Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept & Close

Beauty and Personal Care Retailing - Europe - January 2018

“Retailing of beauty and personal care products is poised for change. It looks as if the mass market drugstores are approaching maturity in some countries while the retailers with the greatest potential are those with innovative own brands. But specialists who can provide the right environment plus a range of pampering services, also look to be well placed in a market that is heavily reliant on the affordable treat element of its trade. We think that that is where the retail opportunities lie and that will be the focus for development in the next few years.”
– Richard Perks, Director of Retail Research

What you get

What's included

Why buy from us?

Succeed

Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.

Instant Access

Buy now and you'll have instant access to the information you need to make the right decisions.

Opportunities

Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.

Trusted

A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.

Table of contents

  1. Overview

    • Areas covered in this report
      • Consumer research
        • Technical notes
          • National statistics data
            • Retail sector sizes
              • Financial definitions
                • Abbreviations
                  • VAT rates
                    • Figure 1: VAT rates around Europe, 2013-18
                • Executive Summary – Europe – The Market

                    • The market
                      • Sector size and forecast
                        • Figure 2: Europe: health and beauty specialists, sales, excl. VAT, 2013-17
                        • Figure 3: Europe: health and beauty specialists, forecast sales, excl. VAT, 2018-22
                        • Figure 4: Europe: beauty and personal care specialists, sales, 2013-17
                        • Figure 5: Europe: beauty and personal care specialists, forecast sales, 2018-22
                      • BPC specialists market size
                        • Figure 6: Europe: estimated beauty and personal care specialists, market size, 2013-17
                      • Spending on personal care goods and services
                        • Figure 7: Europe: consumer spending on health and beauty products and services, 2012-16
                      • Inflation
                          • Figure 8: Europe: inflation in personal care goods and services, annual % change, 2013-17
                          • Figure 9: Europe: inflation: all items and personal care, annual % change, 2017*
                        • Leading specialists
                          • Sales
                            • Figure 10: Europe: top 20 beauty and personal care specialists, sales 2014/15-2017/18
                          • Outlets
                            • Figure 11: Europe: top 20 beauty and personal care specialists, outlets 2014/15-2017/18
                          • Sales per outlet
                            • Figure 12: Europe: top 20 beauty and personal care specialists, sales per outlet, 2014/15-2017/18
                          • Market shares
                            • Figure 13: Europe: top 20 beauty and personal care specialists’ shares of all health & beauty retailers’ sales, 2014-17
                          • What we think
                            • Demand holding up well
                              • But what sort of retailers do customers want?
                                • Online growing, but slowly
                                  • Stores should have an advantage
                                    • Opportunities in own brands
                                      • A changing retail scene
                                      • Executive Summary – Europe – The Consumer

                                          • What they bought
                                              • Figure 14: Europe: products purchased by country, November 2017
                                            • In-store vs online
                                              • Figure 15: Europe: in-store vs online buyers of beauty and personal care products, November 2017
                                            • Where they shop
                                                • Figure 16: Europe: type of retailer used to buy beauty and personal care products, November 2017
                                              • Online pureplayers
                                                • Figure 17: Europe: usage of online pureplayers, Amazon vs the rest, November 2017
                                              • Attitudes to buying beauty and personal care products
                                                  • Figure 18: Europe: those who agree with selected attitude statements to beauty retailing, November 2017
                                                  • Figure 19: Europe: ranking of level of agreement with attitude statements, November 2017
                                              • Executive Summary – Europe – Launch Activity and Innovation

                                                • Douglas makes shopping online easier
                                                  • Essence get personal with new pop-up dedicated to customisation
                                                    • L’Occitane rolls out new immersive store concept
                                                      • Figure 20: L'Occitane Paris, 2017
                                                    • Sephora also investing in “connected” store experiences
                                                      • Figure 21: Sephora, Spain 2017
                                                    • Major retailers reiterate ethical and sustainable ties
                                                      • Brands tap into the Popscape trend
                                                        • Estée Lauder continues to roll out publishing initiative
                                                          • Kiehl’s and Kiko celebrate milestone anniversaries in Italy
                                                            • Department stores up the ante on beauty
                                                              • Fashion retailers eye growth in the beauty market
                                                              • UK

