25.07 Billion €96.50
ESTÉE LAUDER $28.96 Billion $76.20
COS.
L BRANDS $25.27 Billion $86.55
MID CAP
SMALL CAP
COMPANY MARKET CAP 2014 CLOSING
STOCK PRICE*
LG HOUSEHOLD $9.13 Billion $623
& HEALTH CARE KRW 9.13 Trillion KRW 623,000
ENERGIZER $8.04 Billion $128.56
HOLDINGS
LI & FUNG $7.83 Billion $0.94
HKD 60.69 Billion HKD 7.26
COTY $7.3 Billion $20.66
DABUR INDIA $6.78 Billion $3.85
413.42 Billion Rupees 234.90 Rupees
SHISEIDO $6.43 Billion $16.08
¥677.2 Billion ¥1,693
NATURA $5.85 Billion $13.60
COSMÉTICOS R$13.7 Billion R$31.85
GODREJ CONSUMER $5.42 Billion $15.91
PRODUCTS LTD. 330.26 Billion Rupees 970.1 Rupees
HYPERMARCAS $4.49 Billion $7.11
R$10.52 Billion
R$16.65
AVON PRODUCTS $4.07 Billion $9.39
SHANGHAI $3.75 Billion $5.58
JAHWA UNITED CO. CNY 23.07 Billion CNY 34.31
MARICO LTD. $3.47 Billion $5.38
211.42 Billion Rupees 327.85 Rupees
HERBALIFE $3.46 Billion $37.70
TUPPERWARE
BRANDS CORP. $3.16 Billion $63.00
KOSÉ CORP. $2.72 Billion $44.89
¥286.3 Billion ¥4,725
POLA ORBIS $2.64 Billion $46.12
¥278.11 Billion ¥4,855
NU SKIN
ENTERPRISES $2.58 Billion $43.70
PZ CUSSONS $2.13 Billion $504.47
£1.29 Billion £306
COMPANY MARKET CAP 2014 CLOSING
STOCK PRICE*
REVLON $1.79 Billion $34.16
LION CORP. $1.79 Billion $5.99
¥188.44 Billion ¥630
FANCL CORP. $1.06 Billion $16.25
¥111.45 Billion ¥1,710
MANDOM CORP. $907.9 Million $37.62
¥95.57 Billion ¥3,960
ORIFLAME $904.4 Million $16.26
COSMETICS SEK 6.03 Billion SEK 108.50
INTER PARFUMS $849.3 Million $27.45
KAO CORP. $22.61 Billion $45.19
¥2.38 Trillion ¥4,757
BEIERSDORF $22.58 Billion $89.61
€16.99 Billion €67.42
CLOROX CO. $13.61 Billion $104.21
AMOREPACIFIC $12.99 Billion $2,220
CORP. KRW 12.99 Trillion KRW 2,220,000
BURBERRY $11.87 Billion $26.97
£7.2 Billion £16.36
NOEVIR $709.3 Million $20
HOLDINGS CO. ¥74.66 Billion ¥2,106
ELIZABETH ARDEN $637.7 Million $21.39
STEINER LEISURE $613.1 Million $46.21
MILBON CO. LTD. $509.5 Million $31.11
¥53.63 Billion ¥3275
ALÈS GROUPE $344.5 Million $23.72
€259.2 Million €17.85
ABLE C&C $326.2 Million $23.30
KRW 326.2 Billion KRW 23,300
*Data used was the closing price on the last day of the year the stock traded.
45

BY THE
NUMBERS
BEAUTY’S
TOP 100
WOMEN
ON BOARD
The market for beauty products is predominantly
made up of women, but where do females fit in
when it comes to corporate leadership? To find out,
WWD Beauty Inc reviewed board of director lists for
the 50 public companies in the Top 100 list. Avon Products,
by far, came out on top with 63.6% of its board seats held
by women in 2014. The Estée Lauder Companies was
second with 46.7% and Henkel third with 44.4%. According
to research firm Catalyst, of the S&P 500 companies in the
U.S., women now hold an average 19.2% of the board seats.
60%-70%
Avon Products (63.6%) 7 out of 11
50% to 59.9%
None
40% to 49.9%
Estée Lauder Cos. (46.7%) 7 out of 15
Henkel (44.4%) 8 out of 18
Alès Groupe (42.9%) 3 out of 7
Revlon (42.9%) 6 out of 14
Steiner Leisure Ltd. (42.9%) 3 out of 7
Procter & Gamble (41.7%) 5 out of 12
L’Oréal (40%) 6 out of 15
Johnson & Johnson (40%) 4 out of 10
Tupperware Brands Corp. (40%) 4 out of 10
30% to 39.9%
Hermès International (36.4%) 4 out of 11
Shanghai Jahwa United Co. (37.5%) 3 out of 8
Oriflame Cosmetics (33.3%) 3 out of 9
PZ Cussons (33.3%) 3 out of 9
Unilever (33.3%) 4 out of 12
Burberry (30%) 3 out of 10
THE
PUBLICLY
TRADED COMPANIES
20% to 29.9%
Noevir Holdings Co. (28.6%) 2 out of 7
Clorox Co. (27.3%) 3 out of 11
Reckitt Benckiser (26.7%) 4 out of 15
Beiersdorf (25%) 3 out of 12
Godrej Consumer Products Ltd. (25%) 3 out of 12
LVMH Moët Hennessy Louis Vuitton (23.5%) 4 out of 17
Bayer AG (20%) 4 out of 20
10% to 19.9%
Colgate-Palmolive Co. (18.2%) 2 out of 11
L Brands (16.7%) 2 out of 12
Shiseido Co. (14.3%) 1 out of 7
Hypermarcas (12.5%) 1 out of 8
Nu Skin Enterprises (12.5%) 1 out of 8
Pola Orbis Holdings (12.5%) 1 out of 8
Allergan (11.1%) 1 out of 9
Compagnie Financière Richemont (11.1%) 1 out of 9
Elizabeth Arden (11.1%) 1 out of 9
Li & Fung (11.1%) 1 out of 9
Marico Ltd. (11.1%) 1 out of 9
Natura Cosméticos (11.1%) 1 out of 9
0% to 9.9%
L’Occitane Group (9.1%) 1 out of 11
Kosé Corp.(9.1%) 1 out of 11
Dabur India (8.3%) 1 out of 12
Herbalife (8.3%) 1 out of 12
Fancl Corp. (7.1%) 1 out of 14
Able C&C (0%) 0 out of 5
AmorePacific Corp. (0%) 0 out of 7
Coty (0%) 0 out of 7
Energizer Holdings (0%) 0 out of 10
Inter Parfums (0%) 0 out of 9
Kao Corp. (0%) 0 out of 6
LG Household & Health Care (0%) 0 out of 7
Lion Corp. (0%) 0 out of 10
Mandom Corp. (0%) 0 out of 6
Milbon Co. Ltd. (0%) 0 out of 10
88
LI & FUNG
HONG KONG
2014 BEAUTY SALES:
$237.9 MILLION (EST.)
