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Beauty Retailing - Europe - January 2017

Beauty Retailing – Europe, January 2017 provides detailed coverage of the beauty retail sectors in the five major Western European markets: the UK, France, Germany, Italy and Spain. The data in its entirety is contained in the 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 section, Executive Summary - Europe - The Market, we also provide data for European beauty retailing stretching to 19 countries.

Our Europe-wide data in Executive Summary - Europe - The Market includes:

  • Health and beauty specialists’ retail sales, 2012-16, and forecasts, 2017-21 for 27 European countries (The main exception is Russia); 
  • Consumer spending on personal care goods and services for 25 European countries, 2011-15;
  • Europe’s top 20 beauty specialists with revenues, store numbers and market shares.

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Table of contents

  1. Overview

    • Areas covered in this report
      • Technical notes
        • Market size
          • Mintel’s market sizes
            • National statistics data
              • Retail sector sizes
                • Financial definitions
                  • Abbreviations
                    • VAT rates
                      • Figure 1: VAT rates around Europe, 2012-17
                  • Executive Summary – Europe – The Market

                      • The market
                        • Specialists’ sales
                          • Figure 2: Europe: Health and beauty retailers’ sales, ex VAT, 2012-16
                          • Figure 3: Europe: Health and beauty retailers’ forecast sales, ex VAT, 2017-21
                          • Figure 4: Europe: Drugstores’ forecast sales, ex VAT, 2012-16
                          • Figure 5: Europe: Drugstores’ forecast sales, ex VAT, 2017-21
                        • Spending on personal care goods and services
                          • Figure 6: Europe: Consumer spending on personal care products and services, inc. VAT, 2011-15
                        • Inflation
                          • Figure 7: Europe: Inflation in personal care goods and services, 2011-15
                          • Figure 8: Europe: Estimated inflation rate in personal care goods, 2011-15
                        • Leading retailers
                          • Sales
                            • Figure 9: Europe: Top 20 beauty specialists, Sales, 2013/14-2015/16
                          • Outlets
                            • Figure 10: Europe: Top 20 beauty specialists, Outlets, 2013/14-2015/16
                          • Sales per outlet
                            • Figure 11: Europe: Top 20 beauty specialists, Sales per outlet, 2013/14-2015/16
                          • Market shares
                            • Figure 12: Europe: Top 20 beauty retailers, Sales relative to all drugstore sales, 2015/16
                          • Online
                            • Figure 13: Europe: Estimated online share of all spending on personal care goods, 2015
                          • What we think
                            • Beauty performing well in good times and bad
                              • The importance of in-store experience
                                • Online accounts for few purchases
                                  • Where next?
                                  • Executive Summary – Europe – The Consumer

                                    • Who bought beauty products?
                                        • Figure 14: Europe: Buyers of beauty products in the last 12 months, November 2016
                                        • Figure 15: Europe: Male buyers of beauty products in the last 12 months, November 2016
                                        • Figure 16: Europe: Female buyers of beauty products in the last 12 months, November 2016
                                      • Where they shop for beauty products
                                          • Figure 17: Europe: Pharmacy/drugstore/parapharmacy shoppers for beauty products either in-store or online in the last 12 months, November 2016
                                          • Figure 18: Europe: Supermarket/hypermarket shoppers for beauty products either in-store or online in the last 12 months, November 2016
                                          • Figure 19: Europe: Perfumery shoppers for beauty products either in-store or online in the last 12 months, November 2016
                                        • Attitudes to shopping for beauty products
                                          • Figure 20: Europe: Those who agree with attitudes to beauty retailing, November 2016
                                          • Figure 21: Europe: Ranking of those who agree with attitudes to beauty retailing, November 2016
                                      • Executive Summary – Europe – Innovation and Launch Activity

                                        • France: Dior and Olay deliver personalised product recommendations
                                          • France: Urban Decay opens first permanent store
                                            • Netherlands: Plein offers automated subscription service
                                              • France: Marionnaud targets the ‘transumer’
                                                • Germany: dm-drogerie markt collaborates with popular vlogger
                                                  • Italy: Kiko Milano integrates technology in new concept
                                                    • South Korea: Lipstick Lab offers custom two-tone lipstick
                                                      • US: American beauty brands enlist male ambassadors
                                                      • France