                                                                • Overview
                                                                  • What you need to know
                                                                    • Products covered in this Report
                                                                      • Executive Summary
                                                                        • The market
                                                                          • Consumer spending on BPC items continues to rise
                                                                            • Figure 22: Market size and forecast for consumer spending on beauty and personal care products (including VAT), 2012-22
                                                                          • Health and beauty specialists outperforming the market
                                                                            • Figure 23: Health and beauty specialists’ sales (including VAT), 2012-22
                                                                          • Rising inflation puts pressure on UK consumers
                                                                            • Figure 24: Real wage growth – Average weekly earnings vs inflation, January 2014-October 2017
                                                                          • An ageing population threatens growth in the market
                                                                            • Companies and brands
                                                                              • Specialist retailers strengthen position in the BPC market
                                                                                • Figure 25: Estimated distribution of spending on beauty and personal care products, 2017
                                                                              • Boots continues to struggle, whilst Superdrug excels
                                                                                • Market leaders struggle to grow market share
                                                                                  • Online sales forecast to reach £1.4 billion by 2022
                                                                                    • Beauty retailers investing in store experience
                                                                                      • Advertising expenditure thought to have fallen in 2017
                                                                                        • Boots and Superdrug benefit from high levels of trust
                                                                                          • Figure 26: Attitudes towards and usage of selected brands, November 2017
                                                                                        • The consumer
                                                                                          • Most consumers shop for beauty or personal care
                                                                                            • Figure 27: Beauty and personal care products purchased, October 2017
                                                                                          • Tendency for trading up in the fragrance market is high
                                                                                            • Figure 28: Beauty and personal care brand types purchased, October 2017
                                                                                          • In-store remains the preferred channel for BPC shoppers
                                                                                            • Figure 29: How beauty and personal care products were purchased, October 2017
                                                                                          • Supermarkets most used retailer, but specialists capture higher-spending customers
                                                                                            • Figure 30: Where beauty and personal care products were purchased, October 2017
                                                                                          • Low prices are a priority, but brands are important too
                                                                                            • Figure 31: Important factors when buying beauty and personal care products, October 2017
                                                                                          • More product recommendations wanted online
                                                                                            • Figure 32: Interest in online innovations, October 2017
                                                                                          • In-store food and drink facilities are most popular when shopping for beauty and personal care
                                                                                            • Figure 33: Interest in in-store innovations, October 2017
                                                                                          • Most consumers want to browse without help from store staff
                                                                                            • Figure 34: Attitudes towards buying beauty and personal care, October 2017
                                                                                          • What we think
                                                                                            • Issues and Insights
                                                                                              • Smaller, niche specialists gain momentum
                                                                                                • The facts
                                                                                                  • The implications
                                                                                                    • Downward pressure on pricing continues
                                                                                                      • The facts
                                                                                                        • The implications
                                                                                                          • The best way to capture today’s beauty consumer
                                                                                                            • The facts
                                                                                                              • The implications
                                                                                                                • The Market – What You Need to Know
                                                                                                                  • BPC market grows 1.4% in 2017
                                                                                                                    • Beauty continues to outperform personal care
                                                                                                                      • Sales through specialists forecast to rise 3.6% in 2018
                                                                                                                        • Pressure on UK consumer incomes
                                                                                                                          • Retailers need to respond to an ageing population
                                                                                                                            • Beauty trends shaping the market
                                                                                                                              • Market Size and Forecast
                                                                                                                                • Sales of beauty and personal care set to reach £10.1 billion
                                                                                                                                  • Figure 35: Market size and forecast for consumer spending on beauty and personal care products (including VAT), 2012-22
                                                                                                                                  • Figure 36: Market size and forecast for consumer spending on beauty and personal care products (including VAT), at current and constant prices, 2012-22
                                                                                                                                • Forecast methodology
                                                                                                                                  • Market Segmentation
                                                                                                                                    • Beauty continues to see strong growth
                                                                                                                                      • Figure 37: Market size and forecast for consumer spending on beauty products (including VAT), 2012-22
                                                                                                                                      • Figure 38: Market size and forecast for consumer spending on beauty products (including VAT), at current and constant prices, 2012-22
                                                                                                                                    • Beauty category performance
                                                                                                                                      • Figure 39: Consumer spending on beauty products (including VAT), by category, 2015-17
                                                                                                                                    • Colour cosmetics
                                                                                                                                      • Fragrances
                                                                                                                                        • Facial skincare
                                                                                                                                          • Body, hand and footcare
                                                                                                                                            • Personal care market less robust
                                                                                                                                              • Figure 40: Market size and forecast for consumer spending on personal care products (including VAT), 2012-22
                                                                                                                                              • Figure 41: Market size and forecast for consumer spending on personal care products (including VAT), at current and constant prices, 2012-22
                                                                                                                                            • Personal care category performance
                                                                                                                                              • Figure 42: Consumer spending on personal care products (including VAT), by category, 2015-17
                                                                                                                                            • Haircare
                                                                                                                                              • Oral hygiene
                                                                                                                                                • Soap, bath and shower
                                                                                                                                                  • Shaving and hair removal
                                                                                                                                                    • Deodorants and body spray
                                                                                                                                                      • Suncare
                                                                                                                                                        • Hair colourants
                                                                                                                                                          • ONS consumer spending on personal care items
                                                                                                                                                            • Figure 43: Total consumer spending on personal care items (including VAT), 2012-16
                                                                                                                                                          • Forecast methodology
                                                                                                                                                            • Sector Size and Forecast
                                                                                                                                                              • BPC specialists performing well
                                                                                                                                                                • Figure 44: Health and beauty specialists’ sales (including VAT), 2012-22
                                                                                                                                                                • Figure 45: Health and beauty specialists’ sales (including VAT), at current and constant prices, 2012-22
                                                                                                                                                              • Notes on Mintel’s sector size
                                                                                                                                                                • Outlet and enterprise numbers
                                                                                                                                                                  • Figure 46: Health and beauty specialists’ outlet numbers, 2013-17
                                                                                                                                                                  • Figure 47: Health and beauty specialists’ enterprise numbers, 2013-17
                                                                                                                                                                • Forecast methodology
                                                                                                                                                                  • Market Drivers
                                                                                                                                                                    • Consumer spending power under pressure…
                                                                                                                                                                      • Figure 48: Real wage growth – Average weekly earnings vs inflation, January 2014-October 2017
                                                                                                                                                                    • …but personal care inflation remains low
                                                                                                                                                                      • Figure 49: Annual percentage change in consumer prices, October 2016-October 2017
                                                                                                                                                                    • A decline in consumer confidence
                                                                                                                                                                      • Figure 50: Consumers’ future financial confidence, January 2009-October 2017
                                                                                                                                                                    • Priorities in disposable income
                                                                                                                                                                      • Figure 51: Trends in what extra money is spent on, October 2017
                                                                                                                                                                    • Changes in the structure of the UK population
                                                                                                                                                                      • Figure 52: Trends in the age structure of the UK population, 2016-26
                                                                                                                                                                      • Figure 53: Trends in the age structure of the UK population, 2016-26
                                                                                                                                                                    • Consumers spending more online
                                                                                                                                                                      • Figure 54: Online purchasing levels in the past year, by age, May 2017
                                                                                                                                                                    • Make-up trends boosting sales
                                                                                                                                                                      • Figure 55: Usage and interest in make-up trends, March 2017
                                                                                                                                                                    • Sources of beauty information
                                                                                                                                                                      • Figure 56: Sources of information, March 2017
                                                                                                                                                                    • Changes in women’s facial skincare routines
                                                                                                                                                                      • Figure 57: Behavioural changes amongst female facial skincare users in the last 12 months, March 2017
                                                                                                                                                                    • Changes in men’s skincare regimes
                                                                                                                                                                      • Figure 58: Behavioural changes amongst male facial skincare users in the last 12 months, March 2017
                                                                                                                                                                    • Natural hair trends impact the market
                                                                                                                                                                      • Figure 59: Changes in hair washing habits in the last 12 months, November 2016
                                                                                                                                                                    • Companies and Brands – What You Need to Know
                                                                                                                                                                      • Beauty specialists and supermarkets continue to dominate
                                                                                                                                                                        • Boots struggling, whilst Superdrug grows
                                                                                                                                                                          • Department stores benefit from investment
                                                                                                                                                                            • Many leading retailers losing market share
                                                                                                                                                                              • Online accounting for a bigger share of total BPC spending
                                                                                                                                                                                • Innovation focused on in-store experience
                                                                                                                                                                                  • Advertising spend up in 2016, but looks to have fallen in 2017
                                                                                                                                                                                    • Lush differentiates itself with ethics and innovation
                                                                                                                                                                                      • Channels to Market
                                                                                                                                                                                        • Specialists growing market share
                                                                                                                                                                                          • Figure 60: Estimated distribution of spending on beauty and personal care products, 2017
                                                                                                                                                                                          • Figure 61: Estimated distribution of spending on beauty and personal care products (including VAT), 2015-17
                                                                                                                                                                                        • Leading Specialists
                                                                                                                                                                                          • Robust growth sustained at Superdrug
                                                                                                                                                                                            • Boots continues to struggle
                                                                                                                                                                                              • Kiko Milano sales up as expansion continues
                                                                                                                                                                                                • Leading specialists by sales
                                                                                                                                                                                                  • Figure 62: Leading specialist retailers’ net revenues (excluding VAT), 2012-16
                                                                                                                                                                                                • Online retailers strengthening position
                                                                                                                                                                                                  • Figure 63: Leading online/home shopping specialist retailers’ net revenues (excluding VAT), 2012-16
                                                                                                                                                                                                • Leading pharmacies by sales
                                                                                                                                                                                                  • Figure 64: Leading pharmacy chains’ net revenues (excluding VAT), 2012-16
                                                                                                                                                                                                • Outlet numbers and sales per outlet
                                                                                                                                                                                                  • Figure 65: Leading specialist retailers’ outlet numbers, 2012-16
                                                                                                                                                                                                  • Figure 66: Leading specialist retailers’ estimated sales per outlet, 2012-16
                                                                                                                                                                                                • Operating profits and margins
                                                                                                                                                                                                  • Figure 67: Leading specialist retailers’ operating profits, 2012-16
                                                                                                                                                                                                  • Figure 68: Leading specialist online/home shopping retailers’ operating profits, 2012-16
                                                                                                                                                                                                  • Figure 69: Leading specialist retailers’ operating margins, 2012-16
                                                                                                                                                                                                  • Figure 70: Leading specialist online/home shopping retailers’ operating margins, 2012-16
                                                                                                                                                                                                • Leading Non-specialists
                                                                                                                                                                                                  • Department stores outperform the market
                                                                                                                                                                                                    • Figure 71: Leading non-specialist retailers’ estimated sales growth, by segment, 2016
                                                                                                                                                                                                  • Discount grocers continue to strengthen position
                                                                                                                                                                                                    • Figure 72: Leading non-specialist retailers’ estimated beauty and personal care goods sales (excluding VAT), 2014-16
                                                                                                                                                                                                  • Non-specialists’ space allocation
                                                                                                                                                                                                    • The supermarkets
                                                                                                                                                                                                      • Figure 73: Leading department stores’ estimated health and beauty space allocation, 2017
                                                                                                                                                                                                    • The department stores
                                                                                                                                                                                                      • Figure 74: Leading department stores’ estimated health and beauty space allocation, 2017
                                                                                                                                                                                                    • The discounters
                                                                                                                                                                                                      • Figure 75: Leading discounters’ estimated health and beauty space allocation, 2017
                                                                                                                                                                                                    • Fashion specialists disrupt the beauty market
                                                                                                                                                                                                      • Market Share
                                                                                                                                                                                                        • Leading retailers lose market share, while smaller retailers gain
                                                                                                                                                                                                          • Figure 76: Leading specialist and non-specialist retailers’ estimated market shares, 2016
                                                                                                                                                                                                          • Figure 77: Leading specialist and non-specialist retailers’ estimated market shares, 2014-16
                                                                                                                                                                                                        • Note on market shares
                                                                                                                                                                                                          • Space Allocation Summary
                                                                                                                                                                                                            • Figure 78: Leading health and beauty retailers: Health and beauty products estimated space allocation, December 2017
                                                                                                                                                                                                          • Boots closing photo labs, The Body Shop focusing on in-store attractions, Superdrug and Savers expanding store network
                                                                                                                                                                                                            • Department stores experience-led beauty shopping
                                                                                                                                                                                                              • Figure 79: Leading health and beauty retailers: Health and beauty products estimated detailed space allocation, December 2017
                                                                                                                                                                                                              • Figure 80: Leading health and beauty retailers: Health and beauty products estimated detailed space allocation, December 2017
                                                                                                                                                                                                            • Health and beauty space as a percentage of total floor space in non-specialists
                                                                                                                                                                                                              • Figure 81: Non-specialists: Estimated health and beauty space as a percentage of total floor space, December 2017
                                                                                                                                                                                                            • Online
                                                                                                                                                                                                              • Online beauty spending set to reach £1.2 billion in 2018
                                                                                                                                                                                                                • Figure 82: Estimated market size and forecast of online consumer expenditure on beauty products, 2012-22
                                                                                                                                                                                                              • Department stores growing share of online spending
                                                                                                                                                                                                                • Figure 83: Estimated retailer shares of online sales of BPC products, 2015-17
                                                                                                                                                                                                              • Launch Activity and Innovation
                                                                                                                                                                                                                • Beauty masterclasses highlight expertise
                                                                                                                                                                                                                  • Rising use of chatbots
                                                                                                                                                                                                                    • When fashion and beauty collide
                                                                                                                                                                                                                        • Figure 84: ASOS Make-Up, 2017
                                                                                                                                                                                                                        • Figure 85: Boohoo Beauty, 2017
                                                                                                                                                                                                                      • When music and beauty collide
                                                                                                                                                                                                                        • Male grooming continues to gain momentum
                                                                                                                                                                                                                          • Driving seasonal sales of BPC products
                                                                                                                                                                                                                            • Bolstering reward schemes
                                                                                                                                                                                                                              • Beauty services take centre stage
                                                                                                                                                                                                                                • Speeding up online delivery services
                                                                                                                                                                                                                                  • London becomes the home to new flagship stores
                                                                                                                                                                                                                                    • Figure 86: L’Occitane London Flagship, 2017
                                                                                                                                                                                                                                    • Figure 87: Aēsop London flagship store, 2017
                                                                                                                                                                                                                                  • Increasing use of in-store technology
                                                                                                                                                                                                                                    • Pop-ups generate brand hype
                                                                                                                                                                                                                                      • Subscription services get a bricks-and-mortar makeover
                                                                                                                                                                                                                                        • Figure 88: Birchbox Carnaby Street Pop-up store, 2017
                                                                                                                                                                                                                                      • Tapping into the rise in veganism
                                                                                                                                                                                                                                        • The importance of personalised and inclusive beauty
                                                                                                                                                                                                                                          • Figure 89: Fenty Beauty homepage, December 2017