£144.3 MILLION (EST.)
+2% V. ’13
SUBSIDIARIES + MAIN BRANDS:
LF BEAUTY: Finesse, Aqua Net,
Harmony, Vosene, Brisk, Bristows
(hair care). Yardley of London (in
Germany, Austria and the Americas).
CD (bath and body). Lypsyl (lip care).
Witch, Handsan (skin care). Triple
Dry (deodorant). Harmony Indulgence
(hair and body care). Wrights, Cidal,
Simple (soap, in the U.K. Ireland and
Channel Islands). Collection Cosmetics
(makeup).
YEAR IN REVIEW: Li & Fung
embarked on a three-year strategic
business plan last year, which included
the spin-off of its Global Brands division
into a separate publicly traded company. It
also took steps to reorganize its distribution
network to improve efficiencies.
It markets beauty products through its
Lornamead division, with the U.S. and
Europe its key markets. Beauty sales rose
2% in 2014 thanks in part to a renewed
focus on its top-selling brands in Europe
and the introduction of a brand extension
to Yardley.
89
MURAD
EL SEGUNDO, CALIF.
2014 BEAUTY SALES:
$225 MILLION (EST.)
+8.9% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Acne, Age Reform, Age-Proof Suncare,
Environmental Shield, Murad Man,
Anti-Aging Acne, Redness Therapy,
Resurgence, Pore Reform (skin care).
Bodycare, Youth Builder (body care).
YEAR IN REVIEW: Murad celebrated
its 25th anniversary in 2014 with expanded
distribution, entering select Nordstrom
doors and nordstrom.com. Sales in its
retail doors, about 4,600 globally, gained
12%. Murad opened a flagship store in
November in Los Angeles, offering its full
product range and personalized services.
Murad acquired its long-term distribution
partner in the U.K. to give it a strategic
foothold for European expansion. Its
largest markets remained North America,
the U.K. and Scandinavia.
90
BOTTEGA VERDE
COSSATO, ITALY
2014 BEAUTY SALES:
$222.1 MILLION
€167.1 MILLION
+2.2% V. ’13
+ +
+
SUBSIDIARIES + MAIN BRANDS:
Bottega Verde (skin, body, bath, sun
and hair care; makeup, fragrance).
Glossip (makeup, skin and sun care,
fragrance).
YEAR IN REVIEW: In 2014, Bottega
Verde opened its 400th store in Italy, and
continued expanding abroad in markets
such as the United Arab Emirates and
South Korea. A new store concept,
dubbed “Natura Italiana,” rolled out,
emphasizing the brand’s Tuscan origins
and use of natural ingredients. The Uva
Rossa di Palazzo Massaini line of skin and
body care, using red grapes from Bottega
Verde’s own vineyard near Pienza, was a
key launch.
91
PDC BRANDS
STAMFORD, CONN.
2014 BEAUTY SALES:
$218.9 MILLION (EST.)
+30.2% V. ’13 (EST.)
+
SUBSIDIARIES + MAIN BRANDS:
Body Fantasies, Dr. Teal’s,
BOD Man, Calgon, The
Healing Garden, Designer
Imposters, Wind Song,
Prince Matchabelli.
YEAR IN REVIEW:
Formerly known as
Parfums de Coeur,
Ltd., PDC Brands expanded
beyond its core of affordably priced
fragrances in 2014 with the acquisition
of Dr. Teal’s Therapeutic Solutions.
Its core business in the U.S. remained
strong: According to Nielsen data for
the 52 weeks ended Dec. 27, 2014, Body
Fantasies was the number-one women’s
mass-market fragrance brand in dollars
and units, BOD Man was the numberone
men’s mass-market fragrance brand
in dollars and units and Calgon remained
the number-three specialty bath brand.
International sales accounted for about
17% of revenues.
21: MARCIA
KILGORE
sells Soap
& Glory
to Boots
for an
undisclosed
sum.
DECEMBER
2014
REVIEW
1: Luxe French beauty
brand SISLEY opens its
first freestanding New York
City boutique on Bleecker
Street.
15: Lucia Pica is named
Chanel’s global creative
makeup and color
designer.
15: Abercrombie & Fitch
signs a seven-year
licensing deal with Inter
Parfums.
17: In its eighth and final
purchase of the year,
L’Oréal acquires Coloright,
an Israeli company that
develops hair fiber optical
reader technology.
17: TPG Growth
acquires a
minority
stake
in directselling
brand
BEAUTYCOUNTER.
