The 2023 Top 100 Beauty Companies (2024)

Clichy, France
2023 Beauty Sales:
$44.53 Billion
€41.18 Billion
+7.6% VS. 2022

The L’Oréal juggernaut continues. Registering its third year in a row of double-digit growth in like-for-like terms, the world’s biggest beauty company surpassed €40 billion in sales for the first time in 2023.

London
2023 Beauty Sales:
$26.15 Billion (Est.)
€24.18 Billion (Est.)
+1.5% vs. 2022 (Est.)

It was another year of upheaval for Unilever. New chief executive officer Hein Schumacher took the reins in July, revealing a major overhaul to operations in October. After assessing the consumer-goods heavyweight’s operations, Schumacher concluded it had been spreading its resources too thinly, with too many smaller brands and projects competing for attention. He plans to streamline strategy, supply chain and the company’s approach to sustainability.

New York
2023 Beauty Sales:
$15.2 Billion (Est.)
-7% vs. 2022 (Est.)

From downgraded forecasts to layoffs to cyber-attacks, the Estée Lauder Cos. faced numerous challenges in 2023. Perhaps the toughest came from China, where for years it successfully rode the wave of the country’s beauty boom, selling buckets of hero products like Estée Lauder Advance Night Repair Serum to Chinese consumers. The coronavirus pandemic put an abrupt stop to that, however, and sales failed to bounce back both in China and its Asia travel retail business. Indeed, in Lauder’s most recent quarter, net sales decreased 14% in the Europe, the Middle East and Africa region, which includes Asia travel retail, and were down 7% in Asia-Pacific.

Cincinnati
2023 Beauty Sales:
$15 Billion (Est.)
+4.5% vs. 2022 (Est.)

Despite severe economic and geo-political headwinds, notably in China, Procter & Gamble’s beauty division accelerated across most brands and geographies.
P&G’s global hair care portfolio grew organic sales in the high single digits — the highest growth for the division since the pre-pandemic period — with all regions growing solidly with the exception of China. All global brands contributed to sales results, including high-single to double-digit growth from Pantene, Head & Shoulders, Herbal Essences and Aussie. Pantene remains the number-one selling hair care brand in the world and Head & Shoulders is the top-selling shampoo brand, both according to Euromonitor data.

Paris
2023 Beauty Sales:
$8.94 Billion (Est.)
€8.27 Billion (Est.)
+7% vs. 2022 (Est.)

Innovation and continued control over distribution were cited by LVMH Moët Hennessy Louis Vuitton as the key drivers for its beauty division’s growth last year. Like many of its competitors, lackluster sales in China continued to weigh on business; the weight of Asia (outside Japan) in the division’s sales shrank for the fourth consecutive year, down from 45% in 2020 to just 33% last year.

London
2023 Beauty Sales:
$8.32 Billion (Est.)
€7.69 Billion (Est.)
+15% vs. 2022 (Est.)

Chanel saw a solid year of growth in 2023. Fragrance and makeup were once again the main contributors to sales increases in beauty last year, but sales gained across all categories. All regions were positive, and travel retail recovered in the Western Hemisphere but remained slightly below 2019 levels in the Eastern Hemisphere.

Hamburg, Germany
2023 Beauty Sales:
$8.14 Billion (Est.)
€7.53 Billion (Est.)
+9.6% vs. 2022 (Est.)

The performance of Beiersdorf’s core brand Nivea and dermocosmetics under Eucerin and Aquaphor made for another bumper year for the German skin care specialist. This countered declines from its prestige brands, La Prairie and Chantecaille. Both Eucerin and Nivea have been doing particularly well in emerging markets. Nivea is now the number-one face care brand in Brazil and Mexico, according to the company.

Tokyo
2023 Beauty Sales:
$6.94 Billion (Est.)
¥973.04 Billion (Est.)
-8.8% vs. 2022 (Est.)

While Japan’s beauty leader saw robust sales in its domestic market rebound, that was not sufficient to counterbalance weakness in travel-retail and reported sales declines in other international markets. Nars, Drunk Elephant and fragrance were its main pockets of growth for the year. The first year of its “Shift 2025 and Beyond” growth plan, Shiseido focused on transforming its business model to improve profits, reduce costs and boost productivity. Key initiatives included addressing market challenges, especially in China, and innovative product launches aimed at enhancing brand equity.

São Paulo
2023 Beauty Sales:
$6.39 Billion (Est.)
R$31.88 Billion (Est.)
-12.3% vs. 2022 (Est.)

Times have been tough for the Brazilian beauty heavyweight, once seen as an industry darling for its innovative business model focused on sustainability long before that was mainstream. Natura’s change in scope over the past decade had hit it hard, and it was a year of massive change as it sought to pay down debt, shedding operations — both profitable and loss-making — to turn its business around. Australian natural brand Aēsop, which was considered the jewel in Natura’s crown, was sold to L’Oréal in a deal completed in August for $2.53 billion. The sale was intended to free up resources for Natura’s other operations, including The Body Shop, a move questioned by market observers given Aēsop’s higher growth rates than the rest of the portfolio. Since Natura bought the brand in 2012, its gross sales increased from $28 million to $537 million.

Amsterdam
2023 Beauty Sales:
$6 Billion (Est.)
+14% vs. 2022 (Est.)

2023 marked some major milestones for Coty, the largest being its dual listing in Paris. The company is expected to use the proceeds of its Paris listing, which went ahead in September, to pay off outstanding debt and for investments and capital expenditure. In July, Coty had announced plans to sell a 3.6% stake in Wella to investment firm IGF Wealth Management in a further move to pay down debt. In November, it transpired that the deal had not materialized because the two parties were not aligned on deal terms. Coty has nevertheless reiterated its commitment to divest its remaining 25.9% stake in Wella by 2025.

Columbus, Ohio
2023 Beauty Sales:
$4.57 Billion (Est.)
-0.3% vs. 2022 (Est.)

Demand slowed at Bath & Body Works as consumers reined in spending and demand for some of its core products continued to normalize after the pandemic. The retailer made some big category changes during the year, introducing men’s grooming and hair care, both of which have been performing well. It also entered fabric care, debuting its first laundry detergents and scent boosters online and in 80 stores, with plans to introduce fabric softeners and other products within the category. There has been a significant shift in demand for some products, with salesofsoapsandWallflowershome scents increasing, while candles and sanitizer, both of which soared during the pandemic, declined.

Skillman, N.J.
2023 Beauty Sales:
$4.4 Billion (Est.)
+0.6% vs. 2022 (Est.)

Johnson & Johnson completed the carveout of its consumer health business in 2022, with the renamed entity, Kenvue, floating on the stock market in May and the split finalized in August. The company appointed Jan Meurer group president of North America and Charmaine England chief growth officer. For its Skin Health and Beauty activity, Kenvue said organic sales for the year grew 1.8%, mainly driven by price increases, while volumes were down 4.8%. Sun care was a high point across key markets, growing share thanks to successful launches. But this was offset by what Kenvue described as underperformance in commercial U.S. in-store execution, particularly in the fourth quarter.

Addison, Texas
2023 Beauty Sales:
$4.3 Billion (Est.)
+4.9% Vs. 2022 (Est.)

Mary Kay leveraged the attention generated by its 60^th anniversary in 2023 to relaunch its hero skin care collection, the TimeWise Miracle Set. The direct seller supported the reboot with pop-up activations across the U.S., complete with pink lattes and sample set gifts. Euromonitor International named Mary Kay the number-one direct selling brand of skin care and color cosmetics in the world. The company announced its expansion into Hungary, reflecting its growing popularity in Europe.

Barcelona, Spain
2023 Beauty Sales:
$4.29 Billion (Est.)
€3.97 Billion (Est.)
+19 vs. 2022 (Est.)

