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Beauty and Personal Care Retailing - Europe - January 2019

“Beauty and personal care products (BPC) retailing is more varied around Europe than almost any other sector. From drugstores in Germany to supermarkets in other countries, the market is largely in the hands of non-specialists. But there is a fightback being staged by the specialists – Douglas has embarked on a programme of acquisitions, while companies such as Kiko Milano bring new ideas to the sector, albeit with mixed success. This is a growing sector and as rising real incomes lead to more aspirational shopping, the specialists should be well placed to grow their share.”
– Richard Perks, Director of retail research

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Table of contents

  1. Overview

    • Areas covered in this Report
      • Consumer research
        • Technical notes
          • Retail sector sizes
            • Financial definitions
              • Abbreviations
                • VAT rates
                  • Figure 1: VAT rates around Europe, 2014-19
              • Executive Summary – Europe – The Market

                  • The market
                    • Sector size and forecast
                        • Figure 2: Europe: health and beauty specialists, sales, excl. VAT, 2014-18
                        • Figure 3: Europe: health and beauty specialists, forecast sales, excl. VAT, 2019-23
                      • Beauty and personal care specialists
                        • Figure 4: Europe: beauty and personal care specialists, sales, 2014-18
                        • Figure 5: Europe: beauty and personal care specialists, forecast sales, 2019-23
                        • Figure 6: Europe: estimated sales by BPC retailers, 2015-17
                      • Spending on personal care goods and services
                        • Figure 7: Europe: consumer spending on health and beauty products and services, 2013-17
                        • Figure 8: Europe: Spending on personal care goods and services as % of all consumer spending, 2017
                      • Spending and retail sales
                        • Figure 9: Europe: Sales by BPC specialists as % all spending on beauty and personal care, 2013-17
                      • Inflation
                        • Figure 10: Europe: inflation in personal care goods and services, annual % change, 2014-18
                        • Figure 11: Europe: inflation in personal care goods, annual % change, 2014-18
                        • Figure 12: Europe: Inflation: all items and personal care products, 2018*
                      • Online
                        • Figure 13: Europe: online sales of BPC products, 2018
                      • Leading specialists
                          • Figure 14: Europe: leading beauty and personal care specialists, sales, 2015/16-2017/18
                          • Figure 15: Europe: leading beauty and personal care specialists, outlets 2015/16-2017/18
                          • Figure 16: Leading beauty and personal care retailers, sales per outlet 2015/16-2017/18
                        • Market shares
                          • Figure 17: Europe: top 20 beauty and personal care specialists’ shares of all BPC specialists’ sales, 2015-17
                        • What we think
                        • Executive Summary – Europe – The Consumer

                            • What they bought
                                • Figure 18: Europe: products bought in the last 12 months by country, October 2018
                              • Online vs in-store
                                  • Figure 19: Europe: buyers of BPC products in-store and online, October 2018
                                • Store-based retailers
                                    • Figure 20: Europe: leading specialist BPC retailers and share of shoppers, October 2018
                                    • Figure 21: Europe: share of BPC shoppers using specialists, supermarkets and department stores, by country, October 2018
                                  • Online retailers
                                      • Figure 22: Europe: retailers used to buy BPC products online, October 2018
                                    • Attitudes to shopping for BPC products
                                        • Figure 23: Europe: attitudes to shopping for beauty and personal care, October 2018
                                        • Figure 24: Europe: those wanting more environmentally-friendly packaging, October 2018
                                        • Figure 25: Europe: those wanting to know if products are produced ethically, October 2018
                                        • Figure 26: Europe: those wanting to compare prices before buying, October 2018
                                    • Executive Summary – Europe – Launch Activity and Innovation

                                      • Retail innovations
                                        • Douglas launches new strategy
                                          • Zalando opens first bricks-and-mortar beauty store
                                            • Figure 27: Zalando’s first physical beauty store, Berlin, November 2018
                                          • Sephora’s natural beauty category
                                            • Lush’s first packaging-free store in Milan
                                              • Figure 28: Lush’s The Naked Store
                                            • YSL beauty hotel
                                              • Chanel creative studio launch
                                                • Augmented reality
                                                  • Neutrogena Skin360
                                                    • Collaborations
                                                      • L’Oréal launches Isabel Marant collaboration at Paris Fashion Week
                                                        • Purchase straight from the red carpet
                                                          • Jennifer Lopez launches a beauty line
                                                            • ASOS x Crayola
                                                            • France