                                                        • Overview
                                                          • What you need to know
                                                            • Areas covered in this report
                                                              • Executive summary
                                                                • The market
                                                                  • Spending and inflation
                                                                    • Figure 22: France: Annual percentage growth in spending on personal care articles and all spending, 2011-16
                                                                  • Channels of distribution
                                                                    • Figure 23: France: Estimated channels of distribution for spending on beauty and personal care goods, 2015
                                                                  • Sector size and forecast
                                                                    • Leading players
                                                                      • Key metrics
                                                                        • Market shares
                                                                          • Figure 24: France: Leading beauty specialists: Shares of all beauty retailers’ sales, 2015
                                                                        • Online
                                                                          • The consumer
                                                                            • Where they shop
                                                                                • Figure 25: France: Where they shop for beauty products, in-store and online, November 2016
                                                                              • Attitudes to Shopping for Beauty Products
                                                                                • Figure 26: France: Attitudes to shopping for beauty products, November 2016
                                                                              • What we think
                                                                                • Issues and Insights
                                                                                  • Stores are important but must move with the times
                                                                                    • The facts
                                                                                      • The implications
                                                                                        • The rise of the green consumer
                                                                                          • The facts
                                                                                            • The implications
                                                                                              • The market – What you need to know
                                                                                                • Growth in economy and beauty spending is low
                                                                                                  • Low price rises on personal care items
                                                                                                    • Grocers and specialist chains are the main channels
                                                                                                      • Beauty retailers thriving despite weak spending
                                                                                                        • Spending and inflation
                                                                                                          • Economic growth is sluggish
                                                                                                            • Market size and trend
                                                                                                              • Figure 27: France: Consumer spending on beauty and selected other goods (incl. VAT), 2011-16
                                                                                                            • Inflation
                                                                                                              • Figure 28: France: Consumer prices of personal care goods and services items, Annual % change, 2011-15
                                                                                                              • Figure 29: France: Consumer price inflation on personal care products and services, annual % change, January 2015-November 2016
                                                                                                            • Product market breakdown
                                                                                                              • Figure 30: France: Main beauty markets, spending (inc VAT), 2011-16
                                                                                                              • Figure 31: France: Main beauty markets, spending (inc VAT), forecasts, 2016-20
                                                                                                            • Channels of distribution
                                                                                                              • Figure 32: France: Where they shop for beauty products, in-store and online, November 2016
                                                                                                            • Grocers capture most spending
                                                                                                              • Beauty specialists popular across the board
                                                                                                                • The parapharmacy concept building strength
                                                                                                                  • Department stores significant, particularly in Paris
                                                                                                                    • Cosmetic ranges in clothing stores try to draw in customers
                                                                                                                      • Figure 33: France: Estimated channels of distribution for spending on beauty and personal care goods, 2015
                                                                                                                    • Sector size and forecast
                                                                                                                      • Total retail sales recovered in 2015, further growth forecast in 2016
                                                                                                                        • Beauty retailers’ sales accelerating
                                                                                                                            • Figure 34: France: Health & beauty retailers sales, excl VAT, 2011-16
                                                                                                                            • Figure 35: France: Health & beauty retailers sales, Forecasts, excl VAT, 2016-21
                                                                                                                          • Leading players – What you need to know
                                                                                                                            • Specialists as a whole are thriving
                                                                                                                              • Top nine generate 70% of sector sales
                                                                                                                                • Online small but growing
                                                                                                                                  • Social media a crucial tool amongst younger age groups
                                                                                                                                    • Leading players
                                                                                                                                      • Specialists thriving
                                                                                                                                        • Low priced cosmetics a key growth area
                                                                                                                                          • Integration of beauty services
                                                                                                                                            • Natural/green credentials increasingly important
                                                                                                                                              • Sephora continues to innovate
                                                                                                                                                • Nocibé thrives under Douglas ownership
                                                                                                                                                  • Marionnaud fighting back
                                                                                                                                                    • Yves Rocher new store format
                                                                                                                                                      • Figure 36: France: Leading beauty specialists, Sales, 2013-16
                                                                                                                                                      • Figure 37: France: Leading beauty specialists, Outlet numbers, 2013-16
                                                                                                                                                    • Sales per outlet
                                                                                                                                                      • Figure 38: France: Leading beauty specialists, Sales per outlet, 2013-16
                                                                                                                                                    • Market shares
                                                                                                                                                      • Figure 39: France: Leading beauty specialists: Shares of all beauty retailers’ sales, 2013-16
                                                                                                                                                    • Online
                                                                                                                                                      • Internet usage
                                                                                                                                                        • Shopping online
                                                                                                                                                          • Figure 40: France: Online buyers in last 12 months in key sectors, 2011-16
                                                                                                                                                        • Online sales
                                                                                                                                                          • Leading online players
                                                                                                                                                            • Figure 41: France: Beauty retailers: Transactional websites, December 2016
                                                                                                                                                          • Social media
                                                                                                                                                            • Which social media do consumers use for beauty content?
                                                                                                                                                              • Figure 42: France: Online platforms visited to view beauty content, by age, 2015
                                                                                                                                                            • What beauty content are consumers interested in?
                                                                                                                                                              • Figure 43: France: Interest in future beauty content on social media, by gender, 2015
                                                                                                                                                            • What beauty content activities do they do online?
                                                                                                                                                              • Figure 44: France: Beauty and personal care social media activities, by age, 2015
                                                                                                                                                            • What do they think about beauty blogs and vlogs?
                                                                                                                                                              • Figure 45: France: Attitudes to beauty blogs and vlogs, by age, 2015
                                                                                                                                                            • The consumer – What you need to know
                                                                                                                                                              • Women the key demographic
                                                                                                                                                                • Grocers the most popular channel
                                                                                                                                                                  • Almost half had bought online
                                                                                                                                                                    • Green and natural the two most important concerns
                                                                                                                                                                      • Online and in-store both valued
                                                                                                                                                                        • Personalisation an opportunity
                                                                                                                                                                          • Where They Shop for Beauty Products
                                                                                                                                                                            • Women the main shoppers
                                                                                                                                                                              • Figure 46: France: Who shops for beauty products, by age, November 2016
                                                                                                                                                                              • Figure 47: France: Where they shop for beauty products, in-store and online, November 2016
                                                                                                                                                                            • Loyalty
                                                                                                                                                                              • Figure 48: France: Repertoire of in-store retailers used, by age, November 2016
                                                                                                                                                                            • Customer profiles
                                                                                                                                                                              • Figure 49: France: Profile of those who bought in-store, by type of retailer used, November 2016
                                                                                                                                                                              • Figure 50: France: Profile of those who bought online, by type of retailer used, November 2016
                                                                                                                                                                            • Attitudes to shopping for beauty products
                                                                                                                                                                              • Figure 51: France: Attitudes to shopping for beauty products, November 2016
                                                                                                                                                                            • “Green” and “natural” top the list of concerns
                                                                                                                                                                              • Figure 52: France: Selected attitudes to shopping for beauty products, by age, November 2016
                                                                                                                                                                            • The influence of online
                                                                                                                                                                              • Figure 53: France: Selected attitudes to shopping for beauty products, by age, November 2016
                                                                                                                                                                            • Many strengths in store environments
                                                                                                                                                                              • Figure 54: France: Selected attitudes to shopping for beauty products, by age, November 2016
                                                                                                                                                                            • Younger shoppers want more personalisation
                                                                                                                                                                              • Figure 55: France: Selected attitudes to shopping for beauty products, by age, November 2016
                                                                                                                                                                            • Attitudes by where people shop
                                                                                                                                                                                • Figure 56: France: Attitudes to shopping for beauty products by where people shop, November 2016
                                                                                                                                                                              • Other consumer research
                                                                                                                                                                                • Types of cosmetic brands bought
                                                                                                                                                                                  • Figure 57: France: Make-up brands used/bought by women in the last 12 months, by age, 2016
                                                                                                                                                                                • Buying fragrance
                                                                                                                                                                                  • Figure 58: France: Interest in trying fragrance tools or concepts if available, 2016
                                                                                                                                                                                • Facial skincare shopping behaviours
                                                                                                                                                                                  • Figure 59: France: Women’s purchasing behaviours of facial skincare products, 2016
                                                                                                                                                                                • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                  • Abbreviations
                                                                                                                                                                                    • Data sources
                                                                                                                                                                                    • Germany