It was another year of strong growth for Puig, albeit at a slower pace than in 2022. The Spanish beauty heavyweight, which is said to be considering an IPO, saw double-digit sales gains in all beauty categories and in all regions, growing ahead of the market and capturing market share. Charlotte Tilbury, which Puig added to its portfolio in 2020, continues to be a strong performer, contributing to sales gains, according to estimates. In the 11 months to November, per Circana data for the U.S., the buzzy label was the fastest-growing prestige beauty brand in the top 10 by sales, and the top contributor to growth in the prestige channel.

Tokyo
2023 Beauty Sales:
$4.22 Billion (Est.)
¥592.21 Billion (Est.)
+1.4% vs. 2022 (Est.)

In June last year, Kao implemented a new strategy with the aim of diversifying its geographic footprint to become less reliant on business in Asia and less centered on its Japanese headquarters. By 2030, it aims to be a top-10 global beauty player. The core focus of its international ambitions are initially the Sensai, Curél and Molton Brown brands. Sensai will tap into opportunities in premium skin care, expanding in Asia, especially China, where a flagship opened in Shanghai in October. Curél will lean into growing demand for dermo-cosmetics and products for sensitive skin, and Molton Brown will seize further potential for lifestyle fragrances, especially in Europe, leveraging its status as a Royal Warrant holder. It will also tap into opportunities for prestige fragrance in Asia, and opened its first flagship in Kuala Lumpur, Malaysia, in December ahead of further Asian expansion this year. Once Kao has established these foundations, it plans to build on them to expand the rest of its portfolio, starting with the Kanebo and Kate brands. It is also looking at M&A opportunities.

Düsseldorf, Germany
2023 Beauty Sales:
$4.08 Billion (Est.)
€3.77 Billion (Est.)
Flat vs. 2022 (Est.)

Henkel continued its rationalization in 2023. Under its new Consumer Brands business unit — which went live in January 2023 with the merger of its Beauty Care and Laundry & Home Care divisions — reported sales were down significantly, due to declines in volumes, the restructuring of the portfolio and negative currency effects. The company noted that volumes for the division picked up in the second half, and that hair care was one of the drivers of organic sales growth for the year. Price increases also contributed to organic sales gains. For the core hair care activity, sales for the year gained 3.2% on a reported basis to reach €3.08 billion, with organic sales up 8.9%. Within the mass-market hair care business, double-digit organic gains were led by color and styling under the Got2b, Palette and Taft. Professional hair care also performed well in organic terms, notably thanks to new formulas under the BlondMe brand. Henkel said it expanded its global market share in hair styling.

New York
2023 Beauty Sales:
$3.7 Billion (Est.)
+8.5% vs. 2022 (Est.)

Increased prices, new products and further penetration into professional skin care drove Colgate-Palmolive beauty sales in 2023, according to estimates. Its price tags in personal care rose 9.5% on average, and organic sales growth in the segment was driven by categories including deodorants, hair care and body wash. In its core personal care category, the company leaned into premiumization, launching new prebiotic products under Sanex in Europe. It continued to focus on its premium skin care portfolio with a series of new products for EltaMD, Filorga and PCA — three brands it acquired a few years ago to gain entry into the high-margin professional beauty space. The deals are paying off as consumer interest in professional skin care surges and salons, spas and med spas add more professional retail brands to boost loyalty and transactions.

Seoul
2023 Beauty Sales:
$3.02 Billion (Est.)
KRW 3.95 Trillion (Est.)
-9.2% vs. 2022 (Est.)

It was another tough year for LG H&H, with the cosmetics business weighing heavily on the firm’s overall results due to reduced demand in China and travel retail, where beauty sales fell 28% year-on-year, and costs related to restructuring its international operations. Nevertheless, its beauty sales surpassed those of rival Amorepacific once more. The company is seeking to enhance its portfolio in the luxury space, with the Whoo, Su:m37 and O Hui brands, and lean further into clean beauty and dermocosmetics. In China, it looked to enhance competitiveness in luxury, and in North America, to improve its business capabilities. Japan and Southeast Asia were further areas of focus.

Seoul
2023 Beauty Sales:
$2.96 Billion (Est.)
KRW 3.87 Trillion (Est.)
-11.5% vs. 2022 (Est.)

The South Korean cosmetics heavyweight struggled in 2023. Penalized by its exposure to China and travel retail, Amorepacific once again saw a double-digit decline in its beauty sales. The group maintained strong growth in the Americas, Europe, the Middle East and Japan, it said. Hera, Aestura, Holitual, B.Ready, Illiyoon, Labo-H and Longtake performed well. Etude, after restructuring to improve profitability, registered 195.5% growth in operating profit. The group continues to work to improve brand value and customer relationship management, and is planning to reconfigure its global operations to focus on regions where it sees significant growth potential.

Plan-les-Ouates, Switzerland
2023 Beauty Sales:
$2.64 Billion (Est.)
€2.44 Billion (Est.)
+19.3% vs. 2022 (Est.)

L’Occitane is on the up. Exponential growth at Sol de Janeiro, “decent” performance at Elemis and steady growth in China for L’Occitane en Provence drove strong sales growth in the nine months to December.

Despite strong sales, the company’s operating profit shrank 11% in the six months to September, to €76.8 million. The firm attributed this to increased investment in marketing to better engage with consumers, especially under L’Occitane en Provence in China.

It seems investments in social media marketing are paying off. According to CreatorIQ, L’Occitane owns the three fastest-growing skin care brands by earned media value — Sol de Janeiro, Erborian and L’Occitane en Provence, with respective gains in year-over-year EMV of 144%, 156% and 628%.

New York/Geneva
2023 Beauty Sales:
$2.19 Billion (Est.)
+8.1% vs. 2022 (Est.)

Wella Company, majority owned by Kohlberg Kravis & Roberts, saw all categories and regions grow in 2023. EMEA expanded by high single-digits, Americas were up double-digits and APAC increased slightly.Its flagship brands — Wella Professionals, Nioxin, Sebastian, OPI and Clairol —all gained market share. In particular, Wella’s professional signature color line Wella Professionals became the number-one salon color brand, with its Koleston Perfect hair color. Further growth in hair care came from Nioxin and Briogeo tapping into the scalp care trend, with Briogeo’s Destined for Density collection becoming its highest performing launch to date.Ghd appliances revenues, which have not been included in the overall sales numbers, were $380.5 million.

2023 Beauty Sales:
$2.14 Billion
¥300.41 Billion
+3.9% vs. 2022

Weak sales in China and South Korean travel retail weighed significantly on Kosé’s core cosmetics activity last year, despite strong domestic sales for high-end brand Decorté and record numbers at Tarte. The company slightly underperformed its sales forecast for the year, and operating profit also came in below plan, due in part to higher marketing and personnel expenses. Decorté’s total sales were down 19.5% to ¥77.4 billion due to declines in travel retail in China and South Korea and the slowdown and intense competition on the Chinese domestic market. In Asian travel retail, tighter restrictions on bulk purchases by resellers and high distributor inventories dinted sales. Travel retail accounted for just 8% of Kosé’s total sales in 2023, compared with 16% a year earlier. Other high-end brands, including Albion’s Elegance and Jill Stuart, were up, and in the prestige category, recovery at Sekkisei and One by Kosé contributed to sales growth.

New York
2023 Beauty Sales:
$2.1 Billion (Est.)
+5% vs. 2022 (Est.)

The Perelman era at Revlon is over. Ronald Perelman, who had been majority owner and chairman since the ‘80s, was pushed out as part of a deal with lenders as the firm emerged from bankruptcy proceedings. Shortly afterward, his daughter Debra Perelman stepped down from her role as president and CEO after seeing it through its bankruptcy. The company, now under the leadership of interim CEO Liz Smith, is said to be refocusing its efforts on gaining market share with the Revlon brand, which maintains high brand awareness despite the company’s woes of recent years. Revlon’s lenders, including affiliates of Glendon Capital Management, King Street Capital Management, Angelo Gordon & Co., Antara Capital, Nut Tree Capital Management, Oak Hill Advisors and Cyrus Capital Partners, now collectively own more than 80% of Revlon’s reorganized equity.The company is now privately held. Sales dipped at Revlon as it struggled to find its footing post-bankruptcy. The company saw resilience in Elizabeth Arden —largely due to the brand’s performance in Asia, sources said — and low-double-digit declines on the Revlon name brand.