                                                              • Overview
                                                                • What you need to know
                                                                  • Areas covered in this Report
                                                                    • Executive summary
                                                                      • The market
                                                                        • Consumer spending
                                                                          • Figure 29: France: consumer spending on beauty and personal care (incl. VAT), 2013-18
                                                                        • Sector size and forecast
                                                                          • Channels of distribution
                                                                            • Figure 30: France: estimated distribution of spending on beauty and personal care goods by channel, 2018
                                                                          • Companies and brands
                                                                            • Leading players
                                                                              • Market shares
                                                                                • Figure 31: France: leading beauty specialists’ shares of all beauty specialists’ sales, 2018
                                                                              • Online
                                                                                • The consumer
                                                                                  • BPC products purchased
                                                                                    • Figure 32: France: BPC products bought in the last 12 months – Broad categories, October 2018
                                                                                  • Online and in-store shopping for BPC
                                                                                    • Where they shop for BPC
                                                                                      • Figure 33: France: where beauty and personal care products were purchased, October 2018
                                                                                    • Attitudes to shopping for BPC products
                                                                                      • Figure 34: France: attitudes to buying beauty and personal care, October 2018
                                                                                    • What we think
                                                                                      • Issues and insights
                                                                                        • Clean and green beauty
                                                                                          • The facts
                                                                                            • The implications
                                                                                              • The future for online and digital
                                                                                                • The facts
                                                                                                  • The implications
                                                                                                    • The market – What you need to know
                                                                                                      • Economy picking up after prolonged period of low growth
                                                                                                        • BPC, a low growth market
                                                                                                          • BPC retailers doing well
                                                                                                            • Grocers and specialist chains are the main channels
                                                                                                              • Consumer spending
                                                                                                                • Signs of growth in the French economy
                                                                                                                  • Low growth in beauty and personal care spending
                                                                                                                    • Figure 35: France: consumer spending on beauty and personal care (incl. VAT), 2013-18
                                                                                                                  • Product market breakdown
                                                                                                                    • Figure 36: France: main beauty and personal care markets, spending (inc VAT), 2013-18
                                                                                                                    • Figure 37: France: main beauty and personal care markets, forecast spending (inc VAT), 2019-22
                                                                                                                  • Sector size and forecast
                                                                                                                    • Total retail sales recovering, further growth forecast in 2018
                                                                                                                      • Beauty retailers’ sales accelerating
                                                                                                                        • Figure 38: France: health & beauty specialists, sales (excl VAT), 2013-18
                                                                                                                        • Figure 39: France: health & beauty specialists, forecast sales, excl VAT, 2018-23
                                                                                                                      • Inflation
                                                                                                                        • Figure 40: France: consumer prices * of personal care items, annual % change, 2013-17
                                                                                                                        • Figure 41: France: consumer price inflation (HICP *) on personal care products and services, annual % change, January 2017-October 2018
                                                                                                                      • Channels of distribution
                                                                                                                        • Figure 42: France: where beauty and personal care products were purchased, France, October 2018
                                                                                                                      • Grocers dominate
                                                                                                                        • Pharmacies and parapharmacies significant
                                                                                                                          • Department stores have a low share
                                                                                                                            • Online growing
                                                                                                                              • Figure 43: France: estimated distribution of spending on beauty and personal care goods by channel, 2018
                                                                                                                            • Companies and brands – What you need to know
                                                                                                                              • Sephora leads
                                                                                                                                • Leading groups generate almost 80% of sector sales
                                                                                                                                  • Online BPC shopping growing
                                                                                                                                    • Leading players
                                                                                                                                      • Sephora leads
                                                                                                                                        • Yves Rocher developing new store formats
                                                                                                                                          • Marionnaud still in the red despite investments
                                                                                                                                            • Figure 44: France: leading beauty and personal care specialists, sales, 2014-18
                                                                                                                                            • Figure 45: France: leading beauty and personal care specialists, outlets, 2014-18
                                                                                                                                          • Sales per outlet
                                                                                                                                            • Figure 46: France: leading beauty and personal care specialists, sales per outlet, 2014-18
                                                                                                                                          • Market shares
                                                                                                                                            • Figure 47: France: leading beauty specialists’ shares of all beauty specialists’ sales, 2014-18
                                                                                                                                          • Online
                                                                                                                                            • Online activity
                                                                                                                                              • Shopping online
                                                                                                                                                • Figure 48: France: online purchases in the last 12 months in key sectors, 2012-18
                                                                                                                                              • Online BPC sales
                                                                                                                                                • Leading online players
                                                                                                                                                  • Digital world potential
                                                                                                                                                    • Figure 49: France: beauty and grooming-related activities done or willing to do, 2018
                                                                                                                                                  • The consumer – What you need to know
                                                                                                                                                    • BPC, a partly non-discretionary market
                                                                                                                                                      • Supermarkets lead for buying BPC
                                                                                                                                                        • Demand for ethical and natural products
                                                                                                                                                          • Experiences appeal to the young
                                                                                                                                                            • Beauty and personal care products purchased
                                                                                                                                                              • Figure 50: France: BPC products bought in the last 12 months – Broad categories, October 2018
                                                                                                                                                            • Online and in-store shopping for beauty and personal care products
                                                                                                                                                              • Women shop more online
                                                                                                                                                                • Figure 51: France: online BPC shoppers, October 2018
                                                                                                                                                                • Figure 52: France: profile of online and in-store buyers of beauty and personal care products, October 2018
                                                                                                                                                                • Figure 53: France: where beauty and personal care products were purchased, by how they shopped, October 2018
                                                                                                                                                              • Where beauty and personal care products are purchased
                                                                                                                                                                • Figure 54: France: where beauty and personal care products were purchased, October 2018
                                                                                                                                                              • Customer profiles
                                                                                                                                                                • Figure 55: France: usage of retailers for buying beauty and personal care products, by average age and income, October 2018
                                                                                                                                                              • Where people shopped and what they bought
                                                                                                                                                                • Figure 56: France: BPC products purchased by type of retailer used, deviation from average, October 2018
                                                                                                                                                                • Figure 57: France: BPC products purchased by specialist retailer used, deviation from average, October 2018
                                                                                                                                                              • Attitudes to shopping for beauty and personal care products
                                                                                                                                                                • Demand for ethical and natural products
                                                                                                                                                                  • Figure 58: France: attitudes to buying beauty and personal care, October 2018
                                                                                                                                                                • Experiences appeal to the young
                                                                                                                                                                  • Figure 59: France: in-store related attitudes to buying beauty and personal care by age group, October 2018
                                                                                                                                                                • Ethics and nature have broader appeal
                                                                                                                                                                  • Figure 60: France: environmental attitudes to buying beauty and personal care by age group, October 2018
                                                                                                                                                                • Price more important to women
                                                                                                                                                                  • Figure 61: France: attitudes to buying beauty and personal care, % agreeing that “I often compare the price of a product across different retailers” by age group and gender, October 2018
                                                                                                                                                                • Customer profiles for different attitudes
                                                                                                                                                                  • Figure 62: France: profile of those agreeing with selected attitude statements, October 2018
                                                                                                                                                                • Choice and price
                                                                                                                                                                  • Figure 63: France: attitudes to buying beauty products by retailer used, October 2018
                                                                                                                                                                • Environmental and ethical concerns
                                                                                                                                                                  • Figure 64: France: attitudes to buying beauty products by retailer used, October 2018
                                                                                                                                                                • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                  • Abbreviations
                                                                                                                                                                    • Data sources
                                                                                                                                                                    • Germany

