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Beauty Retailing - Europe - January 2015

Beauty Retailing – Europe provides detailed coverage of the beauty retail sectors in five Western European markets: the UK, France, Germany, Italy and Spain. The data in its entirety is contained in the single copy five-country report, which gives a full overview of beauty retailing in these markets. Single country reports are also available for the UK, France, Germany, Italy and Spain.

In the European Summary – The Market section we also provide data for European beauty retailing beyond these five countries.

Our Europewide data in European Summary – The Market includes:

  • Consumer spending on personal care goods and services for 18 European countries, 2009-14;
  • Health and beauty specialists’ retail sales, 2009-14, and forecasts, 2015-19 for 19 European countries;
  • A ranking of Europe’s top 15 beauty specialists by 2013 revenues.

Our coverage of the five major markets includes Mintel market size data for each of the major beauty and personal care categories.

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Table of contents

  1. Executive Summary – Europe

    • Stronger 2014 provides demanding comparatives for 2015
      • Figure 1: Europe: Estimated retail sales of beauty products (including sales tax) – 19 countries, 2009-15
      • Figure 2: Europe: Retail sales of beauty products (including sales tax), by country, estimated – 14 countries, 2014
      • Figure 3: Europe: Per-capita retail sales of beauty products (including sales tax), by country, estimated – 14 countries, 2014
    • After a strong 2014, specialists set for more modest 2015 growth
      • Figure 4: Europe: Health and beauty specialists’ sales (excluding sales tax) – 19 countries, 2009-15
      • Figure 5: Europe: Health and beauty specialists’ sales (excluding sales tax), by country – 19 countries, 2014
      • Figure 6: Europe: Forecast growth in health and beauty specialists’ sales, 2015
    • German drugstores make gains
      • Figure 7: Europe: Leading beauty and personal care specialists: Shares of spending on personal care goods, 2012-13
  2. Introduction and Report Scope

      • Definitions
        • Market size
          • Retail sector sizes
            • Financial definitions
              • Abbreviations
                • Sales tax rates
                  • Figure 8: Europe: VAT rates, 2010-14
              • European Summary – The Market

                • Key points
                  • Europeans bought €33bn of beauty products in 2014
                    • Figure 9: Europe: Retail sales of beauty products (including sales tax) – 14 countries, 2009-15
                  • Per-capita sales highest in Switzerland and Norway
                    • Figure 10: Europe: Per-capita retail sales of beauty products (including sales tax) – 14 countries, 2009-14
                  • Big five country breakdown
                    • Figure 11: The big five markets: Retail sales of beauty products, 2013-14
                  • Europeans spent €111 billion on all personal care products in 2014
                    • Figure 12: Spending on personal care goods and services (including sales tax) – 18 countries, 2009-14
                    • Figure 13: Europe: Per-capita consumer spending on personal care goods and services (including sales tax) – 18 countries, 2009-14
                  • Europe’s specialists saw total net sales of €226 billion in 2014
                    • Figure 14: Europe: Health and beauty specialists’ sales (excluding sales tax), 2009-14
                    • Figure 15: Europe: Forecast growth in health and beauty specialists’ sales, 2015
                    • Figure 16: Europe: Health and beauty specialists’ sales (excluding sales tax), 2014-19
                  • Boots leads the specialists with €9bn of net sales in 2013
                      • Figure 17: Europe: Leading beauty and personal care specialists: Net revenues, 2009-13
                      • Figure 18: Europe: Leading beauty and personal care specialists: Outlet numbers, 2009-13
                    • Market shares
                      • Figure 19: Europe: Leading beauty and personal care specialists: Shares of spending on personal care goods, 2009-13
                  • European Summary – Who’s Innovating?

                    • Key points
                      • Store that doesn’t use packaging
                        • Figure 20: Personal care on offer at Original Unverpackt
                      • Innovative retail experiences
                        • Figure 21: The Nail Club, Paris
                      • The digital generation
                        • Social media platforms
                          • Organic pop-up
                            • Figure 22: Weleda pop-up shop, Berlin
                        • European Summary – The Consumer

                          • Key points
                            • Five-country survey data
                              • Social media and beauty
                                  • Figure 23: Europe: The consumer – Agreement with attitudes towards shopping for beauty products – Social media, November 2014
                                • Social media and beauty, by gender
                                    • Figure 24: Europe: The consumer – Agreement with attitudes towards shopping for beauty products – Social media, November 2014
                                    • Figure 25: Europe: The consumer – Agreement with attitudes towards shopping for beauty products – Social media, November 2014 (continued)
                                    • Figure 26: Europe: The consumer – Agreement with attitudes towards shopping for beauty products – Social media, November 2014 (continued)
                                    • Figure 27: Europe: The consumer – Agreement with attitudes towards shopping for beauty products – Social media, November 2014 (continued)
                                  • Retail technology and beauty
                                      • Figure 28: Europe: The consumer – Agreement with attitudes towards shopping beauty products – Retail technology, November 2014
                                    • Where they shop
                                        • Figure 29: Europe: The consumer – Type of retailers used for beauty purchases in the past 12 months, November 2014
                                        • Figure 30: France: The consumer – Type of retailers used for beauty purchases in the past 12 months, November 2014
                                        • Figure 31: Germany: The consumer – Type of retailers used for beauty purchases in the past 12 months, November 2014
                                        • Figure 32: Italy: The consumer – Type of retailers used for beauty purchases in the past 12 months, November 2014
                                        • Figure 33: Spain: The consumer – Type of retailers used for beauty purchases in the past 12 months, November 2014
                                        • Figure 34: UK: The consumer – Retailers/type of retailers used for beauty purchases in the past 12 months, November 2014
                                        • Figure 35: UK: The consumer – Retailers/type of retailers used for beauty purchases in the past 12 months, whether in-store or online, November 2014
                                      • What we think
                                        • UK
                                          • France
                                            • Germany
                                              • Italy
                                                • Spain
                                                • France

