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Beauty Retailing - UK - January 2010

Promotions and special offers resonated with very large numbers of shoppers, equivalent to 22 million adults – 2009 was the year of the ‘deal-conscious shopper’. Retailers have responded to changing consumer needs during the recession by increasing their promotional activity, offering deals like 3 for 2's or buy one get one free or straight discounts.

Own brands are appealing more to shoppers in the current economic climate. Some 9 million consumers have bought more own brand in the last 12 months with retailers anticipating this demand by stepping up own brand development.

Loyalty cards do drive repeat business particularly among women, but should be viewed as part of a wider package of competitive tools. Almost three times as many people prefer deals to loyalty card schemes. While deals deliver instant rewards that may or may not be the case with loyalty cards. But loyalty schemes are popular too, with 15% going out of their way to use them.

Young people seem to be actively managing their budgets, cutting back selectively in order to spend on those ‘special extras’ deemed to be worth it. This treating element may weaken in 2010 as youth unemployment hits harder.

The online channel remains very small in beauty and we don’t expect to see major change there. There are low levels of buying from fragrance/cosmetics/toiletries sites (7% for the period July to October 2009) and limited growth. Nevertheless, we expect to see more niche online specialists emerging in the next five years and with current usage skewed to AB consumers and those aged 35-54 which are the consumers we expect to see most targeted.

Boots remains by far the most popular destination for beauty purchases with over half of all adults choosing this option. The stores are certainly well liked for their wide choice, loyalty points, good deals and knowledgeable staff.

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Table of contents

  1. Issues in the Market

      • Main themes
        • Definitions
          • Sources
            • Abbreviations
            • Future Opportunities

              • Reviewing and re-evaluating
                • Prove it – Accountability
                  • The reluctant ‘male groomer’
                  • Market in Brief

                    • Protracted and fragile recovery forecast
                      • Mixed fortunes in the beauty market
                        • Consumer context
                          • Specialists competitive landscape
                            • Channels of distribution
                            • Internal Market Environment

                              • Key points
                                • Pricing
                                  • Value-aware consumers
                                    • Budget options in new product development
                                      • Own brands
                                        • Own brands resonate with shoppers too
                                          • Recent developments
                                            • Driving loyalty
                                              • Repeat business matters in recession
                                                • Loyalty cards
                                                  • Product exclusives
                                                    • In-store experience
                                                      • Online developments
                                                        • Discretionary beauty spend comes under pressure
                                                            • Figure 1: Trends in what extra money is spent on, Nov 09-Dec 09
                                                        • Broader Market Environment

                                                          • Key points
                                                            • Mixed impact of changing demographics
                                                              • Figure 2: UK: Implications of changing population demographics for beauty market, 2009-14(f)
                                                            • The economy – still in recession
                                                              • Figure 3: UK: GDP growth, 1989 Q1-2009 Q3
                                                            • Tough times still to come
                                                              • Consumer confidence on the rebound
                                                                  • Figure 4: UK: Nationwide Consumer Confidence Index, Jan 2006-November 2009
                                                                • Retail sales
                                                                  • Figure 5: UK: Retail sales value growth, 2007-09 (October)
                                                                • Implications for beauty retailers
                                                                  • Inflation eases
                                                                    • Figure 6: UK: Consumer prices, percentage change year-on-year, 2003-09
                                                                  • Consumer price implications for beauty retailers
                                                                  • Competitive Context

                                                                    • Key points
                                                                      • Personal care spending contracts in 2009
                                                                          • Figure 7: UK: Consumer spending on selected categories, 2004-09
                                                                        • Perfumes, cosmetics and toiletries
                                                                            • Figure 8: UK: Sales of cosmetics, fragrances and toiletries, by category, 2004, 2006, 2007 and 2008
                                                                            • Figure 9: UK: Relative sales importance of categories vs Western Europe, 2008
                                                                        • Strengths and Weaknesses in the Market

                                                                          • Strengths
                                                                            • Weaknesses
                                                                            • Who’s Innovating?