                                                                                                                                                                                                                                        • Moral Make-up
                                                                                                                                                                                                                                          • Advertising and Marketing Activity
                                                                                                                                                                                                                                            • Total beauty advertising spend decreases, but top retailers increase spend
                                                                                                                                                                                                                                              • Figure 90: Recorded above-the-line advertising expenditure on beauty and personal care, total market, 2012-16
                                                                                                                                                                                                                                              • Figure 91: Recorded above-the-line, online, display and direct mail total advertising expenditure on beauty and personal care, by leading retailers, 2014-17
                                                                                                                                                                                                                                            • Key campaigns
                                                                                                                                                                                                                                              • Boots relies on familiarity and nostalgia with Christmas 2017 campaign
                                                                                                                                                                                                                                                • Superdrug’s new direction
                                                                                                                                                                                                                                                  • Figure 92: ‘That Superdrug Feeling’ campaign video still, 2017
                                                                                                                                                                                                                                                • Digital increases in importance
                                                                                                                                                                                                                                                  • Figure 93: Recorded above-the-line advertising expenditure percentage on beauty and personal care, by media type, total market, 2016
                                                                                                                                                                                                                                                • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                  • Brand Research
                                                                                                                                                                                                                                                    • What you need to know
                                                                                                                                                                                                                                                      • Brand map
                                                                                                                                                                                                                                                        • Figure 94: Attitudes towards and usage of selected brands, November 2017
                                                                                                                                                                                                                                                      • Key brand metrics
                                                                                                                                                                                                                                                        • Figure 95: Key metrics for selected brands, November 2017
                                                                                                                                                                                                                                                      • Brand attitudes: Boots is the most trustworthy retailer
                                                                                                                                                                                                                                                        • Figure 96: Attitudes, by brand, November 2017
                                                                                                                                                                                                                                                      • Brand personality: Jo Malone seen as exclusive
                                                                                                                                                                                                                                                        • Figure 97: Brand personality – Macro image, November 2017
                                                                                                                                                                                                                                                      • Savers has an impersonal and basic brand image
                                                                                                                                                                                                                                                        • Figure 98: Brand personality – Micro image, November 2017
                                                                                                                                                                                                                                                      • Brand analysis
                                                                                                                                                                                                                                                        • Boots benefits from high levels of brand awareness
                                                                                                                                                                                                                                                          • Figure 99: User profile of Boots, November 2017
                                                                                                                                                                                                                                                        • Lush attracts a young shopper with its fun, ethical brand image
                                                                                                                                                                                                                                                          • Figure 100: User profile of Lush, November 2017
                                                                                                                                                                                                                                                        • Superdrug’s value pricing resonates with consumers
                                                                                                                                                                                                                                                          • Figure 101: User profile of Superdrug, November 2017
                                                                                                                                                                                                                                                        • Savers also benefits from its low-price proposition
                                                                                                                                                                                                                                                          • Figure 102: User profile of Savers, November 2017
                                                                                                                                                                                                                                                        • Jo Malone expensive but worth paying more for
                                                                                                                                                                                                                                                          • Figure 103: User profile of Jo Malone, November 2017
                                                                                                                                                                                                                                                        • Lookfantastic.com popular among affluent Millennials
                                                                                                                                                                                                                                                          • Figure 104: User profile of lookfantastic.com, November 2017
                                                                                                                                                                                                                                                        • The Consumer – What You Need to Know
                                                                                                                                                                                                                                                          • Almost all UK consumers are BPC buyers
                                                                                                                                                                                                                                                            • Mass-market brands still dominate
                                                                                                                                                                                                                                                              • Most still shop in-store
                                                                                                                                                                                                                                                                • Supermarkets remain popular
                                                                                                                                                                                                                                                                  • Consumers want consistent pricing more than promotions
                                                                                                                                                                                                                                                                    • Strong demand for product recommendations online
                                                                                                                                                                                                                                                                      • The appeal of in-store beauty services
                                                                                                                                                                                                                                                                        • Most trade down in tough times
                                                                                                                                                                                                                                                                          • What They Buy
                                                                                                                                                                                                                                                                            • High levels of BPC purchasing in the UK
                                                                                                                                                                                                                                                                              • Figure 105: Beauty and personal care products purchased, October 2017
                                                                                                                                                                                                                                                                            • Deodorants and body sprays most purchased
                                                                                                                                                                                                                                                                              • Figure 106: Beauty and personal care products purchased, October 2017
                                                                                                                                                                                                                                                                            • Women still drive BPC purchasing
                                                                                                                                                                                                                                                                                • Figure 107: Beauty and personal care products purchased, by gender, October 2017
                                                                                                                                                                                                                                                                              • Young people less likely to buy personal care
                                                                                                                                                                                                                                                                                • Figure 108: Beauty and personal care products purchased, by age, October 2017
                                                                                                                                                                                                                                                                              • Young women buy a wide range of products
                                                                                                                                                                                                                                                                                • Figure 109: Repertoire of beauty and personal care products purchased, October 2017
                                                                                                                                                                                                                                                                              • Brand Types Purchased
                                                                                                                                                                                                                                                                                • Consumers willing to invest in premium fragrances
                                                                                                                                                                                                                                                                                  • Figure 110: Beauty and personal care brand types purchased, October 2017
                                                                                                                                                                                                                                                                                • Encouraging higher value purchases
                                                                                                                                                                                                                                                                                  • How and Where They Shop
                                                                                                                                                                                                                                                                                    • In-store remains the most popular channel
                                                                                                                                                                                                                                                                                      • Figure 111: How beauty and personal care products were purchased, October 2017
                                                                                                                                                                                                                                                                                    • Convenience and price attract people online
                                                                                                                                                                                                                                                                                      • Supermarkets attract most shoppers
                                                                                                                                                                                                                                                                                        • Figure 112: Where beauty and personal care products were purchased, October 2017
                                                                                                                                                                                                                                                                                      • The popularity of Booth and the non-specialists further highlighted in qualitative research
                                                                                                                                                                                                                                                                                        • Young people prefer the specialists
                                                                                                                                                                                                                                                                                          • Figure 113: Where beauty and personal care products were purchased, by age, October 2017
                                                                                                                                                                                                                                                                                        • Department stores popular with affluent shoppers
                                                                                                                                                                                                                                                                                          • Figure 114: Where beauty and personal care products were purchased, by socio-economic group, October 2017
                                                                                                                                                                                                                                                                                        • Amazon holds dominant position in online market
                                                                                                                                                                                                                                                                                          • Figure 115: Where beauty and personal care products were purchased, October 2017
                                                                                                                                                                                                                                                                                        • Specialists attract beauty and haircare shoppers
                                                                                                                                                                                                                                                                                          • Figure 116: Where beauty and personal care products were purchased, by products purchased, October 2017
                                                                                                                                                                                                                                                                                        • Repertoire
                                                                                                                                                                                                                                                                                          • Figure 117: Repertoire of where beauty and personal care products were purchased, October 2017
                                                                                                                                                                                                                                                                                        • Important Factors
                                                                                                                                                                                                                                                                                          • Demand for consistent pricing
                                                                                                                                                                                                                                                                                            • Figure 118: Important factors when buying beauty and personal care products, October 2017
                                                                                                                                                                                                                                                                                          • Women more drawn in by promotions
                                                                                                                                                                                                                                                                                            • Figure 119: Important factors when buying beauty and personal care products, by gender, October 2017
                                                                                                                                                                                                                                                                                          • Perceptions of Boots 3 for 2 promotions resoundingly positive
                                                                                                                                                                                                                                                                                            • Brand selection important to young consumers
                                                                                                                                                                                                                                                                                              • Figure 120: Important factors when buying beauty and personal care products, by age and income, October 2017
                                                                                                                                                                                                                                                                                            • Make-up buyers most interested in loyalty schemes
                                                                                                                                                                                                                                                                                              • Figure 121: Important factors when buying beauty and personal care products, by products purchased, October 2017
                                                                                                                                                                                                                                                                                            • Department stores need knowledgeable staff
                                                                                                                                                                                                                                                                                              • Figure 122: Important factors when buying beauty and personal care products, by retailer used, October 2017
                                                                                                                                                                                                                                                                                            • Brand ethics aren’t a priority
                                                                                                                                                                                                                                                                                              • Interest in Online Innovations
                                                                                                                                                                                                                                                                                                • Personalised recommendations most likely to resonate
                                                                                                                                                                                                                                                                                                  • Figure 123: Interest in online innovations, October 2017
                                                                                                                                                                                                                                                                                                • Women show more interest in online innovations
                                                                                                                                                                                                                                                                                                  • Figure 124: Interest in online innovations, by gender, October 2017
                                                                                                                                                                                                                                                                                                • Subscription services tap into older Millennials
                                                                                                                                                                                                                                                                                                  • Figure 125: Interest in online innovations, by age, October 2017
                                                                                                                                                                                                                                                                                                • Affluent want to see more online tutorials
                                                                                                                                                                                                                                                                                                  • Figure 126: Interest in online innovations, by socio-economic status, October 2017
                                                                                                                                                                                                                                                                                                • Interest in buying via social media peaks among those who buy electrical BPC devices
                                                                                                                                                                                                                                                                                                  • Figure 127: Interest in online innovations, by products purchased, October 2017
                                                                                                                                                                                                                                                                                                • Interest in In-store Innovations
                                                                                                                                                                                                                                                                                                  • Demand for in-store facial treatments high
                                                                                                                                                                                                                                                                                                    • Figure 128: Interest in in-store innovations, October 2017
                                                                                                                                                                                                                                                                                                  • Women want a range of beauty services in-store
                                                                                                                                                                                                                                                                                                    • Figure 129: Interest in in-store innovations, by gender, October 2017
                                                                                                                                                                                                                                                                                                  • Young shoppers most engaged with in-store innovation
                                                                                                                                                                                                                                                                                                    • Figure 130: Interest in in-store innovations, by age, October 2017
                                                                                                                                                                                                                                                                                                  • Innovations also show higher appeal among affluent
                                                                                                                                                                                                                                                                                                    • Figure 131: Interest in in-store innovations, by age, October 2017
                                                                                                                                                                                                                                                                                                  • Toiletries shoppers show little interest in store experience
                                                                                                                                                                                                                                                                                                    • Figure 132: Interest in in-store innovations, by products purchased, October 2017
                                                                                                                                                                                                                                                                                                  • Attitudes towards Buying Beauty and Personal Care
                                                                                                                                                                                                                                                                                                    • Most don’t want staff interaction
                                                                                                                                                                                                                                                                                                        • Figure 133: Attitudes towards buying beauty and personal care, October 2017
                                                                                                                                                                                                                                                                                                      • Incentives to purchase capture female shoppers
                                                                                                                                                                                                                                                                                                        • Figure 134: Attitudes towards buying beauty and personal care, by gender, October 2017
                                                                                                                                                                                                                                                                                                      • Two thirds of 16-24s research online ahead of purchase
                                                                                                                                                                                                                                                                                                        • Figure 135: Attitudes towards buying beauty and personal care, by age, October 2017
                                                                                                                                                                                                                                                                                                      • Less affluent more overwhelmed by choice
                                                                                                                                                                                                                                                                                                        • Figure 136: Attitudes towards buying beauty and personal care, by socio-economic status, October 2017
                                                                                                                                                                                                                                                                                                      • Millennials unsatisfied with recommendations
                                                                                                                                                                                                                                                                                                        • Figure 137: Attitudes towards buying beauty and personal care, by age, October 2017
                                                                                                                                                                                                                                                                                                      • The lack of trust in store staff confirmed by qualitative research
                                                                                                                                                                                                                                                                                                        • Appendix – Data Sources, Abbreviations and Supporting Information
                                                                                                                                                                                                                                                                                                          • Abbreviations
                                                                                                                                                                                                                                                                                                            • Consumer research methodology
                                                                                                                                                                                                                                                                                                              • Appendix – Market Size and Forecast
                                                                                                                                                                                                                                                                                                                • Forecast methodology
                                                                                                                                                                                                                                                                                                                • France