                                                                                                                                                                      • Overview
                                                                                                                                                                        • What you need to know
                                                                                                                                                                          • Areas covered in this Report
                                                                                                                                                                            • Executive summary
                                                                                                                                                                              • Consumer spending
                                                                                                                                                                                • Figure 65: Germany: personal care spending as % all consumer spending, 2012-18
                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                • Figure 66: Germany: BPC specialists’ share of all retail sales, 2013-23
                                                                                                                                                                              • Inflation
                                                                                                                                                                                • Figure 67: Germany: consumer price inflation on personal care products and services, annual % change, January 2017-November 2018
                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                • Figure 68: Germany: estimated distribution of spending on beauty and personal care products by channel, 2017
                                                                                                                                                                              • Companies and brands
                                                                                                                                                                                • Market shares
                                                                                                                                                                                  • Figure 69: Germany: leading BPC specialists’ shares of all BPC specialists’ sales, 2017
                                                                                                                                                                                  • Figure 70: Germany: leading BPC specialists’ shares of all spending on BPC, 2017
                                                                                                                                                                                • Online
                                                                                                                                                                                  • The consumer
                                                                                                                                                                                    • What they buy
                                                                                                                                                                                      • Figure 71: Germany: beauty and personal care products bought in the last 12 months, October 2018
                                                                                                                                                                                    • Online and in-store shopping
                                                                                                                                                                                      • Figure 72: Germany: online and in-store buyers of personal care products, October 2018
                                                                                                                                                                                    • Where they shop
                                                                                                                                                                                      • Figure 73: Germany: where beauty and personal care products were purchased, October 2018
                                                                                                                                                                                    • Attitudes to shopping for beauty and personal care products
                                                                                                                                                                                      • Figure 74: Germany: attitudes to products and packaging of BPC products, October 2018
                                                                                                                                                                                      • Figure 75: Germany: attitudes to stores selling BPC products, October 2018
                                                                                                                                                                                      • Figure 76: Germany: attitudes to price comparisons and online reviews, October 2018
                                                                                                                                                                                      • Figure 77: Germany: attitudes to environmental concerns, October 2018
                                                                                                                                                                                    • What we think
                                                                                                                                                                                      • Issues and insights
                                                                                                                                                                                        • The competitive arena is changing
                                                                                                                                                                                          • What we’ve seen
                                                                                                                                                                                            • What it means
                                                                                                                                                                                              • BPC retailing is becoming more demanding
                                                                                                                                                                                                • What we’ve seen
                                                                                                                                                                                                  • What it means
                                                                                                                                                                                                    • The market – What you need to know
                                                                                                                                                                                                      • Personal care spending
                                                                                                                                                                                                        • Specialists gaining share
                                                                                                                                                                                                          • Inflation below average
                                                                                                                                                                                                            • Drugstores still the biggest players
                                                                                                                                                                                                              • Consumer spending
                                                                                                                                                                                                                • Figure 78: Germany: consumer spending on beauty and personal care (incl. VAT), 2013-18
                                                                                                                                                                                                              • Product market breakdown
                                                                                                                                                                                                                • Figure 79: Germany: main beauty and personal care markets, spending (incl. VAT), 2012-17
                                                                                                                                                                                                                • Figure 80: Germany: main beauty and personal care markets, forecast spending (incl. VAT), 2018-22
                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                • Drugstores resurgent?
                                                                                                                                                                                                                  • Figure 81: Germany: health & beauty specialists, sales, excl. VAT, 2014-18
                                                                                                                                                                                                                  • Figure 82: Germany: health & beauty specialists, forecast sales, excl. VAT, 2019-23
                                                                                                                                                                                                                • Inflation
                                                                                                                                                                                                                  • Figure 83: Germany: consumer prices of personal care items, annual % change, 2014-18
                                                                                                                                                                                                                  • Figure 84: Germany: consumer price inflation on personal care products and services, annual % change, January 2017-November 2018
                                                                                                                                                                                                                • Channels of distribution
                                                                                                                                                                                                                  • Cosmetics and perfumery specialists lead the way
                                                                                                                                                                                                                    • Food retailers, not the force they are elsewhere
                                                                                                                                                                                                                      • Mixed goods – A mixed picture
                                                                                                                                                                                                                        • Online and other non-store
                                                                                                                                                                                                                          • Figure 85: Germany: estimated distribution of spending on beauty and personal care products by channel, 2017
                                                                                                                                                                                                                        • Companies and brands – What you need to know
                                                                                                                                                                                                                          • Four players share the sector
                                                                                                                                                                                                                            • Online takes 7.5% of the market
                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                • Figure 86: Germany: leading beauty and personal care specialists, sales, excl. VAT, 2013/14-2017/18
                                                                                                                                                                                                                                • Figure 87: Germany: leading beauty and personal care specialists, outlets, 2013/14-2017/18
                                                                                                                                                                                                                                • Figure 88: Germany: leading beauty and personal care specialists, sales per outlet, excl. VAT, 2013/14-2017/18
                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                • Figure 89: Germany: leading BPC specialists’ shares of all beauty and personal care specialists’ sales, 2014-17
                                                                                                                                                                                                                                • Figure 90: Germany: leading BPC specialists’ shares of all BPC spending, 2014-17
                                                                                                                                                                                                                              • What happened to Schlecker’s share of the market?
                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                  • Online access
                                                                                                                                                                                                                                    • Shopping online
                                                                                                                                                                                                                                      • Figure 91: Germany: online purchases in the last 12 months, 2008-17
                                                                                                                                                                                                                                    • Online sales and leading online players
                                                                                                                                                                                                                                      • The consumer – What you need to know
                                                                                                                                                                                                                                        • Almost everyone beauty and personal care products
                                                                                                                                                                                                                                          • Online growing, but is the sole focus for few
                                                                                                                                                                                                                                            • Drugstores the most used retailers
                                                                                                                                                                                                                                              • Price comparison and environmental concerns important to consumers
                                                                                                                                                                                                                                                • Beauty and personal care products purchased
                                                                                                                                                                                                                                                  • Beauty and personal care products widely bought.
                                                                                                                                                                                                                                                    • Figure 92: Germany: beauty and personal care products bought in the last 12 months, October 2018
                                                                                                                                                                                                                                                  • Online and in-store shopping for beauty and personal care products
                                                                                                                                                                                                                                                    • Figure 93: Germany: online and in-store buyers of beauty and personal care products, October 2018
                                                                                                                                                                                                                                                  • Where beauty and personal care products are purchased
                                                                                                                                                                                                                                                    • Figure 94: Germany: where beauty and personal care products were purchased, October 2018