                                                                                • Adding value and driving loyalty through new ideas
                                                                                • Sector Size and Forecast

                                                                                  • Key points
                                                                                    • Technical notes
                                                                                      • Retail forecasts
                                                                                        • Figure 10: UK: Health and beauty retailers’ sales, 2004-14
                                                                                      • Beauty retailers’ prospects
                                                                                        • Past trends
                                                                                          • NHS business grows faster than other health and beauty sales
                                                                                              • Figure 11: UK: Estimated total health and beauty retailers’ sales, 2004-08
                                                                                            • Cosmetics/toiletries specialists hold their market share
                                                                                              • Figure 12: UK: Beauty specialists* as a % of the personal care market**, 2004-08
                                                                                            • Outlet and enterprise data
                                                                                              • Enterprises
                                                                                                • Figure 13: UK: Health and beauty retailers, number of enterprises, by sub-sector, 2003-07
                                                                                              • Outlets
                                                                                                • Figure 14: UK: Health and beauty retailers, number of outlets, by sub-sector, 2003-07
                                                                                            • Channels of Distribution

                                                                                              • Key points
                                                                                                • Supermarkets dominate
                                                                                                  • Figure 15: UK: Beauty and toiletries market, channels of distribution, 2008
                                                                                                • Grocery retailers
                                                                                                  • Health and beauty specialists
                                                                                                    • Boots
                                                                                                      • Department stores and other mixed goods retailers
                                                                                                        • Non-store
                                                                                                            • Figure 16: UK: Beauty market, leading direct sellers, 2009
                                                                                                        • Retail Competitor Analysis

                                                                                                          • Key points
                                                                                                            • Leading specialists
                                                                                                              • Technical note
                                                                                                                  • Figure 17: UK: Leading beauty specialists, 2008/09
                                                                                                                • Market shares
                                                                                                                  • Figure 18: UK: Leading specialists’ market shares, 2008
                                                                                                                • Evaluation
                                                                                                                  • Figure 19: UK: Beauty specialists, evaluation, 2008
                                                                                                              • Retail Advertising and Promotion

                                                                                                                • Key points
                                                                                                                  • Advertising expenditure continues to rise
                                                                                                                    • Total spend continues to rise in 2008
                                                                                                                      • But concentrated into just a few hands
                                                                                                                        • Upper end retailers cut back
                                                                                                                          • Avon a high spender relative to turnover
                                                                                                                              • Figure 20: Main media advertising spend on cosmetics and toiletries, by retailer, 2004-08
                                                                                                                            • Spending by media
                                                                                                                                • Figure 21: Main media advertising spend, by leading beauty specialists, by media, 2008
                                                                                                                              • Advertising themes
                                                                                                                              • Brand Elements

                                                                                                                                  • Key points
                                                                                                                                    • Brand map
                                                                                                                                        • Figure 22: Attitudes towards and usage of beauty retail brands, December 2009
                                                                                                                                      • Brand qualities of beauty retail brands
                                                                                                                                        • Service and a smile most important for beauty shoppers
                                                                                                                                          • Figure 23: Personalities of various beauty retail brands, December 2009
                                                                                                                                        • Experience of beauty retail brands
                                                                                                                                          • Prestige brands have niche awareness
                                                                                                                                            • Figure 24: Consumer visitation of various beauty retail brands, December 2009
                                                                                                                                          • Brand consideration for beauty retail brands
                                                                                                                                            • Avon not for everyone
                                                                                                                                              • Figure 25: Consideration of various beauty retail brands, December 2009
                                                                                                                                            • Brand satisfaction for beauty retail brands
                                                                                                                                              • Boots most rounded, Molton Brown offers best experience
                                                                                                                                                • Figure 26: Satisfaction with various beauty retail brands, December 2009
                                                                                                                                              • Brand commitment to beauty retail brands
                                                                                                                                                • Boots has loyalty, department stores less desirable
                                                                                                                                                  • Figure 27: Commitment to various beauty retail brands, December 2009
                                                                                                                                                • Brand intentions for beauty retail brands
                                                                                                                                                  • Boots has best retention
                                                                                                                                                    • Figure 28: Future visiting intentions for various beauty retail brands, December 2009
                                                                                                                                                  • Brand recommendation for beauty retail brands
                                                                                                                                                    • Avon gets thumbs up from audience
                                                                                                                                                      • Figure 29: Commitment to various beauty retail brands, December 2009
                                                                                                                                                    • Superdrug
                                                                                                                                                      • What the consumer thinks
                                                                                                                                                        • Figure 30: Attitudes towards the Superdrug brand, December 2009
                                                                                                                                                      • Debenhams
                                                                                                                                                        • What the consumer thinks
                                                                                                                                                          • Figure 31: Attitudes towards the Debenhams brand, December 2009
                                                                                                                                                        • Lush
                                                                                                                                                          • What the consumer thinks
                                                                                                                                                            • Figure 32: Attitudes towards the Lush brand, December 2009
                                                                                                                                                          • Tesco
                                                                                                                                                            • What the consumer thinks
                                                                                                                                                              • Figure 33: Attitudes towards the Tesco brand, December 2009
                                                                                                                                                            • Molton Brown
                                                                                                                                                              • What the consumer thinks
                                                                                                                                                                • Figure 34: Attitudes towards the Molton Brown brand, December 2009
                                                                                                                                                              • Boots
                                                                                                                                                                • What the consumer thinks
                                                                                                                                                                  • Figure 35: Attitudes towards the Boots brand, December 2009
                                                                                                                                                              • The Consumer – Where They Buy Beauty Products

