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Summary and extracts
1 Market Summary
1.1 Definition and presentation
A cosmetic includes any substance used to clean, moisturize or alter a person's skin, hair, nails or teeth.
Cosmetics can be divided into two categories:
- Beauty products: e.g. makeup, perfume, skin cream.
- Care products: e.g. shampoo, soap, deodorant.
In Italy, the cosmetics market has shown incredible performance in recent years, thanks to the positive perception of the country of origin. In fact, both production and exports have shown an annual percentage increase since 2009. The market, however, is highly competitive and concentrated in the hands of a few cosmetics giants, who have to continuously innovate their offerings to keep up with the changing needs of consumers and not lose market share to an increasing number of smaller players trying to conquer a certain niche.
In fact, following the growing interest in issues such as sustainability and the environment, or the increased focus on product provenance and ingredient origin, or even the higher consideration given to personal care, both existing businesses and new entrants need to quickly change their positioning accordingly.
1.2 The global market
Cosmetics are beauty products used for skin or body care or to accentuate the appearance of the human body. These refer to a range of products available mainly in different categories, such as skin care and hair care. The global cosmetics market reached a value of $***.** billion in **** and is expected ...
1.3 The domestic market
Despite the negative effects due to the prolonged Russian-Ukrainian conflict, high tensions on raw materials and related price increases, **** confirms a recovery dynamic in the production and market values of the Italian cosmetics industry. In fact, with the consolidation of the "new normal" and the overcoming of the production and market ...
1.4 The foreign market
It can be seen that the value of exports dominates the value of imports throughout the period taken into analysis (***). As for imports, we can see that there has been growth in recent years: from **** to **** the value undergoes an increase of *.* percent.
Exports, Imports and Coverage Rate of Cosmetics Italy, ...
1.5 Impact of the conflict between Russia and Ukraine
The Russian-Ukrainian conflict has had a significant impact on the cosmetics manufacturing industry, leading to higher producer and consumer prices. Geopolitical tensions have generated instability in supply chains, with disruptions in transportation and access to crucial raw materials. This uncertainty has triggered an uptick in operating costs for companies in the ...
2 Demand analysis
2.1 Demand characteristics
To visualize the consumption of cosmetics in the Italian context, an analysis of the monthly household expenditure item in personal hygiene and wellness items, natural products and beauty products is proposed. Specifically, we see that since **** , spending has significantly decreased compared to ****(***).
Item of monthly household spending on personal hygiene and ...
2.2 Demand drivers
Cosmetics are purchased more by women (***).
Estimated composition of consumption of cosmetic products for women (***) Italy, ****, % Cosmetics Italy
Consumers, on the other hand, concentrate their purchases in perfumery (***).
Estimated composition of cosmetic consumption for men (***) Italy, ****, % Cosmetics Italy
2.3 Geographical distribution of demand
Regarding the geographic distribution of cosmetics consumption, it can be seen that the highest value is concentrated in Northern Italy (***). As can be seen from the value of spending, products from this economic segment are in high demand and popular among Italian households.
2.4 New demand trends
HEALTH NURTURING
Consumers have long understood and incorporated into their routines the benefits of a holistic approach to health. This movement is set to increase in the coming years due to the growing aging population, progressively limited access to health care, and unbalanced diets. These factors will influence multiple consumer segments, ...
3 Market structure
3.1 Market structure and dynamics
Regarding the number of enterprises active in the manufacture of perfumes and cosmetics in the Italian context, there is a growth between **** and ****, amounting to *.** percent. The lowest value in the last five years taken into analysis is in ****, where only *** companies were present in the economic scenario. The value then ...
3.2 The Italian territory
In **** , the highest concentration of cosmetic enterprises is confirmed in the Northwest of Italy, with a weight on the geographical picture close to ** percent. Lombardy is confirmed as the region with the highest density of cosmetic companies, at nearly ** percent, followed by Emilia-Romagna(***). Calabria, Sardinia, Molise and Valle d'Aosta have insignificant ...
3.3 Value chain
The value chain in the cosmetics market includes several stages from the supply of raw materials to the sale to the end consumer. Here is a general summary of the main stages:
Raw material supply: this stage includes the production and supply of ingredients and materials used in the manufacture of ...
3.4 Distribution channels
The main distribution channels for cosmetics are: GDO and other channels: common channel for the distribution of cosmetics, offering a wide range of brands and products under one roof; they often target mass-market products and are chosen by consumers seeking to purchase cosmetics along with their regular spending on other products. Pharmacies ...