                                                                                                                                                                                                                                                    • Figure 95: Germany: customer profile of leading retailers, October 2018
                                                                                                                                                                                                                                                  • Where people shopped and what they bought
                                                                                                                                                                                                                                                    • Figure 96: Germany: toiletries buyers by where they shop, deviation from the average, October 2018
                                                                                                                                                                                                                                                    • Figure 97: Germany: body skincare buyers by where they shop, deviation from the average, October 2018
                                                                                                                                                                                                                                                    • Figure 98: Germany: fragrance/aftershave buyers by where they shop, deviation from the average, October 2018
                                                                                                                                                                                                                                                  • Attitudes to shopping for beauty and personal care products
                                                                                                                                                                                                                                                    • Products and packaging
                                                                                                                                                                                                                                                      • Figure 99: Germany: attitudes to products and packaging of BPC products, October 2018
                                                                                                                                                                                                                                                      • Figure 100: Germany: attitudes to limited editions by where BPC buyers shop, deviation from the average, October 2018
                                                                                                                                                                                                                                                    • Stores
                                                                                                                                                                                                                                                      • Figure 101: Germany: attitudes to stores selling BPC products, October 2018
                                                                                                                                                                                                                                                      • Figure 102: Germany: BPC buyers unsure of what to buy by where they shop, deviation from the average, October 2018
                                                                                                                                                                                                                                                    • Use of online for information gathering
                                                                                                                                                                                                                                                      • Figure 103: Germany: attitudes to price comparisons and online reviews, October 2018
                                                                                                                                                                                                                                                      • Figure 104: Germany: BPC buyers who compare prices by where they shop, deviation from the average, October 2018
                                                                                                                                                                                                                                                    • Environmental and ethical concerns
                                                                                                                                                                                                                                                      • Figure 105: Germany: attitudes to environmental concerns: October 2018
                                                                                                                                                                                                                                                      • Figure 106: Germany: profile of those agreeing with ethical statements, October 2018
                                                                                                                                                                                                                                                      • Figure 107: Germany: BPC buyers wanting ethically-produced goods by where they shop, deviation from the average, October 2018
                                                                                                                                                                                                                                                    • 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 108: Italy: annual percentage change in total consumer spending and consumer spending on personal care, 2013-18
                                                                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                                                                      • Figure 109: Italy: annual percentage change in retail sales, by sector, 2013-18
                                                                                                                                                                                                                                                                    • Inflation
                                                                                                                                                                                                                                                                      • Figure 110: Italy: consumer price inflation on all items and personal care products and services, annual % change, December 2017-December 2018
                                                                                                                                                                                                                                                                    • Channels of distribution
                                                                                                                                                                                                                                                                      • Companies and brands
                                                                                                                                                                                                                                                                        • Leading players
                                                                                                                                                                                                                                                                          • Market share
                                                                                                                                                                                                                                                                            • Figure 111: Italy: leading BPC specialists’ estimated shares of all spending on beauty and personal care, 2018
                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                            • The consumer
                                                                                                                                                                                                                                                                              • BPC products purchased
                                                                                                                                                                                                                                                                                • Figure 112: Italy: beauty and personal care products purchased in the last 12 months, October 2018
                                                                                                                                                                                                                                                                              • Where they shop
                                                                                                                                                                                                                                                                                • Figure 113: Italy: where beauty and personal care products were purchased in the last 12 months, October 2018
                                                                                                                                                                                                                                                                              • Attitudes to shopping for BPC products
                                                                                                                                                                                                                                                                                • Figure 114: Italy: attitudes to buying beauty and personal care products, October 2018
                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                • Issues and insights
                                                                                                                                                                                                                                                                                  • How can retailers better utilise the online channel?
                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                        • How can retailers offset intense price competition?
                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                              • The market – What you need to know
                                                                                                                                                                                                                                                                                                • BPC spending continues to rise
                                                                                                                                                                                                                                                                                                  • Beauty outperforms personal care
                                                                                                                                                                                                                                                                                                    • Sales through specialist retailers down
                                                                                                                                                                                                                                                                                                      • BPC inflation remains low
                                                                                                                                                                                                                                                                                                        • Online-only retailers stealing spending
                                                                                                                                                                                                                                                                                                          • Consumer spending
                                                                                                                                                                                                                                                                                                            • Economy still weak
                                                                                                                                                                                                                                                                                                              • Spending on BPC weak in 2017 but better in 2018
                                                                                                                                                                                                                                                                                                                • Figure 115: Italy: consumer spending on beauty and personal care (incl. VAT), 2013-18
                                                                                                                                                                                                                                                                                                              • Product market breakdown
                                                                                                                                                                                                                                                                                                                • Beauty continues to drive growth
                                                                                                                                                                                                                                                                                                                  • Figure 116: Italy: main beauty and personal care markets, spending (inc VAT), 2013-18
                                                                                                                                                                                                                                                                                                                • Trend looks set to continue
                                                                                                                                                                                                                                                                                                                  • Figure 117: Italy: main beauty and personal care markets, forecast spending (inc VAT), 2018-22
                                                                                                                                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                                                                                                                                  • Specialist sector in decline…
                                                                                                                                                                                                                                                                                                                    • Figure 118: Italy: health & beauty specialists, sales (excl VAT), 2013-18
                                                                                                                                                                                                                                                                                                                  • …but forecast to return to growth in 2019
                                                                                                                                                                                                                                                                                                                    • Figure 119: Italy: health & beauty specialists, forecast sales, excl VAT, 2018-23
                                                                                                                                                                                                                                                                                                                  • Inflation
                                                                                                                                                                                                                                                                                                                    • Personal care inflation remains low
                                                                                                                                                                                                                                                                                                                      • Figure 120: Italy: consumer prices of personal care items, annual % change, 2013-17
                                                                                                                                                                                                                                                                                                                      • Figure 121: Italy: consumer price inflation on all items and personal care products and services, annual % change, December 2017-December 2018
                                                                                                                                                                                                                                                                                                                    • Channels of distribution
                                                                                                                                                                                                                                                                                                                      • Pharmacies losing out to other specialists
