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Beauty Retailing - UK - January 2015

“Department stores look most at risk from the growth in online-only retailers because both channels are biased to branded merchandise (particularly premium/luxury labels) which makes it easier for shoppers to compare prices. Where price is a major factor then people are more likely to choose the pure player over a department store, particularly on repeat purchases.”
– Hilary Monk, Senior Retail Analyst

Some questions answered in this report include:

  • How can multi-channel retailers respond to the threat from internet pure players?
  • Discounters – another downward force on market growth?
  • Can high street beauty retailers capitalise on the changes in grocery shopping patterns?  
  • How is the appetite for mobile apps impacting on the beauty market? 

Changing shopping habits, the growth of discount channels and the migration of spending online are reshaping beauty retailing.

For many years, supermarkets were seen as the threat to high-street beauty specialists, particularly those in the midmarket, like Boots. However, grocery shopping habits are changing – gradually, fewer consumers are undertaking big weekly grocery shops at large superstores. More shoppers are buying from smaller supermarkets, including limited-line discounters such as Aldi and Lidl, and from convenience stores. So there are new opportunities for specialists to position themselves as complementary to these channels, given the often-limited choice in these smaller grocery stores.

But at the same time, mixed-goods discount stores, like Poundland and B&M Bargains, are growing fast, providing alternative channels for shoppers seeking mass-market beauty and toiletries products at low prices. And internet-only retailers are further price-competitive rivals, providing particular opportunities for shoppers to buy off-price prestige beauty products. So there are new threats to specialist high-street retailers.

Our report addresses these changes in sections such as: Channels of Distribution, Market Size and Forecast (five-year forecasts for consumer spending), Sector Size and Forecast (five-year forecasts for specialists’ sector sales), Online, The Leading Specialist Retailers and The Leading Non-Specialist Retailers.

 

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Table of contents

  1. Introduction

      • Definitions
        • Market size
          • Market shares
            • Retail sector size
              • Financial definitions
                • Abbreviations
                • Executive Summary

                    • The market
                      • Spending forecast
                        • Figure 1: Market size and forecast: spending on beauty and personal care products (including VAT), 2009-19
                      • Specialist retailers’ forecast
                        • Figure 2: Health and beauty Specialists’ sales (including VAT), 2009-19
                      • Market factors
                        • Online
                          • Figure 3: Online sales as % of all spending on beauty and personal care products, 2013-15
                        • Companies, brands and innovations
                          • Market shares
                            • Figure 4: Leading specialist and non-specialist retailers: estimated market shares, 2013
                          • The consumer
                            • Where they shop
                              • Figure 5: The consumer: where they bought beauty products in the last 12 months, whether in-store or online, November 2014
                            • Attitudes towards discount stores
                              • Figure 6: The consumer: agreement with attitudes towards discount stores, November 2014
                            • Type of beauty brands bought, by retailer used
                              • Figure 7: The consumer: type of beauty products bought, by retailer, November 2014
                            • Attitudes towards types of beauty brands
                              • Figure 8: The consumer: attitudes towards types of beauty brands, November 2014
                            • Attitudes towards social media and retail technology
                              • Figure 9: The consumer: agreement with attitude statements on social media and beauty, November 2014
                              • Figure 10: The consumer: agreement with attitude statements on retail technology and beauty, November 2014
                            • What we think
                            • Issues and Insights

                                • How can multi-channel retailers respond to the threat from internet pure players?
                                  • The facts
                                    • The implications
                                      • Discounters – another downward force on market growth?
                                        • The facts
                                          • The implications
                                            • Can high street beauty retailers capitalise on the changes in grocery shopping patterns?
                                              • The facts
                                                • The implications
                                                  • How is the appetite for mobile apps impacting on the beauty market?
                                                    • The facts
                                                      • The implications
                                                      • Trend Application

                                                          • Many Mes
                                                            • The Nouveau Poor
                                                              • Mintel Futures
                                                              • Market Size and Forecast