Neuilly-sur-Seine, France
2023 Beauty Sales:
$2.0 Billion (Est.)
€1.85 Billion (Est.)
+5.7% vs. 2022 (Est.)

It was a strong year for family-owned Groupe Clarins, as it bucked the trend in China, registering sales gains in its biggest international market, and accelerated the revamp of its makeup business, which saw a resulting major uptick in revenues. Growth was seen in all regions and distribution channels, with sales accelerating in the Americas and strong growth in Europe and Asia-Pacific despite challenging market conditions in both. The direct-to-consumer business performed well, too, with a 13% increase in e-commerce sales and a 23% gain from its own boutiques. Wholesale also grew, with sales up 8% year-on-year. Clarins continued to roll out premium line Precious, which entered targeted distribution in Europe, the U.S. and Asian markets including Hong Kong, Singapore and Japan, following its 2022 launch in China. As Clarins works to grow its color cosmetics business, new products included the relaunch of Joli Rouge lipstick with a new formula and refillable packaging, and Tinted Oleo-Serum, a skin care-makeup hybrid based on plant oils and available in 11 shades.

Issy-les-Moulineaux, France
2023 Beauty Sales:
$1.95 Billion (Est.)
€1.80 Billion (Est.)
-5% vs. 2022 (Est.)

Groupe Rocher continues to work on its turnaround, seeking to reduce its dependence on brick-and-mortar and modernize its image with a focus on the botanical heritage of its core Yves Rocher brand.

The group put in place a new executive committee last July to help it adapt to market changes. Jean-David Schwartz, previously CEO of core brand Yves Rocher, was named group CEO. Bris Rocher, the grandson of the firm’s founder, remains the group’s chairman. Guillaume Darrousez, meanwhile, was named CEO of the Yves Rocher brand, and is also in charge of Dr. Pierre Ricaud and Global Strategic Insights, effective September. The company also created a transversal new product development department, with its yet-to-be-named head sitting on the executive committee, as does Darrousez. The aim of the new structure is to be more in touch with consumer expectations.

Paris
2023 Beauty Sales:
$1.70 Billion (Est.)
€1.57 Billion (Est.)
+9.2% vs. 2022 (Est.)

2023 saw Pierre Fabre’s biggest brand, Eau Thermale Avène, break the €1 billion sales mark for the first time — only the second dermo-cosmetics brand to do so, and the first in its portfolio. The skin care market leader in French pharmacies, Avène continued to enhance its medical focus — a key element of the company’s strategy overall as evidenced by its name change to Laboratoires Pierre Fabre.

In April, the firm acquired Même Cosmetics, a beauty-care brand for patients suffering the side effects of cancer treatments. In September, it took a stake in MiYé, a French start-up offering natural, organic and vegan products intended to protect women’s hormonal balance, relieving symptoms of menstrual cycles and menopause.

San Ramon, Calif.
2023 Beauty Sales:
$1.59 Billion (Est.)
+2.5% vs. 2022 (Est.)

TPG Capital, which bought a minority stake in Rodan + Fields in 2018, has expanded its stake, and is now the majority investor. The company, which celebrated its 15^th anniversary last year, laid off 76 staffers in its San Francisco office as it seeks to optimize its structure and footprint for the future.

Curitiba, Brazil
2023 Beauty Sales:
$1.58 Billion (Est.)
R7.9 Billion (Est.)
+30% vs. 2022 (Est.)

Grupo Boticário’s business is going from strength to strength, with two consecutive years of gross sales gains of around 30%. According to sources, it has benefited from the troubles of its larger rival Natura to gain market share, and has also significantly built out its portfolio. After two brand acquisitions in 2022 — Dr. Jones in men’s and Truss Professional in hair care — it was a quieter year on the M&A front as Boticário integrated those operations. The company continued to shift its operating model and expand its brands’ wholesale presence as it shifts further to a B2B model across distribution channels. It continues to expand into new categories, introducing the Au.Migos Pets grooming line for animals and Pampers baby care products in a world-first under-license from Procter & Gamble. Makeup brand Vult launched its first hair and body care products, and collaborated with Brazil’s biggest YouTuber, Camila Loures.

Columbus, Ohio
2023 Beauty Sales:
$1.4 Billion (Est.)
+11% vs. 2022 (Est.)

During its third year as a stand-alone company, the business has introduced more changes, including appointing Greg Unis as the Victoria’s Secret and Pink brand president. It also introduced a loyalty program,which garnered 22 million followers by November, accounting for over75% of revenue. Beauty continues to be an instrumental part of its business, with the company stating that it is the strongest part of its international operations and the best performing category from a merchandise perspective.

New York
2023 Beauty Sales:
$1.32 Billion
+21% vs. 2022

A year on from joining beauty’s billionaires club, Inter Parfums continued to see strong momentum through 2023, buoyed by ongoing demand for fragrance and by price increases and volume gains. Its core Europe-based portfolio grew sales by 15.9% overall, to $862 million, while sales for brands operating out of the U.S. gained 33% to $456 million. Jimmy Choo overtook Montblanc to become the company’s largest brand. Roberto Cavalli joined Inter Parfums’ licensed portfolio and its license with Lacoste, which it hopes will become a major pillar, came into effect on Jan. 1, 2024. Under the U.S.-based business, drivers included Donna Karan/DKNY, which joined the portfolio in mid-2022 and saw sales jump 205%, as well as Guess and Ferragamo. The company has also expanded the footprint of Abercrombie & Fitch’s men’s fragrance bestseller, Fierce, in key markets across Europe, Mexico and Australia.

Boston
2023 Beauty Sales:
$1.3 Billion (Est.)
N/A Vs. 2022 (Est.)

Private equity group Advent International is continuing to grow its beauty portfolio. Last year, it took a majority stake in two hot niche fragrance labels — Parfums de Marly and Initio Parfums Privés — in a deal valued at $700 million, according to industry sources. The two brands combined reportedly generated retail sales of $366 million in 2022.

This year, Advent acquired a majority stake in Skala Cosméticos, a Brazilian vegan haircare brand based. The funding came from Advent’s managed funds, LAPEF VII, dedicated to the region, where consumer and retail companies comprise around 30% of Advent’s investments.

Amsterdam
2023 Beauty Sales:
$1.3 Billion (Est.)
€1.2 Billion (Est.)
+22% vs. 2022 (Est.)

Strong sales in Europe drove gains for the Dutch company last year, especially in Germany, France and the U.K., as well as newer markets including Italy and Poland. New locations — Rituals opened 200 freestanding doors in 2023 and expanded into 500 more department stores and perfumeries — and existing stores contributed to growth, and the company said its margins were back on track after a difficult year in 2022. Product-wise, a new high-end home collection, skin care and men’s products drove growth. Rituals opened its first 10 stores in Asia, in Singapore, Thailand, Malaysia and Mainland China, and unveiled new flagships, in Paris, Barcelona, Antwerp and Frankfurt. On the sustainability front, the B Corp said it progressed on its goals, with almost all formulas now of more than 90% natural origin.

Zug, Switzerland
2023 Beauty Sales:
$1.23 Billion (Est.)
+8.9% vs. 2022 (Est.)

Galderma continuesto hone its position as the self-described “pure play dermatology category leader,” with its portfolio of injectable esthetics, therapeutic dermatology and dermo-cosmetics. The latter category saw strong gains in 2023, boosted by the strength of Cetaphil and Alastin Skincare, which both grew ahead of the market, according to the company.

Cetaphil performed well in Asia and Latin America, on e-commerce and through distribution expansion. Key launches included new product ranges, such as recently launched Healthy Renew, and an AI skin analysis tool.