19: The Estée
Lauder Cos. makes its
fourth purchase in three
months, buying hot mudmask
brand GlamGlow
from founders SHANNON
AND GLENN DELLIMORE.
29: Walgreen Co.
shareholders approve
plans to acquire the
remaining 55 percent
stake in Alliance Boots.
Chief executive officer
Greg Wasson plans to
retire following the deal’s
completion.
BEAUTYCOUNTER BY GEORGE CHINSEE; DELLIMORES BY STEVE EICHNER

92
CAUDALIE
PARIS
2014 BEAUTY SALES:
$206 MILLION (EST.)
€155 MILLION (EST.)
+14.8% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Vinexpert, Vinoperfect, Premier Cru,
Vinosource, Eau de Beauté, Teint Divin,
Polyphénol C15 (skin care). Divine Body
(body care). Eaux Fraîches, Parfum
Divin (fragrance).
YEAR IN REVIEW: Caudalie’s 2014
sales growth was driven by its international
business, which grew 23.6%
year-on-year to €89 million. Revenues
in France grew 7% to €67 million. In the
U.S., the family-owned firm’s largest
export market, revenues gained 16.9% to
€18 million. Italy and Germany remained
its second- and third-biggest export
markets, each with sales of €10 million.
Caudalie continued opening boutiques
with spas in the U.S., Canada, U.K. and
Brazil, operating 12 by yearend. Key
launches included the skin-care line
Polyphénol C15, aimed at women in their
30s, and the Parfum Divin fragrance.
At yearend, Caudalie had 16,000 doors
worldwide, a 3.2% increase year-on-year.
93
LABORATOIRES
EXPANSCIENCE
COURBEVOIE, FRANCE
2014 BEAUTY SALES:
$202.8 MILLION (EST.)
€152.6 MILLION (EST.)
+10.4% V. ’13 (EST.)
+
+
SUBSIDIARIES + MAIN BRANDS:
Mustela, Noviderm (skin care).
YEAR IN REVIEW: Business drivers
for Laboratoires Expanscience’s cosmetics
business in 2014 included the launch
of Mustela Bébé’s 1 2 3 Vitamin Barrier
Cream, which became one of the brand’s
fi ve best-selling products, as well
as Noviderm’s focus on the Boréade
antiacne products. Cosmetics grew faster
than other categories for Laboratoires
Expanscience, and accounted for 56.6%
of the company’s total revenues of
€269.8 million, up 4% year-on-year.
International markets accounted for
46.1% of total revenues, which also
include active ingredients, rheumatology
treatments and dermatology. The firm
opened subsidiaries in Australia and
Canada, bringing the number of countries
where it operates directly through
subsidiaries to 13.
94
KELÉMATA
TURIN, ITALY
2014 BEAUTY SALES:
$196.7 MILLION
€148 MILLION
FLAT V. ’13
SUBSIDIARIES + MAIN BRANDS:
Orlane, Annayake (skin care, fragrance,
makeup). Perlier Ricette Naturali (body
and hair care, fragrance, toiletries).
Kelémata (skin care). Venus (skin care,
toiletries). Victor (fragrance).
YEAR IN REVIEW: Kelémata was
focused on stability last year, and in
spite of a tough domestic economy,
the company invested significantly in
television advertisements to promote its
antiwrinkle and face-cleansing products
in Italy, which remained its number-one
market. Skin care generated about 70%
of sales. Orlane, whose leading market is
France, introduced a treatment line with
hyaluronic acid.
95
FABERLIC
MOSCOW
2014 BEAUTY SALES:
$188 MILLION
7.07 BILLION RUBLES
+17.2% V. ’13
SUBSIDIARIES + MAIN BRANDS:
Prolixir, Garderica, Renovage, Verbena,
Sengará (skin and body care). Faberlic
Expert (skin, body and hair care).
Beauty Café (body care, fragrance).
Secret Story, Eye to Eye (makeup).
Krasa (hair color).
YEAR IN REVIEW: Fast-moving
product categories such as shower gel,
shampoo, liquid soap, deodorant and
hand and foot cream propelled sales for
Faberlic, Russia’s largest homegrown
direct seller. Overall, sales grew 24%
in personal hygiene and bath products
and 20% in hair care, largely thanks to
the new Faberlic Expert brand. In 2014,
the firm had approximately 700,000
consultants, up 100,000 from 2013.
Key markets for Faberlic, which was in
24 countries, were Russia, Kazakhstan,
Ukraine, Belarus and Uzbekistan.
96
DR. BABOR
AACHEN, GERMANY
=
2014 BEAUTY SALES:
$180.5 MILLION
€135.8 MILLION
+6.7% V. ’13
+
+
SUBSIDIARIES + MAIN BRANDS:
Babor, Doctor Babor (skin care).
Babor Spa (body care). Babor Men
THE
PUBLICLY
TRADED COMPANIES
HIGHEST
LOWEST
THE 10 BEAUTY COMPANIES
WITH THE MOST & LEAST
SHAREHOLDER EQUITY AT
YEAREND 2014
BY THE
NUMBERS
BEAUTY’S
TOP 100
Shareholder equity, the difference between a company’s
total assets and total liabilities, is one measure of a firm’s overall
financial health. Here, the 10 firms with the highest and lowest
amounts of shareholder equity.
