2022’s Top 100 Global Beauty Manufacturers

1. L’ORÉAL

CLICHY, FRANCE

2022 BEAUTY SALES:

$40.31 BILLION

€38.26 BILLION

+18.5% vs. 2021

Main Brands: CONSUMER PRODUCTS: L’Oréal Paris, Garnier, Maybelline New York, NYX Professional Makeup, Stylenanda, Essie, Mixa. L’ORÉAL LUXE: Lancôme, Yves Saint Laurent, Giorgio Armani, Kiehl’s, Helena Rubinstein, Biotherm, Shu Uemura, IT Cosmetics, Ralph Lauren, Urban Decay, Mugler, Valentino, Viktor & Rolf, Maison Margiela, Azzaro, Takami, Prada, Diesel, Carita. PROFESSIONAL PRODUCTS: L’Oréal Professionnel, Redken, Kérastase, Matrix, Pureology. ACTIVE COSMETICS: La Roche-Posay, Vichy, SkinCeuticals, CeraVe, Skinbetter Science.

Key Financials:

Like-for-like sales: +10.9% vs. 2021

Operating profit: €7.46 billion, +21.0%

Net profit: €5.71 billion, + 24.1%

Sales by Division:

Professional Products: €4.48 billion, +18.3% (+10.1% like-for-like)

Consumer Products: €14.02 billion, +14.6% (+8.3% like-for-like)

L’Oréal Luxe: €14.64 billion, +18.6% (+10.2% like-for-like)

Active Cosmetics: €5.12 billion, +30.6% (+21.9% like-for-like)

Sales by geographic zone:

Europe: €11.44 billion, +12.3% (+11.6% like-for-like)

North America: €10.16 billion, +24.6% (+10.4% like-for-like)

North Asia: €11.32 billion, +14.8% (+6.6% like-for-like)

SAPMENA — SSA [South Asia Pacific, Middle East, North Africa — Sub-Saharan Africa]: €2.96 billion, +28.1% (+22% like-for-like)

Latin America: €2.38 billion, +34.1% (+18.6% like-for-like)

Biggest markets: The U.S., China and France.

Putting the unique nature of 2021 aside, 2022 saw L’Oréal register its best growth in “more than 20 years,” on a like-for-like basis and in three decades on a reported basis. Its revenues in the final three months of the year alone surpassed €10 billion, the first time ever it has seen such high sales in a single quarter.

“The L’Oréal engine is firing on all cylinders and these translate into an increase in our over-performance versus the market compared to the pre-COVID-19 period,” said chief executive officer Nicolas Hieronimus during the company’s year-end conference call in February.

Hieronimus said the group’s new geographical organization, put in place during the pandemic, has allowed it to enhance coherency in each region in terms of consumer profiles and market maturity, allowing it to maximize growth and control costs better.

Currency impacts had a major impact on the group’s reported numbers — more than 7%.

All its divisions grew well in like-for-like terms: 10.1% for Professional Products, 10.2% for L’Oréal Luxe despite the turbulence of the Chinese market, Active Cosmetics at +21.9% — the division has almost doubled its sales since 2019, according to L’Oréal — and 8.3% at Consumer Products, that division’s best growth rate in 20 years.

Even in mainland China, L’Oréal’s sales rose 5.5% in a declining market, boosted by double-digit growth in e-commerce and a strong performance on Singles’ Day, according to the company.

Consumer Products grew 8.3% on a global mass beauty market that was up 6% for the year, according to L’Oréal. Average price increases accounted for a large part of that growth, but volumes were also up 2.6%. L’Oréal Paris — once again the world’s biggest beauty brand — gained 7% and Garnier was up 8%, thanks to its harnessing of green science and innovation. Maybelline and NYX Professional, driven by a rebound in makeup, gained 16% and 21% respectively. Hair care grew double digits for the division too, thanks to a premiumized offer, gaining twice as fast as the market, L’Oréal said.

For the Professional Products division, L’Oréal grew 10.1% on a market that it estimated at plus 5%. Kérastase surpassed €1 billion in sales for the first time, becoming the division’s second “billionaire brand.” The division saw sales up 32% in China, now its number-two country, and gained 50% in India. As the division continued to ramp up omnichannel and retail beyond its traditional salon focus, e-commerce and specialty retail represented 30% of its revenues.

L’Oréal Luxe reportedly outperformed the buoyant prestige beauty market as a whole for the 12th year running, finishing up 18.6% at reported rates and up 10.2% like-for-like on an overall market that gained 8%. Luxury skin care gained 7%, while the market was up 2%, thanks to gains in the ultra-high-end segment with Helena Rubinstein and Lancôme Absolue, as well as the addition of Takami and Youth to the People to the portfolio. In the fast-growing fragrance category, L’Oréal gained 23% on a market up 17%, despite supply chain challenges. Libre by Yves Saint Laurent consolidated its position, and was the number-three scent in Europe. Prada Paradoxe, introduced last fall, was the top women’s fragrance launch of the year, according to L’Oréal. In the artisanal category, Asia was a high point for Maison Margiela, with sales up 19%. In makeup, Saint Laurent and the revamped Urban Decay drove double-digit gains. In North Asia, the division saw sales up 8% on an overall luxury beauty market that declined 2%. It said it registered its highest ever market share on the Chinese local market, at 30%. The division also gained market share in Asian travel retail. In North America, it saw sales up 7%, slightly below the market, as it sought to revamp its business. Sellout there accelerated in the second half, L’Oréal said. Sales in Europe gained 16%, with double-digit growth seen in Germany, Spain, Italy and the U.K.

In October, L’Oréal said it was implementing a new fragrance branch inside L’Oréal Luxe encompassing Maison Margiela, Atelier Cologne, Viktor & Rolf, Azzaro, Diesel and Cacharel, with Sandrine Groslier — who joined the company with its purchase of the Clarins fragrance business in 2020 and had been global president of Mugler Azzaro Beauté and Fashion under L’Oréal — as its global president. The aim of the division is to enrich the group’s expertise and develop its mono-axis brands in line with the global explosion of the fragrance category, Groslier said at the time. Oversight of Mugler was handed over to Danièle Lahana-Aidenbau.

For the Active Cosmetics division — which was renamed L’Oréal Dermatological Beauty at the beginning of 2023 — L’Oréal said it grew 2.4 times faster than the market. La Roche-Posay was the world’s leading dermocosmetics brand, growing 23% and becoming the world’s sixth biggest skin care brand all segments combined. CeraVe gained 38% and was the number-two dermocosmetics brand worldwide and the number two across skin care in the U.S. Its growth was attributed in large part to its international expansion since it entered the L’Oréal fold. It continued to ramp up its presence in medical skin care with the acquisition of Skinbetter Science. The division grew three times faster than the market in the U.S. and six times faster in China, L’Oréal said. Its sales in emerging markets gained 26%.

Regionally, Europe was the biggest contributor to L’Oréal’s growth last year, with sales up 11.6% like-for-like. The company also reported a turnaround for its business in North America, which exceeded €10 billion in sales for the first time and saw like-for-like growth of 10.4%. In February 2022, David Greenberg was named chief executive officer of L’Oréal USA and president of the North America zone.

North Asia gained 6.6% like-for-like, thanks in part to double-digit gains in Japan and South Korea. In India, L’Oréal grew at twice the pace of the market overall.

Overall, brick-and-mortar returned to growth, gaining 11.7%, while e-commerce increased 8.9% and accounted for upwards of 28% of total sales.

On the sustainability front, L’Oréal said 97% of its new products and renovations are now eco-designed, with major advances in refillable solutions over the past year and three quarters of PET packaging now coming from recycled sources — 82% of its hair care bottles were made from recycled plastic last year. The company invested €22 million in ecosystem redevelopment and €30.8 million to support vulnerable women around the world in 2022.

2. UNILEVER

LONDON

2022 BEAUTY SALES:

$25.11 BILLION (EST.)

€23.83 BILLION (EST.)

+18.3% vs. 2021 (EST.)

MAIN BRANDS: AHC, Axe/ Lynx, Clear, Dollar Shave Club, Dove, Dove Men+Care, Lifebuoy, Love Beauty and Planet, Lux, Nexxus, Pond’s, Rexona/Sure/Degree, Schmidt’s Naturals, SheaMoisture, Simple, Skinsei, St. Ives, Suave, Sunsilk/Seda/Sedal, TIGI, TRESemmé, Vaseline, The Right To Shower. Unilever Prestige: Dermalogica, Garancia, Hourglass, Kate Somerville, Living Proof, Murad, Paula’s Choice, Ren Clean Skincare, Tatcha, Paula’s Choice.

KEY FINANCIALS:

Unilever Beauty & Wellbeing:

Sales: €12.3 billion, +20.8% VS. 2021 (underlying sales growth +7.8%)

Operating profit: €2.15 billion, +0.9%

Unilever Personal Care:

Sales: €13.6 billion, +15.9% (underlying sales growth +7.9%)

Operating profit: €2.26 billion, -3.1%

Total company revenues: €60.07 billion, +14.5%

Operating profit: €10.76 billion, +23.6%

Net profit: €8.27 billion, +24.9%

It was another turbulent year for Unilever. In September, Alan Jope announced that he would step down in 2023 after five years at the helm of the firm. The year also saw activist investor Nelson Peltz join Unilever’s board of directors after its botched attempt to take over GlaxoSmithKline’s consumer business.

Hein Schumacher will take over as Unilever’s new CEO this July. Currently CEO of Royal FrieslandCampina, an international dairy and nutrition business with €11 billion in annual turnover, he was named a non-executive director of Unilever last year.

Initiated under Jope, 2022 also saw Unilever implement its new structure aiming to make the business simpler and more category focused. Its Beauty & Personal Care activity was split in two, creating the Beauty & Wellbeing and Personal Care entities.

The company said the new structure is already reaping benefits, allowing bolder and more rapid decision-making and improved accountability.

Unilever is also seeking to double down on its high-performing beauty and wellness categories. In the latter, it snapped up a majority stake in Nutrafol, a high-end hair growth supplement brand. This February, it announced the sale of personal care and beauty brand Suave in North America to Yellow Wood Partners as it shifts toward what it views as strategic growth spaces.

In a context of inflation and supply chain woes, Unilever succeeded in weathering the storm and growing top line, in large part thanks to price increases and the premiumization of its offer, although in most categories, volumes declined. For the Beauty & Wellbeing activity, this was the case for both skin care and hair care. Acquisitions added 3.8 percentage points to sales for the division, meanwhile.

In hair care, Sunsilk and Nexxus drove gains. Latin America, India and Turkey grew for the category, offset by weaker business in Europe and China. Skin care was driven by South and Southeast Asia, helped by Lifebuoy and the rollout of Vaseline’s Gluta-Hya products. Vaseline was one of the fastest-growing brands in the portfolio, and was boosted by the slugging trend on social media, with Gen Z users praising its benefits on TikTok. The brand saw double-digit gains in the U.S. and strong growth in China, now its second market. AHC saw sales declines in North Asia.

Prestige Beauty continued to grow faster than the portfolio overall, with volume gains and double-digit sales growth, topping €1 billion in revenues, benefiting from growth in the premium segment, especially in skin care. Launch highlights included Living Proof Triple Bond Complex, Dermalogica Milkfoliant and Tatcha Indigo Overnight Repair Serum. The 2021 acquisition of Paula’s Choice and Hourglass’s continued expansion into China, as well as Living Proof, bolstered sales.

In Personal Care, volume declines were higher in skin cleansing, particularly impacted by cost inflation. Volumes in the category held up better in North America, Unilever said, supported by premium innovations like Dove Deep Moisture body wash with microbiome nutrient serum. Dove took its Real Beauty mission into the virtual world, creating an online coalition dubbed Real Virtual Beauty to encourage developers to create a healthier, more diverse representation of women and girls in games worldwide.

Deodorants did well, with volumes up and double-digit sales gains. Rexona — according to Nielsen data, the world’s number-one antiperspirant and deodorant brand with annual sales of more than €2 billion — relaunched its core range globally, with what it claims is its most effective deodorant yet. Sales of Dollar Shave Club fell, and the company registered an impairment charge of €192 million related to that business.

Among other activities, SheaMoisture ramped up its initiatives to create new opportunities helping Black entrepreneurs to thrive and published its inaugural impact report.

Clear, reportedly the world’s leading shampoo brand for men, introduced its first premium range targeting scalp health to prevent hair fall, initially in China.

Dove and Unilever’s other PETA-approved brands joined forces with The Body Shop and NGOs to launch #SaveCrueltyFreeCosmetics, backed by a European Citizens’ Initiative, a mechanism designed to help European people shape policy by calling on the European Commission to propose new laws, in this case to protect the EU’s ban on animal testing for cosmetics. Unilever was also a founding member of European cosmetics companies’ Cosmetics Europe Commitment for our Planet Initiative.

3. THE ESTÉE LAUDER COS.

NEW YORK

2022 BEAUTY SALES:

$16.4 BILLION (EST.)

-7.8% vs. 2021 (EST.)

MAIN BRANDS: Estée Lauder, Aramis, Clinique, Lab Series, Origins, MAC, La Mer, Bobbi Brown, Aveda, Jo Malone London, Bumble and bumble, Darphin Paris, Tom Ford Beauty, Smashbox, Aerin Beauty, Le Labo, Editions de Parfums Frédéric Malle, Glamglow, Killian Paris, Too Faced, Dr. Jart+, Deciem: The Ordinary, Niod.

KEY FINANCIALS:

Skin care: $8.76 billion (EST.), -14%; 54% of total sales

Makeup: $4.43 billion (EST.), -2%; 27% of total sales

Fragrance: $2.48 billion (EST.), +7%; 15% of total sales

Hair: $643 million (EST.), +6%; 4% of total sales

China and Tom Ford dominated the news when it came to the beauty giant for 2022. Rising COVID-19 cases in China continued to weigh on The Estée Lauder Cos. during the crucial holiday season, triggering declines on both the top and bottom line in its fiscal second quarter ended Dec. 31.