                                                  • Executive summary
                                                    • Spending and inflation
                                                      • Figure 36: France: Spending on personal care as % of all household consumption spending, 2009-14
                                                      • Figure 37: France: Consumer price inflation on health and beauty products, annual % change, 2010-Nov 14
                                                    • Channels of distribution
                                                      • Sector size and forecast
                                                        • The retailers
                                                            • Figure 38: France: Leading beauty retailers’ estimated share of all beauty retailers’ sales, 2014
                                                          • Online
                                                            • The consumer – Where people shop
                                                              • Figure 39: France: Male and female buyers of beauty products, November 2014
                                                              • Figure 40: France: Retailers used to purchase beauty products, November 2014
                                                              • Figure 41: France: Customer base, by type of retailer, November 2014
                                                            • The consumer – Attitudes to mobile shopping and social media
                                                              • Figure 42: France: Profile of positive attitudes of beauty buyers to mobile shopping and social media, November 2014
                                                            • What we think
                                                              • Issues and insights
                                                                • The growth of budget priced cosmetics formats
                                                                  • The facts
                                                                    • The implications
                                                                      • The importance of mobile shopping and social media to beauty retailers
                                                                        • The facts
                                                                          • The implications
                                                                            • Spending and inflation
                                                                              • Key points
                                                                                  • Figure 43: France: Consumer spending on beauty and selected other goods (incl. VAT), 2009-14
                                                                                • Product market breakdown
                                                                                  • Figure 44: France: Main beauty markets, spending (inc VAT) 2009-14
                                                                                  • Figure 45: France: Main beauty markets, spending (inc VAT) forecasts, 2014-18
                                                                                • Inflation
                                                                                  • Figure 46: France: Consumer prices, annual % change, 2009-13
                                                                                  • Figure 47: France: Consumer price inflation on health and beauty products, annual % change, Nov 2013-Nov 14
                                                                                • Channels of distribution
                                                                                  • Key points
                                                                                      • Figure 48: France: Estimated retail distribution of spending on beauty and personal care goods, inc. Vat, 2011-13
                                                                                    • Sector size and forecast
                                                                                      • Key points
                                                                                        • Figure 49: France: Health and beauty retailers sales, excl VAT, 2009-14
                                                                                      • Prospects
                                                                                        • Figure 50: France: Health and beauty retailers sales, forecasts, excl VAT, 2014-19
                                                                                      • The retailers – Financials and outlets
                                                                                        • Key points
                                                                                            • Figure 51: France: Leading beauty specialists’ sales, 2011-14
                                                                                            • Figure 52: France: Leading beauty specialists’ outlet numbers, 2011-14
                                                                                            • Figure 53: France: Leading beauty specialists’ sales per outlet, 2011-14
                                                                                          • The retailers – Market shares
                                                                                            • Figure 54: France: Leading beauty specialists’ share of health and beauty retailers’ sales, 2011-14
                                                                                          • Online
                                                                                            • Key points
                                                                                                • Figure 55: France: Online buyers in last 3 months in key sectors, 2006-14
                                                                                                • Figure 56: France: Beauty retailers: Transactional websites, September 2014
                                                                                                • Figure 57: France: Top specialist beauty sites, by unique visitor numbers, September 2014
                                                                                              • The consumer – Where people shop
                                                                                                • Key points
                                                                                                    • Figure 58: France: Male and female buyers of beauty products, November 2014
                                                                                                  • Online and in-store – Where people shop
                                                                                                    • Figure 59: France: Main types of store used to purchase beauty products, November 2014
                                                                                                    • Figure 60: France: Retailers used to purchase beauty products, November 2014
                                                                                                  • Customer profiles
                                                                                                      • Figure 61: France: Customer base, by type of retailer, November 2014
                                                                                                    • The consumer – Attitudes to mobile shopping and social media
                                                                                                      • Key points
                                                                                                          • Figure 62: France: Attitudes of beauty buyers to mobile shopping and social media, November 2014
                                                                                                          • Figure 63: France: Profile of positive attitudes of beauty buyers to mobile shopping and social media, November 2014
                                                                                                      • Germany