                                                                                                                                                                  • Key points
                                                                                                                                                                    • Where they buy beauty products
                                                                                                                                                                      • Boots dominates, but sales growth is minimal
                                                                                                                                                                        • Superdrug repositions
                                                                                                                                                                          • Supermarket channel acceptable to many
                                                                                                                                                                            • Department stores struggle to win the popular vote
                                                                                                                                                                                • Figure 36: Where they bought beauty products in the last 12 months, November 2009
                                                                                                                                                                              • Who buys where
                                                                                                                                                                                • Women far more enthusiastic shoppers than men
                                                                                                                                                                                    • Figure 37: Top nine retailers: where they bought beauty products in last 12 months, by gender, November 2009
                                                                                                                                                                                    • Figure 38: Leading retailers: Where they bought beauty products in last 12 months, by gender, November 2009
                                                                                                                                                                                  • The major retailers dominate across all age groups
                                                                                                                                                                                      • Figure 39: Leading retailers: where they bought beauty products in the last 12 months, by age, November 2009
                                                                                                                                                                                    • But The Body Shop and Specialists have a younger bias
                                                                                                                                                                                        • Figure 40: Beauty specialist and The Body Shop: Penetration levels, by age, November 2009
                                                                                                                                                                                      • Department stores and Avon have wider appeal
                                                                                                                                                                                          • Figure 41: Department stores and Avon: Penetration levels, by age, November 2009
                                                                                                                                                                                        • While M&S and chemist/drugstores have an older skew
                                                                                                                                                                                          • Figure 42: Chemist/drugstores and M&S: Penetration levels, by age, November 2009
                                                                                                                                                                                          • Figure 43: Other retailers: Where they bought beauty products in last 12 months, by age, November 2009
                                                                                                                                                                                        • Winners and losers in the socio-economic stakes
                                                                                                                                                                                            • Figure 44: Selected retailers: Where they bought beauty products in the last 12 months, by socio-economic group, November 2009
                                                                                                                                                                                            • Figure 45: Selected retailers: Where they bought beauty products in last 12 months, by socio-economic group, November 2009
                                                                                                                                                                                          • Potential to collaborate?
                                                                                                                                                                                            • Boots and Waitrose
                                                                                                                                                                                              • Who else?
                                                                                                                                                                                                  • Figure 46: Selective retailers: Where bought beauty products in the last 12 months, by where they shop for groceries, November 2009
                                                                                                                                                                                                • Repertoire – Superdrug shoppers less loyal
                                                                                                                                                                                                    • Figure 47: Beauty cosmetics, skincare products or fragrances/aftershaves bought from, by repertoire of beauty cosmetics, skincare products or fragrances/aftershaves bought from, November 2009
                                                                                                                                                                                                  • Women and ABC1 families shop around a lot more
                                                                                                                                                                                                      • Figure 48: Repertoire of beauty cosmetics, skincare products or fragrances/aftershaves bought from, by demographics, November 2009
                                                                                                                                                                                                  • The Consumer – The Way They Shop For Beauty Products