“All told, our return to growth has shifted to the fourth quarter,” said Fabrizio Freda, president and CEO in an earnings call. “We are encouraged by both our strong momentum in numerous markets globally and improving macro trends.”

The company cited the evolution of the COVID-19 environment, including restrictions in mainland China and the rising number of COVID-19 cases, as causes of stronger headwinds as the quarter progressed. As a result, tourism and product shipments to Hainan remained largely curtailed and traffic in brick-and-mortar in the rest of China was limited.

At the same time, the business was also negatively impacted by the strong U.S. dollar, along with inflationary pressures and recession concerns, which caused certain retailers in the U.S. to tighten inventory.

During the year, Lauder announced an agreement to acquire Tom Ford, marking the beauty giant’s first venture into the fashion world. The acquisition is Lauder’s largest to date, following the company’s agreement to pay $2.2 billion for a majority position in Deciem in 2021. As part of the deal, Ermenegildo Zegna Group and Marcolin SpA entered into long-term license agreements for Tom Ford fashion and Tom Ford eyewear, respectively. The deal valued the total enterprise of Tom Ford at $2.8 billion. The amount to be paid by Lauder for the acquisition is approximately $2.3 billion, net of a $250 million payment to Lauder at closing from Marcolin SpA. Funded through a combination of cash, debt and deferred payments, it is expected to close in the fiscal fourth quarter ending this June.

Freda has previously said that Tom Ford Beauty, of which it already held the license prior to the acquisition, is expected to achieve $1 billion in net sales annually over the next couple of years, “having promising profitable growth opportunities ahead.”

Staying in M&A, through its New Incubation Ventures arm, Lauder took a minority stake in Haeckels, owned by its founder Dom Bridges and angel investors, last February. It also made a long-term, global licensing agreement for Balmain Beauty, including collaboratively developing, producing and distributing luxury beauty products, the first of which are expected to launch in fall 2024.

Elsewhere in the business, Glamglow, the one-time hot indie skin care brand that Lauder acquired in 2014 for an undisclosed amount, is following in the footsteps of sister brand Smashbox and exiting the U.K. and Ireland. The company continued to wind down the Aramis & Designer Fragrances division.

Aveda, meanwhile, launched in mainland China and The Ordinary entered India.

Lauder opened a distribution center for its travel-retail business in Switzerland, as well as its first manufacturing facility in Asia Pacific and a China Innovation Labs in Shanghai as it positions to capture growth and accelerate locally relevant innovation.

There were also some changes to the executive structure. John Demsey, the executive group president who oversaw brands including MAC, Clinique, Too Faced, Glamglow, Smashbox and Tom Ford Beauty, was asked to leave the business after he posted a meme on Instagram that contained a racial slur and joke about COVID-19, while group president of international Cedric Prouvé retired in June. Peter Jueptner, previously in charge of EMEA business, replaced him. The group’s brands are now organized in two clusters led by executive group presidents Jane Hertzmark Hudis and Stéphane de La Faverie.

One person who doesn’t look likely to be going anywhere soon, however, is Freda. Despite speculation about who could lead The Estée Lauder Cos. next, Freda, who is 65, said he is “completely committed to continue leading this company for the foreseeable future.”

4. PROCTER & GAMBLE

CINCINNATI

2022 BEAUTY SALES:

$14.4 BILLION (EST).

-1.3% vs. 2021 (EST.)

MAIN BRANDS:

Aussie, Bevel, Farmacy, First Aid Beauty, Gillette (deodorants), Hair Food, Head & Shoulders, Herbal Essences, Ivory, Native, Olay, Old Spice, OUAI, Pantene, Rejoice, Safeguard, Secret, SK-II, Snowberry, The Art of Shaving, Tula, VS. 

KEY FINANCIALS:

Organic growth 2022: +2%

P&G Beauty delivered moderate organic sales growth despite the ongoing impacts of the COVID-19 pandemic in China across  the hair, skin and personal care categories. Overall beauty sales, however, declined 1% year-over-year, while currency fluctuations also weighed on the company.

Among the category mix, growth in P&G’s Hair Care portfolio was largely broad-based, although partially offset by a decline across P&G Hair Care’s China portfolio due to COVID-related headwinds. Pantene remained the number-one  selling hair care brand in the world, according to Euromonitor.

SK-II was challenged by lockdowns and travel restrictions within China, which severely hampered the brand’s duty-free business.

P&G’s personal care division, meanwhile, grew consistently with strong double-digits sales across the year, spanning Old Spice, Safeguard and Secret.

During 2022, P&G Beauty acquired three specialty brands. First, it doubled down on skin care with the acquisition of Farmacy Beauty. Then it entered the fast-growing prestige hair care market with an agreement to acquire Ouai, celebrity hairstylist Jen Atkin’s hair care and lifestyle brand. Lastly, it acquired Tula — a probiotic, superfoods-based skin care line founded by gastroenterologist Roshini Raj, Bobbi Brown cofounder Ken Landis and tech entrepreneur Dan Reich. 

In March 2022, it announced the formation of P&G Specialty Beauty, a new subdivision that includes these brands along with First Aid Beauty. Inclusive of previous acquisitions Native and Walker & Co, these acquired brands continue to grow disproportionately, with a collective sales increase of about 50% vs. year ago, according to P&G. 

Most recently, in 2023, P&G Beauty acquired Mielle Organics, a Black-founded textured hair care brand that is sold at major mass retailers, including Walmart, Target and CVS, for an undisclosed sum, with the founders stressing that the deal will increase availability of products, and that there are no plans to change formulas.

In 2022 executive moves, Chris Heiert was named senior vice president, specialty beauty, while Stephanie Headley was promoted to senior vice president, Global Olay.  

5. SHISEIDO

TOKYO

2022 BEAUTY SALES:

$8.19 BILLION (EST.)

¥1.07 TRILLION (EST.)

+5.7% vs. 2021 (EST.)

MAIN BRANDS: Shiseido, Clé de Peau Beauté, Nars, Drunk Elephant, Ipsa, The Ginza, Elixir, Anessa, Benefique, Haku, Prior, Maquillage, Aupres, Ulé, Sidekick, Inryu, Baum, Effectim, Gallinée. Fragrance: Narciso Rodriguez, Tory Burch, Issey Miyake, Zadig & Voltaire, Serge Lutens.

KEY FINANCIALS:

Constant-currency sales change: -3.9%

Like-for-like beauty sales growth: +0.9%

Operating profit: ¥46.6 billion, -53.7%

Net profit: ¥34.2 million, -27.1%

Sales by region:

Japan: ¥237.6 billion, -8.2% (+0.3% like-for-like)

China: ¥258.2 billion, -6% (-9.8%)

Rest of Asia Pacific: ¥68 billion, +7% (+13%)

The Americas: ¥137.9 billion, +13.6% (+8.8%)

EMEA: ¥128.4 billion, +9.8% (+4%)

Travel Retail: ¥163.7 billion, +35.7% (+14.2%)

Shiseido, Japan’s largest beauty company, celebrated its 150th anniversary in 2022 with an eye to the future. The year marked the second year of its three year “Win 2023 and Beyond” strategy, which was ideated to counteract the impact of COVID-19 at home and abroad. Under the strategy, Shiseido has executed a global transformation with an emphasis on profitability and cash flow, by focusing on “skin beauty,” and restructuring its portfolio. For 2022, which the company designated a “Back to Growth” year, the emphasis was on promoting global brands, accelerating the company’s digital transformation, and building new factories and logistics systems. The plan worked: Sales in the Asia Pacific region grew 10.7%, although sales in Japan increased a modest 1.3% and the business in China declined by 10.7%. However, sales in the Europe, Middle East and Africa region gained 10% and the Americas saw an increase of 7.7%. Travel retail bounced back with a 15.2% gain.

As part of the focus on skin beauty, Shiseido sold its Shiseido Professional brand, whose hair care, color, styling and perm products are sold primarily in Japan and Asia, to Henkel. Shiseido retains 20% of the shares of the company succeeding the assets related to its business in Japan, with the aim to support the further growth of the business.

Following the transfer of its personal care business to Fine Today in July 2021, Shiseido announced the transfer of its manufacturing business of personal care products conducted at the Kuku Factory in Japan and its Vietnam facility in August 2022. Through the transfer, Shiseido seeks to support Fine Today in building a management system that integrates manufacturing and sales, aiding the company’s sustainable growth.

In September 2022, the company acquired Gallinée, a London-based brand dedicated to caring for the skin’s microbiome. The range offers a patented complex of prebiotics, probiotics and postbiotics that nourish and strengthen the skin’s microbiome.

During the year, Shiseido launched three brands around its core business. Sidekick, a men’s skin care brand, launched in Japan and China, with the positioning of highlighting young men’s individuality and style.

Another brand that launched in Japan and China was Inryu, a three-sku line created to improve the overall health of the skin from the inside.

In Europe, Shiseido launched Ulé, the first skin care brand powered by vertical farming with a view to creating the future of botanical beauty. In France, Ulé cultivates plants from around the world on its Eco-Farm, which executives said enables it to maintain a short supply chain, lessen the environmental impact and retain maximum freshness and potency.

Shiseido also invested in strengthening its China business, and has been focusing on innovation with local partners. In August, it announced it is investing in Jiangsu Trautec Mecial Technology, a company dedicated to the development and production of recombinant collagen-based biomaterials. In collaboration with a local partner, Plug and Play China, Shiseido is looking for partners from Chinese startups to work on future innovations.

In January 2023, Shiseido announced a new management structure and succession plan. Masahiko Uotani became representative director, chairman and CEO of Shiseido Company Ltd., and Kentaro Fujiwara assumed the role of president and chief operating officer. Fujiwara was previously the CEO of Shiseido China, and it is expected that Uotani will pass the reins to him in the next two years.

On the sustainability front, Shiseido unveiled replaceable cosmetics packaging using a technology called LiquidForm, which realizes bottle molding and filling in a single step and reduces the use of plastic by 70% and CO2 emissions by 70%. To celebrate its 150th anniversary, Shiseido employees around the world held a day of service, Camellia Day, in which employees participated in social action programs to improve society and the environment.

6. LVMH MOËT HENNESSY LOUIS VUITTON

PARIS

2022 BEAUTY SALES:

$8.13 BILLION (EST.)

€7.72 BILLION (EST.)

+16.9% vs. 2021 (EST.)

Main Brands: Parfums Christian Dior, Guerlain, Parfums Givenchy, Parfums Kenzo, Fendi, Pucci, Acqua di Parma, Parfums Loewe, Benefit Cosmetics, Make Up For Ever, Fresh. Maison Francis Kurkdjian (majority stake).Officine Universelle Bully, Stella by Stella McCartney. Kendo Brands: Bite Beauty, KVD Vegan Beauty, Marc Jacobs Beauty, Ole Henriksen, Fenty Beauty by Rihanna. Bulgari. Louis Vuitton. Sephora.

Key Financials:

Organic sales growth: +10%

LVMH Perfumes and Cosmetics revenue by region:

France: 9%

Rest of Europe: 20%

U.S.: 19%

Japan: 5%;

Rest of Asia: 35%;

Other markets: 12%.

Perfumes and Cosmetics Division profit from recurring operations: €660 million, -3.5% vs. 2021.

Continuing success in fragrance and a rebound in makeup drove LVMH Moët Hennessy Louis Vuitton’s beauty business last year. Despite a significant sales increase overall, the ongoing impact of the pandemic in Asia weighed on business, particularly the skin care category. Asia outside Japan accounted for 35% of the beauty activity’s sales last year, compared with 42% a year earlier and 45% in 2020. The company said innovation played a key role in its brands’ advances in 2022.

Parfums Christian Dior grew strongly worldwide, reinforcing its position in Europe and with strong momentum in the U.S., Japan, South Korea, Southeast Asia and the Middle East, according to the company. Among the brand’s fragrances, Sauvage grew well — it was reportedly the world’s bestselling fragrance across categories. As the tide of popularity turned in favor of Johnny Depp, the scent’s face, following his highly media-covered defamation lawsuit against ex-wife Amber Heard, this provided a major boon to sales. J’adore benefited from the global launch of its Parfum d’Eau variant. Miss Dior did well and Dior Homme was boosted by the relaunch of Dior Homme Sport. High-end line Collection Privée also performed well, and added products by Francis Kurkdjian, the house’s new creative director of fragrances. In skin care, premium products including a new version of La Crème boosted sales. New lipsticks included a refillable version of Dior Addict and a new version of Forever liquid foundation. The brand also initiated a new sustainability roadmap for 2030, dubbed “Beauty as a Legacy,” with a broad range of targets including efforts to promote biodiversity and cut its greenhouse gas emissions by 46% by 2030.

Guerlain also did well in fragrances, especially in the high-end category with L’Art et la Matière and Aqua Allegoria. The label highlighted its sustainability commitments, with Angelina Jolie acting as the face of its “In the Name of Beauty” program.

Givenchy’s fragrance pillars, including L’Interdit and Irrésistible, also did well, and Gentleman introduced Réserve Privée, a collaboration with Glenmorangie whisky. Benefit enhanced its position in the brow category, where it is global market leader, with new products. Make Up For Ever was driven by an innovation program developed with its makeup artists. Kenzo Parfums grew thanks to L’Absolue, a new version of its pillar Flower by Kenzo scent. Maison Francis Kurkdjian saw strong gains in the U.S. and Europe and opened its first store in China. Acqua di Parma was driven by its Signatures of the Sun line, while Perfumes Loewe expanded internationally with a new point-of-sale concept, boosting sales. Fenty Beauty doubled revenues thanks to expanded distribution and launch activity, with Fenty Skin growing strongly in body care. Officine Universelle Buly, acquired by LVMH in 2021, expanded its footprint, especially in Japan, and profited from growing brand awareness in Paris.