Alastin gained in the U.S. across all channels, supported by new innovations, such as ReSurface Skin Polish and C-Radical Defense Antioxidant serum. As for international expansion, following the successful launch of Alastin Mexico, Galderma announced its launch in the U.K. and direct distribution in Canada.

Tokyo
2023 Beauty Sales:
$1.2 Billion
¥168.48 Billion
+4.2% vs. 2022

Pola Orbis is beginning to see signs of a turnaround, with its beauty activity delivering year-over-year gains in both sales and operating profitability.

Pola leaned into functional products in antiaging and skin-brightening and is working to build an “online merges with offline” model. The brand launched a new loyalty program, Pola Premium Pass, in April, across sales channels. Domestic sales grew, as did international, but Pola’s operating income fell due to the international slowdown in the second half.

Orbis doubled down on profitability through brand differentiation and improvements in customer loyalty and acquisition. Domestic customer numbers grew. Overseas, Orbis boosted sales and profitability in China despite the slowdown there and the backlash over Japanese products.

Ada, Michigan
2023 Beauty Sales:
$1.2 Billion (Est.)
-6.8% vs. 2022 (Est.)

A buying shift with consumers in China —Amway’s biggest market — led the company to refocus on Nutralite, a nutrition brand. The shift away from topical beauty products to ingestibles hurt Amway’s beauty revenues in China and across the board. Artistry’s product launches and promotional activity helped drive that brand’s growth in key markets, and its repositioning as a “clean” brand coincided with the rollout of Artistry Labs skin care.

Hangzhou, China
2023 Beauty Sales:
$1.18 Billion (Est.)
CNY 8.31 Billion (Est.)
+30% vs. 2022 (Est.)

Proya overtook legacy player Shanghai Jahwa as China’s largest domestic beauty company in the first nine months of 2023. While flagship skin care brand Proya still accounts for around 80% of total sales and continued to grow at a pace of around 30%, the company is seeing strong gains elsewhere in its portfolio. Makeup label Timage, acquired in 2019, skin care under Hapsode and scalp care brand Off&Relax combined grew by more than 50% in the first nine months of the year. Online sales accounted for more than 90% of revenues in the first half. The recent departure of Ye Wei, Proya chief marketing officer for the last six years, marks a turning point. Under P&G alum Ye’s helm, Proya began to implement a hero product-driven marketing strategy that has been paying off for the firm, which celebrated its 20th anniversary last year.

Lima, Peru
2023 Beauty Sales:
$1.1 Billion (Est.)
+10% vs. 2022 (Est.)

Product launches in relevant categories, such as body care and personal care, drove growth at Peruvian direct seller Belcorp, in addition to higher penetration of apps and online stores by the brands’ direct-selling representatives. The company streamlined its operations to protect cash flow, and leaned into artificial intelligence both within its operations and with consumer-facing initiatives. Virtual makeup try-ons and diagnostic tests boosted sales. The L’Bel brand was the main sales driver.

Los Angeles
2023 Beauty Sales:
$1.05 Billion (Est.)
+7.7% vs. 2022 (Est.)

John Paul Mitchell Systems accelerated its new product pace and rebooted an existing line to help maintain its rank as the leading global hair styling player, based on Kline research. The company’s efforts were amplified by a partnership with the World of Barbie interactive salon, which featured 150,000 guests.

Mumbai, India
2023 Beauty Sales:
$1.03 Billion (Est.)
85 Billion Rupees (Est.)
+8.6% vs. 2022 (Est.)

Godrej bolstered its portfolio last year with the 28.25 billion acquisition of the consumer-goods business of compatriot Raymond Consumer Care. With the purchase of men’s personal care brand Park Avenue and wellness brands KS, KamaSutra and Premium, the acquisition significantly expands the group’s presence in the deodorant category, which it sees as underpenetrated with considerable opportunity for growth. Godrej is already present in deodorants with its Cinthol brand. The company maintained its strength in hair color, including in international markets — it is the number-one player in the category in Argentina, sub-Saharan Africa, India and South Asia — as well as its leading positions in hair spray in Argentina and depilatory products in Chile. Strong growth in Indonesia also helped fuel sales gains, although hyperinflation in Argentina negatively impacted top line.

Paris
2023 Beauty Sales:
$1.01 Billion
€930 Million
-2.8% vs. 2022

Declines in Asian duty-free and the consumption slowdown in China weighed on the family-owned firm’s overall revenues last year. Nevertheless, Sisley saw double-digit sales gains in Europe and the Americas and a single-digit increase in the Middle East and the rest of Asia. Sales in Asian duty-free were halved, while Chinese domestic revenues were flat. Fragrance and makeup drove growth category-wise. Hair Rituel benefited from demand for high-end hair care, with its sales up more than 20%.

Poole, U.K.
2023 Beauty Sales:
$985.4 Million (Est.)
£792.4 Million (Est.)
-2.2% vs. 2022 (Est.)

Inflation and pressure on the cost of living dinted Lush’s sales last year, although collaborations — with the Super Mario Bros. Movie, Barbie and Spongebob — helped boost revenues, the company said, as did increased footfall in stores in Japan, Hong Kong and Macau. Lush also launched its first three stores in Taiwan, and entered Vietnam and Albania via partner companies.

Declining sales in the U.S. negatively impacted the company’s numbers overall, and it is working to revitalize its business there.

A new flagship with a store and spa opened in Glasgow, Scotland. Overall, Lush opened 16 new stores and expanded or relocated 12 others.

Deerfield, Ill.
2023 Beauty Sales:
$957.4 Million (Est.)
+11% vs. 2022 (Est.)

It was another good year for Boots’ owned-brand beauty products, according to estimates. Sales of No7, the U.K.’s leading skin care brand, increased more than 13% in the three months ended Nov. 30, and Boots’ beauty sales overall — including third-party brands — rose 11.4% for the quarter.

Future Renew under No7, with a world-first “super peptide,” was described as the brand’s largest scientific innovation and the brand’s fastest selling launch ever when it hit the market last April. The line’s hero serum was Boots’ top-selling skin care sku for the year as a whole.

Cavenago Di Brianza, Italy
2023 Beauty Sales:
$927.2 Million (Est.)
€857.4 million (Est.)
+24.4% vs. 2022 (Est.)

Euroitalia’s record sales were driven by the performance of Versace fragrances, especially in the U.S., China and travel retail, where sales grew 25%. The introduction of the Michael Kors license further boosted the company’s portfolio, generating more than €40 million in sales. In spring 2023, Euroitalia announced a licensing agreement for Brunello Cucinelli fragrances, launching the first two scents under the brand via highly selective distribution. Sales of proprietary labels Naj Oleari Beauty and Atkinsons 1799 grew 45% following investments aimed at enhancing their international distribution.

Farmers Branch, Texas
2023 Beauty Sales:
$900 Million (Est.)
+3.4% vs. 2022 (Est.)

A landmark court case brought by the U.S. Federal Trade Commission against Neora was decided in favor of the company. A Federal court said all of the FTC’s allegations were unfounded. These included operation of a pyramid scheme, false advertising, earnings and product claims, and claims that employees were acting as agents of the corporation.The company acquired ACN Korea, a prominent direct-selling telecommunications and essential services provider in South Korea and a major direct-sales player there. The move extends Neora’s expansion to the Asia-Pacific region.

Oakland, California
2023 Beauty SAles:
$890 Million
+79% vs. 2022

E.l.f. Beauty’s purchase of skin care brand Naturium was only one newsmaker contributing to the company’s explosive growth, which tallied in the hundreds of millions.

The brand’s marketing engine, which includes established and emerging channels like TikTok, Twitch and Roblox, also drove gains across categories, while a partnership with Latin musician Manuel Turizio drove brand awareness in the Latinx community.

E.l.f. was also an early beauty adopter of the Super Bowl marketing machine, with a viral commercial starring Jennifer Coolidge and the brand’s Power Grip Primer. According to the brand, that increased its household impressions threefold.