                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                        • Many have not changed their habits
                                                                                                                                                                                                            • Figure 49: The way they shop for beauty products, November 2009
                                                                                                                                                                                                          • The capricious
                                                                                                                                                                                                            • Future intentions
                                                                                                                                                                                                                • Figure 50: Future spending intentions on clothing (July 2009) and beauty (November 2009)
                                                                                                                                                                                                              • Women have changed their habits more than men
                                                                                                                                                                                                                  • Figure 51: Way in which they shop for beauty brands, by gender, November 2009
                                                                                                                                                                                                                • Older people less likely to change
                                                                                                                                                                                                                    • Figure 52: Those with unchanged shopping habits and those shopping around more, by age, November 2009
                                                                                                                                                                                                                  • Young people and families most likely to have cut back
                                                                                                                                                                                                                      • Figure 53: Those spending less or changing brand habits, by lifestage, November 2009
                                                                                                                                                                                                                    • Consumers shopping habits by where they’ve shopped
                                                                                                                                                                                                                      • Trust
                                                                                                                                                                                                                          • Figure 54: Those sticking to a few retailers they trust, by where they bought beauty products, November 2009
                                                                                                                                                                                                                        • Spending less
                                                                                                                                                                                                                            • Figure 55: Those spending less this year than last, by where they bought beauty products, November 2009
                                                                                                                                                                                                                        • The Consumer – Attitudes to Beauty Shopping

                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                              • Practicalities matter
                                                                                                                                                                                                                                • Loyalty cards appeal to a significant minority
                                                                                                                                                                                                                                  • Call to action
                                                                                                                                                                                                                                      • Figure 56: Attitudes to beauty shopping, November 2009
                                                                                                                                                                                                                                    • Young people actively managing their budgets
                                                                                                                                                                                                                                        • Figure 57: Attitudes to beauty shopping, 16-24s vs all, November 2009
                                                                                                                                                                                                                                      • The gender divide
                                                                                                                                                                                                                                          • Figure 58: Main differences by gender in attitudes to beauty shopping, November 2009
                                                                                                                                                                                                                                        • Some common ground
                                                                                                                                                                                                                                            • Figure 59: Other attitudes to beauty shopping, by gender, November 2009
                                                                                                                                                                                                                                          • Other findings
                                                                                                                                                                                                                                          • A.S. Watson (UK)

                                                                                                                                                                                                                                              • Figure 60: AS Watson UK: Sales as share of UK health and beauty retailers’ sales, 2004-08
                                                                                                                                                                                                                                              • Figure 61: Superdrug: Sales as share of UK health and beauty retailers’ sales, 2004-08
                                                                                                                                                                                                                                              • Figure 62: Savers Health & Beauty: Sales as share of UK health and beauty retailers’ sales, 2004-08
                                                                                                                                                                                                                                              • Figure 63: The Perfume Shop: Sales as share of UK health and beauty retailers’ sales, 2004-08
                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                    • Figure 64: AS Watson UK: Financial performance, 2004-08
                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                    • Figure 65: AS Watson UK: Outlet data, 2004-08
                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                  • Boots UK

                                                                                                                                                                                                                                                      • Figure 66: Boots UK: Sales as share of health and beauty retailers’ sales, 2004-08
                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                          • UK Health and Beauty Division
                                                                                                                                                                                                                                                            • Figure 67: Alliance Boots UK Health and Beauty Division: Financial performance, 2004-08
                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                              • Figure 68: Alliance Boots UK Health and Beauty Division: Outlet data, 2004-08
                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                              • Market positioning
                                                                                                                                                                                                                                                                • Brands
                                                                                                                                                                                                                                                                  • Product offer
                                                                                                                                                                                                                                                                    • Figure 69: Alliance Boots UK Health and Beauty: Sales mix by major product category, 2008/09
                                                                                                                                                                                                                                                                  • Pricing
                                                                                                                                                                                                                                                                    • Advertising and marketing
                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                      • Lush