                                                                                                                                                                                      • Overview
                                                                                                                                                                                        • What you need to know
                                                                                                                                                                                          • Areas covered in this report
                                                                                                                                                                                            • Executive summary
                                                                                                                                                                                              • The market
                                                                                                                                                                                                • Spending and inflation
                                                                                                                                                                                                  • Figure 60: Germany: Annual % change in total household expenditure and expenditure on personal care, 2012-16
                                                                                                                                                                                                  • Figure 61: Germany: Consumer price inflation on personal care products and services, annual % change, May 2015-Oct 2016
                                                                                                                                                                                                • Channels of distribution
                                                                                                                                                                                                  • Figure 62: Germany: Estimated channels of distribution for personal care products, 2016
                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                  • Leading players
                                                                                                                                                                                                    • dm-drogerie markt extends leadership position
                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                        • Figure 63: Germany: Leading beauty specialists: Shares of all beauty retailers’ sales, 2016
                                                                                                                                                                                                      • Online small but growing
                                                                                                                                                                                                        • Social media an important part of the purchase journey
                                                                                                                                                                                                          • The consumer
                                                                                                                                                                                                            • Where they shop
                                                                                                                                                                                                              • Figure 64: Germany: Where they shop for beauty products, in-store or online, November 2016
                                                                                                                                                                                                            • Attitudes to shopping for beauty products
                                                                                                                                                                                                              • Figure 65: Germany: Attitudes to shopping for beauty products, November 2016
                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                                • The changing role of the store
                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                      • Greater clarification desired for environmental and health concerns
                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                            • The market – What you need to know
                                                                                                                                                                                                                              • Consumer spending on personal care remains strong
                                                                                                                                                                                                                                • Personal care category has an inflationary impact
                                                                                                                                                                                                                                  • Colour cosmetics the fastest growing segment
                                                                                                                                                                                                                                    • Drugstores continue to dominate the market
                                                                                                                                                                                                                                      • Strong but slowing growth in retail sales
                                                                                                                                                                                                                                        • Spending and inflation
                                                                                                                                                                                                                                          • Economy healthy
                                                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                                                              • Figure 66: Germany: Consumer spending on personal care products and services (incl. VAT), 2011-16
                                                                                                                                                                                                                                            • Inflation
                                                                                                                                                                                                                                              • Figure 67: Germany: Harmonised index of consumer prices, annual % change, 2011-15
                                                                                                                                                                                                                                              • Figure 68: Germany: Consumer price inflation on personal care products and services, annual % change, May 2015-Oct 2016
                                                                                                                                                                                                                                            • Product market breakdown
                                                                                                                                                                                                                                              • Figure 69: Germany: Main beauty markets, Spending (inc VAT), 2011-16
                                                                                                                                                                                                                                              • Figure 70: Germany: Main beauty markets, Spending (inc VAT), Forecasts, 2016-20
                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                              • Specialists dominate
                                                                                                                                                                                                                                                • Discounters grow their influence
                                                                                                                                                                                                                                                  • Department stores losing relevance
                                                                                                                                                                                                                                                    • Online dominated by pureplays
                                                                                                                                                                                                                                                      • Figure 71: Germany: Estimated channels of distribution for personal care products, 2016
                                                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                                                      • Strong but slowing growth
                                                                                                                                                                                                                                                        • Figure 72: Germany: Health & beauty retailers’ sales, excl VAT, 2011-16
                                                                                                                                                                                                                                                        • Figure 73: Germany: Health & beauty retailers sales, forecasts, excl VAT, 2016-21
                                                                                                                                                                                                                                                      • Leading players – What you need to know
                                                                                                                                                                                                                                                        • dm-drogerie market extends its dominant position
                                                                                                                                                                                                                                                          • Rossmann looks to acquire Budni
                                                                                                                                                                                                                                                            • dm-drogerie markt enjoys market share gains
                                                                                                                                                                                                                                                              • Online remains small for beauty retailers
                                                                                                                                                                                                                                                                • Leading players
                                                                                                                                                                                                                                                                  • dm-drogerie markt cements its leading position
                                                                                                                                                                                                                                                                    • New store openings drive sales growth at Rossmann
                                                                                                                                                                                                                                                                      • A calmer year for Douglas
                                                                                                                                                                                                                                                                        • Budnikowsky eyed by Rossmann
                                                                                                                                                                                                                                                                          • Kiko Milano small but growing
                                                                                                                                                                                                                                                                            • Figure 74: Germany: Leading beauty specialists, Sales, 2013-16
                                                                                                                                                                                                                                                                            • Figure 75: Germany: Leading beauty specialists, Outlets, 2013-16
                                                                                                                                                                                                                                                                            • Figure 76: Germany: Leading beauty specialists, Sales per outlet, 2013-16
                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                            • Figure 77: Germany: Leading beauty specialists: Shares of all beauty retailers’ sales, 2013-16
                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                            • Internet usage
                                                                                                                                                                                                                                                                              • Shopping online
                                                                                                                                                                                                                                                                                • Figure 78: Germany: Online buyers in last three months in key sectors, 2007-16
                                                                                                                                                                                                                                                                                • Figure 79: Germany: Proportion of beauty shoppers that have bought beauty products online in the past 12 months, by age, November 2016
                                                                                                                                                                                                                                                                              • Online beauty sales
                                                                                                                                                                                                                                                                                • Leading online players