COMPANY
COMPANY
SHAREHOLDER EQUITY
AT YEAREND 2014
SHAREHOLDER EQUITY
AT YEAREND 2014
REVLON ($644.1 Million) $1.94 Billion
HERBALIFE ($334.4 Million) $5 Billion
2014 COMPANY
REVENUE
JOHNSON & JOHNSON $69.75 Billion $74.3 Billion
PROCTER & GAMBLE $64.81 Billion $83.06 Billion*
LVMH MOET HENNESSY $30.57 Billion $40.72 Billion
LOUIS VUITTON €23 Billion €30.64 Billion
L’ORÉAL $26.85 Billion $22.94 Billion
€20.2 Billion €22.53 Billion
UNILEVER $18.15 Billion $64.38 Billion
€13.65 Billion €48.44 Billion
COMPAGNIE FINANCIÈRE $16.29 Billion $14.07 Billion
RICHEMONT €12.26 Billion €10.65 Billion
HENKEL $15.3 Billion $21.84 Billion
€11.51 Billion €16.43 Billion
RECKITT BENCKISER $11.26 Billion $14.57 Billion
£6.83 Billion £8.84 Billion
KAO CORP. $6.21 Billion $13.3 Billion
¥653.95 Billion ¥1.40 Trillion
BEIERSDORF $4.84 Billion $8.36 Billion
€3.64 Billion €6.29 Billion
2014 COMPANY
REVENUE
L BRANDS $18.8 Million $11.45 Billion
ALÈS GROUPE $109.12 Million $302.5 Million
€82.1 Million €227.6 Million
ABLE C&C $163.3 Million $438 Million
KRW 163.31 Billion** KRW 438 Billion
TUPPERWARE $185.8 Million $2.6 Billion
BRANDS CORP.
ORIFLAME $187.3 Million $1.69 Billion
COSMETICS €140.92 Million €1.27 Billion
MARICO LTD. $223.14 Million $787.2 Million (EST.)
13.61 Billion Rupees 48 Billion Rupees (EST.)
MILBON CO. LTD. $229 Million $239.7 Million
¥24.1 Billion ¥25.23 Billion
ELIZABETH ARDEN $278.79 Million $1.01 Billion (EST.)
*Fiscal year ended June 30, 2014. ** For period ended September 30, 2014.

BY THE
NUMBERS
BEAUTY’S
TOP 100
PAY DAY
American ceo’s have a reputation for sweet paychecks and in this salary
review claimed six of the top 10 slots. Johnson & Johnson’s Alex Gorsky, with
an increase of 47.8%, took the lead with a package totaling $24,989,306.
But coming in at number three, Rakesh Kapoor, chief executive officer of Reckitt
Benckiser, also had a winning year with payments up 64.3% to $18,525,492.
Thirteen of the public companies are missing from this list. Under Japanese law,
public companies are not required to report ceo salary unless it is ¥100 million (about
$1 million) or more. Fancl, Kao, Kosé, Lion, Mandom, Milbon and Pola Orbis declined
to provide information. Due to midyear changes in leadership, Burberry, Natura
Cosméticos and Hermès International were not included. Salary information from
Hypermarcas, Able C&C and Alès Groupe was unavailable at press time.
Alex Gorsky
Johnson & Johnson
chairman and ceo
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: $1,500,000
STOCK AND OPTION AWARDS:
$13,635,519
BONUS AND INCENTIVE PAY:
$5,018,779
OTHER COMPENSATION:
$4,835,008
TOTAL: $24,989,306
CHANGE VERSUS PRIOR YEAR:
Up 47.8%
2014 NET SALES:
Up 4.2% to $74.33 Billion
A.G. Lafley
Procter & Gamble
chairman, president and ceo
FISCAL YEAR ENDED:
June 30, 2014
BASE SALARY: $2,000,000
STOCK AND OPTION AWARDS:
$12,230,582
BONUS AND INCENTIVE PAY:
$4,400,000
OTHER COMPENSATION: $873,771
TOTAL: $19,504,353
CHANGE VERSUS PRIOR YEAR: N/A
FISCAL 2014 NET SALES:
Up 0.6% to $83.06 Billion
Rakesh Kapoor
Reckitt Benckiser
ceo
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: £865,000
($1,426,039)
STOCK AND OPTION AWARDS:
£7,400,662 ($12,200,731)
BONUS AND INCENTIVE PAY:
£2,678,040 ($4,415,017)
OTHER COMPENSATION:
£293,404 ($483,706)
TOTAL: £11,237,106
($18,525,492)
CHANGE VERSUS PRIOR YEAR:
Up 64.3%
2014 NET SALES: Up 4% to
£8.8 Billion ($14.51 Billion)
David E. I. Pyott
Allergan
chairman and ceo
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: $1,401,269
STOCK AND OPTION AWARDS:
$9,967,425
BONUS AND INCENTIVE PAY:
$2,220,800
OTHER COMPENSATION:
$4,196,463
TOTAL: $17,785,957
CHANGE VERSUS PRIOR YEAR:
Up 47.9%
2014 NET SALES:
Up 14.9% to $7.24 Billion
Leslie Wexner
L Brands
chairman and ceo
FISCAL YEAR ENDED:
Feb. 1, 2014*
BASE SALARY: $1,924,000
STOCK AND OPTION AWARDS:
$9,765,545
BONUS AND INCENTIVE PAY:
$2,839,670
OTHER COMPENSATION:
$1,346,707
TOTAL: $15,875,922
CHANGE VERSUS PRIOR YEAR:
Down 17.5%
2013 NET SALES:
Up 3% to $10.77 Billion
Fabrizio Freda
The Estée Lauder Cos.