In March this year, LVMH named Stéphane Rinderknech chairman and CEO of its Perfumes and Cosmetics division, overseeing all 15 of its brands, the first time in decades that the business unit has been managed under a single executive. Rinderknech, a former L’Oréal executive who was most recently ceo of L’Oréal USA and president of its North America zone, joined LVMH in 2022 to head its hotel and leisure activities. Reporting to him, Véronique Courtois takes up the reins at Parfums Christian Dior from Laurent Kleitman, who is leaving LVMH, and Gabrielle Saint-Genis Rodriguez takes over Courtois’ former role as the head of Guerlain. Courtois is the first female ceos for Parfums Christian Dior.

7. BEIERSDORF

HAMBURG, GERMANY

2022 BEAUTY SALES:

$7.24 BILLION (EST.)

€6.87 BILLION (EST.)

+16.4% vs. 2021 (EST.)

Main Brands: Nivea, Eucerin, La Prairie, Labello, 8×4, Hidrofugal, Florena, Atrix, Aquaphor, Maestro, Coppertone.

Key Financials:

Consumer Division sales: €7.1 billion, +16.3% VS. 2021 (organic sales growth: +10.5%)

Consumer Division EBIT excluding special factors: €880 million, +18.9%

Consumer Division sales by region:

Western Europe: €2.51 billion, +6.5% (+5.3% organic)

Eastern Europe: €599 million, +7.3% (+3.7%)

North America: €900 million, +39.3% (+17.6%)

Latin America: €941 million, +43.4% (+28.6%)

Africa/Asia/Australia: €2.19 billion, +14% (+10.2%).

Beiersdorf benefited from consumer interest in skin health, and netted a strong year. Core brand Nivea gained market share in all regions but especially Europe, notably in Switzerland, the U.K. and Spain. Its total sales grew 13% to €4.65 billion, and there were gains in both volume and price, driven by emerging markets, new products and a strong performance of its basics. All key categories gained, especially deodorants, sun care and body care.

The Derma brands, Eucerin and Aquaphor, beat the billion-euro sales barrier for the first time, netting revenues of €1.03 billion, up a massive 29.9% in reported terms and 23.9% on an organic basis. The brands did particularly well in the U.S., Mexico and Germany. Eucerin’s face care, especially anti-pigmentation and acne products, were strong performers. The brand’s sun care launched in the U.S., the world’s largest market for the category. Online was an important driver for the segment.

Sales in the prestige segment gained 9.3%, to €655 million, thanks largely to recovery in travel-retail and the uptick in brick-and-mortar in North America, although La Prairie’s China business suffered. The February 2022 acquisition of Chantecaille allowed the company to strengthen its presence in the selective channel, notably in the U.S., China and South Korea, it said.

Exchange rate impacts positively impacted sales for the Consumer division as a whole by 4.6 percentage points, while the Chantecaille acquisition added 1.2 points to growth.

Beiersdorf implemented a new operating model for Nivea, based on marketing successes within the Derma and Luxury categories, as well as Health Care, to develop fewer but more impactful campaigns to improve the consistency of messaging and brand identity for its mega-brand.

For the prestige portfolio, management changes followed the integration of Chantecaille. Philippe Lamy joined La Prairie Group as CEO in March last year, taking over from Patrick Rasquinet, who is now concentrating on broader responsibilities as executive board member for the Pharmacy and Selective Divisions, overseeing Eucerin, Hansaplast, La Prairie and Chantecaille. Emily Coleman, a 20-year L’Oréal veteran most recently senior vice president at Urban Decay, took over from Sylvie Chantecaille as CEO of the brand in September.

Product innovation included Nivea Radiant & Beauty, for consumers with melanin-rich skin. There were products developed especially for the Chinese and Asian markets, including Nivea Pro Sensitive Amino Acid face cleansing gel and the new Doukou body care range, as well as Eucerin Even Radiance. Beiersdorf also claimed it was the first skin care manufacturer to use ethanol made from recycled carbon dioxide, in the limited-edition Climate Care moisturizer under Nivea Men, which celebrated its centenary.

In December, the company announced it had acquired a majority stake in Belgium-based microbiome research specialist S-Biomedic, in which it had already invested in 2018.

8. CHANEL LTD.

LONDON

2022 BEAUTY SALES:

$7.05 BILLION (EST.)

€6.69 BILLION (EST.)

+10% vs. 2021 (EST.)

MAIN BRANDS: No.5, No.5 l’Eau, Gabrielle, Allure, Allure Sensuelle, Coco, Coco Mademoiselle, Coco Noir, Chance, Chance Eau Fraîche, Chance Eau Tendre, Chance Eau Vive, No.19, Cristalle, Allure Homme, Allure Homme Sport, Bleu de Chanel, Pour Monsieur, Antaeus, Egoiste, Les Exclusifs, Les Eaux de Chanel (fragrance). Sublimage, Le Lift, Hydra Beauty, Le Blanc, No.1 de Chanel (skin care, makeup, fragrance). Rouge Allure, Rouge Coco, Le Vernis, Inimitable, Le Volume, Dimensions, Les 4 Ombres, Ombre Première, Les Beiges, Vitalumière, Ultra Le Teint, Le Blanc, Sublimage, Joues Contrastes, Boy de Chanel, La Poudre Universelle (makeup).

KEY FINANCIALS:

Main markets: The U.S. China, Japan and France represented more than half of 2022 sales.

Fragrance and makeup were Chanel’s main contributors to sales growth in beauty last year, although skin care also reportedly gained well. Its travel-retail business recovered in Western regions, but continued to be impacted by pandemic restrictions on travel in Asia.

In fragrance, all of Chanel’s pillar scents returned to growth, with strong performances from Coco Mademoiselle, Chance and Bleu de Chanel. N°5, which performed particularly well in 2021, its centenary year, slowed somewhat.

Makeup grew, driven mainly by face and lip products, but remained below 2019 levels.

Skin care was boosted by the launch of new line N°1 de Chanel and by growth in Asia. No. 1, introduced in early 2022, is based on the camellia flower; it contains 97% natural ingredients and features eco-designed packaging. It is built around skin care, but also includes makeup products and a fragrance mist.

E-commerce sales grew worldwide, on both the brand’s own platforms and third-party sites. Retail expansion also continued, and Chanel opened more than 30 new boutiques, mainly in Asia.

In October, the house named a trio of global creative partners to steer the creation of its color cosmetics. Ammy Drammeh, Cécile Paravina and Valentina Li were named as the first artists to join the Cometes Collective, which is described by Chanel as “a group of emerging talents shaping the future of beauty” with a pluralistic vision focused on collaboration.

Other initiatives last year included an immersive exhibition dedicated to fragrances at the Grand Palais Ephémère in Paris, exploring their history through immersive installations and animations featuring scent pods and virtual reality.

8. NATURA & CO.

SÃO PAULO

2022 BEAUTY SALES:

$7.05 BILLION

R$36.35 BILLION

-9.5% vs. 2021

MAIN BRANDS: Natura (fragrance, makeup, skin, hair, sun and body care, toiletries). Aesop (skin, body and hair care, fragrance). The Body Shop. Avon (outside North America).

Key Financials:

Constant-currency growth VS. 2021: +0.4%

Natura & Co. Latin America net sales: R$22.03 billion, -1.7% (+6.3% at constant currency)

Avon International net sales: $R7.2 billion, -22.9% (-9.9%)

The Body Shop net sales: R$4.41 billion, -24.3% (-13.5%)

Aesop net sales: R$2.72 billion, +4.6% (+21%)

Gross profit: R$23.19 billion, -11%

Group consolidated net loss: R$2.86 billion, compared with net income of R$1.05 billion in 2021.

The challenges were both macroeconomic and structural for Brazil’s Natura & Co. in 2022. The weakness of the Brazilian real weighed heavily on its numbers, as did its ongoing integration of Avon and challenges at The Body Shop, impacted by changes in consumer behavior since the pandemic.

Mid-year, Natura decided to press reset, transitioning to a simpler holding company structure to improve accountability for its four brands, Natura, Avon, The Body Shop and Aesop, now organized into four business units. The firm hopes the reorganization will help it reassess its growth model to stabilize the business, with the aim of improving profitability and cash conversion, revising its cost structure and reviewing its global footprint.

Roberto Marquez, who had headed Natura & Co. for six years, stepped down as group CEO and executive chairman in June, at the time of the announcement, but remained on the company’s board to help the transition through year end. Natura & Co. eliminated the roles of sustainable growth officer and chief transformation officer. Fábio Barbosa, previously a non-executive director, stepped in as CEO.

This March, L’Oréal said it would acquire Aesop, which continue to outperform Natura’s portfolio as a whole. Natura had put the brand up for sale in order to finance the brand’s accelerated growth and provide value to the parent company and its stakeholders.

As to its performance, Natura & Co. said it saw improvement in constant-currency sales in the fourth quarter, and that it had made progress on the initiatives put in place.

The Natura brand saw strong momentum in the last three months of the year, especially in Brazil, driven by consultant productivity and strong performance at retail, with the brand expanding its brick-and-mortar footprint significantly through the year. It also saw gains in the rest of Latin America despite political and economic instability in the region, notably in Argentina, Chile and Peru.

Avon’s revenues in Brazil and Latin America declined for the year as a whole, but improved significantly in the fourth quarter as Natura continues to restructure the brand, moving away from non-core categories and homing in on beauty. The company said this strengthened its confidence in the potential for ongoing integration of that business in the region. Its plans for Avon include optimizing the brand’s international footprint to focus on profitable markets and reducing its cost structure.

Natura said it was “rightsizing” The Body Shop’s business, focusing on efficiencies and the brand’s core retail model in the face of challenging channel mix changes, notably in the U.K., its core market. It announced plans to shutter The Body Shop at Home in the U.S. and close its dedicated distribution center in the U.K., as well as restructure its global management, reducing leadership positions by 25% and global overhead staffing by 12%. The actions are intended to support margin expansion, cash generation and revenue stabilization for the long term.

Aesop continued to outperform. The brand leaned into fragrance and made its hotly anticipated entry into China in the fourth quarter, with two physical stores and a domestic Tmall platform, exceeding expectations there.

10. COTY

NEW YORK

2022 BEAUTY SALES:

$5.3 BILLION (EST.)

+5% vs. 2021 (EST.)

MAIN BRANDS: LUXURY BEAUTY: Calvin Klein, Hugo Boss, Marc Jacobs, Chloé, Davidoff, Miu Miu, Lacoste, Tiffany & Co., Joop, Jil Sander, Roberto Cavalli, Escada (prestige fragrance). Philosophy (skin care, fragrance). SKKN (skin care). Kylie Beauty (cosmetics, skin care, baby care). Lancaster, Orveda (skin care). Gucci, Burberry (fragrance, color cosmetics).

CONSUMER BEAUTY: Cover Girl, Rimmel London, Max Factor, Bourjois, Manhattan, Miss Sporty (color cosmetics). Sally Hansen, Risqué (nail products). Adidas, Cenoura & Bronze, Paixão, Bozzano, Monage (body care). Jovan, Bruno Banani, David Beckham, Good Kind Pure, Land of the Free, Mexx, Vera Wang, Nautica (mass fragrance).

KEY FINANCIALS:

Prestige: $3.2 billion, +5%

Consumer: $2.1 billion, +3%  

Americas $2.2 billion, +10%

EMEA: $2.4 billion, +1%

Asia Pacific: $0.7 billion, +2%

Coty performed well in 2022, spurred on by what CEO Sue Y. Nabi called the fragrance effect. Despite recession fears and sky-high inflation, Coty’s prestige fragrances were key to is performance, and in its latest earnings briefing, it cited recent innovations in its offering, including Burberry Hero Eau de Parfum and Burberry Her Elixir de Parfum, Hugo Boss Bottled Parfum and Gucci Flora Gorgeous Jasmine as delivering strong performances during the final three months of last year.

In 2022, Coty sold its Lacoste fragrance license back to Lacoste by mutual agreement for an undisclosed sum, effective this year, and renewed its licenses with Hugo Boss. WWD understands Lacoste has a big footprint in Russia, an area from which Coty divested due to its invasion of Ukraine.

Coty’s strong performance in fragrance came as the industry grappled with a shortage of glass and other materials such as oils and alcohol, while the energy crisis has driven up glass prices.

In the prestige sector, Coty launched Skkn by Kim in partnership with Kim Kardashian — a pricey $630 direct-to-consumer, nine-step system, including a toner, exfoliator, hyaluronic acid serum, vitamin C8 serum, face cream, eye cream, oil drops and a night oil. Meanwhile, Kylie Jenner’s brand, Kylie Cosmetics, rolled out in Brazil and Mexico. 

Coty released new targets to double its skin care sales, reaching between $500 million to $600 million by fiscal 2025. As part of this, it will take Skkn by Kim and Kylie Skin, already anchored in North America, into EMEA in the coming years. Kylie Skin will also be heading to Australia as part of the plan.

In mass, Coty saw strong momentum in most of its key brands in the three months to the end of December, with single-digit to double-digit revenue growth across Cover Girl, Rimmel, Max Factor, Adidas and Monange. 2022 also saw Queen Latifah rejoin Cover Girl.

On the human resources front, Coty inaugurated a gender-neutral parental leave policy, while Andrew Stanleick left his role as executive vice president, Americas and global ceo of Coty’s joint venture with Kylie Jenner’s Kylie Cosmetics and Kim Kardashian West’s KKW Beauty brand to become ceo of Beauty Health. Anna von Bayern, Coty’s chief corporate affairs officer, now helms the Kardashian/Jenner brands. Dr. Shimei Fan was named chief scientific officer.

11. BATH & BODY WORKS

COLUMBUS, OHIO

2022 BEAUTY SALES

$4.6 BILLION (EST.)

-1.2% vs. 2021 (EST.)

MAIN BRANDS: Bath & Body Works (fragrance, body care, hand care).

KEY FINANCIALS:

U.S.: 85% of sales

In 2022, Bath & Body Works, whose main three categories are body care, home fragrance and soaps and sanitizers, saw total sales slightly decrease by 1.2%.