                                                                                                                                                                                                                                                                                  • Social media
                                                                                                                                                                                                                                                                                    • Bloggers trump in-store staff for a third of 16-24 year olds
                                                                                                                                                                                                                                                                                      • 16-24 year olds not fazed by bloggers/vloggers being paid
                                                                                                                                                                                                                                                                                        • Facebook most used but 16-24s prefer YouTube
                                                                                                                                                                                                                                                                                          • Freebies and advice drive engagement
                                                                                                                                                                                                                                                                                            • Figure 80: Germany: Interest in future beauty content on social media, by gender, 2015
                                                                                                                                                                                                                                                                                          • Competitions hold wide appeal
                                                                                                                                                                                                                                                                                            • 16-24s: the selfie generation
                                                                                                                                                                                                                                                                                              • Figure 81: Germany: Beauty and personal care social media activities, by age, 2015
                                                                                                                                                                                                                                                                                            • The consumer – What you need to know
                                                                                                                                                                                                                                                                                              • Drugstores remain the firm favourite
                                                                                                                                                                                                                                                                                                • More information wanted
                                                                                                                                                                                                                                                                                                  • Personalisation desired by 16-24 year olds
                                                                                                                                                                                                                                                                                                    • The internet as a source of advice and inspiration
                                                                                                                                                                                                                                                                                                      • Where they shop for beauty products
                                                                                                                                                                                                                                                                                                        • Women still the main purchasers
                                                                                                                                                                                                                                                                                                          • Figure 82: Germany: Who shops for beauty products, by age and gender, November 2016
                                                                                                                                                                                                                                                                                                        • Drugstores remain the firm favourite
                                                                                                                                                                                                                                                                                                          • Figure 83: Germany: Where they shop for beauty products, November 2016
                                                                                                                                                                                                                                                                                                        • Lack of loyalty among young shoppers
                                                                                                                                                                                                                                                                                                          • Figure 84: Germany: Repertoire of in-store retailers used, by age group, November 2016
                                                                                                                                                                                                                                                                                                        • Specialists attract the most affluent
                                                                                                                                                                                                                                                                                                          • Figure 85: Germany: Profile of those who bought either in-store or online, by type of retailer used, November 2016
                                                                                                                                                                                                                                                                                                        • 97% of beauty buyers shop in-store
                                                                                                                                                                                                                                                                                                          • Figure 86: Germany: Where they shop for beauty products in-store, November 2016
                                                                                                                                                                                                                                                                                                        • Multichannel retailers fall behind online
                                                                                                                                                                                                                                                                                                          • Online beauty is about more than just sales
                                                                                                                                                                                                                                                                                                            • Figure 87: Germany: Where they shop for beauty products online, November 2016
                                                                                                                                                                                                                                                                                                          • Product interaction still important
                                                                                                                                                                                                                                                                                                            • Figure 88: Germany: Women’s purchasing behaviours for facial skincare products, 2016
                                                                                                                                                                                                                                                                                                          • Attitudes to shopping for beauty products
                                                                                                                                                                                                                                                                                                            • Consumers want more information
                                                                                                                                                                                                                                                                                                              • Figure 89: Germany: Attitudes to shopping for beauty products, November 2016
                                                                                                                                                                                                                                                                                                            • Online an important source of information for young consumers
                                                                                                                                                                                                                                                                                                              • Figure 90: Germany: Selected attitudes to shopping for beauty products, by age, November 2016
                                                                                                                                                                                                                                                                                                            • Customisation appeals to 16-24 year olds
                                                                                                                                                                                                                                                                                                              • Figure 91: Germany: Selected attitudes to shopping for beauty products, by age, November 2016
                                                                                                                                                                                                                                                                                                            • Experience and experimentation remain important
                                                                                                                                                                                                                                                                                                              • Figure 92: Germany: Selected attitudes to shopping for beauty products, by age, November 2016
                                                                                                                                                                                                                                                                                                            • Desire for information extends across the age brackets
                                                                                                                                                                                                                                                                                                              • Figure 93: Germany: Selected attitudes to shopping for beauty products, by age, November 2016
                                                                                                                                                                                                                                                                                                            • Attitudes by where they shop
                                                                                                                                                                                                                                                                                                              • Figure 94: Germany: Attitudes to shopping for beauty products by where they shop, November 2016
                                                                                                                                                                                                                                                                                                            • What they bought
                                                                                                                                                                                                                                                                                                              • Figure 95: Germany: Make-up brands bought by women in the last 12 months, by age, 2016
                                                                                                                                                                                                                                                                                                            • German consumer interest in fragrance changing technology
                                                                                                                                                                                                                                                                                                              • Figure 96: Germany: Interest in trying fragrance tools or concepts if available, 2016
                                                                                                                                                                                                                                                                                                            • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                              • Abbreviations
                                                                                                                                                                                                                                                                                                                • Data sources
                                                                                                                                                                                                                                                                                                                • Italy