                                                                                                        • Executive summary
                                                                                                          • Spending and inflation
                                                                                                            • Figure 64: Germany: Consumer spending on all personal care as % all consumer spending, 2010-14
                                                                                                            • Figure 65: Germany: Consumer price inflation on personal care products, Jan 2013-Nov 2014
                                                                                                          • Channels of distribution
                                                                                                            • Sector size and forecast
                                                                                                              • The retailers
                                                                                                                • Figure 66: Germany: Leading health and beauty retailers’ share of all drugstore sales, 2014(e)
                                                                                                              • Online
                                                                                                                • The consumer – Where people shop
                                                                                                                  • Figure 67: Germany: Male and female buyers of beauty products, November 2014
                                                                                                                  • Figure 68: Germany: Retailers used to purchase beauty products, November 2014
                                                                                                                  • Figure 69: Germany: Customer base, by type of retailer, November 2014
                                                                                                                • The consumer – Attitudes to mobile shopping and social media
                                                                                                                  • Figure 70: Germany Attitudes of beauty buyers to mobile shopping and social media, November 2014
                                                                                                                  • Figure 71: Profile of holders of particular attitudes, November 2014
                                                                                                                • What we think
                                                                                                                  • Issues and insights
                                                                                                                    • Does the demise of Schlecker mark the beginning of the end of the drugstores?
                                                                                                                      • The facts
                                                                                                                        • The implications
                                                                                                                          • How will the downturn in the German economy affect personal care sales?
                                                                                                                            • The facts
                                                                                                                              • The implications
                                                                                                                                • Spending and inflation
                                                                                                                                  • Key points
                                                                                                                                      • Figure 72: Germany: Consumer spending on personal care products (incl VAT), 2009-13
                                                                                                                                    • Product market breakdown
                                                                                                                                      • Figure 73: Germany: Main beauty markets, sales inc VAT 2009-14 (e)
                                                                                                                                      • Figure 74: Germany: Main beauty markets, sales inc VAT 2014-18
                                                                                                                                    • Inflation
                                                                                                                                      • Figure 75: Germany: Consumer price inflation on personal care products, 2010-Nov 2014
                                                                                                                                    • Channels of distribution
                                                                                                                                      • Key points
                                                                                                                                          • Figure 76: Germany: Channels of distribution for personal care products, 2012-14
                                                                                                                                        • Sector size and forecast
                                                                                                                                          • Key points
                                                                                                                                            • Figure 77: Germany: Health and beauty retailers sales, excl VAT, 2009-14
                                                                                                                                          • Prospects
                                                                                                                                            • Figure 78: Germany: Health and beauty retailers sales, excl VAT, 2014-19
                                                                                                                                          • The retailers – Financials and outlets
                                                                                                                                            • Key points
                                                                                                                                                • Figure 79: Germany: Leading beauty specialists’ sales, 2011-14
                                                                                                                                                • Figure 80: Germany: Leading beauty specialists’ outlet numbers, 2011-14
                                                                                                                                                • Figure 81: Germany: Leading beauty specialists’ sales per outlet, 2011-14
                                                                                                                                              • The retailers – Market shares
                                                                                                                                                • Figure 82: Germany: Leading beauty specialists’ share of drugstores retailers sales, 2011-14
                                                                                                                                              • Online
                                                                                                                                                • Key points
                                                                                                                                                    • Figure 83: Germany: Online buyers in last 3 months in key sectors, 2005-14
                                                                                                                                                    • Figure 84: Germany: Beauty retailers: Transactional websites, December 2014
                                                                                                                                                  • The consumer – Where people shop
                                                                                                                                                    • Key points
                                                                                                                                                        • Figure 85: Germany: Male and female buyers of beauty products, November 2014
                                                                                                                                                      • Online and in-store – Where people shop
                                                                                                                                                        • Figure 86: Germany: Main types of stores used to purchase beauty products, November 2014
                                                                                                                                                        • Figure 87: Germany: Retailers used to purchase beauty products, November 2014
                                                                                                                                                      • Customer profiles
                                                                                                                                                        • Figure 88: Germany: Beauty customers, by broad type of outlet, November 2014
                                                                                                                                                        • Figure 89: Germany: Customer base, by type of retailer, November 2014
                                                                                                                                                      • The consumer – Attitudes to mobile shopping and social media
                                                                                                                                                        • Key points
                                                                                                                                                            • Figure 90: Germany Attitudes of beauty buyers to mobile shopping and social media, November 2014
                                                                                                                                                            • Figure 91: Germany: Profile of holders of particular attitudes, November 2014
                                                                                                                                                        • Italy