Within that, body care slipped 0.8% to $3.03 billion, soaps and sanitizers were down 8.6% to $1.06 billion, while gifting increased 15.8% to $507 million.

Bath & Body Works’ men’s business continued to be its fastest-growing category in body care as it tested new forms and merchandising ideas, while the U.S. remained its biggest market, accounting for 85% of total sales.

Its loyalty program launched nationwide in August, with the company stating that its enrollment speed is one of the fastest in the industry, with 33 million members to date. Loyalty sales represented approximately two-thirds of its U.S. sales since launch.

The biggest news of the year, however, related to executive changes. In May, Andrew M. Meslow stepped down as CEO due to health reasons. He was succeeded by Sarah E. Nash as interim CEO until December, when Gina Boswell, a former Unilever executive, was named CEO.

In August 2022, the company revealed that it had eliminated about 130 roles, the majority of which were leadership positions as it pursued “a number of initiatives to improve financial performance and better position the organization for long-term growth.”

Most recently, Daniel Loeb’s Third Point fund, which owns a 6% stake in Bath & Body Works, called for shareholder representation on the board to ease concerns about the company’s corporate governance and decision-making processes. Bath & Body Work’s board of directors has slammed activist investor Third Point’s proxy challenge as “misguided,” suggesting that it is because the retailer rejected Third Point’s “ultimatum” that it appoint a former employee of the hedge fund to its board.

12. KAO CORP.

TOKYO

2022 BEAUTY SALES:

$4.33 BILLION (EST.)

¥565.47 BILLION (EST.)

+4.6% (EST.)

MAIN BRANDS: Allie, Athletia, Curél, Est, Freeplus, Kanebo, Kate, Molton Brown, RMK, Sensai, Sofina iP, Suqqu, Unlics, Asience, Bioré, Blauné, Cape, Essential, Guhl, Jergens, John Frieda, Liese, Merit, My Kirei, Rerise, Segreta, Success, Goldwell, KMS, Oribe

KEY FINANCIALS:

Net sales: ¥1.55 trillion (+9.3% vs. 2021, +3.7% like-for-like)

Operating profit: ¥110.07 billion (-23.3%)

Net profit: ¥86.04 billion (-21.5%)

Health and Beauty Care sales: ¥369.5 billion, +4.2% (-1.8% like-for-like)

Cosmetics sales: ¥251.5 billion, +5.1% (+0.8%)

Cosmetics sales Japan: ¥160.7 billion, +5.1% (+5.1%)

Cosmetics sales rest of Asia: ¥59.6 billion, +3.0% (-10.1%)

Cosmetics sales Americas: ¥6.8 billion, +15.1% (-4.1%)

Cosmetics sales Europe: ¥24.4 billion, +7.5% (+0.4%)

Many factors weighed on Kao’s results in 2022, including lockdowns and a cooling market in China, logistics disruption in the U.S., and global inflation, driving consumers toward lower priced products. Kao worked to concentrate investment in core brands, push digital and implement strategic price increases to counterbalance a challenging context.

In December, the group announced leadership changes for its Cosmetics business unit. As of Jan. 1 this year, Yosuke Maezawa took over management of the activity globally. President of Kao’s prestige cosmetics business, he takes on the titles of senior executive officer of the global cosmetics business and becomes president and representative director of Kanebo Cosmetics Inc. and chairperson for Molton Brown. Mark Johnson, previously head of Molton Brown, is now president of its cosmetics business in the Americas and Europe, the Middle East and Africa.

For the Cosmetics business, sales overall were up last year thanks to a gradual market recovery at home and the company’s strategy of concentrating on its 11 biggest brands, including Kanebo prestige skin care and makeup and Kate makeup. Under the latter, Lip Monster did well. Kao said it had made advances during the year toward reducing fixed costs and implementing structural reforms for its makeup business.

Chinese sales for the division declined not just because of lockdowns and an overall market slowdown — Kao said the rise of local manufacturers and changes to distribution channels also substantially impacted its business there.

European cosmetics sales were flat, attributed to inflationary pressure on consumers, although it said both Sensai and Molton Brown had gained market share.

Within the Health and Beauty Care business, skin care sales were up, boosted by sun products and other seasonal products due to a hot summer at home. Category sales in the U.S. declined, however, due to inflationary pressure.

Hair care sales were down, although Kao noted that high-end brand Oribe remained strong thanks to growth online and in its core salon channel. Domestic mass-market hair care sales fell, and the company said it had begun a fundamental business transformation for the category in the fiercely competitive segment. Profitability decreased significantly due in large part to inflationary pressure on raw materials.

Key initiatives included a new brand for Gen Z men dubbed Unclics, which launched online in December with a makeup base and lotion, with five serums added to the lineup this January. It announced plans to transform its Toyohashi manufacturing plant, which mainly makes skin and hair care products, into an integrated supply chain base using robots and AI to navigate fluctuation in demand and Japan’s shrinking workforce. It also joined U.S.-based biotech firm Genomatica’s venture to scale and commercialize more sustainable, plant-based alternatives to palm oil. Unilever is also a founding member of that venture.

13. JOHNSON & JOHNSON

NEW BRUNSWICK, NEW JERSEY

2022 BEAUTY SALES:

$4.3 BILLION (EST.)

-4.4% vs. 2021 (EST.)

MAIN BRANDS:  Aveeno, Bebe, Biafine, Clean & Clear, Dabao, Dr. Ci:Labo, Exuviance, Le Petit Marseillais, Lubriderm, NeoStrata, Neutrogena, Piz Buin, Sundown (skin and body care, including sunscreen). Maui Moisture, OGX, Rogaine (hair care).

KEY FINANCIALS:

Total Consumer Health Sales: $15 billion, +2.7% vs. 2021

U.S. skin health/beauty sales: $2.3 billion, -4.2% vs. 2021.

International skin health/beauty sales: $2 billion, -5.9% vs. 2021

Top markets: U.S., China.

Johnson & Johnson announced its plans to carve out its Consumer Health business in 2021, and that effort is still underway. In May of 2022, the company named Thibaut Mongon and Paul Ruh as its designate CEO and CFO, respectively. As announced last year, that company will be called Kenvue. It is expected to launch in 2023.

Supply constraints hindered growth in the skin health and beauty division last year, but those losses were partially offset by successful launches in Asia Pacific and Latin America. China sales also took a hit given COVID-19-related constraints.

The company told investors after the third quarter that overseas markets had grown, driven by product innovation from Neutrogena and Aveeno.

In the U.S., according to data from IRI, Neutrogena’s concealer sales in the mass market channel grew 26.8% last year. Moisturizers and antiaging treatments fell double and single-digits, respectively. For the year, it held its top spot in makeup removers. Aveeno’s cleansers, moisturizers and lotions all reaped single-digit gains.

For the last quarter, Neutrogena performed well in both club and e-commerce channels, according to the company, and Consumer Health overall grew double-digits for that time period.

In the skin health and beauty portfolio, key initiatives addressed the science of skin care with forays into the metaverse and several takes at addressing skin health equity, such as increasing the number of dermatologists from minority groups and raising awareness around chronic diseases among Black consumers.

14. Mary Kay

Addison, Texas

2022 BEAUTY SALES:

$4.1 BILLION (EST.)

+5.1% vs. 2021 (EST.)

MAIN BRANDS: Mary Kay (skin care, makeup, bath and body care, fragrance), Mary Kay Naturally, TimeWise, TimeWise Repair, Botanical Effects, Satin Hands, Satin Body, Satin Lips, Clear Proof, Mary Kay Clinical Solutions (skincare). MKMen (men’s skin care, fragrance), Mary Kay Chromafusion (makeup).

KEY FINANCIALS: N/A

There is change at the top for historic direct seller Mary Kay. Ryan Rogers, grandson of Mary Kay Ash, has been named CEO, effective in early 2023. He replaces David Holl, who has retired after 30 years but remains board chairman. Rogers, who joined the company in 2000, was most recently chief investment officer. Nathan Moore was named president of global sales and marketing, while James Whatley was promoted to chief information officer. Sheryl Adkins-Green was named chief experience officer.

In 2022, May Kay leaned into skin care with new products that capitalized on trending ingredients, like Mary Kay Clinical Solutions Ferulic + Niacinamide Brightener. In terms of sustainability, Mary Kay reduced nearly 500,000 pounds of plastic from 2020-22 and approved 16 new sustainable packages for future products. In China, the company initiated Pearl Retrieval Project to help girls from disadvantaged backgrounds to complete their high school education.

15. HENKEL

DÜSSELDORF, GERMANY

2022 BEAUTY SALES:

$3.77 BILLION (EST.)

€3.58 BILLION (EST.)

+2.6% vs. 2021 (EST.)

MAIN BRANDS: RETAIL: Schwarzkopf, Syoss, Dial, Fa, Diadermine, N.A.E. (skin, hair and body care). Nature Box (hair and body care). PROFESSIONAL: Igora, BC Bonacure, Osis, Silhouette, Indola, BlondMe, Essensity, Fibre Plex, Scalp Clinix, SexyHair, Alterna, Kenra Professional, Joico, Zotos Professional, Oil Ultime, Mad About, Chroma ID, TBH – True Beautiful Honest, Authentic Beauty Concept (hair care and color), Statement (grooming).

KEY FINANCIALS:

Beauty Care division preliminary sales: €3.78 billion, +2.6% vs. 2021 (organic sales -0.5%)

Beauty Care division adjusted operating profit: €296 million, -15.7%

Preliminary group sales: €22.4 billion, +11.6%

Henkel advanced with its restructuring, merging its Beauty Care and Laundry & Home Care business into a single Consumer Brands business unit ahead of schedule. The merger is expected to deliver €500 million in synergies and €250 million in savings by the end of 2023. The major revamp includes divesting and discontinuing operations with combined sales of €1 billion across Henkel’s portfolio. Within the consumer beauty portfolio, activities representing around €200 million were discontinued last year, Henkel said, without going into specifics.

Other levers include optimizing supply chain across the business, reducing expenses through combined scale and R&D synergies — for example with joint innovation between the hair care and laundry activities.

In April 2022, Henkel said it would be exiting Russia.

Henkel’s Beauty Care sales for the year grew 2.6% in reported terms, to €3.78 billion, but increases were mainly driven by inflation, and on an organic level, revenues were up a fractional 0.5%; volumes actually dropped 9.4%. The business did well in North America and Western Europe, and saw double-digit growth in emerging markets with the exception of Asia Pacific, severely impacted by pandemic containment measures in China. In the mass market, which accounts for around two-thirds of Henkel’s beauty sales, hairstyling gained double digits organically, but hair color was negative as demand normalized after the pandemic. Body care was also down, attributed to the portfolio optimization measures. Henkel’s sales in the professional segment, however, grew strongly, driven by double-digit organic gains in emerging markets.

Key initiatives for its brands included Schwarzkopf Professional’s collaboration with start-up The Unseen to introduce what it claims is the world’s first prismatic, holographic hair color that reacts to temperature, dubbed Colour Alchemy. The temporary color needs no pre-lightning or bleaching. Authentic Beauty Concept implemented a new version of its in-salon Refill Bar.

In October, Henkel announced the launch of the first business-to-business-to-consumer hyper-personalized professional hair care brand, SalonLab&Me, based on hair analysis by the stylist with a tailored device combined with a dedicated online sales platform linked to the specific salon. As well as suggesting a personalized bundle of products, consumers can customize their labels and preferred fragrance.

16. PUIG

BARCELONA, SPAIN

2022 BEAUTY SALES:

$3.52 BILLION (EST.)

€3.34 BILLION (EST.)

+40% vs. 2021 (EST.)

MAIN BRANDS: Paco Rabanne, Carolina Herrera, Jean Paul Gaultier, Nina Ricci, Charlotte Tilbury, Byredo, Penhaligon’s, L’Artisan Parfumeur, Christian Louboutin, Comme des Garçons Parfums, Kama Ayurveda, Loto del Sur, Uriage, Apivita, Antonio Banderas, Shakira, United Colors of Benetton, Adolfo Dominguez.

KEY FINANCIALS:

Main markets: The U.S., U.K. and Spain combined accounted for 36% of estimated beauty sales.

Puig’s business was on fire in 2022, when its strength in artisanal and prestige fragrances — accentuated by the acquisition of Byredo from Manzanita Capital during the year — and strong growth from Charlotte Tilbury drove a 40% gain in sales overall. As such, the family owned Spanish company surpassed its 2023 sales target of €3 billion a year ahead of schedule. 

The strongest growth came from the Americas. The U.S. has been Puig’s largest market since 2021.

Puig grew above the market average in all three of the core beauty categories, reportedly capturing market share. While high-end fragrance and makeup were the biggest drivers, it also saw growth in dermo-cosmetics after shifting its corporate structure in 2020 to better represent  and tap into distinct categories.

In May, Puig acquired a majority stake in Byredo, the high-end brand created by Ben Gorham in 2006 which is said do to more than $100 million in annual sales. It had been owned by London-based Manzanita, which retains a minority stake, since 2013. Gorham stayed on as chief creative officer.

Puig also upped its stakes in Colombian natural cosmetics brand Loto del Sur and Indian beauty and wellness brand Kama Ayurveda, becoming majority owner of both after investing in minority stakes in separate deals in 2019.

Major launches included Fame from Paco Rabanne, a sister for Phantom, introduced a year earlier, intended to herald a new era for the label’s women’s scents, more aligned with the fashion brand, which Puig also owns.

In January 2023, former Puig executive Fernando Aleu passed away at 93. He is credited with building the company’s business Stateside starting in the 1960s, contributing to the success of Paco Rabanne and inking Puig’s long-standing relationship with Carolina Herrera.

17. COLGATE-PALMOLIVE

NEW YORK

2022 BEAUTY SALES:

$3.41 BILLION (EST.)

-2% vs. 2021 (EST.)

MAIN BRANDS: Palmolive, Speed Stick, Sanex, Protex, Caprice, Lady Speed Stick, Softsoap, Irish Spring, Tom’s of Maine (deodorant, skin care, lip care), PCA Skin, EltaMD (professional skin care), Laboratoires Filorga Cosmétiques.  