                                                                                                                                                                                                                                                                                                                        • Figure 122: Italy: estimated distribution of spending on beauty and personal care products by channel, 2018
                                                                                                                                                                                                                                                                                                                        • Figure 123: Italy: estimated channels of distribution for beauty and personal care products, 2016-18
                                                                                                                                                                                                                                                                                                                      • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                        • Leading players strengthen their position
                                                                                                                                                                                                                                                                                                                          • Independents and smaller chains struggling
                                                                                                                                                                                                                                                                                                                            • Slow growth in the online market
                                                                                                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                                                                                                • Strong growth seen amongst leading players
                                                                                                                                                                                                                                                                                                                                  • Figure 124: Italy: leading beauty and personal care specialists, estimated sales, 2014-18
                                                                                                                                                                                                                                                                                                                                • Store expansion looks to be slowing
                                                                                                                                                                                                                                                                                                                                  • Figure 125: Italy: leading beauty and personal care specialists, estimated outlet numbers, 2014-18
                                                                                                                                                                                                                                                                                                                                  • Figure 126: Italy: leading beauty specialists, estimated sales per outlet, 2014-18
                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                  • Ongoing consolidation in the market
                                                                                                                                                                                                                                                                                                                                    • Figure 127: Italy: leading BPC specialists’ estimated shares of all spending on beauty and personal care, 2018
                                                                                                                                                                                                                                                                                                                                    • Figure 128: Italy: leading beauty specialists’ estimated share of all beauty specialists’ sales, 2014-18
                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                    • Online access
                                                                                                                                                                                                                                                                                                                                      • Shopping online
                                                                                                                                                                                                                                                                                                                                        • Figure 129: Italy: online purchases in the last 12 months in key sectors, 2012-17
                                                                                                                                                                                                                                                                                                                                      • Online sales and leading online players
                                                                                                                                                                                                                                                                                                                                          • Figure 130: Italy: beauty retailers: transactional websites, January 2019
                                                                                                                                                                                                                                                                                                                                        • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                          • BPC purchasing remains prolific
                                                                                                                                                                                                                                                                                                                                            • Most still shop in-store
                                                                                                                                                                                                                                                                                                                                              • Both specialists and non-specialists remain popular
                                                                                                                                                                                                                                                                                                                                                • Demand for more sustainability
                                                                                                                                                                                                                                                                                                                                                  • Beauty and personal care products purchased
                                                                                                                                                                                                                                                                                                                                                    • More buy personal care than beauty
                                                                                                                                                                                                                                                                                                                                                      • Figure 131: Italy: beauty and personal care products purchased in the last 12 months, October 2018
                                                                                                                                                                                                                                                                                                                                                    • Growth potential in male beauty
                                                                                                                                                                                                                                                                                                                                                      • Figure 132: Italy: beauty and personal care products purchased in the last 12 months, by age and gender, October 2018
                                                                                                                                                                                                                                                                                                                                                    • Online and in-store shopping for beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                      • Channel usage is stable
                                                                                                                                                                                                                                                                                                                                                        • Figure 133: Italy: how beauty and personal care products were purchased in the last 12 months, October 2018
                                                                                                                                                                                                                                                                                                                                                      • Young women most likely to shop online
                                                                                                                                                                                                                                                                                                                                                        • Figure 134: Italy: how beauty and personal care products were purchased in the last 12 months, by age and gender, October 2018
                                                                                                                                                                                                                                                                                                                                                      • Beauty categories most likely to be bought online
                                                                                                                                                                                                                                                                                                                                                        • Figure 135: Italy: how beauty and personal care products were purchased in the last 12 months, by products purchased, October 2018
                                                                                                                                                                                                                                                                                                                                                      • Where beauty and personal care products are purchased
                                                                                                                                                                                                                                                                                                                                                        • Supermarkets most used channel
                                                                                                                                                                                                                                                                                                                                                          • Figure 136: Italy: where beauty and personal care products were purchased in the last 12 months, October 2018
                                                                                                                                                                                                                                                                                                                                                        • Women favour specialists
                                                                                                                                                                                                                                                                                                                                                          • Figure 137: Italy: type of retailer used to purchase beauty and personal care products in the last 12 months, by age and gender, October 2018
                                                                                                                                                                                                                                                                                                                                                        • Customer profiles
                                                                                                                                                                                                                                                                                                                                                          • Figure 138: Italy: where beauty and personal care products were purchased in the last 12 months, by age and income, October 2018
                                                                                                                                                                                                                                                                                                                                                        • Where people shopped and what they bought
                                                                                                                                                                                                                                                                                                                                                          • What consumers bought from the specialists
                                                                                                                                                                                                                                                                                                                                                            • Figure 139: Italy: where beauty and personal care products were purchased in the last 12 months, by products purchased, October 2018
                                                                                                                                                                                                                                                                                                                                                          • What consumers bought from the non-specialists
                                                                                                                                                                                                                                                                                                                                                            • Figure 140: Italy: where beauty and personal care products were purchased in the last 12 months, by products purchased, October 2018
                                                                                                                                                                                                                                                                                                                                                          • Attitudes to shopping for beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                            • Online influence on BPC buying decisions
                                                                                                                                                                                                                                                                                                                                                              • Figure 141: Italy: beauty and personal care buying behaviour, October 2018
                                                                                                                                                                                                                                                                                                                                                            • Women more engaged shoppers
                                                                                                                                                                                                                                                                                                                                                              • Figure 142: Italy: beauty and personal care buying behaviour, by gender, October 2018
                                                                                                                                                                                                                                                                                                                                                            • Older consumers want natural ingredients
                                                                                                                                                                                                                                                                                                                                                                • Figure 143: Italy: beauty and personal care buying behaviour, by age and income, October 2018