president and ceo
FISCAL YEAR ENDED:
June 30, 2014
BASE SALARY: $1,750,000
STOCK AND OPTION AWARDS:
$8,553,228
BONUS AND INCENTIVE PAY:
$4,546,300
OTHER COMPENSATION:
$713,186
TOTAL: $15,562,714
CHANGE VERSUS PRIOR YEAR:
Down 50.8%
FISCAL 2014 NET SALES:
Up 8% to $10.97 Billion
Ian M. Cook
Colgate-Palmolive
chairman, president and ceo
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: $1,273,333
STOCK AND OPTION AWARDS:
$8,442,538
BONUS AND INCENTIVE PAY:
$2,995,885
OTHER COMPENSATION:
$1,819,826
TOTAL: $14,531,582
CHANGE VERSUS PRIOR YEAR:
Down 9.13%
2014 NET SALES:
Down 0.8% to $17.28 Billion
THE
PUBLICLY
TRADED COMPANIES
Paul Polman
Unilever
ceo
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: €1,251,000
($1,662,704)
STOCK AND OPTION AWARDS: 0
BONUS AND INCENTIVE PAY:
€7,378,000 ($9,806,099)
OTHER COMPENSATION:
€932,000 ($1,238,721)
TOTAL: €9,561,000
($12,707,525)
CHANGE VERSUS PRIOR YEAR:
Up +24%
2014 NET SALES: Down 2.7% to
€48.44 Billion ($64.39 Billion)
Richard Lepeu
Compagnie Financière
Richemont
co-ceo
FISCAL YEAR ENDED:
March 31, 2014
BASE SALARY: €3,575,932
($4,752,771)
STOCK AND OPTION AWARDS:
€3,031,469 ($4,029,125)
BONUS AND INCENTIVE PAY:
€2,141,388 ($2,846,118)
OTHER COMPENSATION: €109,253
($145,208)
TOTAL: €8,858,042
($11,773,224)
CHANGE VERSUS PRIOR YEAR: N/A
FISCAL 2014 NET SALES:
Up 4.9% to €10.65 Billion
($14.16 Billion)
Jean-Paul Agon
L’Oréal
chairman and ceo
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: €3,960,000
($5,263,236)
STOCK AND OPTION AWARDS: 0
BONUS AND INCENTIVE PAY:
€4,183,200 ($5,559,891)
OTHER COMPENSATION: 0
TOTAL: €8,143,200
($10,823,127)
CHANGE VERSUS PRIOR YEAR:
Down 4.4%
2014 NET SALES: Up 1.8% to
€22.53 Billion ($29.94 Billion)
Bernard Fornas
Compagnie Financière
Richemont
co-ceo
FISCAL YEAR ENDED:
March 31, 2014
BASE SALARY: €3,567,114
($4,741,051)
STOCK AND OPTION AWARDS:
€1,786,135 ($2,373,952)
BONUS AND INCENTIVE PAY:
€2,548,057 ($3,386,622)
OTHER COMPENSATION:
€104,555 ($138,964)
TOTAL: €8,005,861
($10,640,590)
CHANGE VERSUS PRIOR YEAR: N/A
FISCAL 2014 NET SALES: Up 4.9%
to €10.65 Billion ($14.15 Billion)
Sheri McCoy
Avon Products
ceo
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: $1,200,000
STOCK AND OPTION AWARDS:
$7,700,004
BONUS AND INCENTIVE PAY:
$900,000
OTHER COMPENSATION:
$382,478
TOTAL:
$10,182,482
CHANGE VERSUS PRIOR YEAR:
Down 0.12%
2014 NET SALES:
Down 11.8% to $8.62 Billion
Stefan F. Heidenreich
Beiersdorf
chairman
FISCAL YEAR ENDED:
Dec. 31, 2014
Base Salary: €1,000,000
($1,329,100)
STOCK AND OPTION AWARDS: 0
BONUS AND INCENTIVE PAY:
€1,380,000 ($1,834,158)
OTHER COMPENSATION:
€5,211,000 ($6,925,940)
TOTAL:
€7,591,000
($10,089,198)
CHANGE VERSUS PRIOR YEAR:
Up +75.5%
2014 NET SALES: Up 2.3% to
€6.29 Billion ($8.35 Billion)
M. Truman Hunt
Nu Skin Enterprises
president and ceo
FISCAL YEAR ENDED:
Dec. 31, 2013
BASE SALARY: $1,000,000
STOCK AND OPTION AWARDS:
$6,510,313
BONUS AND INCENTIVE PAY:
$2,042,966
OTHER COMPENSATION: $141,557
TOTAL: $9,694,835
CHANGE VERSUS PRIOR YEAR:
Up 24.6%
2013 NET SALES:
Up 49% to $3.18 Billion
Ward M. Klein
Energizer Holdings
ceo
FISCAL YEAR ENDED:
Sept. 30, 2014
BASE SALARY: $1,100,000
STOCK AND OPTION AWARDS:
$4,565,157
BONUS AND INCENTIVE PAY:
$2,157,584
OTHER COMPENSATION:
$1,807,697
TOTAL: $9,630,438
CHANGE VERSUS PRIOR YEAR:
Up 28.8%
FISCAL 2014 NET SALES:
Down 0.4% to $4.45 Billion
Kasper Rorsted
Henkel
chairman
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: €1,050,000
($1,395,555)
STOCK AND OPTION AWARDS: 0
BONUS AND INCENTIVE PAY: 0
OTHER COMPENSATION:
€5,824,752 ($7,741,678)
TOTAL: €6,874,752
($9,137,233)
CHANGE VERSUS PRIOR YEAR:
Up 1.3%
2014 NET SALES: Up 0.4% to
€16.43 Billion ($21.84 Billion)
Donald R. Knauss
Clorox Co.
chairman and ceo
FISCAL YEAR ENDED:
June 30, 2014
BASE SALARY: $1,154,424
STOCK AND OPTION AWARDS:
$5,399,873
BONUS AND INCENTIVE PAY:
$420,210
OTHER COMPENSATION:
$1,975,379
TOTAL: $8,949,886
CHANGE VERSUS PRIOR YEAR:
Down 16.5%
FISCAL 2014 NET SALES:
Down 0.6% to $5.59 Billion
E.V. Goings
Tupperware Brands Corp.