KEY FINANCIALS:

Total company sales: $17.97 billion, +3.2%

Oral, Personal Care and Home Care sales: : $14.25 billion, +1.0%

Oral, Personal and Home Care sales by region:

North America: $3.82 billion, +3.5%

Latin America: $4.0 billion, +9.3%

Europe: $2.55 billion, -10.2%

Asia Pacific: $2.83 billion, -1.1%

Africa Eurasia: $1.08 billion, +2.9%

Despite a slight decline in its estimated beauty sales overall, price hikes across many of its categories drove sales increases in key areas for Colgate-Palmolive. Personal care sales grew, the company said, but skin care sales declined organically. But signs suggest the company’s deeper move into the highly profitable professional beauty industry with EltaMD and PCA Skin (which were purchased in 2017) is paying off. It saw overall sales gains for its oral, personal and home care activities in the North America, Latin America and African Eurasian regions, although numbers were down in Europe and Asia Pacific. Efforts to shore up online sales also boosted business, with e-commerce sales expanding double digits in 2022.

Colgate unleashed a slew of new items including an expanded array of sunscreens in new forms under the EltaMD Skincare range. Its UV Clear Broad-Spectrum SPF 46 was reportedly the bestselling prestige skin care product in the U.S. thanks to a formula that doesn’t exacerbate acne-prone skin and is infused with ingredients like niacinamide. The product received a boost from exposure on social media, especially TikTok.

EltaMD, which is sold primarily through dermatologists’ offices, spas and on Amazon, leveraged its popularity in sun care to expand beyond its core range. In addition, Colgate broadened its professional products in the PCA portfolio, including the Brighten: Therapeutic Blackberry Mask and a host of new facial peels. Laboratories Filorga rolled out new advanced eye treatments, such as Time-Filler Eyes 5XP, which features five inspirations from aesthetic medicine techniques and targets five separate eye zones.

The company has undertaken major restructuring and upskilling programs. In January 2022, it launched a Global Productivity Initiative, designed to allocate resources more effectively to growth areas, drive efficiencies in operations and streamline the supply chain. The upskilling initiative is intended to improve digital and data skills.

18. AMOREPACIFIC

SEOUL

2022 BEAUTY SALES:

$3.39 BILLION (EST.)

KRW 4.37 TRILLION (EST.)

-17.2% vs. 2021 (EST.)

MAIN BRANDS: Sulwhasoo, Laneige, Innisfree, Etude, Amorepacific, Hera, Iope, Mamonde, Primera, Aestura, Bro&Tips, Be Ready, Sienu, Holitual, Enough Project, Onhope, Custom.me (skin care and makeup), Illiyoon, Ryo, Mise-en-Scene, Happy Bath, Amos Professional, Labo-H, Longtake (hair & body care), Goutal (fragrance).

KEY FINANCIALS:

Amorepacific Group total sales: KRW 4.5 trillion, -15.6%

Amorepacific Group operating profit: KRW 271.9 billion, -23.7%

Domestic beauty sales: KRW 2.81 trillion, -19.4%

Beauty sales in the rest of Asia: KRW 1.29 trillion, -23.7%

Beauty sales in North America: KRW 181.4 billion, +83.4%

It was a tough year for South Korea’s beauty leaders. With a slightly lesser sales decline than its biggest competitor LG Household & Health Care, Amorepacific returned to the top spot among the country’s cosmetics players by a margin. But it continued to be hampered by lackluster demand at home and was heavily impacted by sales declines in China, which had been a key market for its international expansion and accounted for 60% of its sales in Asia outside of its home market. Outside Asia, the company succeeded in accelerating.

North America was a particular area of focus, and its sales increased 83% thanks to the growth of Sulwhasoo, Innisfree and Laneige, which was a bestseller on Amazon Prime Day. The company acquired clean beauty brand Tata Harper, with plans to expand it internationally and enhance its profitability by leveraging scale and streamlining processes.

Europe also grew well, with sales up 37% thanks largely to Laneige. The company launched in Japanese retail and saw strong performance for Sulwhasoo and Laneige in ASEAN countries.

In December, Kim Seunghwan was named president of subsidiary Amorepacific Corp., which houses the majority of the group’s beauty operations and its business. He had been CEO of parent company Amorepacific Group since 2021, charged with reviewing the fundamentals of the business in an unfavorable context. He is now charged with accelerating the unit’s global expansion and tapping new opportunities. Lee Sangmok, a former vice president at Amorepacific Corp., took over as president at Amorepacific Group.

The firm worked to accelerate its shift online, expanding partnerships with e-commerce platforms and enhancing digital marketing. One focus was Amore Mall, Amorepacific’s multibrand online platform, and another was partnering with influencers to enhance brand awareness among Millennials and Gen Z. This resulted in growth in domestic sales online. Core brand Innisfree increased e-commerce sales and returned to operating profit. Etude grew in multibrand shops and online, and also returned to profit thanks to an improved channel mix and a decrease in fixed costs, according to the company. Domestic travel-retail sales, which accounted for 22% of total revenues in South Korea, saw double-digit declines.

Strengthening the identity of key brands and their star products continued to be a focus. Laneige introduced the Water Bank Blue Hyaluronic line and personalized services. Its Lip Sleeping Mask did particularly well in North America. Makeup brand Espoir and hair care line Amos Professional grew sales.

19. LG HOUSEHOLD & HEALTH CARE

SEOUL

2022 BEAUTY SALES:

$3.38 BILLION (EST.)

KRW 4.35 TRILLION (EST.)

-21% vs. 2021 (EST.)

MAIN BRANDS: Beauty division: The History of Whoo, Su:m37°, O Hui, Belif, VDL, CNP, CNP Rx, (luxury skin care, makeup), Jane Packer (fragrance). Dr Belmeur, Yehwadam, Isa Knox, Sooryehan, VDIVOV, fmgt (premium skin care, makeup). The Face Shop, Beyond, Avon (In the U.S., Canada and Puerto Rico) (skin, body and hair care, makeup, fragrance). The Crème Shop (skin care, makeup). +Freshian (vegan makeup). Home Care & Daily Beauty division: Veilment, On: The Body (body care), Physiogel (skin and body care, in Asia and North America). Fruits & Passion (body care, fragrance). Elastine, Dr.Groot, ReEn, Organist, Arctic Fox (hair care).  

KEY FINANCIALS:

Total Sales: KRW 7.19 trillion, -11.2% vs. 2021

International sales: -15%

Operating profit: KRW 711 billion, -44.9%

Beauty division sales: KRW 3.21 trillion, -27.7%

Beauty division operating profit: KRW 309 billion, -64.7%

It was a tough year for LG Household & Health Care in the beauty space, hampered by sluggish demand at home and abroad. Travel retail and China, both of which have been key factors in the company’s growth in recent years, were particularly hard hit. Beauty Division sales in travel retail fell 43% year-on-year. In the fourth quarter, LG H&H reported a net loss of KRW 108.8 billion, its first quarterly deficit in 18 years.

Cha Suk-yong, who had led LG H&H for 18 years, stepped down “to clear the way for younger generations,” according to the company. In December, Le Jung-ae, most recently head of the company’s refreshment business, took over as president and CEO, the company’s first female CEO — and one of very few among the Top 100 beauty firms. Having also previously led its household goods and luxury cosmetics activity, she is seen as having the understanding of the overall business and organization to lead it into the future.

Strategic priorities for LG H&Hinclude continuing to grow its business Stateside — seen as a major opportunity thanks to the ongoing K-pop wave — and reducing its international operations’ dependence on China.

In June, LG H&H signed a deal to acquire a 65% stake in U.S.-based The Crème Shop for $121 million. The U.S.-based K-Beauty brand targets younger consumers through collaborations with characters from Hello Kitty, Disney and BT21. LG plans to foster its U.S. business thanks to the acquisition. The purchase follows the 2019 acquisition of New Avon and in 2021, that of Boinca, best known for its Arctic Fox hair coloring line.

In terms of 2022 sales, LG’s core brand in the luxury space, The History of Whoo, posted a 38% year-on-year sales decline. O Hui did well, however, gaining 17%.

For the Daily Beauty activity, inflation and more price-sensitive consumers hindered growth, and profitability was impacted by prices, exchange rates and wages. Nevertheless, the company said it continued to invest in premium brand marketing for the division. Veilment body care grew 22% year-on-year, and dermocosmetics brand Physiogel gained 17%.

20. KOSÉ CORP.

TOKYO

2022 BEAUTY SALES:

$2.21 BILLION (EST.)

¥289.14 BILLION (EST.)

+7.5% vs. 2021 (EST.)

Main Brands: Decorté, Sekkisei, Jill Stuart, Addiction, Clear Turn, One by Kosé, Infinity, Crie, Esprique, Visée, Fasio, Elsia, Nail Holic, Softymo, Je l’aime, Kokutousei, Grace One, Suncut, Prédia, Paul Stuart, Awake, Imprea, Albion, Tarte, Phil Naturnt, Formule, Maihada, Stephen Knoll New York, Cell Radiance, Spawake, Carté HD.

KEY FINANCIALS:

(Based on restated numbers for 2021 to account for the change in Kosé’s fiscal year end to December)

Company net sales: ¥289.14 billion, +7.5%

Operating Profit: ¥22.12 billion, +41.1%

Cosmetics sales: ¥234.97 billion, +7.9%

Cosmetaries sales: ¥52.23 billion, +6.2%

Japan sales: ¥163.04 billion, +7.3%

Rest of Asia: ¥80.79 billion, +0.5%

North America: ¥40.14 billion, +22.7%

Other: ¥5.17 billion, +32%

An uptick in the Japanese economy, increased sales of its premium products — notably the Decorté and Albion brands — in department stores and specialty stores at home, and brisk business for Tarte in the U.S. and Europe, meant it was a strong year overall for Kosé.

The Japanese player outpaced its internal growth forecasts, notably thanks to better-than-expected sales in the latter part of the year. This was despite the impact of lockdowns in China and a decline in sales in South Korea, it said.

In China, sales were sluggish, but the yen’s devaluation meant a slight uptick for sales in reported terms. Kosé said its travel-retail sales in China remained strong, picking up in the second half as travel restrictions were lifted on Hainan Island. South Korean travel-retail business suffered from the absence of Chinese travelers there.

On the domestic market, recovery in demand for makeup drove Jill Stuart and Addiction. Despite sluggish demand for prestige skin care in Japanese drugstores, Kosé said it increased its market share in the sensitive skin care market.

In the U.S., Tarte maintained its prestige makeup market share, strengthening its lineup in concealers, mascara and other key categories. Increased distribution and currency effects led to increased sales in reported terms. Tarte also drove gains in European sales — notably thanks to the launch of Sephora’s U.K. business from October. Overall, the brand’s bestsellers and new product introductions did well, and Tarte grew its sales by 27.1%, although the brand’s operating profit declined.

For the Cosmetaries business, sales of Bioliss hair care were sluggish, but Clear Turn and Stephen Knoll New York grew, meaning an uptick in revenues for the division overall.

Kosé also improved its profitability significantly, thanks to cost control and inventory reduction, mainly in China, despite the inflation of raw material prices and the weak yen.

21. L’OCCITANE INTERNATIONAL S.A.

PLAN-LES-OUATES, SWITZERLAND

2022 BEAUTY SALES:

$2.15 BILLION (EST.)

€2.04 BILLION (EST.)

+17.3% vs. 2021 (EST.)

MAIN BRANDS: L’Occitane en Provence (skin, hair, body and men’s care; fragrance; makeup). Elemis. Melvita. L’Occitane au Brésil. Erborian. LimeLife, Sol de Janeiro, Grown Alchemist (majority stake).

KEY FINANCIALS:

Constant currency sales growth: +11.5% (EST.) vs. 2021

Nine months to Dec. 31, 2022:

Net sales: €1.6 billion, +16.5%

Constant currency sales progression: +10.6%

Online sales: 31.2% of total

Sales by brand:

L’Occitane en Provence €1.12 billion, +3.1% (-0.9% at constant currency, excluding China and Russia, the brand grew 5.9%)

Elemis: €181.6 million, +11.3% (+5.3%)

Sol de Janeiro: €158.8 million (+96%)

Others: €145.3 million, +12.6% (+5.5%)

Sales by region:

Asia Pacific: €686.4 million, -0.6% at constant currency, +7% excluding China

Americas: €492.2 million, +53.7%

EMEA: €423.8 million, -0.3%, or +9.2% excluding Russia

22. THE WELLA CO.

NEW YORK / GENEVA, SWITZERLAND

2022 BEAUTY SALES:

$2.02 BILLION (EST.)

-1.2% vs. 2021 (EST.)

MAIN BRANDS:

Wella Professionals, Wella Retail, Nioxin, Clairol Professional, Clairol Retail, Sebastian Professional, weDo, System Professional, Londa/Kadus Professional, Sassoon Professional

Briogeo (hair). OPI (nail).

KEY FINANCIALS:

Constant-currency sales growth:

Total beauty, excluding GHD appliances: +6%

Pro Hair: +3%

Nail +12.7%

Retail Hair: +11.5%

23. REVLON INC.

NEW YORK

2022 BEAUTY SALES:

$2.0 BILLION (EST.)

-3.8% vs. 2021 (EST.)

MAIN BRANDS: Revlon: Revlon, Revlon Professional, Revlon Colorsilk. Elizabeth Arden: Ceramide, Prevage, Eight Hour. Portfolio: Almay, American Crew, CND, Mitchum, Cutex, Crème of Nature, Natural Honey, SinfulColors, D:Fi, Orofluido. Fragrances: Juicy Couture, John Varvatos, AllSaints, Britney Spears, Giorgio Beverly Hills, Ed Hardy, Christina Aguilera, Jennifer Aniston, Lucky Brand, Halston, Geoffrey Beene, Alfred Sung, Mariah Carey, Elizabeth Taylor, P.S.