                                                                                                                                                          • Executive summary
                                                                                                                                                            • Spending and inflation
                                                                                                                                                              • Figure 92: Italy: Consumer spending on all personal care as a % of all consumer spending, 2009-14
                                                                                                                                                              • Figure 93: Italy: Consumer price inflation on beauty products and services, annual % change, 2012-Nov 2014
                                                                                                                                                            • Channels of distribution
                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                • Leading retailers
                                                                                                                                                                  • Figure 94: Italy: Leading beauty specialists’ share of consumer spending on appliances for personal care; other appliances, articles and products for personal care, 2011-14
                                                                                                                                                                • Online
                                                                                                                                                                  • The consumer – Where people shop
                                                                                                                                                                    • Figure 95: Italy: Any purchase of beauty products, by total and gender, November 2014
                                                                                                                                                                    • Figure 96: Italy: Any purchase of beauty products, by types of stores, November 2014
                                                                                                                                                                    • Figure 97: Italy: Those that have purchased health and beauty goods online, by age, November 2014
                                                                                                                                                                  • The consumer – Attitudes to social media and mobile shopping
                                                                                                                                                                    • Figure 98: Consumer attitudes to social media, Italy, November 2014
                                                                                                                                                                    • Figure 99: Consumer attitudes to technology, Italy, November 2014
                                                                                                                                                                  • What we think
                                                                                                                                                                    • Issues and insights
                                                                                                                                                                      • The impact of discounters
                                                                                                                                                                        • The facts
                                                                                                                                                                          • The implications
                                                                                                                                                                            • Will a lack of online presence hurt the market leaders?
                                                                                                                                                                              • The facts
                                                                                                                                                                                • The implications
                                                                                                                                                                                  • Spending and inflation
                                                                                                                                                                                    • Key points
                                                                                                                                                                                        • Figure 100: Italy: Consumer spending on personal care (incl. VAT), 2009-14
                                                                                                                                                                                      • Product market breakdown
                                                                                                                                                                                        • Figure 101: Italy: Main beauty and personal care markets, incl. VAT, 2009-13
                                                                                                                                                                                        • Figure 102: Italy: Main beauty and personal care markets, forecasts, incl. VAT, 2014-17
                                                                                                                                                                                      • Inflation
                                                                                                                                                                                        • Figure 103: Italy: Consumer price inflation on beauty products and services: Annual % change, 2010-Nov 2014
                                                                                                                                                                                      • Channels of distribution
                                                                                                                                                                                        • Key points
                                                                                                                                                                                            • Figure 104: Italy: Channels of distribution for personal care products, 2011-13
                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                            • Key points
                                                                                                                                                                                              • Figure 105: Italy: Health and beauty retailers sales, excl VAT, 2009-14
                                                                                                                                                                                            • Prospects
                                                                                                                                                                                              • Figure 106: Italy: Health and beauty retailers sales, forecasts, excl VAT, 2014-19
                                                                                                                                                                                            • The retailers – Financials and outlets
                                                                                                                                                                                              • Key points
                                                                                                                                                                                                  • Figure 107: Italy: Leading beauty specialists’ net sales, 2011-14
                                                                                                                                                                                                  • Figure 108: Italy: Leading beauty specialists’ outlet numbers, 2011-14
                                                                                                                                                                                                  • Figure 109: Italy: Leading beauty specialists’ sales per outlet, 2011-14
                                                                                                                                                                                                • The retailers – Market shares
                                                                                                                                                                                                  • Figure 110: Italy: Leading beauty specialists’ share of consumer spending on appliances for personal care; other appliances, articles and products for personal care, 2011-14
                                                                                                                                                                                                • Online
                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                      • Figure 111: Italy: Online buyers in last 3 months in key sectors, 2005-14
                                                                                                                                                                                                      • Figure 112: Italy: Beauty retailers: Transactional websites, December 2014
                                                                                                                                                                                                      • Figure 113: Beauty specialists websites’ Italian visitor numbers, ranked by total unique visitors, September 2014.
                                                                                                                                                                                                    • The consumer – Where people shop
                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                        • What we asked
                                                                                                                                                                                                          • Where they shop
                                                                                                                                                                                                            • Figure 114: Italy: Any purchase of beauty products, by type of store, November 2014
                                                                                                                                                                                                          • Online v in-store
                                                                                                                                                                                                            • Figure 115: Italy: Where consumers bought beauty products, in-store and online, November 2014
                                                                                                                                                                                                          • Customer profiles
                                                                                                                                                                                                            • Figure 116: Italy: Profile of beauty product consumers of particular stores, by age and affluence, November 2014
                                                                                                                                                                                                          • The consumer – Attitudes to mobile shopping and social media
                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                              • What we asked
                                                                                                                                                                                                                  • Figure 117: Italy: Consumer attitudes to social media, November 2014
                                                                                                                                                                                                                  • Figure 118: Italy: Consumer attitude to technology, November 2014
                                                                                                                                                                                                                  • Figure 119: Italy: Profile of holders of attitudes, by age and affluence, November 2014
                                                                                                                                                                                                              • Spain

                                                                                                                                                                                                                • Executive summary
                                                                                                                                                                                                                  • Spending and inflation
                                                                                                                                                                                                                    • Figure 120: Spain: Spending on personal care as % all consumer spending, 2009-14
                                                                                                                                                                                                                    • Figure 121: Spain: Consumer price inflation on personal care products and services, 2010-November 2014
                                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                      • The retailers – Financials and outlets
                                                                                                                                                                                                                          • Figure 122: Spain: Leading beauty retailers: Share of all drugstore sales, 2014
                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                          • The consumer – Where people shop
                                                                                                                                                                                                                            • Figure 123: Spain: Retailers used to purchase beauty products, November 2014
                                                                                                                                                                                                                          • The consumer – Attitudes to mobile shopping and social media
                                                                                                                                                                                                                            • Figure 124: Spain: Attitudes of beauty buyers to mobile shopping and social media, November 2014
                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                            • Issues and insights
                                                                                                                                                                                                                              • Is there a future for drugstores in Spain?
                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                    • Just how important is online in the beauty market
                                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                                          • Spending and inflation
                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                • Figure 125: Spain: Consumer spending on personal care products (incl VAT), 2009-14
                                                                                                                                                                                                                                              • Product market breakdown
                                                                                                                                                                                                                                                • Figure 126: Spain: Main beauty markets, sales inc VAT, 2009-14
                                                                                                                                                                                                                                                • Figure 127: Spain: Main beauty markets, sales inc VAT, forecast, 2014-18
                                                                                                                                                                                                                                              • Inflation
                                                                                                                                                                                                                                                • Figure 128: Spain: Consumer price inflation on personal care products and services, 2010-November 2014
                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                    • Figure 129: Spain: Estimated retail distribution of spending on beauty and personal care goods, inc. Vat, 2011-13
                                                                                                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                        • Figure 130: Spain: Health and beauty retailers sales (excl VAT), 2009-14
                                                                                                                                                                                                                                                      • Prospects
                                                                                                                                                                                                                                                        • Figure 131: Spain: Health and beauty retailers sales (excl VAT), 2014-19
                                                                                                                                                                                                                                                      • The retailers – Financials and outlets
                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                            • Figure 132: Spain: Leading beauty retailers, sales, 2011-14
                                                                                                                                                                                                                                                            • Figure 133: Spain: Leading beauty retailers, outlet numbers, 2011-14
                                                                                                                                                                                                                                                            • Figure 134: Spain: Leading beauty specialists’ sales per outlet, 2011-14
                                                                                                                                                                                                                                                          • The retailers – Market shares
                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                              • Figure 135: Spain: Leading beauty retailers share of all beauty specialists sales, 2011-14
                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                  • Figure 136: Spain: Online buyers in last 3 months in key sectors, 2005-14
                                                                                                                                                                                                                                                                  • Figure 137: Spain: Leading health and beauty specialists: Transactional sites, December 2014
                                                                                                                                                                                                                                                                • The consumer – Where people shop
                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                      • Figure 138: Spain: Male and female buyers of beauty products, November 2014
                                                                                                                                                                                                                                                                    • Online and in-store – Where people shop
                                                                                                                                                                                                                                                                      • Figure 139: Spain: Profile of online and in-store beauty shoppers, November 2014
                                                                                                                                                                                                                                                                      • Figure 140: Spain: Main types of stores used to purchase beauty products, November 2014
                                                                                                                                                                                                                                                                      • Figure 141: Spain: Retailers used to purchase beauty products, November 2014
                                                                                                                                                                                                                                                                    • Customer profiles
                                                                                                                                                                                                                                                                      • Figure 142: Spain: Beauty customers, by broad type of outlet, November 2014
                                                                                                                                                                                                                                                                      • Figure 143: Spain: Customer base, by type of retailer, November 2014
                                                                                                                                                                                                                                                                    • The consumer – Attitudes to mobile shopping and social media
                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                          • Figure 144: Spain: Attitudes of beauty buyers to mobile shopping and social media, November 2014
                                                                                                                                                                                                                                                                          • Figure 145: Spain: Attitudes of beauty buyers to mobile shopping and social media graph, November 2014
                                                                                                                                                                                                                                                                      • UK