                                                                                                                                                                                                                                                                                                                                                              • 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 144: Spain: annual % change in total consumer spending on beauty and personal care and total household spending, 2013-18
                                                                                                                                                                                                                                                                                                                                                                              • Sector size
                                                                                                                                                                                                                                                                                                                                                                                • Figure 145: Spain: annual % change in retail sales, 2013-18
                                                                                                                                                                                                                                                                                                                                                                              • Inflation
                                                                                                                                                                                                                                                                                                                                                                                • Figure 146: Spain: consumer price inflation on personal care products and services, annual % change, 2013-18
                                                                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                • Figure 147: Spain: estimated distribution of spending on beauty and personal care products by channel, 2017
                                                                                                                                                                                                                                                                                                                                                                              • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                • Leading players
                                                                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 148: Spain: leading BPC specialists’ shares of all cosmetics and perfumery specialists’ sales, 2017/18
                                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                                    • The consumer
                                                                                                                                                                                                                                                                                                                                                                                      • Beauty and personal care products purchased
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 149: Spain: beauty and personal care products purchased, October 2018
                                                                                                                                                                                                                                                                                                                                                                                      • Online and in-store shopping for beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 150: Spain: in-store and online buyers of beauty and personal care products, October 2018
                                                                                                                                                                                                                                                                                                                                                                                      • Where beauty and personal care products are purchased
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 151: Spain: where beauty and personal care products were purchased, October 2018
                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes to shopping for beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 152: Spain: attitudes to shopping for beauty and personal care products, October 2018
                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                        • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                          • Shoppers showing more interest in environmental and ethical issues
                                                                                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                                                                                • The opportunity to consolidate the role of physical stores
                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                      • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                        • Personal care spending growing at above-average rate
                                                                                                                                                                                                                                                                                                                                                                                                          • Fragrances is biggest and fastest-growing sector
                                                                                                                                                                                                                                                                                                                                                                                                            • Specialist retailers see modest sales growth
                                                                                                                                                                                                                                                                                                                                                                                                              • Inflation has limited impact on beauty
                                                                                                                                                                                                                                                                                                                                                                                                                • Specialists battling hypermarkets/supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                    • Personal care spending growing at above-average rate
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 153: Spain: consumer spending on beauty and personal care (incl. VAT), 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                    • Product market breakdown
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 154: Spain: main beauty and personal care markets, spending (incl. VAT), 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 155: Spain: main beauty and personal care markets, forecast spending (incl. VAT), 2019-22
                                                                                                                                                                                                                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 156: Spain: health & beauty specialists, sales, excl. VAT, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 157: Spain: health & beauty retailers, forecast sales, excl. VAT, 2019-23
                                                                                                                                                                                                                                                                                                                                                                                                                    • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 158: Spain: consumer prices of personal care items, annual % change, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 159: Spain: consumer price inflation on personal care products and services, annual % change, January 2017-November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                    • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 160: Spain: estimated distribution of spending on beauty and personal care products by channel, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 161: Spain: estimated distribution of spending on beauty and personal care products by channel, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                    • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                      • Industry takes stock after frenetic period of consolidation
                                                                                                                                                                                                                                                                                                                                                                                                                        • Market leader Clarel under pressure and up for sale
                                                                                                                                                                                                                                                                                                                                                                                                                          • Competition intensifies
                                                                                                                                                                                                                                                                                                                                                                                                                            • Online sales still relatively undeveloped
                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                • Industry takes stock after frenetic period of consolidation
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 162: Spain: leading beauty and personal care specialists, sales, 2014/15-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 163: Spain: leading beauty and personal care specialists, outlets, 2014/15-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 164: Spain: leading beauty specialists, sales per outlet, 2015/16-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 165: Spain: leading specialists’ shares of all cosmetics and perfumery specialists' sales, 2014/15-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online activity
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 166: Spain: online purchases in the last 12 months in key sectors, 2008-18
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 167: Spain: estimated online sales by product category, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 168: Spain: beauty retailers: transactional websites, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                      • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Older women are important buyers
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Just a quarter buy online
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Supermarkets/hypermarkets are the most popular places to buy
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Environmental and ethical concerns coming to the fore
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Beauty and personal care products purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Beauty and personal care products have almost universal purchasing
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 169: Spain: beauty and personal care products purchased in the last 12 months, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Fragrances/aftershaves most likely to be bought by men
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 170: Spain: beauty and personal care products purchased in the last 12 months, by gender, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Older women are important buyers of beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 171: Spain: beauty and personal care products purchased, by age group, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online and in-store shopping for beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Little change in online shopper numbers
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 172: Spain: in-store and online buyers of beauty and personal care products, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Women are bigger online shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 173: Spain: in-store and online buyers of beauty and personal care products, by gender, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Family drives online purchasing
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 174: Spain: in-store and online buyers of beauty and personal care products, by age group, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online sales in some segments being boosted by tutorials
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 175: Spain: beauty and personal care products bought in the last 12 months, in-store vs online, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where beauty and personal care products are purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Supermarkets/hypermarkets are the dominant source of purchase
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 176: Spain: where beauty and personal care products were purchased, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Primor’s appeal is with younger customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 177: Spain: where beauty and personal care products were purchased, by age and income, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where people shopped and what they bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Products and specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 178: Spain: BPC products purchased by retailer used, deviation from average: specialists, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 179: Spain: BPC products purchased by retailer used, deviation from average: non-specialists, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Attitudes to shopping for beauty and personal care products
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Environmental and ethical concerns coming to the fore
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 180: Spain: attitudes to buying beauty and personal care products, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Interest in ethical production and natural ingredients is broadly spread
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 181: Spain: attitudes to buying beauty and personal care products, by age group, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Products covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Growth in the beauty market projected to continue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 182: Market size and forecast for consumer spending on beauty and personal care products (including VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Robust demand for beauty boosts health and beauty sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 183: Health and beauty specialist retailers sales (including VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Boots suffers from its maturity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • AS Watson performing well
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 184: Leading specialist and non-specialist retailers’ estimated market shares, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Grocers losing market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Boots and Superdrug most trusted retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 185: Attitudes towards and usage of selected brands, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Changes in beauty purchasing habits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 186: Beauty and personal care items purchased in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • An ongoing preference for mass-market brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 187: Beauty and personal care brand types purchased in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Supermarkets continue to draw in consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 188: Where they purchased beauty and personal care items in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Most shop online because it is easier to browse
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 189: Why they shop online for beauty and personal care, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A lack of experience hinders the online market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 190: Why they don’t shop online for beauty and personal care, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mass-market brands need to innovate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 191: Beauty and personal care correspondence analysis, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Price comparison habits will threaten margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 192: Beauty and personal care purchasing behaviours, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Issues and Insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Price wars: the next steps to ease the downward pressure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sustainability: more informed consumers will demand more from BPC retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The shift online: how multichannel retailers can fight back