                                                                                                                                                                                                                                                                          • Figure 70: Lush Retail Ltd: Sales as share of UK health and beauty retailers’ sales, 2004-08
                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                              • Figure 71: Lush Retail Ltd: Financial performance, 2004-08
                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                • Figure 72: Lush Retail Ltd: Outlet data, 2004-08
                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                • Market positioning
                                                                                                                                                                                                                                                                                  • Product offer and brand
                                                                                                                                                                                                                                                                                    • e-commerce
                                                                                                                                                                                                                                                                                    • Molton Brown

                                                                                                                                                                                                                                                                                        • Figure 73: Molton Brown Ltd: Sales as share of UK health and beauty retailers’ sales, 2005-08
                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                            • Figure 74: Molton Brown Retail Division: Sales performance, 2004-08
                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                            • Figure 75: Molton Brown: UK Outlet data, 2004-08
                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                          • Space NK

                                                                                                                                                                                                                                                                                              • Figure 76: Space NK Ltd: Sales as share of health and beauty retailers’ sales, 2004-08
                                                                                                                                                                                                                                                                                            • Recent history
                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                • Figure 77: Space NK: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                • Figure 78: Space NK: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                              • The Body Shop

                                                                                                                                                                                                                                                                                                  • Figure 79: The Body Shop UK & Republic of Ireland: Estimated sales as share of UK health and beauty retailers’ sales, 2004-08
                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                        • Figure 80: The Body Shop UK & Republic of Ireland: Financial performance, 2004-08
                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                          • Figure 81: The Body Shop UK: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                          • Market positioning
                                                                                                                                                                                                                                                                                                            • Product offer
                                                                                                                                                                                                                                                                                                              • Pricing
                                                                                                                                                                                                                                                                                                                • Advertising and marketing
                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                  • Appendix – Where They Buy Beauty Products

                                                                                                                                                                                                                                                                                                                      • Figure 82: Next most popular beauty cosmetics, skincare products or fragrances/aftershaves bought from, by demographics, November 2009
                                                                                                                                                                                                                                                                                                                      • Figure 83: Other beauty cosmetics, skincare products or fragrances/aftershaves bought from, by demographics, November 2009 (continued)
                                                                                                                                                                                                                                                                                                                      • Figure 84: Least popular beauty cosmetics, skincare products or fragrances/aftershaves bought from, by demographics, November 2009 (continued)
                                                                                                                                                                                                                                                                                                                      • Figure 85: Agreement with selected lifestyle statements on appearance/beauty, GB, by demographics, 2009
                                                                                                                                                                                                                                                                                                                  • Appendix – The Way They Shop For Beauty Products

                                                                                                                                                                                                                                                                                                                      • Figure 86: Most popular statements on buying cosmetics, skincare and fragrances/aftershaves, by demographics, November 2009
                                                                                                                                                                                                                                                                                                                      • Figure 87: Next most popular statements on buying cosmetics, skincare and fragrances/aftershaves, by demographics, November 2009 (continued)
                                                                                                                                                                                                                                                                                                                      • Figure 88: Most popular statements on buying cosmetics, skincare and fragrances/aftershaves, by demographics, November 2009 (continued)
                                                                                                                                                                                                                                                                                                                      • Figure 89: Beauty cosmetics, skincare products or fragrances/aftershaves bought from, by most popular statements on buying cosmetics, skincare and fragrances/aftershaves, November 2009
                                                                                                                                                                                                                                                                                                                      • Figure 90: Beauty cosmetics, skincare products or fragrances/aftershaves bought from, by next most popular statements on buying cosmetics, skincare and fragrances/aftershaves, November 2009 (continued)
                                                                                                                                                                                                                                                                                                                      • Figure 91: Beauty cosmetics, skincare products or fragrances/aftershaves bought from, by other statements on buying cosmetics, skincare and fragrances/aftershaves, November 2009 (continued)
                                                                                                                                                                                                                                                                                                                  • Appendix – Attitudes to Beauty Products