                                                                                                                                                                                                                                                                                                                  • Overview
                                                                                                                                                                                                                                                                                                                    • What you need to know
                                                                                                                                                                                                                                                                                                                      • Areas covered in this report
                                                                                                                                                                                                                                                                                                                        • Executive summary
                                                                                                                                                                                                                                                                                                                          • The market
                                                                                                                                                                                                                                                                                                                            • Spending and inflation
                                                                                                                                                                                                                                                                                                                              • Figure 97: Italy: Annual % change in total household expenditure and expenditure on personal care goods and services, 2011-16
                                                                                                                                                                                                                                                                                                                              • Figure 98: Italy: Consumer price inflation on personal care products and services, annual % change, Jun 2015-Nov 16
                                                                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                                                                              • Figure 99: Italy: Channels of distribution for personal care products, 2015
                                                                                                                                                                                                                                                                                                                            • Sector size and forecast
                                                                                                                                                                                                                                                                                                                              • Figure 100: Italy: Annual % change in all retail sales (excl. fuel) and beauty specialists’ retail sales, 2011-16
                                                                                                                                                                                                                                                                                                                            • Leading players
                                                                                                                                                                                                                                                                                                                              • Leading retailers strengthen position
                                                                                                                                                                                                                                                                                                                                • Specialists growing share of personal care spending
                                                                                                                                                                                                                                                                                                                                  • Figure 101: Italy: Estimated leading beauty specialists’ shares of consumer spending on personal care goods, 2016
                                                                                                                                                                                                                                                                                                                                • Online remains small but is growing
                                                                                                                                                                                                                                                                                                                                  • Figure 102: Italy: Any online purchases made in the last 12 months, by country, 2007-16
                                                                                                                                                                                                                                                                                                                                • The consumer
                                                                                                                                                                                                                                                                                                                                  • Who shops for beauty products
                                                                                                                                                                                                                                                                                                                                    • Where they shop
                                                                                                                                                                                                                                                                                                                                      • Figure 103: Italy: Where they shop for beauty products, November 2016
                                                                                                                                                                                                                                                                                                                                      • Figure 104: Italy: Where they shop for beauty products, in-store or online, November 2016
                                                                                                                                                                                                                                                                                                                                    • Attitudes to shopping for beauty products
                                                                                                                                                                                                                                                                                                                                      • Figure 105: Italy: Attitudes to shopping for beauty products, November 2016
                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                      • Issues and insights
                                                                                                                                                                                                                                                                                                                                        • Using online to engage beauty consumers and drive sales
                                                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                                                              • Growing demand for natural and environmentally-friendly beauty products
                                                                                                                                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                                                                                                                                    • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                      • Consumer spending on personal care remains weak
                                                                                                                                                                                                                                                                                                                                                        • Colour cosmetics set to become the biggest segment
                                                                                                                                                                                                                                                                                                                                                          • Pharmacies steal greater share of consumer spending
                                                                                                                                                                                                                                                                                                                                                            • Retail sales continue to rise, up 2.8% in 2015
                                                                                                                                                                                                                                                                                                                                                              • Spending and inflation
                                                                                                                                                                                                                                                                                                                                                                • General economy
                                                                                                                                                                                                                                                                                                                                                                  • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                    • Figure 106: Italy: Consumer spending on personal care goods and services (incl. VAT), 2011-16
                                                                                                                                                                                                                                                                                                                                                                  • Inflation
                                                                                                                                                                                                                                                                                                                                                                    • Figure 107: France: Consumer prices of personal care goods and services, Annual % change, 2011-15
                                                                                                                                                                                                                                                                                                                                                                    • Figure 108: Italy: Consumer price inflation on personal care products and services, annual % change, Jun 2015-Nov 16
                                                                                                                                                                                                                                                                                                                                                                    • Figure 109: Italy: Breakdown of consumer price inflation on personal care products and services, annual % change, Jun 2015-Nov 16
                                                                                                                                                                                                                                                                                                                                                                  • Product market breakdown
                                                                                                                                                                                                                                                                                                                                                                    • Figure 110: Italy: Main beauty markets, spending (inc VAT), 2011-16
                                                                                                                                                                                                                                                                                                                                                                    • Figure 111: Italy: Main beauty markets, spending (inc VAT), Forecasts, 2016-20
                                                                                                                                                                                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                    • Pharmacies grow in strength
                                                                                                                                                                                                                                                                                                                                                                      • Figure 112: Italy: Estimated channels of distribution for personal care products, 2013-15
                                                                                                                                                                                                                                                                                                                                                                    • Grocers continue to dominate
                                                                                                                                                                                                                                                                                                                                                                      • Figure 113: Italy: Estimated channels of distribution for personal care products, 2015
                                                                                                                                                                                                                                                                                                                                                                    • Department stores losing share
                                                                                                                                                                                                                                                                                                                                                                      • Figure 114: Italy: Where they shop for beauty products, November 2014/2016
                                                                                                                                                                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                      • Specialists’ retail sales rise 2.8% in 2015
                                                                                                                                                                                                                                                                                                                                                                        • Figure 115: Italy: Health & beauty retailers sales (excl VAT), 2011-16
                                                                                                                                                                                                                                                                                                                                                                        • Figure 116: Italy: Health & beauty retailers sales, Forecasts, excl VAT, 2016-21
                                                                                                                                                                                                                                                                                                                                                                      • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                        • Acqua & Sapone’s maintains market leading position
                                                                                                                                                                                                                                                                                                                                                                          • Tigotá further establishes position in the market
                                                                                                                                                                                                                                                                                                                                                                            • Specialists enjoy market share gains
                                                                                                                                                                                                                                                                                                                                                                              • Online retailing remains underdeveloped
                                                                                                                                                                                                                                                                                                                                                                                • Leading players
                                                                                                                                                                                                                                                                                                                                                                                  • Acqua & Sapone continues to dominate
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 117: Italy: Leading beauty specialists, Estimated sales, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                    • Wycon rapidly expanding store network
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 118: Italy: Leading beauty specialists, Estimated outlet numbers, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                    • Sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 119: Italy: Leading beauty specialists, Sales per outlet, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                                                                                                                                                                                      • Consolidation in the specialist beauty market
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 120: Italy: Estimated leading beauty specialists’ shares of consumer spending on personal care goods, 2016
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 121: Italy: Leading beauty specialists’ estimated share of consumer spending on personal care goods, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                                                                                        • Internet usage
                                                                                                                                                                                                                                                                                                                                                                                          • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 122: Italy: Any online purchases made in the last 12 months, by country, 2007-16
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 123: Italy: Any online purchases made in the last three months, by sector, 2007-16
                                                                                                                                                                                                                                                                                                                                                                                          • Beauty shopping: In-store vs online
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 124: Italy: Where they shop for beauty products, in-store or online, November 2016
                                                                                                                                                                                                                                                                                                                                                                                          • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 125: Italy: Beauty retailers: Transactional websites, January 2016
                                                                                                                                                                                                                                                                                                                                                                                          • Social media
                                                                                                                                                                                                                                                                                                                                                                                            • Beauty and personal care social media activities
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 126: Italy: Beauty and personal care social media activities, 2015
                                                                                                                                                                                                                                                                                                                                                                                            • Interest in future beauty content on social media
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 127: Italy: Interest in future beauty content on social media, 2015
                                                                                                                                                                                                                                                                                                                                                                                            • The Consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                              • Women drive beauty purchasing
                                                                                                                                                                                                                                                                                                                                                                                                • Specialist beauty stores attract the most shoppers
                                                                                                                                                                                                                                                                                                                                                                                                  • In-store remains more popular than online
                                                                                                                                                                                                                                                                                                                                                                                                    • Consumers want personal product recommendations
                                                                                                                                                                                                                                                                                                                                                                                                      • Where they shop for beauty products
                                                                                                                                                                                                                                                                                                                                                                                                        • Women remain the biggest purchasers
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 128: Italy: Who shops for beauty products, by age and gender, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • Consumers favour specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 129: Italy: Where they shop for beauty products, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • Young shoppers show less retailer loyalty
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 130: Italy: Repertoire of in-store retailers used, by age, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • Department stores attract affluent consumers
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 131: Italy: Profile of those who bought either in-store or online, by type of retailer used, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • Young people drive online beauty purchasing
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 132: Italy: Where they shop for beauty products, in-store vs online, by age, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • Grocers failing to attract online shoppers
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 133: Italy: Where they shop for beauty products, in-store and online, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • Purchasing behaviour
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 134: Italy: Women’s purchasing behaviours for facial skincare products, 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • Attitudes to shopping for beauty products
                                                                                                                                                                                                                                                                                                                                                                                                          • Consumers still prefer to browse and test in-store
                                                                                                                                                                                                                                                                                                                                                                                                            • Demand for personalised recommendations is high
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 135: Italy: Attitudes to shopping for beauty products, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                            • Young shoppers want in-store beauty services
                                                                                                                                                                                                                                                                                                                                                                                                              • Older Millennials want to customise their beauty products
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 136: Italy: Selected attitudes to shopping for beauty products, by age, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                              • Mature consumers prefer natural products
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 137: Italy: Consumer who look for beauty products that are made with natural ingredients, by age, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                              • Attitudes by where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 138: Italy: Attitudes to shopping for beauty products by where they shop, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                              • What they bought
                                                                                                                                                                                                                                                                                                                                                                                                                • Mass market brands dominate
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 139: Italy: Make-up brands bought by women in the last 12 months, by age, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                • Big demand for fragrance wipes
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 140: Italy: Interest in trying fragrance tools or concepts if available, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                  • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                    • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                    • Spain