                                                                                                                                                                                                                                                                                                                  • Overview
                                                                                                                                                                                                                                                                                                                    • What you need to know
                                                                                                                                                                                                                                                                                                                      • Areas covered in this report
                                                                                                                                                                                                                                                                                                                        • Executive Summary
                                                                                                                                                                                                                                                                                                                          • The market
                                                                                                                                                                                                                                                                                                                            • Spending and inflation
                                                                                                                                                                                                                                                                                                                              • Figure 138: France: consumer spending on personal care goods, 2012-17
                                                                                                                                                                                                                                                                                                                            • Sector size and forecast
                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                • Figure 139: France: estimated channels of distribution for spending on beauty and personal care goods, 2016
                                                                                                                                                                                                                                                                                                                              • Companies and brands
                                                                                                                                                                                                                                                                                                                                • Key metrics
                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                    • Figure 140: France: leading specialists’ shares of all beauty specialists’ sales, 2016
                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                    • The consumer
                                                                                                                                                                                                                                                                                                                                      • Beauty and personal care products purchased
                                                                                                                                                                                                                                                                                                                                        • Figure 141: France: BPC products purchased in the last 12 months – broad categories, November 2017
                                                                                                                                                                                                                                                                                                                                      • Online and in-store shopping
                                                                                                                                                                                                                                                                                                                                          • Figure 142: France: how beauty and personal care products were purchased, online vs in-store, November 2017
                                                                                                                                                                                                                                                                                                                                        • Where they shop
                                                                                                                                                                                                                                                                                                                                          • Figure 143: France: where beauty and personal care products were purchased, November 2017
                                                                                                                                                                                                                                                                                                                                        • Attitudes to buying beauty and personal care
                                                                                                                                                                                                                                                                                                                                          • Figure 144: France: attitudes to buying beauty and personal care, November 2017
                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                          • Issues and insights
                                                                                                                                                                                                                                                                                                                                            • How can beauty specialists adapt to changing shopping behaviour?
                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                  • Is ethical BPC gaining momentum?
                                                                                                                                                                                                                                                                                                                                                    • The issues
                                                                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                                                                        • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                          • Economy picks up speed after prolonged period of subdued growth
                                                                                                                                                                                                                                                                                                                                                            • BPC, a low growth market
                                                                                                                                                                                                                                                                                                                                                              • BPC retailers doing well
                                                                                                                                                                                                                                                                                                                                                                • Deflation holding back spending growth
                                                                                                                                                                                                                                                                                                                                                                  • Grocers and specialist chains are the main channels
                                                                                                                                                                                                                                                                                                                                                                    • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                      • Signs of growth in the French economy
                                                                                                                                                                                                                                                                                                                                                                        • Beauty and personal care, a low growth market
                                                                                                                                                                                                                                                                                                                                                                            • Figure 145: France: consumer spending on beauty and personal care (incl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                          • Product market breakdown
                                                                                                                                                                                                                                                                                                                                                                            • Figure 146: France: main beauty and personal care markets, spending (incl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                            • Figure 147: France: main beauty and personal care markets, forecast spending (incl. VAT), 2018-21
                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                            • Total retail sales recovering, further growth forecast in 2017
                                                                                                                                                                                                                                                                                                                                                                              • Beauty retailers’ sales accelerating
                                                                                                                                                                                                                                                                                                                                                                                • Figure 148: France: health & beauty specialists, sales (excl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                • Figure 149: France: health & beauty specialists, forecast sales (excl. VAT), 2017-22
                                                                                                                                                                                                                                                                                                                                                                              • Inflation
                                                                                                                                                                                                                                                                                                                                                                                • Figure 150: France: consumer prices * of personal care items, annual % change, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                • Figure 151: France: consumer price inflation (HICP *) on personal care products and services, annual % change, January 2016-October 2017
                                                                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                • Figure 152: France: where beauty and personal care products were purchased, France, November 2017
                                                                                                                                                                                                                                                                                                                                                                              • Grocers dominate, especially at lower end of the market
                                                                                                                                                                                                                                                                                                                                                                                • Pharmacies and parapharmacies significant
                                                                                                                                                                                                                                                                                                                                                                                  • Department stores in the premium space
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 153: France: estimated channels of distribution for spending on beauty and personal care goods, 2016
                                                                                                                                                                                                                                                                                                                                                                                  • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                    • Specialists are thriving
                                                                                                                                                                                                                                                                                                                                                                                      • Sephora leads
                                                                                                                                                                                                                                                                                                                                                                                        • Leading groups generate three quarters of sector sales
                                                                                                                                                                                                                                                                                                                                                                                          • BPC not well suited to buying online
                                                                                                                                                                                                                                                                                                                                                                                            • Leading players
                                                                                                                                                                                                                                                                                                                                                                                              • Sephora benefitting from digital developments
                                                                                                                                                                                                                                                                                                                                                                                                • Marionnaud struggling
                                                                                                                                                                                                                                                                                                                                                                                                  • Passion Beauté goes online
                                                                                                                                                                                                                                                                                                                                                                                                    • Beauty brands are opening their own dedicated stores
                                                                                                                                                                                                                                                                                                                                                                                                      • L’Occitane
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 154: France: leading beauty specialists, sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 155: France: leading beauty specialists, outlets, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 156: France: leading beauty specialists, sales per outlet, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 157: France: leading specialists’ shares of all beauty specialists’ sales, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                                                                                                        • Online activity
                                                                                                                                                                                                                                                                                                                                                                                                          • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 158: France: online buyers in last 12 months in key sectors, 2011-17
                                                                                                                                                                                                                                                                                                                                                                                                          • Online sales
                                                                                                                                                                                                                                                                                                                                                                                                            • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 159: France: beauty retailers: transactional websites, December 2016
                                                                                                                                                                                                                                                                                                                                                                                                            • Social media usage
                                                                                                                                                                                                                                                                                                                                                                                                              • A quarter have viewed beauty content
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 160: France: consumers that have seen beauty-related content on social media in the last six months, 2017
                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                • BPC, a partly non-discretionary market
                                                                                                                                                                                                                                                                                                                                                                                                                  • Women shopping more online
                                                                                                                                                                                                                                                                                                                                                                                                                    • In-store wins for the experience
                                                                                                                                                                                                                                                                                                                                                                                                                      • Online primarily for repeat purchasing
                                                                                                                                                                                                                                                                                                                                                                                                                        • Electricals the most popular category bought online
                                                                                                                                                                                                                                                                                                                                                                                                                          • Grocers the dominant channel
                                                                                                                                                                                                                                                                                                                                                                                                                            • Samples and free gifts are popular
                                                                                                                                                                                                                                                                                                                                                                                                                              • Provenance an important concern
                                                                                                                                                                                                                                                                                                                                                                                                                                • Help me to choose
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Beauty and personal care products purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Partly non-discretionary
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 161: France: beauty and personal care products bought in the last 12 months – broad categories, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Male beauty a growth area
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 162: France: beauty and personal care products bought in the last 12 months – detailed categories, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Older men buy most
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 163: France: beauty and personal care products bought in the last 12 months by men, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online and in-store shopping for beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Women shopping more online
                                                                                                                                                                                                                                                                                                                                                                                                                                          • In-store wins for the experience
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online primarily for repeat purchasing
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 164: France: in-store vs online shoppers for beauty and personal care products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 165: France: online beauty and personal care shoppers, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 166: France: beauty and personal care products bought in the last 12 months, in-store vs online, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where beauty and personal care products are purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 167: France: where beauty and personal care products were purchased, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Men more likely to grab-and-go while women seek options
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 168: France: where beauty and personal care products were purchased, by gender, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where people shopped and what they bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                • What consumers bought from the specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 169: France: where beauty and personal care products were purchased, by where they shopped, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                • What consumers bought from the non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 170: France: where beauty and personal care products were purchased, by where they shopped, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Customer profiles
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 171: France: usage of retailers for buying beauty and personal care products, by average age and income, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Attitudes to buying beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Freebies please…..
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Provenance an important concern
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Help me to choose
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 172: France: attitudes to buying beauty and personal care products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes to buying beauty and personal care products by shops used
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 173: France: attitudes to buying BPC products by retailers used, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Germany