Sulzbach, Germany
2023 Beauty Sales:
$883.5 Million (Est.)
€817 Million (Est.)
+32% vs. 2022 (Est.)

The German budget cosmetics maker netted its second year of growth of over 30% as consumers gravitated toward purse-friendly options. Cosnova expanded its market share in all regions, and did particularly well at home and in the rest of Europe. Dennis Martin joined as chief emerging markets officer to oversee expansion in new geographies. Social media was a focus area, with platforms like Roblox and Twitch, as was sustainability, with Cosnova hitting its target of completely eliminating microplastic particles, surpassing EU requirements ahead of new regulations coming into force.

Yunnan, China
$872.4 Million (Est.)
CNY 6.17 Billion (Est.)
+22.9% vs. 2022 (Est.)

While top-line growth has remained strong for the skin care player, best known for its Winona brand for sensitive skin, sources suggest Botanee has been slow to adapt to shifting channel dynamics and demand for newness. The departure of its e-commerce head Dong Junzi last March came at a transitional time. With too much reliance on livestreaming, in particular Tmall’s Austin Li, sales at Winona fell, according to Qingyan data. The company is working to reduce its reliance on Winona, with key initiatives including the introduction of Beforteen, a teenage skin care label offering AI consultations. In October, Botanee acquired a 51% stake in Me Group, which had notably bought the Za and Pure&Mild mass market labels from Shiseido in 2022. Me Group’s presence in Southeast Asian markets is expected to help Botanee expand abroad as it aims to double revenue in the next three years.

Bergamo, Italy
2023 Beauty Sales:
$863 Million (Est.)
€798 Million (Est.)
+19% vs. 2022 (Est.)

Kiko SpA had another record year in 2023, boosted by the opening of 82 new stores and expansion to four new countries (Pakistan, Mauritius, Luxembourg and Kazakhstan). By the end of the year, the firm had 1,085 stores in 66 markets. Powerful social media momentum, with multiple products that went viral on TikTok and Instagram, further propelled Kiko’s sales and product demand.

Aix-en-Provence
2023 Beauty Sales:
$856.5 Million (Est.)
€792 Million (Est.)
+19% vs. 2022 (Est.)

Naos saw strong sales across the board for its skin care portfolio. Core brand Bioderma was boosted by star line Crealine/Sensibio, which represents 33% of its revenues and saw sales up 26%. Pigmentbio and Photoderm also grew well. Under Esthederm, Molecular Care and Sun Care performed well, as did Age Proteom, a new antiaging serum that accounted for 12% of the brand’s sales in its first year. Etat Pur expanded into Brazil, Italy, Russia, Mexico and South Korea.

Lima, Peru
2023 Beauty Sales:
$820.8 Million (Est.)
+20% vs. 2022 (Est.)

Direct-sales beauty company Yanbal had a strong year in terms of sales, according to estimates, as it doubled down on digital innovation with a greater emphasis on acquiring customers virtually. The company also maintained its focus on sustainability, having previously announced that 90% of its plastic bottles will either be reusable, recyclable or compostable by 2025.

Ghaziabad, India
2023 Beauty Sales:
$771.1 Million (Est.)
63.68 Billion Rupees (Est.)
+3.4% vs. 2022 (Est.)

Dabur continued to gain market share across its portfolio in the domestic market, with its highest-ever share in the hair oil category, at 17.1%, at the end of 2023. New products accounted for roughly 5% of total revenues as the company leaned into innovation. In the three months to December, Dabur’s business in Dubai grew 14%; sales in Nigeria were up 52%; revenues in Egypt gained 42%, and Turkish sales increased 44%.

Shelton, Conn.
2023 Beauty Sales:
$756.1 Million (Est.)
+8% vs. 2022 (Est.)

Edgewell bolstered its position in sun care and men’s grooming, and saw strong sales gains in both categories last year, according to estimates. This more than compensated for sales declines in shaving gels and creams. In the last three months of the year, sun care and skin care swelled slightly, in North America and abroad. That counterbalanced minimal gains in men’s grooming, which includes brands Jack Black, Bulldog, Cremo and Fieldtrip, which launched in 2022. Though sales slightly declined in shaving gels and creams, Edgewell said higher prices — coupled with higher sales volumes — helped offset weakening demand in North America.

Tokyo
2023 Beauty Sales:
$714.4 Million (Est.)
¥100.17 Billion (Est.)
+4.3% vs. 2022 (Est.)

FineToday continued to establish its foothold as an autonomous manufacturer following its creation via the spin-off of Shiseido’s personal care activities in 2021. As it works toward an IPO, the company was renamed FineToday Holdings in January 2023, and restructured to enhance its governance structure and achieve synergies group-wide. It opened the FineToday Beauty Innovation Center in Tokyo last July to enhance R&D and create products in line with demand in Asian markets.

Provo, Utah
2023 Beauty Sales:
$681.5 Million (Est.)
-19.8% vs. 2022 (Est.)

Macroeconomic pressures in key markets, particularly decreased spending in China and continued declines in the Americas, hampered direct seller Nu Skin’s growth in beauty, as did foreign currency fluctuations. In the fourth quarter, customer numbers fell 15%, while paid affiliates fell 30%. The company also attributed declines to problems with subscriptions in North America and a new e-commerce platform, changes it believes will benefit growth in the long term.

Stamford, Conn.
2023 Beauty Sales:
$673 Million (Est.)
-0.9% vs. 2022 (Est.)

Sales of Dr. Teal’s, Body Fantasies and BOD Man helped PDC Wellness and Personal Care improve in the second half of 2023 after a challenging start to the year. Circana year-end sales ranked Dr. Teal’s as the top-selling bath product in the mass market in 2023 and BOD Man and Body Fantasies consistently placed in the top five fragrance dollar producers. The company said the first six months of 2023 were impacted by a macro-environment where consumer spending was focused on essentials versus discretionary purchases.

Shanghai
2023 BEauty Sales:
$667.4 Million (Est.)
CNY 4.72 Billion (Est.)
+2.6% vs. 2022 (Est.)

Chinese mass market beauty Jala Group is reportedly preparing to go public. According to media reports, the company is mulling an IPO in Hong Kong that could raise up to $500 million.

In January this year, the company officially changed its name to Chando Group Co. Ltd. to reinforce its strategic planning and brand development, creating synergies with its biggest and best-known brand. The move is part of a strategic overhaul and includes plans for internationalization and further digitalization, which has been a key part of its strategy over the past couple of years.

Schaffhausen, Switzerland
2023 Beauty Sales:
$657.7 Million (Est.)
€608.2 Million (Est.)
-13.5% vs. 2022 (Est.)

It was another year of notable sales declines for the direct seller, attributed to a fall in its average number of sales consultants, a significant drop in volume and the impact of currency fluctuations. Price increases and savings in administrative expenses were insufficient to compensate for lower sales, sending profits tumbling. Beauty outperformed Oriflame’s activity as a whole, however, according to estimates, as it sought to revamp its portfolio and streamline operations.

2023 Beauty SAles:
$641.9 Million (Est.)
CNY 4.54 Billion (Est.)
-2.4% vs. 2022 (Est.)

As one of the oldest and largest Chinese beauty players, Jahwa benefited from renewed consumer confidence in its brands, according to analysts. The company shifted from a brand-oriented structure to a category focus to enhance productivity and fast-track growth online. It doubled down on social commerce, increasing its marketing budget by 22% in the third quarter, although that still trails industry peers. Herborist’s GMV on e-commerce grew in the double digits in the three months to September.

Changsha, China
2023 Beauty Sales:
$640.5 Million (Est.)
CNY 4.53 Billion (Est.)
+2% vs. 2022 (Est.)