                                                                                                                                                                                                                                                                        • Introduction
                                                                                                                                                                                                                                                                          • Definitions
                                                                                                                                                                                                                                                                            • Market size
                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                • Retail sector size
                                                                                                                                                                                                                                                                                  • Financial definitions
                                                                                                                                                                                                                                                                                    • Abbreviations
                                                                                                                                                                                                                                                                                      • Executive summary
                                                                                                                                                                                                                                                                                        • The market
                                                                                                                                                                                                                                                                                          • Spending forecast
                                                                                                                                                                                                                                                                                            • Figure 146: Market size and forecast: Spending on beauty and personal care products (including VAT), 2009-19
                                                                                                                                                                                                                                                                                          • Specialist retailers’ forecast
                                                                                                                                                                                                                                                                                            • Figure 147: Health and beauty specialists’ sales (including VAT), 2009-19
                                                                                                                                                                                                                                                                                          • Market factors
                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                              • Figure 148: Online sales as % of all spending on beauty and personal care products, 2013-15
                                                                                                                                                                                                                                                                                            • Companies, brands and innovations
                                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                                • Figure 149: Leading specialist and non-specialist retailers: Estimated market shares, 2013
                                                                                                                                                                                                                                                                                              • The consumer
                                                                                                                                                                                                                                                                                                • Where they shop
                                                                                                                                                                                                                                                                                                  • Figure 150: The consumer: Where they bought beauty products in the last 12 months, whether in-store or online, November 2014
                                                                                                                                                                                                                                                                                                • Attitudes towards discount stores
                                                                                                                                                                                                                                                                                                  • Figure 151: The consumer: Agreement with attitudes towards discount stores, November 2014
                                                                                                                                                                                                                                                                                                • Type of beauty brands bought, by retailer used
                                                                                                                                                                                                                                                                                                  • Figure 152: The consumer: Type of beauty products bought, by retailer, November 2014
                                                                                                                                                                                                                                                                                                • Attitudes towards types of beauty brands
                                                                                                                                                                                                                                                                                                  • Figure 153: The consumer: Attitudes towards types of beauty brands, November 2014
                                                                                                                                                                                                                                                                                                • Attitudes towards social media and retail technology
                                                                                                                                                                                                                                                                                                  • Figure 154: The consumer: Agreement with attitude statements on social media and beauty, November 2014
                                                                                                                                                                                                                                                                                                  • Figure 155: The consumer: Agreement with attitude statements on retail technology and beauty, November 2014
                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                  • Issues and insights
                                                                                                                                                                                                                                                                                                    • How can multi-channel retailers respond to the threat from internet pure players?
                                                                                                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                                                                                                          • Discounters – Another downward force on market growth?
                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                • Can high street beauty retailers capitalise on the changes in grocery shopping patterns?
                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                      • How is the appetite for mobile apps impacting on the beauty market?
                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                            • Trend application
                                                                                                                                                                                                                                                                                                                              • Many Mes
                                                                                                                                                                                                                                                                                                                                • The Nouveau Poor
                                                                                                                                                                                                                                                                                                                                  • Mintel Futures
                                                                                                                                                                                                                                                                                                                                    • Market size and forecast
                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                        • Slower growth as shoppers spend more carefully
                                                                                                                                                                                                                                                                                                                                          • Figure 156: Market size and forecast: Spending on beauty and personal care products (including VAT), 2009-19
                                                                                                                                                                                                                                                                                                                                          • Figure 157: Market size and forecast: Spending on beauty and personal care products (including VAT), at current and constant prices, 2009-19
                                                                                                                                                                                                                                                                                                                                        • Segment forecasts: Beauty versus other products
                                                                                                                                                                                                                                                                                                                                          • Figure 158: Segment size and forecast: Spending on beauty products (including VAT), 2009-19
                                                                                                                                                                                                                                                                                                                                          • Figure 159: Segment size and forecast: Spending on beauty products (including VAT), at current and constant prices, 2009-19
                                                                                                                                                                                                                                                                                                                                          • Figure 160: Segment size and forecast: Spending on other personal care products (including VAT), 2009-19
                                                                                                                                                                                                                                                                                                                                          • Figure 161: Segment size and forecast: Spending on other personal care products (including VAT), at current and constant prices, 2009-19
                                                                                                                                                                                                                                                                                                                                        • Category performance in beauty
                                                                                                                                                                                                                                                                                                                                          • Figure 162: Spending on beauty products, by category, 2013 and 2014
                                                                                                                                                                                                                                                                                                                                        • Colour cosmetics
                                                                                                                                                                                                                                                                                                                                          • Fragrances
                                                                                                                                                                                                                                                                                                                                            • Facial skincare
                                                                                                                                                                                                                                                                                                                                              • Bodycare