chairman and ceo
FISCAL YEAR ENDED:
Dec. 27, 2014
BASE SALARY: $1,045,475
STOCK AND OPTION AWARDS:
$4,376,123
BONUS AND INCENTIVE PAY:
$900,138
OTHER COMPENSATION:
$2,477,404
TOTAL: $8,799,140
CHANGE VERSUS PRIOR YEAR:
Up 12.6%
2014 NET SALES:
Down 2.5% to $2.61 Billion
Dr. Marijn Dekkers
Bayer AG
chairman and ceo
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: €1,363,000
($1,811,563)
STOCK AND OPTION AWARDS:
€1,828,000 ($2,429,595)
BONUS AND INCENTIVE PAY: 0
OTHER COMPENSATION:
€2,284,000 ($3,035,664)
TOTAL: €5,475,000
($7,276,823)
CHANGE VERSUS PRIOR YEAR:
Up 13.3%
2014 NET SALES: Up 5.2% to
€42.24 Billion ($56.14 Billion)
Michael O. Johnson
Herbalife
chairman and ceo
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: $1,236,000
STOCK AND OPTION AWARDS:
$5,000,852
BONUS AND INCENTIVE PAY: 0
OTHER COMPENSATION:
$489,697
TOTAL: $6,726,549
CHANGE VERSUS PRIOR YEAR:
Down 36%
2014 NET SALES:
Up 2.8% to $4.96 Billion
Michele Scannavini
Coty
(former) ceo
FISCAL YEAR ENDED:
June 30, 2014
BASE SALARY: $1,492,700
STOCK AND OPTION AWARDS:
$3,404,100
BONUS AND INCENTIVE PAY:
$1,021,007
OTHER COMPENSATION: 0
TOTAL: $5,917,807
CHANGE VERSUS PRIOR YEAR:
Down 12.8%
FISCAL 2014 NET SALES:
Down 2.1% to $4.55 Billion
Takashi Okura
Noevir Holdings Co.
president and ceo
FISCAL YEAR ENDED:
Sept. 30, 2014
BASE SALARY: ¥552 Million
($5,244,000)
STOCK AND OPTION AWARDS: N/A
BONUS AND INCENTIVE PAY: N/A
OTHER COMPENSATION: N/A
TOTAL: ¥552 Million
($5,244,000)
CHANGE VERSUS PRIOR YEAR:
Up 21.6%
FISCAL YEAR NET SALES:
Up 3.7% to ¥48.25 Billion
($458.4 Million)
Bernard Arnault
LVMH Moët Hennessy Louis
Vuitton
chairman and ceo
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: €1,069,126
($1,420,975)
STOCK AND OPTION AWARDS: N/A
BONUS AND INCENTIVE PAY:
€2,200,000 ($2,924,020)
OTHER COMPENSATION: €118,464
($157,451)
TOTAL: €3,387,590
($4,502,446)
CHANGE VERSUS PRIOR YEAR:
Down 5.3%
FISCAL 2014 NET SALES:
Up 5.6% to €30.64 Billion
($40.72 Billion)
Suh Kyung-Bae
AmorePacific Group
chairman, president and ceo
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: N/A
STOCK AND OPTION AWARDS: N/A
BONUS AND INCENTIVE PAY: N/A
OTHER COMPENSATION: N/A
TOTAL:
KRW 4,400,000,000
($4,400,000)
CHANGE VERSUS PRIOR YEAR: N/A
2014 NET SALES: Up 21% to
KRW 4.71 Trillion ($4.71 Billion)
Leonard I. Fluxman
Steiner Leisure
president and ceo
FISCAL YEAR ENDED:
Dec. 31, 2013*
BASE SALARY: $765,568
STOCK AND OPTION AWARDS:
$1,825,602

#96: Dr. Babor continued
BONUS AND INCENTIVE PAY:
$1,531,136
OTHER COMPENSATION:
$105,690
TOTAL: $4,227,996
CHANGE VERSUS PRIOR YEAR:
Up 33.6%
2013 NET SALES:
Up 5.4% to $855.5 Million
E. Scott Beattie
Elizabeth Arden
chairman and ceo
FISCAL YEAR ENDED:
June 30, 2014
BASE SALARY: $900,000
STOCK AND OPTION AWARDS:
$2,848,444
BONUS AND INCENTIVE PAY: 0
OTHER COMPENSATION: $85,471
TOTAL: $3,833,915
CHANGE VERSUS PRIOR YEAR:
Up 8.8%
FISCAL 2014 NET SALES:
Down 13.4% to $1.16 Billion
Bruce Philip
Rockowitz
Li & Fung
(former) group president
and ceo
FISCAL YEAR ENDED:
Dec. 31, 2013*
BASE SALARY: $572,000
STOCK AND OPTION AWARDS: 0
BONUS AND INCENTIVE PAY:
$2,458,000
OTHER COMPENSATION: $55,000
TOTAL: $3,085,000
CHANGE VERSUS PRIOR YEAR:
Down 55.6%
2013 NET SALES:
Up 3% to $20.75 Billion
Magnus Brännström
Oriflame Cosmetics
ceo
FISCAL YEAR ENDED:
Dec. 31, 2013*
BASE SALARY: €906,000
($1,204,164)
STOCK AND OPTION AWARDS: 0
BONUS AND INCENTIVE PAY:
€245,000 ($325,629)
OTHER COMPENSATION:
€280,000 ($372,148)
TOTAL: €1,431,000
($1,901,942)
CHANGE VERSUS PRIOR YEAR:
Down 11%
2013 NET SALES: Down 5.5% to
$1.87 Billion (€1.41 Billion)
Alex Kanellis
PZ Cussons
group ceo
FISCAL YEAR ENDED:
May 31, 2014
BASE SALARY: £517,920
($853,843)
STOCK AND OPTION AWARDS: 0