                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Areas covered in this report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Executive Summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spending and inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 174: Germany: spending on personal care products as % all consumer spending 2011-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 175: Germany: consumer price inflation on personal care products and services, annual % change, January 2016-November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 176: Germany: cosmetics and perfumery retailers’ sales as % all non-food retailers’ sales, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 177: Germany: estimated channels of distribution for beauty and personal care products, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Drugstores dominant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 178: Germany leading specialists’ shares of all cosmetics and perfumery specialists’ sales, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Beauty and personal care products purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 179: Germany: BPC products bought in the last 12 months, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online and in-store shopping for beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 180: Germany: in-store vs online shoppers for beauty and personal care products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where beauty and personal care products are purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 181: Germany: where beauty and personal care products were purchased, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Attitudes to buying beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 182: Germany: attitudes to buying beauty and personal care products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Is there a crisis building in the drugstore sector?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What it means
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Just how big a challenge is online?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Personal care spending losing share of all spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Signs that the drugstore sector is going ex-growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Inflation above average
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Drugstores by far the biggest players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 183: Germany: consumer spending on beauty and personal care (incl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Product market breakdown
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 184: Germany: main beauty and personal care markets, spending (incl. VAT) 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 185: Germany: main beauty and personal care markets, forecast spending (incl. VAT) 2018-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Drugstores gaining share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 186: Germany: health & beauty specialists, sales (excl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 187: Germany: health & beauty specialists, sales forecasts, excl. VAT, 2018-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 188: Germany: consumer prices of personal care items, annual % change, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 189: Germany: consumer price inflation on personal care products and services, annual % change, January 2016-November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Specialists dominant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Department stores struggling
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Supermarkets not a major force
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online and other non-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 190: Germany: estimated channels of distribution for spending on beauty and personal care products, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Drugstores dominant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Three retailers share 85% of the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online takes 7% of the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Drugstores dominant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Specialists growing as well.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 191: Germany: leading beauty specialists, sales, excl. VAT, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 192: Germany: leading beauty specialists, outlets, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 193: Germany: leading beauty specialists, sales per outlet, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 194: Germany: leading specialists’ shares of all beauty and personal care specialists’ sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online usage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 195: Germany: online buyers in last 12 months in key sectors, 2011-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online sales and leading online players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Almost everyone beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Almost all purchasers buy at least something instore.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Drugstores the most used retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Attitudes to buying beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Beauty and personal care products purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Beauty and personal care products widely bought.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 196: Germany: BPC products bought in the last 12 months, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 197: Germany: BPC products bought in the last 12 months, by gender, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online and in-store shopping for beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 198: Germany: in-store vs online shoppers for beauty and personal care products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 199: Germany: profile of online and in-store buyers of beauty and personal care products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Where beauty and personal care products are purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 200: Germany: where beauty and personal care products were purchased, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Customer profiles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 201: Germany: usage of retailers for buying beauty and personal care products, by average age and income, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Where people shopped and what they bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Products and drugstores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 202: Germany: purchasers of BPC products by drugstores and specialists, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Products and other retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 203: Germany: purchasers of BPC products by food retailer, department store and pharmacies, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Attitudes to buying beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 204: Germany: attitudes to shopping for beauty products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 205: Germany: profile of those agreeing with the attitude statements, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Attitudes to buying beauty and personal care products by shops used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 206: Germany: attitudes to buying beauty products by retailers used, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Italy