                                                                                                                                                                                                                                                                                                                                                                                                                      • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                        • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                          • Areas covered in this report
                                                                                                                                                                                                                                                                                                                                                                                                                            • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                              • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                • Spending and inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 141: Spain: Consumer prices, annual % change, monthly data, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                • Product market breakdown
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 142: Spain: Leading beauty specialists: Shares of all beauty retailers’ sales, 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Who buys?
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 143: Spain: Where they shop for beauty products, November, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Customer profiles
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 144: Spain: Profile of those who bought in-store, by type of retailers used, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Attitudes to shopping for beauty products
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 145: Spain: Attitudes to shopping for beauty products, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The growth potential in environmental concerns
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The growth of the specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Beauty spending on the rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Makeup gaining ground
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Supermarkets account for one third of beauty spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Clarel brings growth to the sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spending and inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • General economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market size and trend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 146: Spain: Consumer spending on beauty and selected other goods and services (inc VAT), 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 147: Spain: Consumer prices of personal care goods and services, Annual % change, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 148: Spain: Consumer prices, annual % change, monthly data, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Product market breakdown
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 149: Spain: Main beauty markets, Spending (inc VAT), 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 150: Spain: Main beauty markets, spending (inc VAT), Forecasts, 2016-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 151: Spain: Estimated channels of distribution of spending on beauty and personal care products, inc VAT, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sector Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 152: Spain: Health & beauty retailers’ sales, (ex VAT) 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 153: Spain: Health & beauty retailers’ sales (ex VAT), Forecasts, 2016-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Clarel leads the sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online remains small
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clarel leadership to be challenged
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 154: Spain: Leading beauty retailers, Sales, 2012/13-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 155: Spain: Leading beauty retailers, Outlets, 2012/13-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 156: Spain: Leading beauty retailers, Sales per outlet, 2012/13-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 157: Spain: Leading beauty specialists: Shares of all beauty retailers’ sales, 2013/14-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Internet usage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 158: Spain: 16-74 year olds who regularly use the internet, 2005-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 159: Spain: Online buyers in key sectors, 2007-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Supermarkets, perfumeries and department stores most popular channels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shoppers looking for environmentally friendly products and good service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop for beauty products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bias to women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 160: Spain: Where they shop for beauty products, November, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Who shops where
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 161: Spain: Profile of those who bought in-store, by type of retailer used, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 162: Spain: Profile of those who bought online, by type of retailer used, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Women’s buying habits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 163: Spain: Women’s purchasing behaviours for facial skincare products, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes to shopping for beauty products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 164: Spain: Attitudes to shopping for beauty products, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes by where people shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • An opportunity for drugstores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 165: Spain: Attitudes to shopping for beauty products by where they shop, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Products covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • BPC market grows 0.4% in 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 166: Market size and forecast: consumer spending on all beauty and personal care products (including VAT), 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brexit could lead to a return to the ‘lipstick index’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Specialists perform in line with the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 167: Health and beauty specialists’ sales (including VAT), 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Opportunity for mature shoppers to be better represented
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Highly fragmented market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Superdrug delivers growth, whilst Boots suffers maturity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Food discounters grow their share of consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 168: Estimated distribution of spending on beauty and personal care products, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Growth in online BPC sales set to accelerate in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Specialists invest in technology to elevate the in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Facial skincare is the most purchased category
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 169: Beauty products bought in the last 12 months, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumers trade up for fragrance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 170: Brand types bought for beauty products, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Specialists are the preferred retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 171: Where consumers purchase beauty products, by retailer, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Loyalty rewards could be more personal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 172: Key drivers of overall satisfaction with beauty retailer used most often to purchase in-store, January 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Demand for try-before-you-buy samples
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 173: Factors that would make consumers more likely to choose one retailer over another online, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Physical stores the preference for discovering new beauty products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 174: Attitudes towards purchasing beauty, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Prestige beauty an opportunity to boost value growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The evolving beauty retail environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Earning loyalty among beauty shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • BPC market grows 0.4% in 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Personal care segment in decline, slowing growth for beauty sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Specialists perform in line with the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Opportunity for mature shoppers to be better represented
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brexit could lead to a return to the ‘lipstick index’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • BPC market grows 0.4% in 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 175: Market size and forecast: consumer spending on all beauty and personal care products (including VAT), 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Spending to top £11 billion by 2021
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 176: Market size and forecast: consumer spending on all beauty and personal care products (including VAT), at current and constant prices, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The impact of the EU referendum vote
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • BPC market historically remains robust during economic downturn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumers are excepting towards price rises
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market likely to grow regardless of economic uncertainty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 177: Alternative market scenarios for the post-Brexit clothing and accessories market, at current prices, 2016-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 178: Detailed Post-Brexit scenarios for the clothing and accessories market, at current prices, 2016-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market segmentation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Beauty products: segment forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 179: Consumer spending on beauty products, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 180: Consumer spending on beauty products, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Beauty category performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 181: Consumer spending on beauty products, by category, 2015 and 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Colour cosmetics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fragrances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Facial skincare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Body, hand and foot care
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Personal care products: segment forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 182: Consumer spending on personal care products, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 183: Consumer spending on personal care products, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer spending on personal care items
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 184: Total consumer spending on personal care items (including VAT), 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Health and beauty specialists’ sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 185: Health and beauty specialists’ sales (including VAT), 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 186: Health and beauty specialists’ sales (including VAT), at current and constant prices, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Annual growth in beauty specialists sales vs annual growth in BPC spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 187: Annual growth in specialists’ sector sales and annual growth in spending on beauty and personal care products, 2017-21 (fore)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Outlet and enterprise numbers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 188: Health and beauty specialists: Outlet numbers, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 189: Health and beauty specialists: Enterprise numbers, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Youth population in decline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 190: Trends in the age structure of the UK population, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Opportunity for mature shoppers to be better represented
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer financial sentiment remains positive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 191: How consumers describe their financial situation, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brexit could lead to a return to the ‘lipstick index’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Prestige beauty bought as a treat
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 192: Reasons for choosing premium brands over mass, by gender, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Facial skincare is the most purchased category
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumers trade up for fragrance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Specialists are the preferred retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Loyalty rewards could be more personal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Boots’ staff expertise sets it apart
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Demand for try-before-you-buy samples
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Personalised recommendations could boost purchases among young men
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Demand for natural beauty boosted by clean-eating trend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Physical stores the preference for discovering new beauty products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Beauty products bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Facial skincare most purchased category