BONUS AND INCENTIVE PAY:
£408,845 ($674,022)
OTHER COMPENSATION: £126,147
($207,966)
TOTAL: £1,052,912
($1,735,831)
CHANGE VERSUS PRIOR YEAR:
Down 4.6%
FISCAL 2014 NET SALES:
Down 2.5% to £861.4 Million
($1.42 Billion)
Adi Godrej
Godrej Consumer Products
ceo
FISCAL YEAR ENDED:
March 31, 2014
BASE SALARY: N/A
STOCK AND OPTION AWARDS: N/A
BONUS AND INCENTIVE PAY: N/A
OTHER COMPENSATION: N/A
TOTAL: 94,600,000
Rupees ($1,551,440)
CHANGE VERSUS PRIOR YEAR:
Up 39%
FISCAL 2014 NET SALES:
Up 18% to 75.83 Billion Rupees
($1.23 Billion)
Reinold Geiger
L’Occitane Group
chairman and ceo
FISCAL YEAR ENDED:
March 31, 2014
BASE SALARY: 0
STOCK AND OPTION AWARDS:
€49,000 ($65,126)
BONUS AND INCENTIVE PAY:
€125,000 ($166,138)
OTHER COMPENSATION:
€772,000 ($1,026,065)
TOTAL: €946,000
($1,257,329)
CHANGE VERSUS PRIOR YEAR:
Up 15.8%
2014 NET SALES: Up 1.1% to
€1.05 Billion ($1.40 Billion)
Suk Cha
LG Household and Health Care
vice chairman and ceo
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: KRW 1,166,000,000
($1,166,000)
STOCK AND OPTION AWARDS: N/A
BONUS AND INCENTIVE PAY: N/A
OTHER COMPENSATION: N/A
TOTAL: KRW 1,166,000,000
($1,166,000)
CHANGE VERSUS PRIOR YEAR: N/A
2014 NET SALES:
Up 8.1% to KRW 4.68 Trillion
($4.68 Billion)
Lorenzo Delpani
Revlon
president and ceo
FISCAL YEAR ENDED:
Dec. 31, 2013*
BASE SALARY: $161,250
STOCK AND OPTION AWARDS: 0
BONUS AND INCENTIVE PAY:
$970,333
OTHER COMPENSATION: 0
TOTAL: $1,131,583
CHANGE VERSUS PRIOR YEAR: N/A
2013 NET SALES:
Up 7% to $1.49 Billion
Shinzo Maeda
Shiseido
(former) president and ceo
FISCAL YEAR ENDED:
March 31, 2014
BASE SALARY: ¥43,000,000
($408,500)
STOCK AND OPTION AWARDS:
¥49,000,000 ($465,000)
BONUS AND INCENTIVE PAY:
¥22,000,000 ($209,000)
OTHER COMPENSATION: 0
TOTAL: ¥115,000,000
($1,092,500)
CHANGE VERSUS PRIOR YEAR: N/A
FISCAL 2014 NET SALES: Up 12.4%
to ¥762 Billion ($7.24 Billion)
Sunil Duggal
Dabur India
ceo
FISCAL YEAR ENDED:
March 31, 2014
BASE SALARY: 61,364,629
Rupees ($1,006,380)
STOCK AND OPTION AWARDS: 0
BONUS AND INCENTIVE PAY: 0
OTHER COMPENSATION:
2,981,051 Rupees ($48,889)
TOTAL: 64,345,680 Rupees
($1,055,269)
CHANGE VERSUS PRIOR YEAR:
Up 16.2%
FISCAL YEAR NET SALES:
Up 15.1% to 70.73 Billion
Rupees ($1.16 Billion)
Harsh Mariwala
Marico Ltd.
chairman and
(former) managing director
FISCAL YEAR ENDED:
March 31, 2014
BASE SALARY: 30,616,285
Rupees ($502,107)
STOCK AND OPTION AWARDS: N/A
BONUS AND INCENTIVE PAY:
16,550,001 Rupees ($271,420)
OTHER COMPENSATION:
3,397,600 Rupees ($55,720)
TOTAL: 50,563,886 Rupees
($829,247)
CHANGER VERSUS PRIOR YEAR:
Up 8.9%
FISCAL YEAR NET SALES:
Up 2% to 46.87 Billion Rupees
($768.7 Million)
Jean Madar
Inter Parfums
chairman and ceo
FISCAL YEAR ENDED:
Dec. 31, 2013
BASE SALARY: $630,000
STOCK AND OPTION AWARDS:
$178,790
BONUS AND INCENTIVE PAY: 0
OTHER COMPENSATION: 0
TOTAL: $808,790
CHANGE VERSUS PRIOR YEAR:
Up 66.4%
2013 NET SALES:
Down 13.8% to $563.6 Million
Xie Wenjian
Shanghai Jahwa United Co.
chairman and general manager
FISCAL YEAR ENDED:
Dec. 31, 2014
BASE SALARY: CNY 4,001,000
($650,963)
STOCK AND OPTION AWARDS: N/A
BONUS AND INCENTIVE PAY: N/A
OTHER COMPENSATION: N/A
TOTAL: CNY 4,001,000
($650,963)
CHANGE VERSUS PRIOR YEAR: N/A
2014 NET SALES: Up 19.4% to
CNY 5,334,700,000
($868 Million)
*When 2014 salary information
was not yet published, 2013
data was provided.
(men’s grooming). Babor Face Design
Collection (makeup).
YEAR IN REVIEW: Dr. Babor’s
2014 sales benefitted from the October
launch of a new antiaging skin-care line,
Reversive, in select markets and organic
growth from the Doctor Babor brand.
Devices were also a key category, with the
global rollout of a microdermabrasion tool
and the launch of a skin-analyzing device.