                                                                • Key points
                                                                  • Slower growth as shoppers spend more carefully
                                                                    • Figure 11: Market size and forecast: spending on beauty and personal care products (including VAT), 2009-19
                                                                    • Figure 12: Market size and forecast: spending on beauty and personal care products (including VAT), at current and constant prices, 2009-19
                                                                  • Segment forecasts: Beauty versus Other Products
                                                                    • Figure 13: Segment size and forecast: spending on beauty products (including VAT), 2009-19
                                                                    • Figure 14: Segment size and forecast: spending on beauty products (including VAT), at current and constant prices, 2009-19
                                                                    • Figure 15: Segment size and forecast: spending on other personal care products (including VAT), 2009-19
                                                                    • Figure 16: Segment size and forecast: spending on other personal care products (including VAT), at current and constant prices, 2009-19
                                                                  • Category performance in beauty
                                                                    • Figure 17: Spending on beauty products, by category, 2013 and 2014
                                                                  • Colour cosmetics
                                                                    • Fragrances
                                                                      • Facial skincare
                                                                        • Bodycare
                                                                          • Total spending on personal care items
                                                                              • Figure 18: Total consumer spending on personal care items (including VAT), 2009-13
                                                                            • Mintel’s forecast methodology
                                                                            • The Market Environment

                                                                              • Key points
                                                                                • An ageing population is a threat and an opportunity
                                                                                  • Figure 19: Age structure of the UK population - Total, 2009, 2014, 2019
                                                                                  • Figure 20: Age structure of the UK population - Female, 2009, 2014, 2019
                                                                                • More male grooming
                                                                                  • Increasing ethnic diversity
                                                                                    • Figure 21: Natural skin tone of UK female population, May 2014
                                                                                  • Willingness to spend
                                                                                    • Figure 22: The consumer: trends in what extra money is spent on – beauty categories, January 2013 – October 2014
                                                                                  • But more spend is going online
                                                                                    • Figure 23: Online sales as % of all spending on beauty and personal care products, 2013-15
                                                                                  • And consumers are shopping more smartly
                                                                                    • Figure 24: Discount voucher usage in the past three months, by retailer type – most popular types of retailers, October 2013
                                                                                • Sector Size and Forecast

                                                                                  • Key points
                                                                                    • Specialists set to outpace BPC spending
                                                                                      • Figure 25: Health and beauty specialists’ sales (including VAT), 2009-19
                                                                                      • Figure 26: Health and beauty specialists’ sales (including VAT), at current and constant prices, 2009-19
                                                                                      • Figure 27: Annual growth in specialists’ sector sales and annual growth in spending on beauty and personal care products, 2014-19 (fore)
                                                                                    • Notes on the sector size
                                                                                      • Outlet and enterprise numbers
                                                                                        • Figure 28: Health and beauty specialists: outlet numbers, 2009-14
                                                                                        • Figure 29: Health and beauty specialists: enterprise numbers, 2009-14
                                                                                    • Strengths and Weaknesses

                                                                                      • Strengths
                                                                                        • Weaknesses
                                                                                        • Who’s Innovating?

                                                                                          • Key points
                                                                                            • Budget retailer launches its own cosmetics range
                                                                                              • First online marketplace dedicated to beauty products
                                                                                                • Boots new transactional app
                                                                                                  • On-demand beauty service to your door within 45 minutes
                                                                                                    • Boots innovative make-up service
                                                                                                      • 3D augmented reality mirror
                                                                                                        • Superdrug’s new beauty concept store
                                                                                                          • Manicure Marathon pop-up event
                                                                                                            • Clinique’s first-ever pop-up store
                                                                                                              • Nocibe’s new store concept dedicated to private brand and services
                                                                                                                • DNA-based beauty and cosmetics brand’s laboratory store environment
                                                                                                                  • Beauty-on-the-go
                                                                                                                    • Upmarket automated beauty store
                                                                                                                    • Space Allocation Summary

                                                                                                                      • Key points
                                                                                                                        • Space allocation overview
                                                                                                                          • Figure 30: Leading health and beauty retailers: Health and beauty products space allocation, December 2014
                                                                                                                        • Detailed space allocation
                                                                                                                          • Figure 31: Dior beauty counter, Debenhams, White City, London, December 2014
                                                                                                                          • Figure 32: : Leading health and beauty retailers: Detailed health and beauty products space allocation within the beauty departments, December 2014
                                                                                                                        • Health and beauty versus non-health and beauty-related
                                                                                                                          • Figure 33: Leading health and beauty retailers: Percentage of total in-store space dedicated to health and beauty category, December 2014
                                                                                                                      • Leading Specialist Retailers: Financials and Outlets