                                                                                                                                                                                                                                                                                                                                                • Total spending on personal care items
                                                                                                                                                                                                                                                                                                                                                    • Figure 163: Total consumer spending on personal care items (including VAT), 2009-13
                                                                                                                                                                                                                                                                                                                                                  • Mintel’s forecast methodology
                                                                                                                                                                                                                                                                                                                                                    • The market environment
                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                        • An ageing population is a threat and an opportunity
                                                                                                                                                                                                                                                                                                                                                          • Figure 164: Age structure of the UK population – Total, 2009, 2014, 2019
                                                                                                                                                                                                                                                                                                                                                          • Figure 165: Age structure of the UK population – Female, 2009, 2014, 2019
                                                                                                                                                                                                                                                                                                                                                        • More male grooming
                                                                                                                                                                                                                                                                                                                                                          • Increasing ethnic diversity
                                                                                                                                                                                                                                                                                                                                                            • Figure 166: Natural skin tone of UK female population, May 2014
                                                                                                                                                                                                                                                                                                                                                          • Willingness to spend
                                                                                                                                                                                                                                                                                                                                                            • Figure 167: The consumer: Trends in what extra money is spent on – beauty categories, January 2013-October 2014
                                                                                                                                                                                                                                                                                                                                                          • But more spend is going online
                                                                                                                                                                                                                                                                                                                                                            • Figure 168: Online sales as % of all spending on beauty and personal care products, 2013-15
                                                                                                                                                                                                                                                                                                                                                          • And consumers are shopping more smartly
                                                                                                                                                                                                                                                                                                                                                            • Figure 169: Discount voucher usage in the past three months, by retailer type – Most popular types of retailers, October 2013
                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                              • Specialists set to outpace BPC spending
                                                                                                                                                                                                                                                                                                                                                                • Figure 170: Health and beauty specialists’ sales (including VAT), 2009-19
                                                                                                                                                                                                                                                                                                                                                                • Figure 171: Health and beauty specialists’ sales (including VAT), at current and constant prices, 2009-19
                                                                                                                                                                                                                                                                                                                                                                • Figure 172: Annual growth in specialists’ sector sales and annual growth in spending on beauty and personal care products, 2014-19 (fore)
                                                                                                                                                                                                                                                                                                                                                              • Notes on the sector size
                                                                                                                                                                                                                                                                                                                                                                • Outlet and enterprise numbers
                                                                                                                                                                                                                                                                                                                                                                  • Figure 173: Health and beauty specialists: Outlet numbers, 2009-14
                                                                                                                                                                                                                                                                                                                                                                  • Figure 174: Health and beauty specialists: Enterprise numbers, 2009-14
                                                                                                                                                                                                                                                                                                                                                                • Strengths and weaknesses
                                                                                                                                                                                                                                                                                                                                                                  • Strengths
                                                                                                                                                                                                                                                                                                                                                                    • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                      • Who’s innovating?
                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                          • Budget retailer launches its own cosmetics range
                                                                                                                                                                                                                                                                                                                                                                            • First online marketplace dedicated to beauty products
                                                                                                                                                                                                                                                                                                                                                                              • Boots new transactional app
                                                                                                                                                                                                                                                                                                                                                                                • On-demand beauty service to your door within 45 minutes
                                                                                                                                                                                                                                                                                                                                                                                  • Boots innovative make-up service
                                                                                                                                                                                                                                                                                                                                                                                    • 3D augmented reality mirror
                                                                                                                                                                                                                                                                                                                                                                                      • Superdrug’s new beauty concept store
                                                                                                                                                                                                                                                                                                                                                                                        • Manicure Marathon pop-up event
                                                                                                                                                                                                                                                                                                                                                                                          • Clinique’s first-ever pop-up store
                                                                                                                                                                                                                                                                                                                                                                                            • Nocibe’s new store concept dedicated to private brand and services
                                                                                                                                                                                                                                                                                                                                                                                              • DNA-based beauty and cosmetics brand’s laboratory store environment
                                                                                                                                                                                                                                                                                                                                                                                                • Beauty-on-the-go
                                                                                                                                                                                                                                                                                                                                                                                                  • Upmarket automated beauty store
                                                                                                                                                                                                                                                                                                                                                                                                    • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                        • Space allocation overview
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 175: Leading health and beauty retailers: Health and beauty products space allocation, December 2014
                                                                                                                                                                                                                                                                                                                                                                                                        • Detailed space allocation
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 176: Dior beauty counter, Debenhams, White City, London, December 2014
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 177: Leading health and beauty retailers: Detailed health and beauty products space allocation within the beauty departments, December 2014