S’Young Group continued to double down on high-end skin care in 2023. Evidens de Beauté, acquired by the company in 2022, opened its first department store counter in Hangzhou, with plans for continued expansion in brick-and-mortar distribution. Jiuqian data shows the brand’s online sales gained 68%. Analysts anticipate the firm will implement a similar strategy for the Pier Augé brand, in which it acquired a minority stake in 2022. While sales growth for S’Young overall was moderate, in January it said it anticipated a significant uptick in its net profits for the year, forecasting between CNY 280 million and CNY 320 million, an increase of between 124% and 156%

Shanghai
2023 Beauty Sales:
$579.7 Million (Est.)
CNY 4.1 Billion (Est.)
+53.3 vs. 2022 (Est.)

Stellar results on Douyin, where core mass-market brand Kans was number one among Chinese domestic skin care players, and expansion offline through a franchising model led to a significant uptick in sales for Chicmax, according to estimates. While Kans, clean beauty brand One Leaf and children’s skin care under Baby Elephant still accounted for nearly 90% of Chicmax’s revenues in the first half of 2023, the company is quickly incubating new brands.

Paris
2023 Beauty Sales:
$532.1 Million
€492 Million
+9.8% vs. 2022

Recent introductions as well as fragrance pillars contributed to growth in beauty for Hermès last year. Terre d’Hermès, the Jardins collection and Twilly d’Hermès all did well. The company continued to grow its makeup portfolio, adding Regard Hermès, a collection of eye shadow quartets and mascaras, and limited edition lipsticks. While Hermès does not disclose category results by region, it said that overall, it had seen solid performance in all regions despite a high comparison base in the Americas and Asia.

Osaka, Japan
2023 Beauty Sales
$515.9 Million (Est.)
¥72.34 Billion (Est.)
+13% vs. 2022 (Est.)

Strong sales of seasonal products during a hot summer in Japan, higher-priced products for men and the recovery of women’s cleansing products drove sales gains at home for Mandom last year. Malaysia, Thailand, Hong Kong and Taiwan contributed to growth. In Indonesia, Mandom’s largest single market outside Japan where inflation has hit consumer purchasing power, the firm introduced lower-priced products, and sales fell. Sales of men’s products grew 6.3% in the nine months to December, while women’s products gained 16.2%.

Jinan, China
2023 Beauty Sales:
$509 Million (Est.)
CNY 3.6 Billion (Est.)
-24% vs. 2022 (Est.)

On the increasingly competitive Chinese skin care market, hyaluronic acid specialist Bloomage’s key brands have been losing market share due to a lack of brand awareness and lackluster consumer sentiment. To combat shifting market trends, the company plans to rebrand its main skin care labels, including Biohyalux and Quadha, with a focus on a hero product strategy. In December, Bloomage closed its high-end skin care label RéVT, incubated with French beauty laboratory Revitacare, which it acquired in 2017 to boost its R&D capacity. The company also began to branch out into collagen Type III Protein production.

New York
2023 Beauty Sales:
$509 Million
+57% vs. 2022

After crossing 50 million platform users and the $500 million sales threshold in 2023, direct-to-consumer darling Oddity is still on the upswing. The company went public with an IPO in July. Il Makiage grew double-digits in color and expanded in skin care, which now represents 20% of its sales. Skin and hair care brand SpoiledChild, which launched two years ago, saw sales of $110 million and generated a profit. The company slowed its launch cadence, relying on Il Makiage and SpoiledChild to drive growth. Last April, Oddity acquired Boston-based biotech start-up Revela for $76 million and established Oddity Labs as a molecule discovery platform, through which it plans to incubate new ventures, including two new brands set to launch in 2025.

Rio De Janeiro, Brazil
2023 Beauty SAles:
$492.7 Million (Est.)
R$2.46 Billion (Est.)
+11% vs. 2022 (Est.)

The Brazilian hair care specialist saw strong growth in its home market. It focused on e-commerce development and enhanced its social media presence. Recharges, Liquid Keratin and products for curly hair were a key focus internationally, where Embelleze continues to increase its presence in newer markets.

City of Industry, Calif.
2023 Beauty Sales:
$489.9 Million (Est.)
+8% vs. 2022 (Est.)

Markwins continued to address issues with its business model that emerged from the pandemic. The supply chain was streamlined by nearshoring manufacturing to address costs, tariffs and lead times. Digital transformation initiatives included optimized advertising investment, content creation and deployment. Product launches included licensed collaborations between Wet n Wild and the Walt Disney Company featuring Alice in Wonderland.

Guangzhou, China
2023 Beauty Sales:
$482.2 Million (Est.)
CNY 3.41 Billion (Est.)
-7.9% vs. 2022

The future of Yatsen Holding hinges upon how soon the company can turn around its flagship makeup brand, Perfect Diary. Last year, it began to reposition and revitalize Perfect Diary, first with a visual identity makeover, then a new hero product called Biolip Essence Lipstick. The company has seen success leaning into the higher margin skin care category with brands including Galénic, Dr. Wu and Eve Lom. Skin care represented 51.7% of sales in the fourth quarter of 2023 and grew 17.6%. But mass market skin care brand Abby’s Choice weighed on overall results, and is to be phased out.

London
2023 Beauty Sales:
$472 Million (Est.)
+19% vs. 2022 (Est.)

After selling its majority stake in Byredo to Puig in 2022, Manzanita has added to its portfolio with the acquisition of Brooklyn-based fragrance brand D.S & Durga late last year. The niche fine fragrance brand does sales of between $35 million and $50 million globally, according to industry sources, and plans to expand internationally thanks to the deal. Diptyque celebrated its 50^th anniversary and opened a new flagship in New York.

Shanghai
2023 Beauty Sales:
$452.5 Million (Est.)
CNY 3.2 Billion (Est.)
+48% vs. 2022 (Est.)

In 2023, the Gen-Z friendly cosmetics group Joy Group expanded its omnichannel presence by increasing its exposure on Douyin and grew offline, including opening more than 60 boutiques for Judydoll across major Chinese cities and establishing partnerships with China’s top retailers. The labels are currently stocked at more than 10,000 retail outlets, including Miniso and Watsons. In the makeup category, the company was reportedly the number-five brand online last year, and the number-two domestic player. Last October, Joy Group announced a collaboration with Pierre Fabre Laboratories giving it exclusive distribution rights for René Furterer hair care in China, effective January 2024.

White Plains, N.Y.
2023 Beauty Sales:
$447 Million (Est.)
+5.1% vs. 2022 (Est.)

Combe continued to grow its footprint in 2023, increasing its stake in biotech hair care brand Virtue Labs, in which it is the majority shareholder. Industry sources estimate the brand’s annual sales to be between $70 million and $80 million. Virtue Labs named former P&G, Coty and Google executive Jose Luis Palacios as its CEO; founder Melisse Shaban will continue to serve as an adviser to the CEO and the board. In intimate care, Combe ramped up its presence, acquiring the Astroglide lubricant brand, which sits alongside Vagisil in its portfolio. Just for Men, the leading mass market men’s hair color, per Circana, introduced 1-Day Beard and Brow Color, a temporary brush-in and wash-out color.

Washington, D.C.
2023 Beauty Sales:
$445 Million (Est.)
-4.3% vs. 2022 (Est.)

It was a tumultuous year for Carlyle’s main beauty holding, clean cosmetics player Beautycounter. Former Shiseido Americas executive Marc Rey, who was named CEO in 2022, stepped down last June, with board member Mindy Mackenzie, partner and chief performance officer at Carlyle, which acquired the brand in 2021, stepping in as interim CEO. Brand founder Gregg Renfrew returned as CEO this February.

Paris
2022 Beauty Sales:
$430.4 Million (Est.)
€398 Million (Est.)
+23% vs. 2022 (Est.)

Despite a slight sales decline in Asia, Caudalie’s growth accelerated in 2023, boosted by growing brand awareness in Europe and the Americas, where sales reportedly boomed. The company is focusing on a hero product strategy in its core markets, and initiatives included a new television campaign throughout Europe as well as collaborations with key opinion leaders. Caudalie and founders Mathilde and Bertrand Thomas were investigated by French authorities for tax fraud concerning accounts for the company’s international operations, according to local press reports.