KEY FINANCIALS:

(Nine months ended Sept. 30, 2022)

Revlon net sales: $544.9 million, +4.4% vs. 2021

Elizabeth Arden net sales: $347.7 million, -3.3%

Portfolio net sales: $268.4 million, -12.6%

Fragrances net sales: $229.6 million, -16.4%

24. GROUPE CLARINS

NEUILLY-SUR-SEINE, FRANCE

2022 BEAUTY SALES:

$1.84 BILLION (EST.)

€1.75 BILLION (EST.)

+4.2% vs. 2021 (EST.)

MAIN BRANDS: Clarins (skin care, makeup), Clarins Men (men’s skin care). MY BLEND.

KEY FINANCIALS (EST.):

Like-for-like sales growth: +15% vs. 2021

Product category breakdown:

Skin care: 92%

Makeup: 8%

Growth by category:

Skin care: +15%

Makeup: +13%

International sales: 93% of business.

Growth by region:

Europe +4% (+10% excluding Russia)

Asia Pacific +16%

Americas +22%

Middle East & Africa +34%

Travel Retail +33%.

Growth in largest markets:

Mainland China: +6%

U.K.: +3%

France: +9%

Spain: +23%

Direct-to-consumer :+12% (x2 vs. 2019).

25. GROUPE ROCHER

ISSY-LES-MOULINEAUX, FRANCE

2022 BEAUTY SALES:

$1.78 BILLION (EST.)

€1.69 BILLION (EST.)

-10% vs. 2021 (EST.)

MAIN BRANDS: Yves Rocher (makeup, fragrance, skin and body care). Arbonne (skin care, cosmetics). Stanhome (beauty and personal care) Kiotis (skin and body care, fragrance). Dr. Pierre Ricaud (skin and body care, makeup). Sabon (skin and body care). Flormar (makeup). ID Parfums (fragrance).

KEY FINANCIALS (EST.):

N/A

26. RODAN + FIELDS

SAN FRANCISCO

2022 BEAUTY SALES:

$1.55 BILLION (EST.)

-3.1% vs. 2021 (EST.)

MAIN BRANDS: Recharge, Redefine, Reverse, Unblemish, Soothe, Enhancements, Essentials, Spotless, Volume, Total RF Serum (skin care) Smooth, Volume, R+F Haircare (haircare)

KEY FINANCIALS:

Top markets: U.S., Canada, Australia

27. GROUPE PIERRE FABRE

PARIS

2022 BEAUTY SALES:

$1.51 BILLION (EST.)

€1.43 BILLION (EST.)

+10.8% vs. 2021 (EST.)

MAIN BRANDS: Eau Thermale Avène, A-Derma, Dexeryl, Darrow, Glytone (skin and body care). Ducray, Klorane (skin, hair and body care). René Furterer (hair care).

KEY FINANCIALS:

International sales: 73% of beauty revenues

Biggest international markets: China, Spain, Italy, Germany

Group sales: €2.7 billion, +10.1% vs. 2021

28. AMWAY

ADA, MICHIGAN

2022 BEAUTY SALES:

$1.42 BILLION (EST.)

-2.6% vs. 2021 (EST.)

MAIN BRANDS: Amway: Artistry, Artistry Studio, Artistry Skin Nutrition, Artistry Men (skin care), Body Series/G&H (body care), Satinique, Ertia (hair care).

KEY FINANCIALS:

Total sales: $8.1 billion, -9% VS. 2021

Top Beauty Markets: Mainland China, the U.S., South Korea.

29. GRUPO BOTICÁRIO

CURITIBA, BRAZIL

2022 BEAUTY SALES:

$1.32 BILLION (EST.)

R$6.79 BILLION (EST.)

+9% vs. 2021 (EST.)

MAIN BRANDS: O Boticário (skin, body and hair care, makeup, fragrance). The Beauty Box (hair, bath and body care). Eume (hair care). Eudora, Quem Disse, Berenice?, Vult. O.U.I., Dr. Jones.

KEY FINANCIALS:

N/A

30. VICTORIA’S SECRET & CO. 

COLUMBUS, OHIO 

2022 BEAUTY SALES: 

$1.3 BILLION (EST.)  

+6% vs. 2021 (EST.)

Main Brands: Victoria’s Secret: Bombshell, Tease, Bare, Very Sexy, Love, The Mist Collection, VS Him, Natural Beauty Body Care, Lip. Pink Beauty (fragrance, mists and lotion).  

KEY FINANCIALS 

North America: Approx. 70% of sales 

31. POLA ORBIS HOLDINGS

TOKYO

2022 BEAUTY SALES:

$1.24 BILLION

¥161.7 BILLION

-7.2% vs. 2021

MAIN BRANDS: Pola (skin care, makeup), Orbis (skin care, makeup), Jurlique, Three, Decencia, Amplitude, Itrim, Fiveism x Three, Fujimi.

KEY FINANCIALS:

Total net sales: ¥166.31 billion, -6.9%

Beauty Care operating income: ¥13.79 billion, -19.2%

32. GALDERMA

ZUG, SWITZERLAND

2022 BEAUTY SALES:

$1.14 BILLION (EST.)

+33% vs. 2021 (EST.)

MAIN BRANDS: Cetaphil, Alastin (skin care).

KEY FINANCIALS: N/A

33. INTER PARFUMS, INC.

NEW YORK

2022 BEAUTY SALES:

$1.09 BILLION

+24% vs. 2021

MAIN BRANDS: Abercrombie & Fitch, Anna Sui, Bebe, Boucheron, Coach, Donna Karan, DKNY, Dunhill, Ferragamo, Graff, Guess, Hollister, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lanvin, MCM, Moncler, Montblanc, Oscar de la Renta, Rochas, S.T. Dupont, Ungaro, Van Cleef & Arpels.

KEY FINANCIALS (EST.):

Montblanc: $195.7 million, +16.3% VS. 2021

Jimmy Choo: $195.7 million, +26.3%

Coach: $163.05 million, +19.2%

Guess: $130.44 million, +28%

Sales by key region:

North America: $431.9 million, +22% VS. 2021

Western Europe: $259.2 million, +28.3%

Asia: $152.7 million, +19.3%

34. SISLEY

PARIS

2022 BEAUTY SALES:

$1.01 BILLION

€957 MILLION

+8% vs. 2021

MAIN BRANDS: Sisley (fragrance, skin care, makeup). Hair Rituel by Sisley (hair care).

KEY FINANCIALS: N/A

35. BELCORP

LIMA, PERU

2022 BEAUTY SALES:

$1 BILLION (EST.)

FLAT vs. 2021 (EST.)

MAIN BRANDS: L’Bel, Ésika, Cyzone (fragrance, makeup, skin, body and hair care).

KEY FINANCIALS:

Main markets: Peru, Colombia and Mexico: 53% of sales

Breakdown by brand:

Ésika: 45%

Cyzone: 31%

L´Bel: 24%.

35. LUSH

POOLE, U.K.

2022 BEAUTY SALES:

$1 BILLION (EST.)

£810.1 MILLION (EST.)

+1.6 % vs. 2021 (EST.)

MAIN BRANDS: Lush Fresh Handmade Cosmetics (bath, body, hair and skin care, makeup, fragrance).

KEY FINANCIALS: N/A

37. GODREJ CONSUMER PRODUCTS LTD.

MUMBAI, INDIA

2022 BEAUTY SALES:

$996.7 MILLION (EST.)

78.25 BILLION RUPEES (EST.)

+21.6% vs. 2021 (EST.)

MAIN BRANDS: Godrej Expert, Godrej Nupur, NYU, Godrej Professional, Motions, Profectiv Mega Growth, African Pride, Just for Me, TCB, Darling, Valon, Ilicit, Issue, 919, Renew, Inecto, Roby (hair care), Millefiori, Cinthol, Godrej No.1, Villeneuve, Tura (skin care), Pamela Grant (makeup).

KEY FINANCIALS

Biggest markets:

India: 57%

Africa and the U.S.: Approx. 26%

Indonesia: 13%

38. JOHN PAUL MITCHELL SYSTEMS

LOS ANGELES

2022 BEAUTY SALES:

$975 MILLION (EST.)

+5.4% vs. 2022 (EST.)

MAIN BRANDS: Paul Mitchell, Paul Mitchell Professional Hair Color, Paul Mitchell Clean Beauty, Awapuhi Wild Ginger, Neuro, Tea Tree (hair and body care), MITCH (men’s grooming), MVRCK (men’s grooming).

KEY FINANCIALS: N/A

39. MARICO LTD.

MUMBAI, INDIA

2022 BEAUTY SALES:

$902.2 MILLION (EST.)

70.83 BILLION (EST.)

+11.3% vs. 2021 (EST.)

MAIN BRANDS: Parachute, Livon, Nihar Naturals, Hair & Care, Caivil, Black Chic, True Roots (hair care and color). Parachute Advansed (hair and body care). Set Wet (deodorants and hair styling). Fiancée, Hair Code, IsoPlus (hair care and styling). Code 10, X-Men (men’s grooming). Kamillen, Jamilla (hairstyling), Karazel, Rivage, Grace, Pure Sense, Just Herbs, Kaya Youth O2 (skin care), Beardo (men’s grooming), Purité de Prôvence and Ôliv (hair and skin care).

KEY FINANCIALS:

Total company consolidated sales (Nine months to December 2022): Rs 71.89 billion, -2.2%

International sales: Approx. 23% of revenues.

40. PROYA COSMETICS CO. LTD.

HANGZHOU, CHINA

2022 BEAUTY SALES:

878.1 MILLION (EST.)

CNY 5.9 BILLION (EST.)

+25.5 vs. 2021 (EST.)

MAIN BRANDS: Proya, Uzero, Anya, Yoya, Cats &Roses, Timage, Ins Baha, Off&Relax.

KEY FINANCIALS:

(Nine months ended Sept. 30, 2022)

Operating revenue: CNY 3.96 billion, +31.5% year-on-year

Operating profit: CNY 621 million, +31.5%

41. RITUALS COSMETICS ENTERPRISE B.V.

AMSTERDAM

2022 BEAUTY SALES:

$877.5 MILLION (EST.)

€832.9 MILLION (EST.)

+25% vs. 2021 (EST.)

MAIN BRANDS: Rituals (fragrance, home fragrance, skin, body and hair care, makeup).

KEY FINANCIALS:

Total company sales: €1.4 billion, +25% vs. 2021 (EST.)

42. NEORA

FARMERS BRANCH, TEXAS

2022 BEAUTY SALES:

$870 MILLION (EST.)

+6.1% vs. 2021

MAIN BRANDS: ProLuxe Hair Care System and NeoraFit Set, Age IQ Night & Day Cream, Double Cleansing Botanical Face Wash, Age-Defying Eye Serum, Illumaboost Brightening & Shield, Complexion Clearing Acne Treatment (skin and body care).

KEY FINANCIALS:

Largest markets: U.S., Canada, Mexico

43. WALGREENS BOOTS ALLIANCE

DEERFIELD, ILLINOIS

2022 BEAUTY SALES:

$862.5 MILLION (EST.)

+15% vs. 2021 (EST.)

MAIN BRANDS: No7, Botanics, Soap & Glory, Liz Earle, Sleek MakeUP, YourGoodSkin, 17.

KEY FINANCIALS: N/A

44. NU SKIN ENTERPRISES

PROVO, UTAH

2022 BEAUTY SALES:

$849.7 MILLION (EST.)

-23.7% vs. 2021 (EST.)

MAIN BRANDS: Nu Skin, AgeLOC, Nutricentials, Epoch, Tru Face.

KEY FINANCIALS:

Beauty Sales, including devices: $1.07 billion, -25.8% vs. 2021

Top Three Regions in Total Revenue:

Mainland China: $360.4 million, -36.6%

Americas: $508.5 million, -7.2%

Southeast Asia/Pacific: $344.4 million, +2.3%

45. DABUR INDIA LTD.

GHAZIABAD, INDIA

2022 BEAUTY SALES:

$783.7 MILLION (EST.)

61.53 BILLION RUPEES (EST.)

+4.3% vs. 2021 (EST.)

MAIN BRANDS: Dabur Amla, Dabur Almond, Vatika, ORS, Long & Lasting (hair care). Fem,

Gulabari, OxyLife, New Era, DermoViva, Vatika (skin care). Hobby (skin, hair and bath care; shave preparations). Dabur Anmol (Hair Oil). Dabur Baby (Baby Care). Jaquline (beauty care).

KEY FINANCIALS:

(Nine months to December 2022)

Consolidated net profit: 14.063 billion rupees

Consolidated revenue: 88.521 billion rupees

46. EDGEWELL PERSONAL CARE

SHELTON, CONNECTICUT

2022 BEAUTY SALES:

$778 MILLION (EST.)

+8.7% vs. 2021 (EST.)

MAIN BRANDS:  Banana Boat, Hawaiian Tropic (sun and skin care), Jack Black, Bulldog, Cremo, Fieldtrip (grooming), Skintimate, Edge, Schick, Billie (shave preparations).

KEY FINANCIALS:

(FY ended Sept. 30, 2022)

Company sales: $2.17 billion, +4% vs. 2021

Sun Care: $401.8 million, +20.4%

Skin Care: $236.7 million, -6.0%

Shaving Gels and Creams: $131.6 million, +0.2%

47. BLOOMAGE BIOTECHNOLOGY CORPORATION LTD.

SHANGHAI

2022 BEAUTY SALES:

$756.1 MILLION (EST.)

CNY 5.08 BILLION (EST.)

+52% vs. 2021 (EST.)

MAIN BRANDS: Biohyalux, Quadhai, Medrepair, Biomeds, Plumoon, Laboratoire Revitacare, Bloomcare, BioBurgeon, HA Paws, Tianduo, Green, DMKO.

KEY FINANCIALS:

(Nine months ended September 2022)

Total company revenue: CNY 4.32 billion, +43% year-on-year

Net income attributable to shareholders: CNY 677 million, +22%

47. SHANGHAI JAHWA UNITED CO. LTD.

SHANGHAI

2022 BEAUTY SALES:

$756.1 MILLION (EST.)