                                                                                                                                                                                                                                                                                                                                                                                                        • Health and beauty versus non-health and beauty-related
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 178: Leading health and beauty retailers: Percentage of total in-store space dedicated to health and beauty category, December 2014
                                                                                                                                                                                                                                                                                                                                                                                                        • Leading specialist retailers – Financials and outlets
                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                            • A profusion of privately-owned retailers
                                                                                                                                                                                                                                                                                                                                                                                                              • 2013 was a better year for Boots and Superdrug
                                                                                                                                                                                                                                                                                                                                                                                                                • Top specialists by sales
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 179: Leading specialist retailers: Net revenues, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 180: Leading pharmacy chains: Net revenues, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                • Outlet numbers and sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 181: Leading specialist retailers: Store numbers, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 182: Leading specialist retailers: Annual sales per outlet, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 183: Leading specialist retailers: Operating profits, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 184: Leading specialist retailers: Operating margins, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                • Sales area and sales densities
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 185: Selected leading specialist retailers: Estimated total sales area, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 186: Selected leading specialist retailers: Estimated annual sales per sq m, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                • Leading non-specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                    • Discount stores stealing share from supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 187: Leading non-specialist retailers: Estimated sales growth, by segment, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 188: Leading non-specialist retailers: Estimated beauty and personal care goods sales (excluding VAT), 2011-13
                                                                                                                                                                                                                                                                                                                                                                                                                    • The grocers
                                                                                                                                                                                                                                                                                                                                                                                                                      • The department stores
                                                                                                                                                                                                                                                                                                                                                                                                                        • The discount stores
                                                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                              • Grocers strong in BPC
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 189: Leading specialist and non-specialist retailers: Estimated market shares, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 190: Leading specialist and non-specialist retailers: Market shares, 2011-13
                                                                                                                                                                                                                                                                                                                                                                                                                              • Note on market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online approaching 10% of the market
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 191: Estimated online consumer spending on BPC products, 2009-15
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading sites by visitor numbers
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 192: Leading fragrances/cosmetics retail websites, by unique visitor numbers, October 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 193: Top five fragrances/cosmetics retail websites: Visitor profile, by age group, October 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 194: Top five fragrances/cosmetics retail websites: Visitor profile, by gender, October 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 195: Top five fragrances/cosmetics retail websites: Visitor profile, by socio-economic group, October 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Discount channels growing in BPC
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 196: Estimated distribution of spending on beauty and personal care products, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 197: Estimated distribution of spending on beauty and personal care products, in percentage and value terms (including VAT), 2013 and 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand communication and promotion
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Beauty advertising spend flat in 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 198: Main monitored media advertising expenditure on cosmetics, personal care and body care, by leading retailers, 2010-13
                                                                                                                                                                                                                                                                                                                                                                                                                                              • TV and the press attract the biggest share of beauty ad spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 199: Main monitored media advertising expenditure on cosmetics, personal care and body care, by leading retailers, by media type, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we have seen from the leading advertisers in 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 200: Attitudes towards and usage of brands in the retail sector, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Correspondence analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 201: Attitudes, by retailer, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand personality
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 202: Retailer brand personality – Macro image, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 203: Retailer brand personality – Micro image, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 204: Retailer usage, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 205: Satisfaction with various retailers, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 206: Consideration of retailers, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 207: Consumer perceptions of current retailer performance, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand recommendation
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 208: Recommendation of selected retailers, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The consumer – Where they buy in-store or online
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Who buys beauty products?
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 209: Who had bought beauty products in the last 12 months, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where consumers buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 210: UK: Where they buy beauty products, in-store and online, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Favourite beauty retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where consumers buy – Offline/Online split
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 211: UK: Where they buy beauty products, in-store or online, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Who shops where
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 212: UK: Where they buy any beauty product, by age and affluence, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Shopping repertoire
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Breaking the routine
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 213: Buying repertoire (in-store and online) in the last 12 months, by gender, age and socio-economic group, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Older people and the less affluent shopped around more in 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 214: Those shopping (in-store and online) at five or more types of retailer in the last 12 months, by gender, age and socio-economic group, November 2013 and 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Under 35s are the most fickle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Boots customer loyalty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 215: Buying repertoire (in-store and online), by where they buy, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer – Types of brands they use
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What types of brands consumers use
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Mass market brands most popular
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 216: Types of beauty brand typically used, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumers prepared to splash out on premium/luxury fragrances and aftershave
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 217: Types of beauty brand typically used, by product category, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Who uses what
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 218: Types of facial skincare brands typically used, by age and affluence, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 219: Types of bodycare brands typically used, by age and affluence, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 220: Types of make-up brands typically used, by age and affluence, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 221: Types of fragrances/aftershaves typically used, by age and affluence, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Type of brand bought by retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 222: Types of brands typically purchased, by selected retailers, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 223: UK: budget/standard own brands typically bought, by selected retailers, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 224: UK: premium own brands typically bought, by selected retailers, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 225: Mass market brands typically bought, by selected retailers, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 226: Premium/luxury brands typically bought, by selected retailer, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand opinions and patterns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer – Attitudes towards brand types
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Attitudes to different brand types
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 227: Attitude to different types of beauty brands, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Discussion group opinions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Top perfume houses perpetuate the dream
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Younger people more open to new brands?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 228: Those who agree premium/luxury fragrance brands are worth the extra money, by age, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Boots sews up the premium branded segment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 229: Attitude to different types of beauty brands, by women aged 45-64 and 65+, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Targeting male shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 230: Attitude to different types of beauty brands, by gender, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer – Attitudes towards discount retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Attitudes to discount retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 231: Attitude towards shopping for beauty products from discount stores, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Discussion group opinions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Potential for private label?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer – Attitudes towards digital technology and social media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Attitudes to digital initiatives and social media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 232: Attitude to digital technology and social media, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Attitudes to beauty apps and mobile enabled sites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Opportunities and threat from beauty apps
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New initiatives
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 233: Selective attitudes, by smartphone/tablet users only, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Digital versus human contact
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Polar opposites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 234: Those who prefer to search for product information in-store on their mobile device than ask a sales advisor, by age and gender, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Attitudes to social media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The role of social media in beauty shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 235: Attitudes to social media, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Under 35s much more engaged with social media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 236: Those agreeing with social media statements, by age, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • In-store experiences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 237: Attitudes to in-store experiences, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 238: Those interested in using in-store tablets to research the beauty products available, by gender, age and household income, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 239: Those interested in using in-store tablets to pay for beauty products, by gender, age and household income, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 240: Attitudes to in-store tablets, by where they shop, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Acqua e Sapone