3.5 Main actors
4 Supply analysis
4.1 Type of the offer
[***]
4.2 Prices
Over the past year, the consumer price index for beauty products has grown significantly: from December **** to December **** there was an increase of *.* points(***). The growth in value occurred gradually and was certainly influenced by the recent price increases caused by the Russian-Ukrainian conflict. Consumer price index in beauty products Italy, ...
4.3 New supply trends
Mineral makeup
Mineral makeup has a unique composition of minerals processed into a powder composed of microcrystals that naturally adhere to the skin. Being exclusively composed of minerals, they have no additives, preservatives, silicones, etc. inside them. So all substances that can become harmful to one's skin over time are avoided. ...
5 Rules and regulations
5.1 EU cosmetics regulation: updates 2022
Regulation ****/**** was updated on March *, ****, and has new bans that cosmetic retailers must comply with when offering their products for sale.
These are zinc pyrithione and butylphenyl mathylproponial. In fact, these two substances have recently been classified as carcinogenic, mutagenic and toxic. As of March ****, cosmetics companies are no longer allowed ...
6 Positioning of actors
6.1 Segmentation of actors
- KIKO Milano
- Sephora
- Bottega Verde
- Acqua di Parma
- L'Oréal Italia
- Paglieri
- Deborah Group
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Latest news
Sephora downsizes in China after leaving South Korea - 22/08/2024
- - Sephora is shedding "just under 3%" of its workforce in China, or around 100 jobs.
- - Sephora has around 400 stores in Asia, including 300 in China.
- - Founded in 1968 and acquired by LVMH in 1997, Sephora set up in Beijing in 2005.
- - Sephora is the number one retailer of high-end beauty products in the United States.
- - The company is targeting sales of "20 billion euros".
- - Sephora's operations in China would have generated combined losses over 2022 and 2023 of $46 million, according to annual reports from Shanghai Jahwa United Co. Ltd. which holds 19% of its business on the mainland.
- - Sephora recently reduced its presence in South Korea and withdrew from Taiwan.
- - The brand is a significant contributor to LVMH sales, second only to Louis Vuitton (over 20 billion in sales).
- - Sephora has estimated sales of over $12 billion, according to Bernstein.
Sephora to rapidly increase sales from 12 to 20 billion euros - 23/10/2023
- Sephora is the world leader in selective perfumery.
- LVMH has owned Sephora since 1997.
- The Sephora store on the Champs Elysées welcomes 10,000 visitors a day.
- The global beauty market grew by 6% last year to reach 250 billion euros.
- Sephora has forecast 17% growth by 2022.
- The brand has 2,700 stores.
- By 2022, according to analysts, Sephora has almost reached 12 billion euros in sales.
Beauty: how Sephora is expanding in the United States - 07/10/2023
- America is its first market
- The French group opened its first store there twenty-five years ago
- Today, it has 658 directly-operated stores on the American market, including 22 in New York
- Sephora is present in 35 markets with 2,700 stores
- A $430 billion industry according to McKinsey
- The United States will consolidate its position as the world's leading beauty market, growing from $70 billion in 2022 to around $100 billion in 2027 (McKinsey).
- The brand contributes 20% of LVMH sales and 12% of the Ebit of the number one in luxury goods.
- sephora is America's leading selective retailer.
- American retailer Kohl's, which has stores in 29 states, partnered with Sephora in 2020, and they share 862 "Sephora Kohl's".
Sephora and Zalando end their partnership - 09/09/2023
- The partnership between Sephora and Zalando began in Germany in the fourth quarter of 2021.
- The partnership was extended to Zalando's other European markets in 2022, including Italy
- Two years after the start of the partnership, the collaboration comes to an end.
- Sephora is a subsidiary of LVMH.
- Sephora's aim in 2021 was to compete with Douglas (Nocibé in France), which has a greater presence in Europe.
Sephora returns to London. - 28/02/2023
- 2.700 Distribution outlets worldwide
- Return to the British capital with a first store of over 550 square metres in the Westfield shopping center
- The online business was rolled out in the UK in 2021 with the acquisition of Feelunique, a digital player in prestige beauty in the UK
Sephora returns to London Contents - 26/02/2023
Absence from the UK market since 2006
- Return with the opening of a London store on March 8, open seven days a week
- - 2,700 Sephora points of sale
- - E-commerce operational since October 2022
- - Takeover of Feelunique in 2021
- - Double-digit growth in UK prestige beauty sales post-Covid
- - UK among top ten global markets for premium beauty products
- - Beauty Hub with 26 beauty consultants
- - Sephora's first Lip Bar
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