CNY 5.08 BILLION (EST.)

-7% vs. 2021 (EST.)

MAIN BRANDS: Shanghai Vive (skin care, fragrance), Maxam (skin, body and hair care), Liushen (skin, body and hair care, fragrance), GF (men’s skin and hair care, fragrance), Herborist (skin care, makeup, men’s skin care), Dr. Yu (skin care), Herborist Derma (skin care, makeup), Giving (baby care).

KEY FINANCIALS:

Total revenue: CNY 7.1 billion, -7.1%

Net profit: CNY 472 million, -27.3%

49. S’YOUNG GROUP

CHANGSHA, CHINA

2022 BEAUTY SALES:

$741.2 MILLION (EST.)
CNY 4.98 BILLION (EST.)

+6% vs. 2021 (EST.)

MAIN BRANDS: Unifon, Bigdrop, Mihoo, Huayaohua, Yu Men, HPH, VAA, Evidens de Beauté (skin care.)

KEY FINANCIALS:

Estimated net profit: CNY 120 million to 150 million in 2022, down 37 to 49% vs. 2021.

50. ORIFLAME HOLDING AG

SCHAFFHAUSEN, SWITZERLAND

2022 BEAUTY SALES:

$741 MILLION (EST.)

€703.3 MILLION (EST.)

-11.6% vs. 2021 (EST.)

MAIN BRANDS: Oriflame (makeup, skin, body, hair and personal care, fragrance).

KEY FINANCIALS:

Total company sales (including wellness and accessories): €925.4 million, -9% vs. 2021

Constant-currency sales: -15%

Sales by region:

Latin America: -8% (-17% in local currency)

Europe and CIS: -5% (-12%)

Turkey and Africa: -6% (+1% adjusted for hyperinflation in Turkey);

Asia: -22% (-26%)

Adjusted EBITDA: €106.5 million, -44%

51. FINETODAY CO. LTD.

TOKYO

2022 BEAUTY SALES:

$735.4 MILLION (EST.)

¥96.03 BILLION (EST.)

N/A vs. 2021 (EST.)

MAIN BRANDS: Tsubaki, Senka, Uno, Sea Breeze, Super Mild, Ag Deo 24, Fino, Hadasui.

KEY FINANCIALS:

Like-for-like sales growth: +5.2% (if sales under Shiseido had been included for the whole of FY 2021)

International sales: 50% of business

52. EUROITALIA

CAVENAGO DI BRIANZA, ITALY

2022 BEAUTY SALES:

$727 MILLION (EST.)

€690 MILLION (EST.)

+28% vs. 2021 (EST.)

MAIN BRANDS: Versace, Moschino, Michael Kors, Missoni, Dsquared2, Reporter, Atkinsons 1799 (fragrance). Naj Oleari Beauty (makeup), I Coloniali (body and skin care).

KEY FINANCIALS:

Exports: 95% of sales

53. KIKO SPA

BERGAMO, ITALY

2022 BEAUTY SALES:

$707 MILLION (EST.)

€671 MILLION (EST.)

+41.6% vs. 2021 (EST.)

MAIN BRANDS: Kiko Milano (makeup).

KEY FINANCIALS:

Americas: +55% VS. 2021

Asia: +21%

Europe: +46%

54. OLAPLEX

NEW YORK

2022 BEAUTY SALES:

$704.3 MILLION (EST.)

+17.7% vs. 2021 (EST.)

MAIN BRANDS: Olaplex (hair care).

KEY FINANCIALS:

U.S.: 56% of sales

International: 44% of sales

55. NAOS

AIX-EN-PROVENCE, FRANCE

2022 BEAUTY SALES:

$703.8 MILLION (EST.)

€668 MILLION (EST.)

+5.2% vs. 2021 (EST.)

Main Brands: Laboratoire Bioderma: ABC Derm, Atoderm, Cicabio, Crealine/Sensibio, Hydrabio, Matricium, Sebium, Secure, Pigmentbio (skin care), Node (hair care), Photoderm (sun care). Institut Esthederm: Age Prevention, Age Correction, Body Care, Cabine  Exclusive, Cellular Water Range, Cleansing Osmoclean, Intensive Molecular Care, Sun Care, White (skin care). Etat Pur: Actifs Pur, Soins Purs, Nettoyants Purs, Protecteurs Purs (skin, sun and body care).

Key Financials:

Laboratoire Bioderma: €609 million, +5% vs. 2021

Institut Esthederm: €54.7 million, +7%

Etat Pur: €4 million, +155%

International Markets: 77% of sales

Key markets: France, China and Turkey accounted for an estimated 34.6% of global sales.

56. YUNNAN BOTANEE BIO-TECHNOLOGY GROUP CO. LTD.

YUNNAN

2022 BEAUTY SALES:

$684.6 MILLION (EST.)

CNY 4.6 BILLION (EST.)

+32% vs. 2021 (EST.)

MAIN BRANDS: Winona, Winona Baby, Aoxmed, Beauty Answers, Doudoukang, Zirun (skin care). Funny Elves (makeup).

KEY FINANCIALS:

(Nine months to September 2022）

Operating income: CNY 2.8 billion, +37% vs. 2021

Net profit: CNY 517 million, +45%

56. JALA GROUP CO.

SHANGHAI

2022 BEAUTY SALES:

$684.6 MILLION (EST.)

CNY 4.6 BILLION (EST.)

+2.2% vs. 2021 (EST.)

MAIN BRANDS: Chando (skin care, makeup). Maysu, Botanical Wisdom, Spring Summer, Biorrier (skin care). Como (makeup). Assassina (fragrance).

KEY FINANCIALS: N/A

58. YANBAL INTERNATIONAL

LIMA, PERU

2022 BEAUTY SALES:

$684 MILLION (EST.)

+25% vs. 2021 (EST.)

Main Brands: Yanbal,Unique (makeup, skin, body, sun and hair care, fragrance).

Key Financials: N/A

59. PDC WELLNESS & PERSONAL CARE

STAMFORD, CONNECTICUT

2022 BEAUTY SALES

$679 MILLION (EST.)

+1% vs. 2021 (EST.)

MAIN BRANDS: Dr. Teal’s, Bodycology (wellness), Cantu, Eyelure (personal care), Body Fantasies, BOD Man (fragrance).

KEY FINANCIALS:

Wellness: $376 million, +12%

Personal care: $223 million, -11%

Fragrance: $80 million, -10%

Largest markets: U.S., U.K., Canada

International: 23% of sales

60. COSNOVA

SULZBACH, GERMANY

2022 BEAUTY SALES:

$650.1 MILLION (EST.)

€617 MILLION (EST.)

+31% vs. 2021 (EST.)

MAIN BRANDS: Essence, Catrice (makeup).

KEY FINANCIALS:

Europe: +27%

Middle East & North Africa: +24% (at constant currency)

North America: +29% (at constant currency)

61. ORVEON

NEW YORK

2022 BEAUTY SALES:

$599 MILLION (EST.)

+4% vs. 2021 (EST.)

MAIN BRANDS: Bare Minerals, Laura Mercier, Buxom (makeup)

KEY FINANCIALS:

U.S.: 65% of global sales

62. YATSEN HOLDING LTD.

GUANGZHOU, CHINA

2022 BEAUTY SALES:

$552.2 MILLION

CNY 3.71 BILLION

-36.5% vs. 2021

MAIN BRANDS:

Perfect Diary, Little Ondine, Pink Bear (makeup). Abby’s Choice, Galénic, Eve Lom, Dr. Wu (skin care).

KEY FINANCIALS:

Operating loss: CNY 928.9 million vs. CNY 1.62 billion in 2021

Net loss: CNY 821.3 billion vs. CNY 1.55 billion

63. E.L.F. BEAUTY

OAKLAND, CALIFORNIA

2022 BEAUTY SALES:

$497 MILLION (EST.)

+31% vs. 2021 (EST.)

MAIN BRANDS:  E.l.f. Cosmetics (makeup), e.l.f.SKIN (skin care), Well People (makeup, skin care), Keys Soulcare (skin care, home fragrance).

KEY FINANCIALS:

U.S.: 88% of sales, +30% vs. 2021

International: 12% of sales, +38%

64. MANDOM CORP.

OSAKA, JAPAN

2022 BEAUTY SALES:

$489.2 MILLION (EST.)

¥63.88 BILLION (EST.)

+10.1% vs. 2021 (EST.)

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 COSMETICS: Pixy (skin care, makeup), Bifesta, Barrier Repair (skin care). 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).

KEY FINANCIALS (Nine months to Dec. 22 for domestic operations; nine months to Sept. 22 for international operations):

Sales in Japan: ¥26.84 billion, +6.8%

Sales in Indonesia: ¥10.56 billion, +30.7%

Sales in other markets: ¥12.37 billion, +31.7%

65. HERMÈS INTERNATIONAL

PARIS

2022 BEAUTY SALES:

$472.3 MILLION

€448.3 MILLION

+16.4% vs. 2021

MAIN BRANDS: HERMÈS PARFUMS: Terre d’Hermès, Eau des Merveilles, Twilly d’Hermès, Les Parfums Jardins, Les Colognes, Collection Hermessence, Voyage d’Hermès, 24 Faubourg, Galop d’Hermès, Calèche (fragrance). Le Bain (toiletries). Rouge Hermès, Rose Hermès, Plein Air (makeup). Les Mains d’Hermès (nail polish and hand care).

KEY FINANCIALS:

Constant-currency sales growth for beauty and fragrance: +15% vs. 2021

Total company sales: €11.6 billion, +29.2% (+23% at constant currency)

Total company operating income: €4.7 billion, +33%

66. THE CARLYLE GROUP

WASHINGTON, D.C.

2022 BEAUTY SALES:

$465 MILLION (EST.)

-32% vs. 2021 (EST.)

MAIN BRANDS: Beautycounter, Every Man Jack.

KEY FINANCIALS: N/A

67. Markwins Beauty Brands

City of Industry, California

2022 BEAUTY SALES:

$453.6 MILLION (EST.)

+8% vs. 2021

MAIN BRANDS: Wet ‘n’ Wild, Lip Smacker, Physicians Formula, Lorac, Black Radiance, The Color Workshop, Bonne Bell.

KEY FINANCIALS:

U.S & Canada: 80% of sales

International:  20%

68. FANCL CORP.

YOKOHAMA, JAPAN

2022 BEAUTY SALES:

$447 MILLION (EST.)

¥58.37 BILLION (EST.)

-2.5% vs. 2021 (EST.)

MAIN BRANDS: Fancl Cosmetics, Attenir Cosmetics (skin care, makeup), Boscia (skin care).

KEY FINANCIALS:

(Nine months to Dec. 31)

Cosmetics sales: ¥44.18 billion, -1% vs. 2021

Fancl Cosmetics: ¥32.23 billion, -0.6%

Attenir Cosmetics: ¥10.43 billion, -1.5%

Boscia: ¥594 million, -25.2%

Domestic online and catalog sales: ¥24.07 billion, +4.4%

Domestic retail store sales: ¥8.85 billion, -12.6%

Domestic wholesale and others: ¥7.31 billion, +14.4%

Overseas sales: ¥3.95 billion, -21.8%

Cosmetics division operating profit: ¥4.89 billion, -19.4%

69. EMBELLEZE GROUP

RIO DE JANEIRO, BRAZIL

2022 BEAUTY SALES:

$430.6 MILLION (EST.)

R$2.22 BILLION (EST.)

+6.2% vs. 2021 (EST.)

MAIN BRANDS: Novex, Amacihair, Afrohair, Hairlife, Lisahair, Vitay (hair care and treatment). Natucor, Maxton (hair color), Nutrisalon (professional hair care). BioSalut (personal care).

Key Financials:

International sales: 11% of revenues

Domestic sales: +17%

70. Combe Inc.

White Plains, NEW YORK

2022 Beauty Sales:

$425 million (EST.)

+4.9% vs. 2021 (EST.)

Main Brands: Just for Men, Control GX, Virtue Labs (hair care and color), Aqua Velva, Williams Lectric Shave, Brylcreem (men’s grooming, in North America), Vagisil (intimate skin care).

KEY FINANCIALS: N/A

71. SHANGHAI CHICMAX COSMETIC CO., LTD

SHANGHAI

2022 BEAUTY SALES:

$398.9 MILLION (EST.)

CNY 2.68 BILLION (EST.)

-25.9% vs. 2021 (EST.)

MAIN BRANDS: Kans, One Leaf, Bio-G, New Page, Armiyo (skin care). Baby Elephant (infant care). Hanamino (makeup).

KEY FINANCIALS:

(10 months to October 2022)

Total revenues: CNY 2.08 billion, -28.8%

Gross profit: CNY 1.36 billion, -29.1%

72. MANZANITA CAPITAL

LONDON

2022 BEAUTY SALES:

$397 MILLION (EST.)

-11.4% vs. 2021 (EST.)

MAIN BRANDS: Diptyque (fragrance), Malin + Goetz (skin, body and hair care, fragrance), Susanne Kaufmann (skin, body and hair care).

KEY FINANCIALS :

Like-for-like sales growth:+27% vs. 2021 (EST.)

73. GUTHY-RENKER

EL SEGUNDO, CALIFORNIA.

2022 BEAUTY SALES:

$395 MILLION (EST.)

+7% vs. 2021 (EST.)

MAIN BRANDS: Crépe Erase, Meaningful Beauty, Westmore, Specific Beauty, Dermaflash, IT Cosmetics (repeat sales to existing customers), Sea Calm Skin, JLo Beauty, Principal Secret.

KEY FINANCIALS: N/A

74. HOYU CO. LTD

NAGOYA, JAPAN

2022 BEAUTY SALES:

$390.6 MILLION (EST.)

¥51 BILLION (EST.)

-2.9% vs. 2021 (EST.)

MAIN BRANDS: Bigen, Cielo, Beautylabo, Beauteen, Naturain, Promaster, Men’s Bigen (hair color and care).