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Areas covered in this report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Executive Summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 207: Italy: annual percentage change in total consumer spending and consumer spending on personal care, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 208: Italy: consumer price inflation on all items and personal care products and services, annual % change, January 2016-November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 209: Italy: annual percentage change in retail sales, by sector, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 210: Italy: estimated channels of distribution for beauty and personal care products, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 211: Italy: leading BPC specialists’ estimated shares of all consumer spending on personal care goods, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Beauty and personal care products purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 212: Italy: beauty and personal care products purchased in the last 12 months, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online and in-store shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 213: Italy: how beauty and personal care products were purchased, online vs in-store, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 214: Italy: where beauty and personal care products were purchased, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Attitudes to buying beauty and personal care
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 215: Italy: attitudes to buying beauty and personal care products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • An increasingly competitive BPC market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Giving customers the right shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer spending on personal care continues to rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Beauty products drive growth in the BPC market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail sales through specialists see robust growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Low inflation in the personal care sector sustained
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Grocers capture 25% of spending on personal care items
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ongoing weakness in Italy’s economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Personal care maintains share of all spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 216: Italy: consumer spending on beauty and personal care (incl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Product market breakdown
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Beauty categories outperforming personal care
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 217: Italy: main beauty and personal care markets, spending (incl. VAT) 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 218: Italy: main beauty and personal care markets, forecast spending (incl. VAT) 2018-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail sales through health & beauty specialists rise 2.6%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 219: Italy: health & beauty specialists, sales (excl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 220: Italy: health & beauty specialists, forecast sales (excl. VAT), 2017-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumer prices fall into deflationary terms
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 221: Italy: consumer prices of personal care items, annual % change, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Personal care inflation remains stable
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 222: Italy: consumer price inflation on all items and personal care products and services, annual % change, January 2016-November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 223: Italy: breakdown of consumer price inflation on personal care products and services, annual % change, January 2016-November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Specialists increase share of BPC market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 224: Italy: estimated channels of distribution for beauty and personal care products, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 225: Italy: estimated channels of distribution for beauty and personal care products, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consistent growth amongst the Italian BPC specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Douglas acquisition of LLG set to disrupt the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading specialists gaining market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Rising number of Italian consumers shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Acqua & Sapone rival fast approaching
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 226: Italy: leading beauty specialists, estimated sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wycon’s ambitious growth plans
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 227: Italy: leading beauty specialists, estimated outlet numbers, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 228: Italy: leading beauty specialists, estimated sales per outlet, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Leading specialists increase share of Italian BPC market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 229: Italy: leading BPC specialists’ estimated shares of all spending on personal care goods, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 230: Italy: leading beauty specialists’ estimated share of all spending on personal care goods, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online usage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 231: Italy: online buyers in last 12 months in key categories, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online sales and leading online players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 232: Italy: how beauty and personal care products were purchased, online vs in-store, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Italy’s beauty retailers move online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 233: Italy: beauty retailers: transactional websites, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Social media usage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Almost half have viewed beauty content
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 234: Italy: consumer that have seen beauty-related content on social media in the last six months, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Tutorials on YouTube and Facebook most popular
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 235: Italy: top 5 social media activities done in relation to different beauty content creators in the last six months, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The benefits of online beauty content
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 236: Italy: benefits from using tutorial and reviews on social media, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • High BPC purchasing amongst Italian consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • In-store remains primary purchasing channel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Four out five shop for BPC with a non-specialist
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumers are overwhelmed, but don’t necessarily want help
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Beauty and personal care products purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Almost everyone buys BPC products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 237: Italy: beauty and personal care purchasing in the last 12 months, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Oral hygiene most purchased category
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 238: Italy: beauty and personal care products purchased in the last 12 months – detailed categories, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Women more active buyers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 239: Italy: beauty and personal care purchasing in the last 12 months – detailed categories, by gender, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Older shoppers take greater share of personal care purchasing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 240: Italy: beauty and personal care purchasing in the last 12 months, by age, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online and in-store shopping for beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Most still shop in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 241: Italy: in-store vs online shoppers for beauty and personal care products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Women more likely to shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 242: Italy: in-store vs online shoppers for beauty and personal care products, by gender, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online bias towards young people
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 243: Italy: in-store vs online shoppers for beauty and personal care products, by age, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Beauty categories most likely to be bought online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 244: Italy: beauty and personal care products bought in the last 12 months, in-store vs online, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where beauty and personal care products were purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The popularity of the non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 245: Italy: where beauty and personal care products were purchased, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • More than half shop for BPC with the grocers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 246: Italy: where beauty and personal care products were purchased, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Customer profiles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 247: Italy: where beauty and personal care products were purchased, by age and income, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Where people shopped and what they bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What consumers bought from the specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 248: Italy: BPC products purchased by retailer used, deviation from average: specialists, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What consumers bought from the non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 249: Italy: BPC products purchased by retailer used, deviation from average: non-specialists, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Attitudes to buying beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Demand for information on provenance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 250: Italy: attitudes to buying beauty and personal care products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Customer profiles by attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumers are overwhelmed, but don’t necessarily want help
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 251: Italy: attitudes to buying beauty and personal care, by age and income, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Spain