Company revenues were evenly split
between Germany and abroad, where key
markets were the U.S., Benelux, Russia,
Spain, Scandinavia and Canada.
97
HERBALIFE
LOS ANGELES
2014 BEAUTY SALES:
$178.2 MILLION (EST.)
+11.9% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Herbalife Skin, Skin Activator, Radiant
C, Nourifusion (skin care). Herbal Aloe
(body and hair care).
YEAR IN REVIEW: Herbalife was
front-page news in the U.S., as activist
investor William Ackman staged an
aggressive campaign alleging that the
company operates a pyramid scheme,
a claim it vehemently denied. The U.S.
Federal Trade Commission launched an
investigation into those allegations, but
had no comment at press time. The company’s
beauty business represented 3.6%
of Herbalife’s total revenues in 2014, up
from 3.3% in 2013. Total company sales
grew 3% to $4.95 billion. Herbalife Skin,
a paraben-free and sulfate-free skin-care
collection was the key launch. Herbalife’s
largest market is Asia Pacific (excluding
China, which it reports separately), followed
by North America.
98
PAGLIERI
ALESSANDRIA, ITALY
2014 BEAUTY SALES:
$178.1 MILLION (EST.)
€134 MILLION (EST.)
+0.8% V. ’13 (EST.)
+
+
SUBSIDIARIES + MAIN BRANDS:
Paglieri, Felce Azzurra, Cléo, Labrosan,
Felce Azzurra, Essenza Italiana (bath
and body care). Schiapparelli (skin,
bath and body care). SapoNello
(children’s bath and body care,
fragrance, deodorant). SELECTIVA:
Pink Sugar (bath and body care,
fragrance, deodorant). Aquolina
(makeup, bath and body care).
YEAR IN REVIEW: Paglieri continued
to push its exports, which accounted for
approximately 15% of its total 2014 turnover.
Key launches for the Felce Azzurra
line, which, together with Cléo and Aquolina,
is one of Paglieri’s leading brands in
Italy, included a skin-care collection for
sensitive skin. The Schiapparelli brand
introduced the Prebiotic skin-care line.
In fragrance, Pink Sugar’s Simply Pink
and Black Sugar were top launches; Pink
Sugar’s biggest market was the U.S., and
it is rapidly gaining traction in the Middle
East, according to the company.
99
GUANGDONG MARUBI
BIOTECHNOLOGY CO.
GUANGDONG, CHINA
2014 BEAUTY SALES:
$175.7 MILLION (EST.)
CNY 1.08 BILLION (EST.)
+10.5% V. ’13 (EST.)
SUBSIDIARIES + MAIN BRANDS:
Marubi, Haruki (skin care).
YEAR IN REVIEW: E-commerce sales
were one of the biggest revenue drivers
for Guangdong Marubi Biotechnology
Co. in 2014. The Chinese firm, minority
owned by LVMH-backed L Capital,
focused on boosting sales of its top-10
products and worked on improving its
category management. The Marubi brand
accounted for 86.6% of total revenues,
while eye products under both Marubi
and Haruki represented 31.8% of sales.
The firm had 16,407 points of sale at
yearend. Marubi opened its new manufacturing
and R&D center in November
and filed for an IPO with China’s Securities
Regulatory Commission.
100
NIELY DO BRASIL
INDUSTRIAL
RIO DE JANEIRO
2014 BEAUTY SALES:
$173.4 MILLION
R$406 MILLION
+0.2% V. ’13
+
+
SUBSIDIARIES + MAIN BRANDS:
Niely Cor & Ton (hair color). Niely Gold,
Niely Gold for Men (hair and personal
care). Niely Gold Extra Shine, Niely
Permanente Afro, Clinihair (hair care).
Niely Óleo Corporal (body care).
YEAR IN REVIEW: In September, the
firm’s Niely Cosméticos Group, Brazil’s
largest independent hair-color and
hair-care company, agreed to be acquired
by L’Oréal. The deal was approved by
Brazilian regulatory authorities and closed
in March 2015. Daniel Fonseca de Jesus,
who founded the 34-year-old company,
has joined L’Oréal Brazil’s strategic
committee as vice president and said he
expects Niely brands to “benefit from all
of L’Oréal’s marketing and research and
innovation expertise.” Niely Gold hair care
and Cor & Ton hair color are Niely’s two
main brands and are widely distributed
through supermarkets, pharmacies and
perfumery chains.

LAST CALL
DIOR
ANTHONY VACCARELLO
YOHJI YAMAMOTO
FENDI
SAINT LAURENT
ROCHAS
CHANEL
EYE CANDY
Power Forward
Peter Philips calls it the “eye catcher”; Tom Pecheux says it’s rock
’n’ roll. No matter how you spin it, the graphic eye dominated
the catwalks during the Fall 2015 fashion season. “Graphic
has a certain power,” says Pecheux, who created the looks at
Chanel and Anthony Vaccarello. “When you see smoky, you think
of something more light, gentle and romantic. Graphic is more
powerful.” Philips says it’s also animalistic. At Dior, designer Raf
Simons referenced “la femme animale,” which inspired Philips
to draw a graphic interpretation of an animal print on the eyes.
“I made sure the look was new and strong,” he says. “We’ve had a
few seasons of very nude faces, so it’s saying, ‘Let’s play again
with makeup and make it a bit more exciting.’” —ANNA DYSINGER
MAISON
MARGIELA
DIOR, FENDI, ROCHAS, YAMAMOTO PHOTOS BY DELPHINE ACHARD;
CHANEL, SAINT LAURENT, VACCARELLO BY GIOVANNI GIANNONI
50 WWD BEAUTY INC
PHOTOGRAPHED BY DELPHINE ACHARD

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