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 193: Beauty products bought in the last 12 months, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Fragrance popular among all demographics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Older men the least engaged with skincare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 194: Beauty products bought in the last 12 months among men, by age, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Young men prioritise facial skincare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand types bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumers trade up for fragrance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 195: Brand types bought for beauty products, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mass-market skincare brands preferred
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • More money spent on mass-market brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retailers purchased from
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Specialists are the preferred retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 196: Where consumers purchase beauty products, by retailer type, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Boots retains its dominant position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 197: Where consumers purchase beauty products, by retailer, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Superdrug gains an increase in shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Discount supermarkets also make gains
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Men opt for supermarkets over the specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 198: Where consumers purchase beauty products in-store or online, by gender, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Amazon attracts the most online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 199: Where consumers purchase beauty products, in-store or online, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Repertoire analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 200: Repertoire of retailers used for purchasing beauty products in the last 12 months, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Customer satisfaction
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Overall satisfaction levels high
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 201: Satisfaction with the retailer shopped at most often for beauty products, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key drivers analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Loyalty rewards could be more personal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 202: Key drivers of overall satisfaction with beauty retailer used most often to purchase in-store, January 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Customer service needs prioritising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Expanding beauty services outside London
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store environment most closely correlates with satisfaction
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 203: Overall satisfaction with beauty retailers used most often to purchase in-store - Key driver output, January 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Satisfaction by retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Boots’ staff expertise sets it apart
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 204: Satisfaction of customers who purchase beauty products from Boots most often, in relation to the overall average, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Superdrug scores above average for value of own-brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 205: Satisfaction of customers who purchase beauty products from Superdrug most often, in relation to the overall average, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tesco shoppers content with loyalty rewards
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 206: Satisfaction of customers who purchase beauty products from Tesco most often, in relation to the overall average, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Factors to encourage online purchases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Demand for try-before-you-buy samples
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 207: Factors that would make consumers more likely to choose one retailer over another online, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Emails are an incentive to shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Personalised recommendations could boost purchases among young men
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Attitudes towards buying beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Demand for natural beauty boosted by clean-eating trend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 208: Attitudes towards purchasing beauty, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Environmental concerns heighten
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Opportunity for more diverse beauty collaborators
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Stores the preference for discovering new beauty products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 209: Attitudes towards purchasing beauty, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Technology to boost the in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Highly fragmented market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Superdrug delivers growth, whilst Boots suffers maturity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Department stores gain market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Food discounters grow their share of consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Growth in online BPC sales set to accelerate in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Using apps to attract online beauty shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Specialists invest in technology to elevate the in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Advertising spend on the rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Boots benefits from a good reputation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Highly fragmented market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 210: Leading specialist and non-specialist retailers: Estimated market shares, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 211: Leading specialist and non-specialist retailers: Estimated market shares, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Note on market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Leading specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Superdrug growing despite maturity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Boots lacks a compelling online offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Prestige beauty retailers outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading specialists by sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 212: Leading specialist retailers: Net revenues (excluding VAT), 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading pharmacies by sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 213: Leading pharmacy chains: Net revenues (excluding VAT), 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Outlet numbers and sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 214: Leading specialist retailers: Outlet numbers, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 215: Leading specialist retailers: Annual sales per outlet (excluding VAT), 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 216: Leading specialist retailers: Operating profits, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 217: Leading specialist retailers: Operating margins, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading non-specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Discount grocers continue in strength
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 218: Leading non-specialist retailers: Estimated sales growth by segment, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading non-specialists: Estimated beauty revenues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 219: Leading non-specialist retailers: Estimated beauty and personal care goods sales (excluding VAT), 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 220: Leading grocers: Health and beauty space allocation estimates, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The discounters
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 221: Leading mixed goods discounters: Health and beauty space allocation estimates, August 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 222: Leading department stores: Health and beauty space allocation estimates, March 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • QVC launches Beauty iQ
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 223: Leading health and beauty retailers: Health and beauty products estimated space allocation, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Specialist personal care and beauty retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Supermarkets’ in-store space largely occupied by toiletry essentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Department stores focus on core beauty products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 224: Leading health and beauty retailers: Health and beauty products estimated detailed space allocation, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 225: Leading health and beauty retailers: Health and beauty products estimated detailed space allocation, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Channels to market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Specialists struggle to grow share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Aldi and Lidl gain share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 226: Estimated distribution of spending on beauty and personal care products, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Department stores drive value growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 227: Estimated distribution of spending on beauty and personal care products, in percentage and value terms (including VAT), 2015 and 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online BPC market forecast to grow 8.8% in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 228: Estimated online consumer spending on BPC products, 2011-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The specialists gain momentum online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 229: Retailer shares of online sales of BPC products, 2014-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Launch activity and innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Estée Lauder targets Millennials with new London store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 230: The Estée Edit, Carnaby Street 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Department stores improve beauty experience instore
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 231: Harvey Nichols Beauty Lounge, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The rise of magic mirrors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Personalising the online experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 232: Feel Unique Platinum, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Try before you buy gets a digital make-over
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 233: Feel Unique Make Up Live App, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sephora rewards loyal social media followers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ocado partners with Marie Claire on new beauty store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Missguided taps into high-street beauty trend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 234: Missguided Beauty Range, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Lush hosts instore beauty and fitness sessions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Superdrug draws attention to own-brand with vending machines
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • WAH Nails new flagship boasts virtual reality technology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 235: WAH London Soho Store, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Good Ship Benefit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Advertising and marketing activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Product category advertising spend up 14% in 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 236: Recorded above-the-line, online display and direct mail total advertising expenditure on beauty, personal care and body care, by leading retailers, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • TV and Press accounts for the vast majority of advertising spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 237: Recorded above-the-line, online display and direct mail total advertising expenditure on beauty, personal care and body care, by leading retailers, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 238: Attitudes towards and usage of selected brands, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 239: Key metrics for selected brands, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand attitudes: Superdrug offers value for money
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 240: Attitudes, by brand, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand personality: The Body Shop retains its ethical reputation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 241: Brand personality – Macro image, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Boots has a reliable and welcoming image
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 242: Brand personality – Micro image, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Boots has an opportunity to boost appeal amongst men
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 243: User profile of Boots, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Superdrug benefits from a reputation of reliability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 244: User profile of Superdrug, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Lush attracts young consumers with its trendsetting image
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 245: User profile of Lush, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Perfume Shop struggles to differentiate itself
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 246: User profile of The Perfume Shop, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Space NK proves popular with older Millennials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 247: User profile of Space NK, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Body Shop’s ethics set it apart
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 248: User profile of The Body Shop, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Fragrance Shop needs to increase engagement
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 249: User profile of The Fragrance Shop, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Avon’s tired brand image fails to attract young shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 250: User profile of Avon, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Acqua & Sapone