Yokohama, Japan
2023 Beauty Sales:
$421.9 Million (Est.)
¥59.15 Billion (Est.)
+1.3% vs. 2022 (Est.)

Fancl saw a slight uptick in turnover for the calendar year. After a steep decline in the three months to March, sales began to pick up for the core of its portfolio. The company increased its focus on advertising and worked to reduce dependence on discount sales events on online platforms. In the nine months to December, Fancl saw a slight increase thanks to makeup and special skin care products, as well as the April launch of Mild Cleansing Oil Black & Smooth, which helped recruit younger consumers.

El Segundo, Calif.
2023 Beauty Sales:
$415 Million (Est.)
+5.1% vs. 2022 (Est.)

The star wattage of Jennifer Lopez propelled sales for Guthy-Renker’s JLo Beauty. The brand’s skin care entered Macy’s in October of 2023 with 26 of its most popular products, including That JLo Glow Serum and Firm + Flaunt Targeted Booty Balm. JLo is also sold at Sephora,Amazon and via direct marketing. The tried-and-true formula of using famous faces to sell its products also paid off for Cindy Crawford’s Meaningful Beauty skin and hair care line, which expanded into 200 Costco stores with a special value package of its Youth Activating Melon Serum that created a buzz on TikTok.

Guadalajara, Mexico
2023 Beauty Sales:
$410.9 Million
7.28 Billion Pesos
+41% vs. 2022

Explosive growth at Jafra Mexico accounted for Betterware’s strong revenue gains in beauty, even allowing for the fact that prior-year numbers only included sales from April onward, when it acquired the Jafra business. The increased revenue resulted from the implementation of an updated business model, which includes refreshing the brand and accelerating product innovation. Initiatives also included redesigning the catalog, enhancing incentive programs and increasing sales force motivation.

Boulogne-Billancourt, France
2023 Beauty Sales:
$406.6 Million (Est.)
€376 Million (Est.)
+20% vs. 2022 (Est.)

It was a record year for Nuxe. The company’s eponymous brand became the third top-selling beauty brand in French pharmacies and parapharmacies and the leading non-dermatological brand. Sales in the rest of Europe doubled, and Nuxe entered new markets in Asia and the Middle East. Premiumization and a focus on core categories were key to growth. Nuxe entered hair care with Hair Prodigieux. Online sales gained 25%, and the firm opened a storefront on Amazon in the U.S. Bucking the trend among beauty majors, travel retail sales grew 25%. Nuxe is also expanding beyond beauty, signing a license with eyewear manufacturer Seaport.

Hangzhou, China
2023 Beauty Sales:
$401.6 Million (Est.)
CNY 2.84 Billion (Est.)
-14.1 vs. 2022 (Est.)

Chinese beauty brand Florasis took a hit on the domestic market — its eyebrow pencil was the root of the backlash over livestreamer Austin Li, China’s leading KOL, who criticized a viewer for saying the product was too expensive during a broadcast. The company is making significant inroads abroad, however. Florasis expanded in Japan, the U.S. and Europe, investing more than CNY 20 million in its global expansion and introducing new products for an international audience. With a distribution center in Osaka, Florasis has plans to open around 25 stores in Japan and 25 across Asia, North America and Europe over the next five years.

Lodi Vecchio, Italy
2023 Beauty Sales:
$382.7 Million (Est.)
€353.9 Million (Est.)
+14% vs. 2022 (Est.)

Almost all brands in Sodalis Group’s broad portfolio reported sales increases last year. Skin care brand Dermolab, with sales up 21%, performed particularly well. Biopoint hair care and Deborah makeup also registered double-digit growth, up 16% and 15% respectively. Last year the group acquired Goovi, a buzzy digital-native brand founded by Swiss TV personality Michelle Hunziker, who still retains a minority stake in the brand.

Durham, N.C.
2023 Beauty Sales:
$379 Million (Est.)
-1.6% vs. 2022 (Est.)

Burt’s Bees bounced back from supply and operational disruptions due to a cyberattack in August in the second half of 2023. The company credited a robust holiday season, strong omnichannel sales and a marketing push with limiting year-over-year sales losses. During 2023, Burt’s Bees put significant marketing effort behind facial cleansers and expanded its Shea Collection to include new lip and body care products.

Nagoya, Japan
2023 Beauty Sales:
$374.4 Million (Est.)
¥52.5 Billion (Est.)
+1% vs. 2022 (Est.)

The Japanese hair color market leader returned to growth in its fiscal year ended September, with sales reaching 2021 levels and operating income slightly down on a two-year stack, although both sales and profits were still well below 2019 highs. The company worked to address the challenges of a soft market for hair color in Japan and tap into new market segments. On the professional market, coloring line Promaster struggled but hair care brand Bikarte did well. In late December, the Chinese medical regulator suspended imports from the company after a factory inspection, according to media reports.

Arlesheim, Switzerland
2023 Beauty Sales:
$371.4 Million (Est.)
€343.4 Million (Est.)
+5% vs. 2022 (Est.)

After a tough 2022, sales picked up again for natural beauty brand Weleda, according to estimates. Growth drivers included the successful launch of Skin Food Face Care in several markets, including the U.S. and U.K. Former Douglas chief executive officer Tina Müller joined as CEO on Oct. 1, and is charged with doubling down on social responsibility and sustainable growth at the B Corp firm, as well as implementing a holistic approach across its cosmetics and homeopathic pharmaceuticals activities. Müller has said her focus will be on innovation, internationalization, digitalization and premiumization.

New York
2023 Beauty Sales:
$365 Million (Est.)
+20% vs. 2022 (Est.)

In 2023, Maesa doubled down on distribution both in brick-and-mortar and digitally, as it harnessed the power of Amazon. The company said it experienced significant success launching Hairitage and ITK on TikTok Shop. Mass market fragrance brand Fine’ry rolled out at Target and Maesa launched home fragrance brand Koze Place in 2023 at Dollar General. In July 2023, Maesa launched the #MaesaMagicIncubator for beauty and wellness companies in the pre/early launch phase or that have amassed less than $100,000 in sales.

Miami
2023 Beauty Sales:
$350 Million (Est.)
-6.9% vs. 2022 (Est.)

After a steep decline in 2022, the direct-seller’s revenues continued to fall last year, according to estimates, albeit at a slower pace. The U.S. and Canada remain Alcora’s biggest markets, but it is reportedly growing fast in Australia, and the Monat brand entered France last April. Core brand Monat entered the color cosmetics category in September with a seven-sku line.

El Segundo, Calif.
2023 Beauty Sales:
$350 Million (Est.)
+200% vs. 2022 (Est.)

Selena Gomez’ Rare Beauty was on fire in 2023. Launched in 2020 at the height of the pandemic, the brand’s messaging surrounding self-love and focus on driving awareness of mental health issues has proved a commercial juggernaut. Sales grew 200% last year, according to industry sources. Rare was social media’s top-ranked beauty brand in the U.S., and is now present in 36 countries, launching in India in 2023. The brand expanded beyond makeup, debuting Find Comfort body care and fragrance mist, and launched Comfort Club, a digital community dedicated to providing strategies for finding comfort and tied to Rare Beauty’s mission to advocate for mental health services.

Kobe/Tokyo
2023 Beauty Sales:
$345.3 Million (Est.)
¥48.41 Billion (Est.)
+2.6% vs. 2022 (Est.)

Noevir’s sales gains in the 12 months to September were driven by its self-select beauty offer, thanks to updates to its skin care and higher sales of makeup. In what it calls face-to-face channels — mainly its own retail stores and Noevir Beauty Studios — skin care sales declined overall, although the Noevir Speciale line did well. At 3.1%, sales growth accelerated slightly in the three months to December.