                                                                                                                        • Key points
                                                                                                                          • A profusion of privately-owned retailers
                                                                                                                            • 2013 was a better year for Boots and Superdrug
                                                                                                                              • Top specialists by sales
                                                                                                                                • Figure 34: Leading specialist retailers: net revenues, 2009-13
                                                                                                                                • Figure 35: Leading pharmacy chains’ net revenues, 2009-13
                                                                                                                              • Outlet numbers and sales per outlet
                                                                                                                                • Figure 36: Leading specialist retailers: store numbers, 2009-13
                                                                                                                                • Figure 37: Leading specialist retailers: annual sales per outlet, 2009-13
                                                                                                                              • Operating profits and margins
                                                                                                                                • Figure 38: Leading specialist retailers: Operating profits, 2009-13
                                                                                                                                • Figure 39: Leading specialist retailers: Operating margins, 2009-13
                                                                                                                              • Sales area and sales densities
                                                                                                                                • Figure 40: Selected leading specialist retailers: estimated total sales area, 2009-13
                                                                                                                                • Figure 41: Selected leading specialist retailers: estimated annual sales per sq m, 2009-13
                                                                                                                            • Leading Non-Specialist Retailers

                                                                                                                              • Key points
                                                                                                                                • Discount stores stealing share from supermarkets
                                                                                                                                  • Figure 42: Leading non-specialist retailers: estimated sales growth by segment, 2013
                                                                                                                                  • Figure 43: Leading non-specialist retailers: estimated beauty and personal care goods sales (excluding VAT), 2011-13
                                                                                                                                • The grocers
                                                                                                                                  • The department stores
                                                                                                                                    • The discount stores
                                                                                                                                    • Market Shares

                                                                                                                                      • Key points
                                                                                                                                        • Grocers strong in BPC
                                                                                                                                          • Figure 44: Leading specialist and non-specialist retailers: estimated market shares, 2013
                                                                                                                                          • Figure 45: Leading specialist and non-specialist retailers: market shares, 2011-13
                                                                                                                                        • Note on market shares
                                                                                                                                        • Online

                                                                                                                                          • Key points
                                                                                                                                            • Online approaching 10% of the market
                                                                                                                                              • Figure 46: Estimated online consumer spending on BPC products, 2009-15
                                                                                                                                            • Leading sites by visitor numbers
                                                                                                                                              • Figure 47: Leading fragrances/cosmetics retail websites, by unique visitor numbers, October 2014
                                                                                                                                              • Figure 48: Top five fragrances/cosmetics retail websites: visitor profile, by age group, October 2014
                                                                                                                                              • Figure 49: Top five fragrances/cosmetics retail websites: visitor profile, by gender, October 2014
                                                                                                                                              • Figure 50: Top five fragrances/cosmetics retail websites: visitor profile, by socio-economic group, October 2014
                                                                                                                                          • Channels of Distribution

                                                                                                                                            • Key points
                                                                                                                                              • Discount channels growing in BPC
                                                                                                                                                • Figure 51: Estimated distribution of spending on beauty and personal care products, 2014
                                                                                                                                                • Figure 52: Estimated distribution of spending on beauty and personal care products, in percentage and value terms (including VAT), 2013 and 2014
                                                                                                                                            • Brand Communication and Promotion

                                                                                                                                              • Key points
                                                                                                                                                • Beauty advertising spend flat in 2013
                                                                                                                                                    • Figure 53: Main monitored media advertising expenditure on cosmetics, personal care and body care, by leading retailers, 2010-13
                                                                                                                                                  • TV and the press attract the biggest share of beauty ad spend
                                                                                                                                                    • Figure 54: Main monitored media advertising expenditure on cosmetics, personal care and body care, by leading retailers, by media type, 2013
                                                                                                                                                  • What we have seen from the leading advertisers in 2014
                                                                                                                                                  • Brand Research