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Areas covered in this report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Executive Summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 252: Spain: annual % change in total consumer spending on beauty and personal care and total household spending, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sector size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 253: Spain: annual % change in retail sales, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 254: Spain: consumer price inflation on personal care products and services, annual % change, January 2016-October 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 255: Spain: estimated channels of distribution of spending on beauty and personal care products, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 256: Spain: leading specialists’ shares of all cosmetics and perfumery specialists’ sales, 2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What they bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 257: Spain: beauty and personal care products purchased, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • In-store vs online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 258: Spain: in-store vs online shoppers for beauty and personal care products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 259: Spain: where beauty and personal care products were purchased, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes to shopping for beauty and personal care
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 260: Spain: attitudes to shopping for BPC products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What are the main changes we are seeing in the BPC market in Spain?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What are the opportunities for driving sales?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Personal care spending grows
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Fragrances biggest beauty category
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Specialist retailers’ sales grow 3.5%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Rising inflation doesn’t impact beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Supermarkets and beauty specialists dominate BPC spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Personal care spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 261: Spain: consumer spending on beauty and selected other goods (incl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Product market breakdown
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 262: Spain: main beauty and personal care markets, spending (incl. VAT) 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 263: Spain: main beauty and personal care markets, spending (incl. VAT), 2018-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 264: Spain: health & beauty specialists, sales (excl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 265: Spain: health & beauty retailers sales, forecasts, excl. VAT, 2018-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 266: Spain: consumer prices of personal care items, annual % change, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 267: Spain: consumer price inflation on personal care products and services, annual % change, January 2016-October 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 268: Spain: estimated channels of distribution of spending on beauty and personal care products, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 269: Spain: estimated channels of distribution of spending on beauty and personal care products, inc VAT, 2014-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Beauty market consolidates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Foreign companies expand presence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clarel leads specialist market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online shopping growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Main players consolidate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 270: Spain: leading beauty specialists, sales, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 271: Spain: leading beauty specialists, outlets, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 272: Spain: leading beauty specialists, sales per outlet, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 273: Spain: leading specialists’ shares of all cosmetics and perfumery specialists' sales, 2014/15-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 274: Spain: online buyers in last 12 months in key sectors, 2008-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 275: Spain: online sales by product category and type of retailer, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 276: Spain: beauty retailers: transactional websites, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pureplays grow focus on beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Social media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Almost half have viewed beauty content
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 277: Spain: consumers that have seen beauty-related content on social media in the last six months, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tutorials on YouTube and Facebook most popular
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 278: Spain: top 5 social media activities done in relation to different beauty content creators in the last six months, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The benefits of online beauty content
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 279: Spain: benefits from using tutorial and reviews on social media, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Older women are main beauty buyers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Only 24% buy online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Supermarkets lead for buying BPC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Demand for more product transparency
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Beauty and personal care products purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Beauty and personal care products widely bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 280: Spain: beauty and personal care products purchased, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spanish men keen buyers of fragrances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 281: Spain: beauty and personal care products purchased, by gender, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Older women are main beauty buyers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 282: Spain: beauty and personal care products purchased, by age group, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online and in-store shopping for beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Only 24% buy online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 283: Spain: in-store vs online shoppers for beauty and personal care products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Women more likely to buy online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 284: Spain: in-store vs online shoppers for beauty and personal care products, by gender, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 285: Spain: in-store vs online shoppers for beauty and personal care products, by age group, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Make-up popular online purchase
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 286: Spain: beauty and personal care products bought in the last 12 months, in-store vs online, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Where beauty and personal care products are purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Supermarkets lead for beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 287: Spain: where beauty and personal care products were purchased, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sephora has youngest age profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 288: Spain: where beauty and personal care products were purchased, by age and income, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Where people shopped and what they bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Products and drugstores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 289: Spain: BPC products purchased by retailer used, deviation from average: specialists, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 290: Spain: BPC products purchased by retailer used, deviation from average: non-specialists, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Attitudes to buying beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Demand for more product transparency
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 291: Spain: attitudes to shopping for beauty products, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Under-35s buy cheaper products to save money
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 292: Spain: attitudes to shopping for beauty products, by age group, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Demand for beauty services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – Data sources, abbreviations and supporting Information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Acqua & Sapone