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Product assortment and widespread distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • dm-drogerie markt’s planned Italy launch will boost competition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online site rich in content, but missing out on online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 251: Acqua & Sapone: Estimated group sales performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 252: Acqua & Sapone: Estimated outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A. S. Watson (Europe)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Solid performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New outlets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Marionnaud
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Marionnaud
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 253: A. S. Watson (Europe): Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 254: A. S. Watson (Europe): Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Continental Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Body Shop

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Enrich Not Exploit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Skincare products driving sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Maximising mobile opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New UK store concept offering an enhanced beauty shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 255: The Body Shop: Retail and consolidated sales, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 256: The Body Shop: Estimated UK sales performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 257: The Body Shop: Estimated outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clarel (Dia)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • A good start
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where next
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 258: Dia: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 259: Dia: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Relying on exclusivity to boost beauty sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Providing beauty treatments could offer further opportunities to showcase products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Beauty Club generates loyalty and valuable data
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 260: Debenhams: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 261: Debenhams: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • dm-drogerie markt

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Renovating the store estate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online development
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Utilising social media to attract younger shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 262: dm-drogerie markt: Group sales performance, excl tax, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 263: dm-drogerie markt: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Douglas Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Perfumes and fragrances market under pressure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • E-commerce growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Private label expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Exclusive brands on the rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Growth through acquisitions and store openings
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Professional beauty potential
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 264: Douglas Group: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 265: Douglas Group: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The Fragrance Shop

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Personalised app to help choose the perfect scent
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Record sales driven by affordable on-trend scents
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New home delivery service to capitalise on last minute fragrance purchases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Convenient on-the-move fragrance product boosts sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 266: The Fragrance Shop: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 267: The Fragrance Shop: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Senior management departures
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Beauty to be targeted in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 268: House of Fraser Plc: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 269: House of Fraser Plc: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Lewis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Scope to grow beauty revenues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Stores rather than online underperforming in beauty category
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Spas help to create a virtuous circle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 270: John Lewis Plc (department store): Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 271: John Lewis Plc (department store): Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kiko Milano

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • An authentic sensory in-store beauty shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Professional make-up artists’ recommendations bolster quality credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New smart technology-led store aimed at Millennials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 272: Kiko Milano: Group sales performance, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 273: Kiko Milano: Estimated outlet data, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Lush Retail

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Distinctive USP that resonates with the 50% of consumers looking for natural beauty products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Transparency and authenticity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Enhanced store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Targeting fresh growth opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Building a global open-source platform to connect its growing online community
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 274: Lush Retail Ltd: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 275: Lush Retail Ltd: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Müller

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • More than a just a drugstore
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Alnatura deal bolsters Müller’s natural credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Everyday low prices to fight off competition from discounters
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Multichannel offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 276: Müller: Group sales performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 277: Müller: Outlet data and estimated sales per outlet, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Rossmann

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store development
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Modernisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • E-commerce opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The chance to make a quantum leap
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 278: Rossmann: Group sales performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 279: Rossmann: Outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sephora

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Revolutionising the beauty shopping experience…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …store concepts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …virtual and augmented reality
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • …mobile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Beauty-to-go
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A new way to shop Sephora
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New social media reward and mobile messaging e-gifting scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 280: LVMH: Selective Retailing sales and estimated Sephora retail sales, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 281: Sephora: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Walgreens Boots Alliance

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Growth is going to have to come from core retail operations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategy focusing on cost reduction and improving efficiency
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Growth of online grocery shopping may be hurting Boots
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A reason to visit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Boots to become less significant within Walgreens after Rite-Aid completion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 282: Walgreens Boots Alliance: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 283: Walgreens Boots Alliance: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Yves Rocher

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Natural beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Environmentally-friendly option
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New app bridging the online and offline experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New experienced-based retail concept rolled out across more stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 284: Rocher Groupe: Estimated group sales performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 285: Rocher Groupe: Estimated outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Companies Covered

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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Beauty Retailing - Europe - January 2017

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        US $3,748.74 (Excl.Tax)