                                                                                                                                                    • Brand map
                                                                                                                                                        • Figure 55: Attitudes towards and usage of brands in the retail sector, November 2014
                                                                                                                                                      • Correspondence analysis
                                                                                                                                                        • Brand attitudes
                                                                                                                                                          • Figure 56: Attitudes, by retailer, November 2014
                                                                                                                                                        • Brand personality
                                                                                                                                                          • Figure 57: Retailer brand personality – Macro image, November 2014
                                                                                                                                                          • Figure 58: Retailer brand personality – Micro image, November 2014
                                                                                                                                                        • Brand experience
                                                                                                                                                          • Figure 59: Retailer usage, November 2014
                                                                                                                                                          • Figure 60: Satisfaction with various retailers, November 2014
                                                                                                                                                          • Figure 61: Consideration of retailers, November 2014
                                                                                                                                                          • Figure 62: Consumer perceptions of current retailer performance, November 2014
                                                                                                                                                        • Brand recommendation
                                                                                                                                                          • Figure 63: Recommendation of selected retailers, November 2014
                                                                                                                                                      • The Consumer – Where They Buy In-store or Online

                                                                                                                                                        • Key points
                                                                                                                                                          • What we asked
                                                                                                                                                            • Who buys beauty products?
                                                                                                                                                              • Figure 64: Who had bought beauty products in the last 12 months, November 2014
                                                                                                                                                            • Where consumers buy
                                                                                                                                                                • Figure 65: UK: Where they buy beauty products, in-store and online, November 2014
                                                                                                                                                              • Favourite beauty retailers
                                                                                                                                                                • Where consumers buy – offline/online split
                                                                                                                                                                    • Figure 66: UK: Where they buy beauty products, in-store or online, November 2014
                                                                                                                                                                  • Who shops where
                                                                                                                                                                      • Figure 67: UK: Where they buy any beauty product, by age and affluence, November 2014
                                                                                                                                                                    • Shopping repertoire
                                                                                                                                                                      • Breaking the routine
                                                                                                                                                                          • Figure 68: Buying repertoire (in-store and online) in the last 12 months by gender, age and socio-economic group, November 2014
                                                                                                                                                                        • Older people and the less affluent shopped around more in 2014
                                                                                                                                                                            • Figure 69: Those shopping (in-store and online) at five or more types of retailer in the last 12 months by gender, age and socio-economic group, November 2013 and 2014
                                                                                                                                                                          • Under 35s are the most fickle
                                                                                                                                                                            • Boots customer loyalty
                                                                                                                                                                              • Figure 70: Buying repertoire (in-store and online) by Where they buy, November 2014
                                                                                                                                                                          • The Consumer – Types of Brands They Use

                                                                                                                                                                            • Key points
                                                                                                                                                                              • What we asked
                                                                                                                                                                                • What types of brands consumers use
                                                                                                                                                                                  • Mass market brands most popular
                                                                                                                                                                                    • Figure 71: Types of beauty brand typically used, November 2014
                                                                                                                                                                                  • Consumers prepared to splash out on premium/luxury fragrances and aftershave
                                                                                                                                                                                      • Figure 72: Types of beauty brand typically used, by product category, November 2014
                                                                                                                                                                                    • Who uses what
                                                                                                                                                                                        • Figure 73: Types of facial skincare brands typically used by age and affluence, November 2014
                                                                                                                                                                                        • Figure 74: Types of bodycare brands typically used by age and affluence, November 2014
                                                                                                                                                                                        • Figure 75: Types of make-up brands typically used by age and affluence, November 2014
                                                                                                                                                                                        • Figure 76: Types of fragrances/aftershaves typically used by age and affluence, November 2014
                                                                                                                                                                                      • Type of brand bought by retailer
                                                                                                                                                                                          • Figure 77: Types of brands typically purchased, by selected retailers, November 2014
                                                                                                                                                                                          • Figure 78: UK: budget/standard own brands typically bought, by selected retailers, November 2014
                                                                                                                                                                                          • Figure 79: UK: premium own brands typically bought, by selected retailers, November 2014
                                                                                                                                                                                          • Figure 80: Mass market brands typically bought, by selected retailers, November 2014
                                                                                                                                                                                          • Figure 81: Premium/luxury brands typically bought, by selected retailer, November 2014
                                                                                                                                                                                        • Brand opinions and patterns
                                                                                                                                                                                        • The Consumer – Attitudes towards Brand Types