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Selex and Acqua e Sapone sign agreement
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online store still underdeveloped
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 293: Acqua & Sapone: estimated group sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 294: Acqua & Sapone: estimated outlet data, 2014-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A. S. Watson (Europe) (Inc. Marionnaud)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Following the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Discounting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marionnaud
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where next
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 295: A. S. Watson (Europe): group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 296: A. S. Watson (Europe): outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marionnaud
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 297: Marionnaud France: financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • AS Watson in Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 298: AS Watson: operating companies in Europe, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Savers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The Perfume Shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The Body Shop

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Distinct USP suffered under the weight of L’Oréal ownership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mobile-first e-commerce platform roll-out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Shop-in-shop deal with El Corte Inglés an opportunity to attract more customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 299: The Body Shop - Retail sales: Group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 300: The Body Shop: Estimated UK sales performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 301: The Body Shop - Retail Sales: Estimated outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Clarel (Dia)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clarel sales slow down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Own-brand range launched across Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Digital grows
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 302: Dia: group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 303: Dia: outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Debenhams Redesigned focuses on store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • ‘Right sizing’ of stores aims to improve profitability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Beauty at heart of Debenhams’ future plans
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Beauty Club relaunch aims to strengthen relationships with customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Blow Ltd investment helps to scale up beauty services offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Is online running out of steam?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 304: Debenhams: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 305: Debenhams: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • dm-Drogerie Markt

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Stores and investment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 306: dm-Drogerie Markt: group sales performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 307: dm-Drogerie Markt: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Douglas Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strengthening market position in Spain and Italy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Transforming the online beauty shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Enhanced loyalty card to win new customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • In-store events to help drive footfall in German shops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Targeting men with new skincare products range and dedicated in-store spaces
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 308: Douglas Group: group sales performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 309: Douglas Group: estimated outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Fragrance Shop

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New try-before-you-buy fragrance subscription service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Concession store partnership with House of Fraser
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Customer feedback initiative helping drive sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 310: The Fragrance Shop: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 311: The Fragrance Shop: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Beauty at the heart of sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online sales growth stutters at just the wrong time
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strong delivery proposition offers potential for differentiation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 312: House of Fraser Plc: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 313: House of Fraser Plc: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • John Lewis (department store)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New Oxford store points way to retail as theatre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Beauty to grow in importance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 314: John Lewis Plc (department store): Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 315: John Lewis Plc (department store): Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Kiko Milano

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • 20-year celebration leads to collaboration with Vogue Italia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • KikoID opens in Milan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • #kikotrendsetters
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New CEO
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 316: Kiko Milano, Group sales performance, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 317: Kiko Milano, estimated outlet data, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Lush Retail

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Bigger and better shops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New app and virtual shopping assistant to boost customer experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Expanded payment option with Bitcoin digital currency
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 318: Lush Retail Ltd: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 319: Lush Retail Ltd: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Müller

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Looking for sales growth opportunities outside Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Demand for natural cosmetics fuelling sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Non-beauty offering dragging down total sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 320: Müller: group sales performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 321: Müller: outlet data and estimated sales per outlet, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Rossmann

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Expanding own brand and exclusives to give differentiation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Using influencers to increase appeal to younger buyers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online proves a challenge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 322: Rossmann: Group sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 323: Rossmann: Outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sephora

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Rihanna’s Fenty Beauty launched exclusively with Sephora
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mobile and digital offerings expanded
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Small store format rolled out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New format introduced in Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • German expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 324: LVMH: Selective Retailing and estimated Sephora retail sales, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 325: Sephora: outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Walgreens Boots Alliance

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A respected brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • NHS pressures represent an opportunity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Advantage loyalty card: time for a reboot?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Is Boots lacking parent company management focus?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 326: Walgreens Boots Alliance: Group sales performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 327: Walgreens Boots Alliance: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Yves Rocher

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tapping into online marketplaces to reach out to more consumers in Asia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Enhanced digital presence strengthens multichannel proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Innovative one drop shower gel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 328: Rocher Groupe: estimated group sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 329: Rocher Groupe: estimated outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Beauty and Personal Care Retailing - Europe - January 2018

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        US $3,909.12 (Excl.Tax)