KEY FINANCIALS (FY ended Oct. 31, 2022):

Consolidated net sales: ¥51 billion, -2.9%

Consolidated operating income: ¥2.2 billion, -35.3%

75. BURT’S BEES

DURHAM, NORTH CAROLINA

2022 BEAUTY SALES:

$385 MILLION (EST.)

+1.3% vs. 2021 (EST.)

MAIN BRANDS: Burt’s Bees (beauty, skin, lip, hair, men’s and baby care)

KEY FINANCIALS:

Domestic retail sales: $397 million (based on IRI POS data)

Biggest markets: U.S., Canada, U.K.

76. ODDITY

NEW YORK

2022 BEAUTY SALES:

$325 MILLION (EST.)

+45% vs. 2021 (EST.)

MAIN BRANDS: Il Makiage, SpoiledChild

KEY FINANCIALS:

Company gross sales: $380 million

77. ALCORA CORP.

MIAMI

2022 BEAUTY SALES:

$376 MILLION (EST.)

-41% vs. 2021 (EST.)

MAIN BRANDS: Monat (hair care, skin care). Hairgurt (hair care). L’Eudine (hair and body care, fragrance), Pardon My Pretty (body care).

KEY FINANCIALS:

Top Markets:

U.S.: 84%

Canada: 10%

Europe, including U.K.: 4%

Top Product Categories:

Hair Care: 65%

Skin Care: 30%

Wellness: 5%

78. NOEVIR HOLDINGS

KOBE / TOKYO

2022 BEAUTY SALES:

$361.5 MILLION (EST.)

¥47.2 BILLION (EST.)

+23% vs. 2021 (EST.)

MAIN BRANDS: NOEVIR CO.: Speciale, 505, 99Plus (skin care, makeup). TOKIWA PHARMACEUTICAL CO.: Nameraka Honpo (skin care), Excel (makeup), NOV (skin care, makeup).

KEY FINANCIALS (FY ended Sept. 30, 2022):

Cosmetics sales: ¥47.03 billion, +22.7% vs. 2021

Cosmetics operating income: ¥10.81 billion, +12.7%

79. MILBON CO. LTD.

TOKYO

2022 BEAUTY SALES:

$346.5 MILLION

¥45.24 BILLION

+10.7% vs. 2021

MAIN BRANDS: Milbon,Aujua, Villa Lodola, Ordeve, Sophistone, NeoLiscio (hair care, color, styling and perming), Imprea (skin care, makeup).

KEY FINANCIALS:

Domestic sales: ¥35.33 billion, +7.3% vs. 2021

International sales: ¥9.9 billion, +25.2%

Top international markets:

South Korea: ¥4.16 billion, +23.5%, or +16.6% in local currency

China: ¥2.11 billion, -1.6%, or -13.6% in local currency

U.S.: ¥1.33 billion, +46.7% or +22.6% in local currency

80. WELEDA

ARLESHEIM, SWITZERLAND

2022 BEAUTY SALES:

$344.5 MILLION (EST.)

€327 MILLION (EST.)

-4.6% vs. 2021 (EST.)

MAIN BRANDS: Weleda(natural and organic skin and body care, men’s care, hair care, mother and baby care, lip balms, personal care).

KEY FINANCIALS:

Biggest markets: Germany, France and Switzerland

81. CAUDALIE

PARIS

2022 BEAUTY SALES:

$341.4 MILLION (EST.)

€324 MILLION (EST.)

+13.7% vs. 2021 (EST.)

MAIN BRANDS: Vinoperfect, Resveratrol-Lift, Premier Cru, Vinosource, Beauty Elixir, Vinergetic, Vinothérapist, Vinosculpt, Vincoclean (skin care). Eaux Fraîches (fragrance).

KEY FINANCIALS:

Biggest markets: France, the U.S., Italy, Spain, Germany, China

82. PZ CUSSONS

MANCHESTER, ENGLAND

2022 BEAUTY SALES:

$330.7 MILLION (EST.)

£267.4 MILLION (EST.)

-1.7% vs. 2021 (EST.)

MAIN BRANDS: St. Tropez (skin and body care), The Sanctuary Spa, Imperial Leather (bath, body and skin care), Carex (hygiene, hand care).

KEY FINANCIALS:

(Six months to Dec. 3, 2022)

Total company sales from continuing operations: £336.9 million, +18.8% year-on-year.

Hygiene division sales: £174 million, +18%

Beauty division sales: £49.2 million, +4.1%

83. NUXE GROUPE

BOULOGNE-BILLANCOURT, FRANCE

2022 BEAUTY SALES:

$329.8 MILLION (EST.)

€313 MILLION (EST.)

+7.9% vs. 2021 (EST.)

MAIN BRANDS: Nuxe, Resultime (skin and body care, fragrance).

KEY FINANCIALS:

France: Approx. 43% of sales (EST.)

Biggest international markets: Italy, Spain and Belgium

84. SODALIS GROUP

LODI VECCHIO, ITALY

2022 BEAUTY SALES:

$328.3 MILLION (EST.)

€311.6 MILLION (EST.)

+17% vs. 2021 (EST.)

MAIN BRANDS: BioNike (skin care, body care, makeup). Bioetyc, Lypsyl (skin care). Lycia, CD, Triple Dry (skin care, deodorants). Arbre Vert (skin care, hair care, deodorants). Leocrema, Dermolab (skin care, sun care). Vitesse (face care). Tesori D’Oriente, Denim (body care, fragrances). Natural Honey (body wash and lotion). Noxzema, Depilzero, Strep (shaving/depilation). Biopoint (hair care, skin care and sun care). Brelil, Wash&Go (hair care). Deborah (makeup).

KEY FINANCIALS:

Sales in Italy: €215.4 million, +8.4% vs. 2021

International sales: €96.14 million, +42%

85. MAESA

NEW YORK

2022 BEAUTY SALES:

$328.1 MILLION (EST.)

+28% vs. 2021 (EST.)

MAIN BRANDS:

Kristin Ess, Hairitage, Flower Beauty, TPH by Taraji, Being Frenshe, Anomaly, Hey Humans, P2, ITK, Mix:Bar, Fine’ry, Andrew Fitzsimons, Believe Beauty, Root to End.

KEY FINANCIALS:

Total Maesa Sales (w/ private label brands): $410.2 million (EST.), +21% (EST.) vs. 2021

Hair care sales: $211.7 million, +26% (EST.)

Color Cosmetics: $45.1 million, -9% (EST.)

Bath & Body: $14.9 million, +48% (EST.)

Fragrance: $38.9 million, +65% (EST.)

Skin Care: $7.9 million, +111% (EST.) vs. 2021

Wellness: $9.6 million (EST.)

86. JOY GROUP

SHANGHAI

2022 BEAUTY SALES：

$327.4 MILLION (EST.)

CNY 2.2 BILLION (EST.)

+30% vs. 2021 (EST.)

MAIN BRANDS: Judydoll, Joocyee (makeup)

KEY FINANCIALS:

JudydollL CNY 1.05 billion, +20% vs. 2021

Joocyee: CNY 760 million, +45%

87. NIPPON MENARD COSMETIC CO.

NAGOYA, JAPAN

2022 BEAUTY SALES:

$327 MILLION (EST.)

¥42.7 BILLION (EST.)

-3.2% vs. 2021 (EST.)

MAIN BRANDS: Authent (skin care, fragrance, body care), Embellir, Fairlucent (skin care, makeup), Illuneige, Lisciare, Colax, Herb Mask (skin care), Beauness (skin and body care), Jupier, TK (makeup, skin care), Crowa (hair care), Divum (skin care, makeup, in China), Reliever (skin care, in China).

KEY FINANCIALS:

Biggest markets: Japan, China, Vietnam

88. EMAMI LTD.

KOLKATA, INDIA

2022 BEAUTY SALES:

$306.1 MILLION (EST.)

24.03 BILLION RUPEES (EST.)

+14% VS. 2021 (EST.)

MAIN BRANDS: Boroplus, Navratna, Vasocare, Emami Golden Beauty Talc, Dermicool (talc), Malai Kesar Cold Cream, Creme 21 (skin care), Fair & Handsome (men’s skin care), Kesh King, Emami 7 Oils in One (hair care), HE (deodorant).

KEY FINANCIALS:

Domestic sales: 85% (EST.)

International sales:

South Asian Association for Regional Cooperation: 44%

Middle East, North Africa: 34%

Commonwealth of Independent States: 10%

Africa and others: 12%

89. LION CORP.

TOKYO

2022 BEAUTY SALES:

$301.2 MILLION (EST.)

¥39.33 BILLION (EST.)

+7.1% vs. 2021 (EST.)

MAIN BRANDS: Kirei Kirei (hand soap), Ban (deodorant), Pro Tec (men’s hair and body care), Hadakara, Shokubutsu-Monogatari (body care), Soft in 1 (hair care).

KEY FINANCIALS:

Total company net sales: ¥389.87 billion, +6.5% vs. 2021

Total operating profit: ¥28.84 billion, -7.5%

Beauty Care sales in Japan: ¥26.48 billion, +7.1%

90

FORMA BRANDS

SAN FRANCISCO

2022 BEAUTY SALES:

$285 MILLION (EST.)

-12% vs. 2021 (EST.)

Main Brands: Bad Habit (skin care), Lipstick Queen, Morphe, Morphe 2, R.E.M. Beauty, Jaclyn Hill Cosmetics (makeup). Playa (hair care).

KEY FINANCIALS:

N/A

91. CARTIER

PARIS

2022 BEAUTY SALES:

$279.4 MILLION (EST.)

€265.2 MILLION (EST.)

+20% vs. 2021 (EST.)

MAIN BRANDS: Cartier Carat, L’Envol de Cartier, La Panthère de Cartier, Pasha de Cartier, Baiser Volé, Déclaration, Eau de Cartier, Must de Cartier, Santos de Cartier, Les Heures de Parfum, Les Heures Voyageuses, Les Epures de Parfum, Rivières de Cartier (fragrance).

KEY FINANCIALS:

N/A

92. LUXURY BRAND PARTNERS

MIAMI

2022 BEAUTY SALES:

$276 MILLION (EST.)

+10.4% vs. 2021 (EST.)

Main Brands:

R+Co, R+Co Bleu, IGK, IGK Color, V76 by Vaughn, In Common (hair care and color). Smith & Cult (makeup, nails). One/Size (makeup), Elaluz (makeup, skin care).

KEY FINANCIALS:

U.S.: 85% of sales

International: 15%, led by Australia, Canada and the U.K.

93. ALFAPARF MILANO

OSIO SOTTO (BERGAMO), ITALY

2022 BEAUTY SALES:

$273.9 MILLION

€260 MILLION

+24.2% vs. 2021

MAIN BRANDS: Alfaparf Milano, Yellow, Alta Moda é…, Il Salone Milano, Selective, L’Anza, Ten Science, Dibi Milano, Becos, Olos (skin and body care). Solarium (sun care). Decoderm (skin care/makeup).

KEY FINANCIALS:

Main markets:

Italy: €97 million (+27% vs. 2021)

Brazil: €33.9 million (+15% vs. 2021)

Mexico: €26.1 million (+33% vs. 2021)

94. DR. WOLFF GROUP

BIELEFELD, GERMANY

2022 BEAUTY SALES:

$266.2 MILLION (EST.)

€252.7 MILLION (EST.)

+1.7% vs. 2021 (EST.)

MAIN BRANDS: DR. KURT WOLFF: Alpecin, Plantur 39, Plantur 21 (hair care). Alcina (hair and skin care; makeup), Plantur 49 (skin care). DR. AUGUST WOLFF: Linola (skin care).

Key Financials:

Preliminary group sales: €363.2 million, +1.7%

95. REVOLUTION BEAUTY GROUP

LONDON

2022 BEAUTY SALES:

$265.9 MILLION (EST.)

£215 MILLION (EST.)

+17% vs. 2021 (EST.)

MAIN BRANDS: Makeup Revolution, I Heart Revolution (makeup). Revolution Skincare, Revolution Haircare.

KEY FINANCIALS: N/A

96. ANASTASIA BEVERLY HILLS

LOS ANGELES

2022 BEAUTY SALES:

$260 MILLION (EST.)

+4% vs. 2021 (EST.)

MAIN BRANDS: Anastasia Beverly Hills (makeup).

KEY FINANCIALS: N/A

97. GUANGDONG MARUBI BIOTECHNOLOGY CO.

GUANGDONG, CHINA

2022 BEAUTY SALES:

$259 MILLION (EST.)

CNY 1.74 BILLION (EST.)

-2.6% vs. 2021 (EST.)

MAIN BRANDS: Marubi, Haruki (skin care). Passional Lover (makeup).

KEY FINANCIALS: N/A

98. BETTERWARE DE MEXICO

GUADALAJARA, MEXICO

2022 BEAUTY SALES:

$256.6 MILLION (EST.)

5.16 BILLION PESOS (EST.)

N/A vs. 2021 (EST.)

MAIN BRANDS: Jafra (fragrance, skin care, color cosmetics, toiletries).

KEY FINANCIALS: N/A

99. PARLUX HOLDINGS

NEW YORK

2022 BEAUTY SALES:

$255 MILLION (EST.)

+8.5% vs. 2021 (EST.)

MAIN BRANDS: Billie Eilish, Paris Hilton, Tommy Bahama, Vince Camuto, Kenneth Cole (fragrance).

KEY FINANCIALS: N/A

100. DHC CORPORATION

TOKYO

2022 BEAUTY SALES:

$252.9 MILLION (EST.)

¥33.03 BILLION (EST.)

FLAT vs. 2021 (EST.)

MAIN BRANDS: DHC (skin care, makeup, hair care, men’s, body and baby care, fragrance). Olive Sube Sube, Medicated Q, Super Collagen.

KEY FINANCIALS:

(FY ended July 2022)

Total net sales: ¥90.53 billion, +0.5%

Operating profit: ¥16.7 billion, +52.5%

Net income: ¥9.62 billion, +76.8%