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spending on BPC continues to rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Beauty fuelling market growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Specialists outperform the wider market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online penetration increases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Uncertainty hits consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK beauty and personal spending up 1.4% in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 193: Market size and forecast for consumer spending on beauty and personal care products (including VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 194: Market size and forecast for consumer spending on beauty and personal care products (including VAT), at current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What might Brexit mean for the UK BPC market?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market segmentation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Growth in beauty spending remains robust during 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 195: Market size and forecast for consumer spending on beauty products (including VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 196: Market size and forecast for consumer spending on beauty products (including VAT), at current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Beauty category performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 197: Consumer spending on beauty products (including VAT), by category, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Colour cosmetics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Fragrances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Facial skincare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Hand, body and footcare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Spending on personal care thought to have fallen in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 198: Market size and forecast for consumer spending on personal care products (including VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 199: Market size and forecast for consumer spending on personal care products (including VAT), at current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Personal care category performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 200: Consumer spending on personal care products (including VAT), by category, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Haircare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Oral hygiene
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Soap, bath and shower
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Shaving and hair removal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Deodorants
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Hair colourants
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Suncare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Health and beauty specialists outperforming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 201: Health and beauty specialists’ sales (including VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 202: Health and beauty specialists’ sales (including VAT), at current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Notes on Mintel’s sector size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Outlet and enterprise numbers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 203: Health and beauty specialists’ outlet numbers, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 204: Health and beauty specialists’ enterprise numbers, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online spending rises 6% in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 205: Estimated market size and forecast for online consumer spending on beauty and personal care products, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 206: Estimated market size and forecast for online consumer spending on beauty and personal care products, at current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 207: Estimated distribution of online spending on beauty and personal care products, 2016-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Channels to market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Grocers continue to lose market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 208: Estimated distribution of spending on beauty and personal care products, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 209: Estimated distribution of spending on beauty and personal care products (including VAT), 2016-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • BPC inflation remains low
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 210: Consumer price inflation, 2007-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Prices of BPC products continue to fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 211: Consumer price inflation, October 2017-August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Real wages return to growth in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 212: Real wage growth – Average weekly earnings vs inflation, January 2014-October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumer confidence hit by Brexit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 213: Consumer financial confidence, January 2016-November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • An ageing population is an opportunity for BPC retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 214: Trends in the age structure of the UK population, 2016-26
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 215: Breakdown of trends in the age structure of the UK population, 2016-26
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Fewer people saving, more going out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 216: Trends in what extra money is spent on, November 2017 and November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Gifting remains important
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 217: Beauty and personal care items bought as a gift in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Stores are a primary source of information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 218: Sources of beauty and personal care information, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Demand for personalisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 219: Interest in beauty and grooming personalisation services, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Boots struggles in the face of intense competition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • AS Watson’s performance bolstered by Savers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Grocery multiples continue to hold a dominant position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Lush and The Body Shop benefit from ethical associations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Total beauty advertising spend down 7.2%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Savers boosts AS Watson growth this year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Boots regarded as less innovative
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading specialists by sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 220: Leading specialist retailers’ net revenues (excluding VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online beauty retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 221: Leading online/home shopping specialist retailers’ net revenues (excluding VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading pharmacies by sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 222: Leading pharmacy chains’ net revenues (excluding VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Outlet numbers and sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 223: Leading specialist retailers’ outlet numbers, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 224: Leading specialists retailers’ estimated sales per outlet, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 225: Leading specialist retailers’ operating profits, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 226: Leading specialist online/home shopping retailers’ operating profits, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 227: Leading specialist retailers’ operating margins, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 228: Leading specialist online/home shopping retailers’ operating margins, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Beauty is becoming a mainstream focus for the grocery multiples
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Department stores a mixed performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 229: Leading non-specialist retailers’ estimated sales growth, by segment, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Aldi and Lidl continue to strengthen position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon’s beauty disruption begins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 230: Leading non-specialist retailers’ estimated beauty and personal care goods sales (excluding VAT), 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market remains fragmented
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 231: Leading specialist and non-specialist retailers’ estimated market shares, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 232: Leading specialist and non-specialist retailers’ estimated market shares, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Note on market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Launch activity and innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • YSL launches beauty pop-up at Heathrow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Space NK launches Drunk Elephant in the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Primark’s ‘PS’ cruelty-free beauty products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Debenhams redesigns its beauty department in Watford
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Wow How has released a new virtual beauty try-on app
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Avon gets personal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 233: Avon’s subscription service, Letterbox Loves, June 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • L’Oréal purchases AI Beauty Company
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Coty x Amazon Echo
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • On-demand bespoke lipstick
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Boy de Chanel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Unilever launches 'natural' shampoos and soaps to attract Millennials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Packaging-free foundation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 234: Lush’s Slap Stick packaging-free foundation, June 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • L’Oréal investing in Natural cosmetics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Advertising and marketing activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Total beauty advertising spend down 7.2%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 235: Recorded above-the-line advertising expenditure on beauty and personal care, total market, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 236: Recorded above-the-line, online, display and direct mail total advertising expenditure on beauty and personal care, by leading retailers, 2015-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key campaigns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Boots celebrates mothers with ‘She’s me mum’ seasonal campaign
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • L’Occitane takes a new marketing approach
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Digital overtakes press in advertising spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 237: Recorded above-the-line advertising expenditure percentage on beauty and personal care, by media type, total market, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 238: Attitudes towards and usage of selected brands, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 239: Key metrics for selected brands, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand attitudes: Lush seen as worth paying more for
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 240: Attitudes, by brand, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand personality: L’Occitane viewed as the most exclusive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 241: Brand personality – Macro image, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Boots perceived as being welcoming and reliable
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 242: Brand personality – Micro image, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Boots is the most trusted retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 243: User profile of Boots, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Superdrug perceived as offering good value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 244: User profile of Superdrug, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lush viewed as being innovative
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 245: User profile of Lush, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Body Shop perceived as having great customer service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 246: User profile of The Body Shop, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • L’Occitane has a strong brand DNA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 247: User profile of L’Occitane, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kiko Milano viewed as fun
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 248: User profile of Kiko Milano, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Space NK has excellent customer experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 249: User profile of Space NK, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 250: Leading health and beauty retailers: health and beauty products estimated space allocation, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Superdrug trialling Botox and cosmetic procedures in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The Body Shop deploying personalisation services in stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Department stores new beauty hall concepts to attract shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Supermarkets in-store beauty makeover
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 251: Leading health and beauty retailers: Health and beauty products estimated detailed space allocation, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 252: Leading health and beauty retailers: Health and beauty products estimated detailed space allocation, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Health and beauty space as a percentage of total floor space in non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 253: Non-specialists: estimated health and beauty space as a percentage of total floor space, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Fewer people shopping for beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Value brands popular when buying toiletries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • An uplift in online purchasing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Convenience and price drive shoppers online…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …but experience also keeps people buying in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mass-market brands seen as good value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Savvy shoppers price compare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What they buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Purchasing levels remain high
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 254: Beauty and personal care items purchased in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A dip in the number of consumers buying beauty products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 255: Beauty products purchased in the last 12 months, by age and gender, October 2017 and November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Signals that consumers are using fewer products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 256: Repertoire of beauty and personal care items purchased in the last 12 months, October 2017 and November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand types purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fragrances remain most purchased prestige products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 257: Beauty and personal care brand types purchased in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • How and where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • More consumers are shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 258: How they purchased beauty and personal care items in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Supermarkets remain dominant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 259: Where they purchased beauty and personal care items in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Boots is the most used retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 260: Where they purchased beauty and personal care items in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online-only players strengthen their position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 261: Where they purchased beauty and personal care items in the last 12 months, October 2017 and November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Discounters appeal to older consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 262: Where they purchased beauty and personal care items in the last 12 months, by age and income, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Make-up purchasing moving online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 263: Beauty and personal care items purchased in the last 12 months, by how they shopped, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Most only shop with one or two different retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 264: Repertoire of where they purchased beauty and personal care items in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Reasons for shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumers think prices online are cheaper
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 265: Why they shop online for beauty and personal care, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Reasons for not shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Enjoyment keeps people shopping in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 266: Why they don’t shop online for beauty and personal care, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand perceptions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Prestige brands are considered to be overrated
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 267: Beauty and personal care correspondence analysis, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 268: Beauty and personal care correspondence analysis, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Purchasing behaviour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Natural ingredients remain popular
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 269: Beauty and personal care purchasing behaviours, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Women more interested in sustainability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 270: Beauty and personal care purchasing behaviours – Agreement with statements about sustainability, by gender, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Older consumers show more brand loyalty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 271: Beauty and personal care purchasing behaviours – Agreement with statements about loyalty, by age and gender, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Young consumers need more guidance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 272: Beauty and personal care purchasing behaviours – Agreement with statements about product discovery and preferences, by age, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer research methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Best- and worst-case forecasts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 273: Market size and forecast for consumer spending on beauty and personal care products (including VAT), best- and worst-case forecast, 2018-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sector size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 274: Health and beauty specialists’ sales (including VAT), best- and worst-case forecast, 2018-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online market size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 275: Estimated market size and forecast for online consumer spending on beauty and personal care products, best- and worst-case forecast, 2018-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Acqua & Sapone