                                                                                                                                                                                                                                                                                                                      • Figure 92: Most popular attitudes towards buying cosmetics, skincare, fragrances/aftershaves, by demographics, November 2009
                                                                                                                                                                                                                                                                                                                      • Figure 93: Next most popular attitudes towards buying cosmetics, skincare, fragrances/aftershaves, by demographics, November 2009 (continued)
                                                                                                                                                                                                                                                                                                                      • Figure 94: Other attitudes towards buying cosmetics, skincare, fragrances/aftershaves, by demographics, November 2009 (continued)
                                                                                                                                                                                                                                                                                                                      • Figure 95: Beauty cosmetics, skincare products or fragrances/aftershaves bought from, by most popular attitudes towards buying cosmetics, skincare, fragrances/aftershaves, November 2009
                                                                                                                                                                                                                                                                                                                      • Figure 96: Beauty cosmetics, skincare products or fragrances/aftershaves bought from, by next most popular attitudes towards buying cosmetics, skincare, fragrances/aftershaves, November 2009 (continued)
                                                                                                                                                                                                                                                                                                                      • Figure 97: Beauty cosmetics, skincare products or fragrances/aftershaves bought from, by other attitudes towards buying cosmetics, skincare, fragrances/aftershaves, November 2009 (continued)

                                                                                                                                                                                                                                                                                                                  Companies Covered

                                                                                                                                                                                                                                                                                                                  • A. S. Watson (Europe)
                                                                                                                                                                                                                                                                                                                  • Advertising Standards Authority
                                                                                                                                                                                                                                                                                                                  • Aldi Stores Ltd (UK & Ireland)
                                                                                                                                                                                                                                                                                                                  • Alliance Boots
                                                                                                                                                                                                                                                                                                                  • Alliance Boots UK Retail
                                                                                                                                                                                                                                                                                                                  • Amazon.co.uk
                                                                                                                                                                                                                                                                                                                  • Argos
                                                                                                                                                                                                                                                                                                                  • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                  • ASOS
                                                                                                                                                                                                                                                                                                                  • Avon Cosmetics Ltd
                                                                                                                                                                                                                                                                                                                  • Bank of England
                                                                                                                                                                                                                                                                                                                  • Bhs Ltd
                                                                                                                                                                                                                                                                                                                  • Bourjois Ltd
                                                                                                                                                                                                                                                                                                                  • British Airways Plc
                                                                                                                                                                                                                                                                                                                  • British Market Research Bureau (BMRB)
                                                                                                                                                                                                                                                                                                                  • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                  • Carolina Herrera New York
                                                                                                                                                                                                                                                                                                                  • Chanel Ltd (UK)
                                                                                                                                                                                                                                                                                                                  • Clarins UK Ltd
                                                                                                                                                                                                                                                                                                                  • Clinique Laboratories Ltd (UK)
                                                                                                                                                                                                                                                                                                                  • Co-operative Group
                                                                                                                                                                                                                                                                                                                  • Colipa
                                                                                                                                                                                                                                                                                                                  • Condé Nast Publications Inc.
                                                                                                                                                                                                                                                                                                                  • Cosmopolitan
                                                                                                                                                                                                                                                                                                                  • Coty UK Ltd
                                                                                                                                                                                                                                                                                                                  • Crabtree & Evelyn Ltd
                                                                                                                                                                                                                                                                                                                  • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                  • Diesel
                                                                                                                                                                                                                                                                                                                  • Dolce & Gabbana
                                                                                                                                                                                                                                                                                                                  • Estée Lauder Companies Inc. (The)
                                                                                                                                                                                                                                                                                                                  • Freeview
                                                                                                                                                                                                                                                                                                                  • Garnier
                                                                                                                                                                                                                                                                                                                  • Gillette UK Ltd
                                                                                                                                                                                                                                                                                                                  • Givenchy
                                                                                                                                                                                                                                                                                                                  • Guerlain
                                                                                                                                                                                                                                                                                                                  • Harrods Group Total
                                                                                                                                                                                                                                                                                                                  • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                  • HBOS plc (Halifax Bank of Scotland)
                                                                                                                                                                                                                                                                                                                  • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                  • Hutchison Whampoa (retail)
                                                                                                                                                                                                                                                                                                                  • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                  • J. Sainsbury