                                                                                                                                                                                          • Key points
                                                                                                                                                                                            • What we asked
                                                                                                                                                                                              • Attitudes to different brand types
                                                                                                                                                                                                • Figure 82: Attitude to different types of beauty brands, November 2014
                                                                                                                                                                                              • Discussion group opinions
                                                                                                                                                                                                • Top perfume houses perpetuate the dream
                                                                                                                                                                                                  • Younger people more open to new brands?
                                                                                                                                                                                                      • Figure 83: Those who agree premium/luxury fragrance brands are worth the extra money, by age, November 2014
                                                                                                                                                                                                    • Boots sews up the premium branded segment
                                                                                                                                                                                                        • Figure 84: Attitude to different types of beauty brands, by women aged 45-64 and 65+, November 2014
                                                                                                                                                                                                      • Targeting male shoppers
                                                                                                                                                                                                          • Figure 85: Attitude to different types of beauty brands, by gender, November 2014
                                                                                                                                                                                                      • The Consumer – Attitudes towards Discount Retailers

                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                          • What we asked
                                                                                                                                                                                                            • Attitudes to discount retailers
                                                                                                                                                                                                                • Figure 86: Attitude towards shopping for beauty products from discount stores, November 2014
                                                                                                                                                                                                              • Discussion group opinions
                                                                                                                                                                                                                • Potential for private label?
                                                                                                                                                                                                                • The Consumer – Attitudes towards Digital Technology and Social Media

                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                    • What we asked
                                                                                                                                                                                                                      • Attitudes to digital initiatives and social media
                                                                                                                                                                                                                          • Figure 87: Attitude to digital technology and social media, November 2014
                                                                                                                                                                                                                        • Attitudes to beauty apps and mobile enabled sites
                                                                                                                                                                                                                          • Opportunities and threat from beauty apps
                                                                                                                                                                                                                            • New initiatives
                                                                                                                                                                                                                                • Figure 88: Selective Attitudes, by smartphone/tablet users only, November 2014
                                                                                                                                                                                                                              • Digital versus human contact
                                                                                                                                                                                                                                • Polar opposites
                                                                                                                                                                                                                                    • Figure 89: Those who prefer to search for product information in-store on their mobile device than ask a sales advisor, by age and gender, November 2014
                                                                                                                                                                                                                                  • Attitudes to social media
                                                                                                                                                                                                                                    • The role of social media in beauty shopping
                                                                                                                                                                                                                                        • Figure 90: Attitudes to social media, November 2014
                                                                                                                                                                                                                                      • Under 35s much more engaged with social media
                                                                                                                                                                                                                                        • Figure 91: Those agreeing with social media statements, by age, November 2014
                                                                                                                                                                                                                                      • In-store experiences
                                                                                                                                                                                                                                          • Figure 92: Attitudes to in-store experiences, November 2014
                                                                                                                                                                                                                                          • Figure 93: Those interested in using in-store tablets to research the beauty products available, by gender, age and household income, November 2014
                                                                                                                                                                                                                                          • Figure 94: Those interested in using in-store tablets to pay for beauty products, by gender, age and household income, November 2014
                                                                                                                                                                                                                                          • Figure 95: Attitudes to in-store tablets by where they shop, November 2014
                                                                                                                                                                                                                                      • Alliance Boots

                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                            • Life under Walgreens
                                                                                                                                                                                                                                              • Very different propositions
                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                    • Figure 96: Boots the Chemists, Retail sales growth 2013/14 on 2012/13
                                                                                                                                                                                                                                                    • Figure 97: Boots: UK sales mix, 2008/09-2013/14
                                                                                                                                                                                                                                                    • Figure 98: Alliance Boots: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                    • Figure 99: Alliance Boots: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                  • A.S. Watson UK (Superdrug, Perfume Shop, Savers)