Osio Sotto (Bergamo), Italy
2023 Beauty Sales:
$342.8 Million
€317 Million
+22% vs. 2022

Strong growth continued for the Italian professional hair care specialist in 2023. It invested heavily in communication to enhance its B2C visibility and global brand awareness, notably helping to propel sales of its Alfaparf Milano’s Semi di Lino key line, which expanded its distribution to channels beyond professional retailers and salons. After acquiring 90% of Tricobiotos SpA, which also specializes in professional hair care, in 2022, Alfaparf fully acquired the company last year.

Tokyo
2023 Beauty Sales:
$340.6 Million
¥47.76 Billion
+5.6% vs. 2022

Milbon’s mission is to elevate the hair salon industry in the eyes of consumers, with its Smart Salon strategy key to its plan for 2026. In salons integrating the new concept — of which 23 were operating in Japan at the end of the year — sales and customer purchase ratios have doubled. Overall, hair care was the biggest and fastest growing product category, with sales up 7.8%. Hair color sales grew in South Korea. In China, where revenues were up, the company worked on enhancing relationships with salons. Hidemori Sakash*ta, previously in charge of corporate strategy development, was named president and CEO, effective Jan. 1, 2024, with former CEO Ryuji Sato now chairperson.

Tokyo
2023 Beauty Sales:
$331.6 Million (Est.)
¥46.49 Billion (Est.)
+0.1% vs. 2022 (Est.)

Lion Corp.’s beauty activity at home decreased as the market for its core cleansing products in Japan contracted, but strong sales abroad, with the weak yen contributing to gains in reported terms, counterbalanced that decline, according to estimates. In Japan, sales of Kirei Kirei Medicated Hand Conditioning Soap and Hadakara Body Soap Foam were stable, but revenues for its liquid version declined. International sales — which include all of Lion’s categories, not just beauty — grew 14.5% to ¥148.07 billion.

Guangdong, China
2023 Beauty Sales:
$328 Million (Est.)
CNY 2.32 Billion (Est.)
+33.9% vs. 2022 (Est.)

Marubi saw a significant uptick in its business last year, according to estimates, driven by active promotional activity online and better marketing management. Marubi’s sales through Douyin and Kwai gained by more than 30%, and Passional Lover sales grew by around 100%, according to sources. Optimization of the business model and improvements in operating efficiency led to a significant uptick in profits, according to preliminary reports. Last July, Marubi signed an agreement with specialty chemicals firm Evonik to cooperate on raw materials, research and development and production.

Miami
2023 Beauty Sales:
$317 Million (Est.)
+14.9% vs. 2022 (Est.)

In 2023, Luxury Brand Partners expanded its R+Co collection with R+Color, a professional hair color line that is now available in more than 700 locations. IGK Color, an at-home hair color line that launched in 2022, entered new distribution channels: Ulta Beauty and Sally Beauty Supply. One/Size saw growth through the celebrity influence of founder Patrick Starrr and the successful launch of setting spray On ‘Till Dawn.

Paris
2023 Beauty Sales:
$315.5 Million (Est.)
€291.7 Million (Est.)
+10% vs. 2022 (Est.)

Cartier owner Compagnie Financière Richemont is making moves in the beauty space. In September, the Swiss firm said it was setting up Laboratoire de Haute Parfumerie et Beauté, an in-house platform aimed at scaling the brands in its portfolio. Former Dsm-Firmenich alumnus Boet Brinkgreve was named CEO of the division, reporting to company chairman Johann Rupert. Until now, Cartier has been the only fragrance business directly operated by the firm. The other brands in its portfolio with beauty operations are licensed out — Van Cleef & Arpels, Montblanc and Dunhill are held by Interparfums, while Coty has the license for Chloé.

Manchester, England
2023 Beauty Sales:
$313.3 Million (Est.)
£251.9 Million (Est.)

Despite notching nine consecutive quarters of like-for-like revenue growth and turning around its U.K. personal care business, PZ Cussons has had a tough first fiscal half. It has fallen victim to currency devaluation in one of its largest markets, Nigeria, which represents around 35% of revenue, and 22% of net assets. The company said the volatility has had a “material impact” on its earnings and balance sheet. Nigeria’s soaring inflation has caused further “trading challenges” and forced the company to slash its interim dividend by 44%.

Kolkata, India
2023 Beauty Sales:
$311.3 Million (Est.)
25.71 Billion Rupees (Est.)
+7% vs. 2022 (Est.)

Modern trade and e-commerce continued to be the biggest sales drivers for Emami’s beauty business last year. New launches included a range of digital-first products in the domestic business, including Glycerine bathing bars under BoroPlus, an Organic Onion hair mask under the Kesh King brand and the introduction of 10 new products on its Ayurvedic online portal Zanducare. The company also launched three new products under the Creme 21 brand in international markets.

Paris
2023 Beauty Sales:
$297.4 Million (Est.)
€275 Million (Est.)
+10% vs. 2022 (Est.)

The historic — and reportedly highly profitable — luxury fragrance brand, which according to estimates holds as much as a 10% share of the global luxury and artisanal fragrance market, has a new owner as luxury goods heavyweight Kering moves back into the beauty space. Kering’s deal for Creed, which it bought from BlackRock Long Term Private Capital Europe and chairman Javier Ferrán, was estimated by industry sources to be worth €3.5 billion based on revenues of €250 million for the year ended March 31, 2023. Creed was integrated into the Kering portfolio on Nov. 1, doing €62 million in sales in the final two months of last year.

Bielefeld, Germany
2023 Beauty Sales:
$293.8 Million (Est.)
€271.7 Million (Est.)
+7.5% vs. 2022 (Est.)

Alpecin’s Gray Attack shampoo for men, which gradually darkens hair without dye, was a sellout at launch in German drugstores and online and the company’s bestselling launch ever, according to Dr Wolff Group. Salon brand Alcina leaned into trend-driven product launches, while Linola enhanced its offer for dry skin and relaunched its range for babies and children.

New York
2023 Beauty Sales:
$291 Million (Est.)
+15% vs. 2022 (Est.)

Parlux Holdings’ growth in 2023 was once again driven by Eilish by Billie Eilish, global expansion of Eilish No. 2 and the launch of Eilish No. 3. Altogether, global sales of Eilish fragranceswere up 40% year-over-year.

Paris Hilton Fragrances saw growth of 6%, fueled by her 29th fragrance, Love Rush. Elsewhere, Vince Camuto grew by 7% and Kenneth Cole Fragrancesincreased 34% in the U.S., driven by the Mankind Rise franchise.In 2023, Parlux signed new license agreements including Better World Fragrance House by Drake.

Parma, Italy
2023 Beauty Sales:
$285 Million
€263.5 Million
+14.3% vs. 2022

The ever-increasing appetite for natural beauty products sustained Davines Group’s success and boosted growth in its 40^th anniversary year, further securing its leading position in the professional channel. Its best-performing market was North America, where sales surpassed the €100 million milestone. Sales for the hair care division accounted for 80% of total revenues. The company cut the ribbon of its new subsidiary Davines House in Düsseldorf, Germany, and further expanded its headquarters in Parma.

New Jersey
2023 Beauty Sales:
$250 Million (Est.)
N/A vs. 2022 (Est.)

Church & Dwight is growing its beauty portfolio thanks to its acquisition of acne patch specialist Hero Cosmetics in September 2022 for $630 million. The brand has seen exponential growth — around 70% last year, according to estimates – thanks in part to a rollout to international markets and distribution expansion via Walmart and CVS Pharmacy in the U.S. Hero continues to expand, launching new product categories with the introduction of balm products in early 2024.

Los Angeles
2023 Beauty Sales:
$243.6 Million (Est.)
-6.3% vs. 2022 (Est.)

Anastasia Beverly Hills has seen a dip in sales, potentially due to increased competition for key products. The brand focused on partnerships, tapping Filipina motorsport star Bianca Bustamante as its first athlete ambassador and collaborating with beauty membership service IPSY on its Icon Box with CEO and founder Anastasia Soare as the first curator. Product launches focused on eyes and lips, including eye shadow palettes and a range of tinted lip glosses.