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market leader in Italy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fragmented trading environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Still no online presence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 241: Acqua e Sapone: Group sales performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 242: Acqua e Sapone: Estimated outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Alliance Boots

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Life under Walgreens
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Very different propositions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 243: Boots the Chemists: Retail sales growth 2013/14 on 2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 244: Boots: UK sales mix, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 245: Alliance Boots: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 246: Alliance Boots: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A. S. Watson (Europe)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A strong business, in the main
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marionnaud the weakest link
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 247: A. S. Watson: European health and beauty operations, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Rossmann joint venture
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Western Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Eastern Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 248: A. S. Watson (Europe): Group financial performance (excluding Marionnaud), 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 249: A. S. Watson (Europe): Group financial performance, 2010-12 (including Marionnaud)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Interim results 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sales by chain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 250: A. S. Watson (Europe), Main retail chains, Sales (excl. VAT), 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 251: Marionnaud: Estimated sales, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 252: A. S. Watson (Europe): Outlet data, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 253: A. S. Watson (Europe): Main retail chains: Outlet data, by country (part estimated), 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 254: Marionnaud: Outlet data, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Superdrug
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Perfume Shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Savers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Body Shop

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store refits update its image
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Values remain at its core
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Better off alone?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 255: The Body Shop: Like-for-like retail sales growth, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 256: The Body Shop: Group financial performance, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 257: The Body Shop: Estimated UK sales performance, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 258: The Body Shop: Outlet data, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 259: The Body Shop: Outlet breakdown, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clarel (Schlecker Spain/Portugal)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Spain was strong for Schlecker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dia looks to be a good fit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Refitted stores look good
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Expanding to be Spain’s first choice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 260: Clarel/Schlecker Spain: Net revenues, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 261: Clarel/Schlecker: Outlet numbers, 2013-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 262: Schlecker: Outlet numbers, 2004-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Hints of underperformance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Less discounting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online is ticking the boxes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 263: Debenhams: Estimated beauty sales, 2010/11-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 264: Debenhams: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 265: Debenhams: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • dm-Drogerie Markt

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Learning from Schlecker’s under-investment mistakes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Award-winning own-label cosmetic range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E-commerce on hold
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 266: dm-Drogerie Markt: Group sales performance, excl. sales tax, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 267: dm-Drogerie Markt: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 268: dm-Drogerie Markt: Outlet numbers, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Douglas Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A year of change
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Hello…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …and goodbye
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Young and beautiful
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background: Douglas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background: Nocibé
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 269: Douglas Group: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 270: Douglas Group: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 271: Douglas: European outlet data, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 272: Nocibé: Group financial performance and outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering: Douglas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering: Nocibé
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Fragrance Shop

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Focused on fragrances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Entering self-service with Indulge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Embracing the online channel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 273: TFS Stores Limited: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 274: The Fragrance Shop: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Beauty showing slight growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strong branded offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • House extension
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Multi-channel operations proving successful
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 275: House of Fraser: Estimated beauty sales, 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 276: House of Fraser Total: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 277: House of Fraser Total: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • John Lewis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 278: Age demographics of those who have purchased beauty products, in-store or online at John Lewis, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Beauty services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 279: John Lewis: Estimated beauty and personal care goods sales (excluding VAT), 2010/11-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 280: John Lewis Plc (department store): Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 281: John Lewis Plc (department store): Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Lush Retail

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Steady good growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A loyal following
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Website revamp
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 282: Lush Retail Ltd: Group financial performance, 2008/9-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 283: Lush Retail Ltd: Outlet data, 2008/9-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Müller

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Product diversity USP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Affordable beauty retail destination
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Raising the stakes in the battle for beauty shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 284: Müller: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 285: Müller: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rossmann

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Price war in Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Continued expansion driving growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Re-thinking online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 286: Rossmann: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 287: Rossmann International operations outlet numbers, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sephora

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Transforming the beauty store shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • 100 new stores per year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Capitalising on user-generated content to drive sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Challenging the beauty giants with its own-branded range of designer tie-ins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 288: LVMH Selective Retail: Financial performance, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Yves Rocher Groupe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Purity and efficacy USP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Targeting regions where the middle classes are growing more affluent
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Airport distribution channel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 289: Yves Rocher Groupe: Estimated group financial performance, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 290: Yves Rocher Groupe: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Beauty Retailing - Europe - January 2015

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  US $3,748.74 (Excl.Tax)