                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                        • Superdrug
                                                                                                                                                                                                                                                          • The Perfume Shop
                                                                                                                                                                                                                                                            • Savers
                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                  • Superdrug
                                                                                                                                                                                                                                                                    • The Perfume Shop
                                                                                                                                                                                                                                                                      • Savers
                                                                                                                                                                                                                                                                        • Figure 100: A.S. Watson UK: Financial performance, 2009-2014 (est)
                                                                                                                                                                                                                                                                        • Figure 101: A.S. Watson UK: Outlet data (part estimated), 2009-2014
                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                        • Superdrug
                                                                                                                                                                                                                                                                          • The Perfume Shop
                                                                                                                                                                                                                                                                            • Savers
                                                                                                                                                                                                                                                                            • The Body Shop

                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                  • Store refits update its image
                                                                                                                                                                                                                                                                                    • Values remain at its core
                                                                                                                                                                                                                                                                                      • Better off alone?
                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                            • Figure 102: The Body Shop: Like-for-like retail sales growth, 2011-14,
                                                                                                                                                                                                                                                                                            • Figure 1: The Body Shop: Group financial performance, 2009-2014
                                                                                                                                                                                                                                                                                            • Figure 2: The Body Shop: Estimated UK sales performance, 2009-13
                                                                                                                                                                                                                                                                                            • Figure 103: The Body Shop: Outlet data, 2009-14
                                                                                                                                                                                                                                                                                            • Figure 3: The Body Shop: Outlet breakdown, 2009-2013
                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                          • Debenhams

                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                • Hints of underperformance
                                                                                                                                                                                                                                                                                                  • Less discounting
                                                                                                                                                                                                                                                                                                    • Online is ticking the boxes
                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                          • Figure 104: Debenhams: Estimated beauty sales, 2010/11-2013/14
                                                                                                                                                                                                                                                                                                          • Figure 105: Debenhams: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                          • Figure 106: Debenhams: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                        • The Fragrance Shop

                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                              • Focused on fragrances
                                                                                                                                                                                                                                                                                                                • Entering self-service with Indulge
                                                                                                                                                                                                                                                                                                                  • Embracing the online channel
                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                        • Figure 107: TFS Stores Limited: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                        • Figure 108: The Fragrance Shop: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                      • House of Fraser

                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                            • Beauty showing slight growth
                                                                                                                                                                                                                                                                                                                              • Strong branded offering
                                                                                                                                                                                                                                                                                                                                • House extension
                                                                                                                                                                                                                                                                                                                                  • Multi-channel operations proving successful
                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                        • Figure 109: House of Fraser: Estimated beauty sales, 2012-2014
                                                                                                                                                                                                                                                                                                                                        • Figure 110: House of Fraser Total: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                        • Figure 111: House of Fraser Total: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                      • John Lewis

                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                            • Figure 112: Age demographics of those who have purchased beauty products, in-store or online at John Lewis, 2014
                                                                                                                                                                                                                                                                                                                                          • Positioning
                                                                                                                                                                                                                                                                                                                                            • Beauty services
                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                  • Figure 113: John Lewis: Estimated beauty and personal care goods sales (excluding VAT), 2010/11-2013/14
                                                                                                                                                                                                                                                                                                                                                  • Figure 114: John Lewis Plc (department store): Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                  • Figure 115: John Lewis Plc (department store): Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                • Lush Retail

                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                      • Steady good growth
                                                                                                                                                                                                                                                                                                                                                        • A loyal following
                                                                                                                                                                                                                                                                                                                                                          • Website revamp
                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                • Figure 116: Lush Retail Ltd: Group financial performance, 2008/9-2013/14
                                                                                                                                                                                                                                                                                                                                                                • Figure 117: Lush Retail Ltd: Outlet data, 2008/9-2013/14
                                                                                                                                                                                                                                                                                                                                                              • Retail offering

                                                                                                                                                                                                                                                                                                                                                              Companies Covered

                                                                                                                                                                                                                                                                                                                                                              • Boots UK health & beauty retail
                                                                                                                                                                                                                                                                                                                                                              • Debenhams UK
                                                                                                                                                                                                                                                                                                                                                              • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                              • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                                                              • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                              • Marks & Spencer (UK)
                                                                                                                                                                                                                                                                                                                                                              • Selfridges Group
                                                                                                                                                                                                                                                                                                                                                              • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                                                              • The Body Shop (UK & RoI)
                                                                                                                                                                                                                                                                                                                                                              • The Perfume Shop Ltd

                                                                                                                                                                                                                                                                                                                                                              Beauty Retailing - UK - January 2015

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