                                                                                                                                                                                                                                                                                                                  • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                  • Kao Corporation
                                                                                                                                                                                                                                                                                                                  • Kingfisher Group
                                                                                                                                                                                                                                                                                                                  • Kohlberg Kravis Roberts & Co.
                                                                                                                                                                                                                                                                                                                  • Kruidvat (Netherlands)
                                                                                                                                                                                                                                                                                                                  • L'Occitane Ltd
                                                                                                                                                                                                                                                                                                                  • L'Oréal (UK)
                                                                                                                                                                                                                                                                                                                  • L'Oréal SA
                                                                                                                                                                                                                                                                                                                  • Lancôme
                                                                                                                                                                                                                                                                                                                  • Lloyds Retail Chemists Ltd
                                                                                                                                                                                                                                                                                                                  • London Stock Exchange plc
                                                                                                                                                                                                                                                                                                                  • Lush Retail Ltd
                                                                                                                                                                                                                                                                                                                  • Macy's, Inc.
                                                                                                                                                                                                                                                                                                                  • Market & Opinion Research International (MORI)
                                                                                                                                                                                                                                                                                                                  • Marks & Spencer
                                                                                                                                                                                                                                                                                                                  • Mary Kay Cosmetics Ltd. (UK)
                                                                                                                                                                                                                                                                                                                  • Max Factor
                                                                                                                                                                                                                                                                                                                  • Molton Brown
                                                                                                                                                                                                                                                                                                                  • MTV Europe (UK)
                                                                                                                                                                                                                                                                                                                  • Nivea
                                                                                                                                                                                                                                                                                                                  • Office for National Statistics
                                                                                                                                                                                                                                                                                                                  • Olay Company, Inc.
                                                                                                                                                                                                                                                                                                                  • Oriflame Cosmetics (UK & Ireland)
                                                                                                                                                                                                                                                                                                                  • Origins Natural Resources, Inc.
                                                                                                                                                                                                                                                                                                                  • Poundland Ltd
                                                                                                                                                                                                                                                                                                                  • Poundstretcher
                                                                                                                                                                                                                                                                                                                  • Poundstretcher Ltd
                                                                                                                                                                                                                                                                                                                  • Revlon Group Ltd (UK)
                                                                                                                                                                                                                                                                                                                  • RSPCA
                                                                                                                                                                                                                                                                                                                  • Savers Health and Beauty Ltd
                                                                                                                                                                                                                                                                                                                  • Scholl Consumer Products Ltd
                                                                                                                                                                                                                                                                                                                  • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                  • Sephora
                                                                                                                                                                                                                                                                                                                  • Shiseido International
                                                                                                                                                                                                                                                                                                                  • Somerfield
                                                                                                                                                                                                                                                                                                                  • Space NK Ltd
                                                                                                                                                                                                                                                                                                                  • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                  • Tesco Plc
                                                                                                                                                                                                                                                                                                                  • The Body Shop - Retail Sales
                                                                                                                                                                                                                                                                                                                  • The Cosmetic Toiletry & Perfumery Association Limited (UK)
                                                                                                                                                                                                                                                                                                                  • The Fragrance Shop
                                                                                                                                                                                                                                                                                                                  • The Perfume Shop Ltd
                                                                                                                                                                                                                                                                                                                  • Virgin Group Ltd.
                                                                                                                                                                                                                                                                                                                  • Waitrose
                                                                                                                                                                                                                                                                                                                  • Wilkinson Hardware Stores Ltd
                                                                                                                                                                                                                                                                                                                  • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                  • Woolworths Group plc
                                                                                                                                                                                                                                                                                                                  • YouTube, Inc.

                                                                                                                                                                                                                                                                                                                  Beauty Retailing - UK - January 2010

                                                                                                                                                                                                                                                                                                                  £1,995.00 (Excl.Tax)