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online site highlights in-store promotions but is missing out on online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Active social media platforms
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 276: Acqua & Sapone: group sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 277: Acqua & Sapone: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • AS Watson

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Diverse collection of businesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent focus on service and online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Marionnaud a poor fit for AS Watson structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 278: AS Watson (Europe): group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 279: AS Watson (Europe): outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Rossmann
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Kruidvat and Superdrug
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Savers and Prijsmepper
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Other businesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 280: AS Watson Europe, operating companies, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Body Shop

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New owner reinforces values
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New brand ambassadors could personalise ethical and green appeal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Missing out on new product benefits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Continued investment needed in physical retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Broadening appeal to older consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 281: The Body Shop: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 282: The Body Shop: estimated UK sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 283: The Body Shop: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 284: The Body Shop: sales, by category, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Clarel

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Overstored?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 285: Clarel, gross sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 286: Clarel: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New beauty hall design to attract shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strengthening beauty offering, partnering with Estée Lauder to launch #Beautyhub
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Rewarding socially-engaged beauty consumers with discounts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Exploring different beauty product category opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 287: Debenhams: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 288: Debenhams: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • dm-Drogerie Markt

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bloggers, influencers and conventions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New products initiative
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Modernising and reshaping existing shops for a more enjoyable in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Targeting the Chinese consumer market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 289: dm-Drogerie Markt: group sales performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 290: dm-Drogerie Markt: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Douglas Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New CEO’s bold new strategy to rejuvenate and reposition the brand more upmarket
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Modernising bricks-and-mortar stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Website enhancements help grow online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Innovative and exclusive product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • High value of Beauty Card members
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 291: Douglas Group: group sales performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 292: Douglas Group: estimated outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The Fragrance Shop

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Buy now, pay later payment scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • 'Sniff Bar' pop-up’s
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Black Friday sales push
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 293: The Fragrance Shop: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 294: The Fragrance Shop: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ambitious plan to transform House of Fraser into Harrods of the High Street
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strained supplier relations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Nationwide shopping event
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 295: House of Fraser Plc: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 296: House of Fraser Plc: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • John Lewis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New concierge-style beauty service concept
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Capitalising on vegan beauty trend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Preparing to launch a personalised Beauty reward programme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Expanded click-and-collect options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 297: John Lewis Plc (department store): group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 298: John Lewis Plc (department store): outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Kiko Milano

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Hits the buffers in key markets including US, UK and Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Injection of capital will allow it to retarget its expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online offers wide international coverage but some stores will be necessary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 299: Kiko Milano: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 300: Kiko Milano: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lush Retail Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Lush responds to consumer demand with its ‘Community Products’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Lush goes packaging-free
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lush enables customers to make their own bath bombs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Wales’ first Lush Spa Shop opens in Cardiff
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 301: Lush Retail Ltd: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 302: Lush Retail Ltd: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Müller

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Succession solution could lead to greater dynamism
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Heading off discount grocery threat is a challenge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Likely to move ahead in online retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Assortment facing much-needed shakeup
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 303: Müller: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 304: Müller: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rossmann

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Slow pace of refurbishment holds dangers for space productivity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Search for differentiation moves away from price
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Connecting with younger customers remains a priority
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 305: Rossmann: group sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 306: Rossmann: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sephora

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Continuous product launches help drive success
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Pursuing new expansion in Germany and Russia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Use of technology and service drives store appeal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 307: Sephora: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 308: Sephora: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Walgreens Boots Alliance

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Few tangible signs of merger benefits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK and European markets too mature to be the strategic focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online under pressure from all sides
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 309: Walgreens Boots Alliance (UK and Europe): group sales performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 310: Walgreens Boots Alliance (UK and Europe): outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Yves Rocher

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Focused on creating a more immersive in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Creative pop-up store and bespoke off-site experiences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Acquisition to boost market penetration outside the euro area
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Alternative packaging breakthrough to reduce ecological footprint
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 311: Rocher Groupe: estimated group sales performance, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 312: Rocher Groupe: estimated outlet data, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Beauty and Personal Care Retailing - Europe - January 2019

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                US $3,703.57 (Excl.Tax)