A Who’s Who of the cosmetics industry, these companies weigh in at $176.18 billion.

Firms are listed by their parent company and ranked by beauty sales for the 2010 calendar year. For companies whose fiscal year did not run from January 1, 2010, to December 31, 2010, estimates were calculated. All sales figures were either obtained from the companies or generated with the help of industry sources.

For this list, “beauty” includes fragrance, makeup, skin care, sun care, hair care, deodorant, plus cellulite and shaving products. It does not take into account bar soaps, razors, toothpastes, foods and diet foods, medicines, vitamins or detergents. Beauty revenues only include sales of beauty products each firm manufactures and not business from private label lines or products it might distribute for other firms. Year-on-year percentage changes are in real terms, not on a like-for-like basis, and non-U.S.-based companies’ sales are converted into dollars according to the average yearly exchange rates for 2010.

The total $176.18 billion of sales generated by the top 100 companies was up 25.1% year-on-year. Nevertheless, much of the difference stems from exchange rate fluctuations, with growth rates in local currencies generally being more modest.

The vast majority of companies—83—increased their sales, while 39 registered double-digit growth. Of the 15 posting revenue declines, seven were from Japan, which highlights the ongoing slump in consumer confidence there.

Reflecting the high growth levels of many companies on the list, the smallest firms were significantly larger than those in last year’s ranking. For instance, the 100th-ranked firm generated $122.7 million, versus $112.5 million in the 2009 edition, or a 9.2% increase.

There wasn’t much major mergers-and-acquisitions activity in 2010, although two players were knocked off the ranking since they were bought: Bare Escentuals, which was snapped up by Shiseido in 2010 for $1.7 billion, and Sara Lee, whose €1.28 billion takeover by Unilever was completed last year.

Geographically speaking, some companies in emerging markets maintained a blistering growth rate: In Brazil, Natura’s revenues rose 21.1% and Hypermarcas’ sales spiked 97.8%, for example. Meantime, in India, Dabur India’s revenues grew 10.4%.

1. L’Oréal

Rank 1

Clichy, France $25.89 billion€19.5 billion+11.6% v. '09

Subsidiaries + Main Brands in 2010: Consumer: L’Oréal Paris, Garnier, Maybelline New York, Soft Sheen Carson, Le Club des Createurs de Beauté. Professional: L’Oréal Professionnel, Kérastase, Kéraskin Esthetics, Redken, Matrix, Mizani, Shu Uemura Art of Hair, PureOlogy. Luxury: Lancôme, Biotherm, Helena Rubinstein, Kiehl’s, Shu Uemura, Giorgio Armani Parfums and Cosmetics, Parfums Cacharel, Ralph Lauren Fragrances, Paloma Picasso, Parfums Guy Laroche, Diesel, Yue-Sai, Viktor & Rolf, Maison Martin Margiela, Yves Saint Laurent, Stella McCartney, Ermenegildo Zegna. Active Cosmetics: Vichy, La Roche-Posay, SkinCeuticals, Sanoflore, Roger & Gallet. The Body Shop. Laboratoires Innéov, Galderma (50% each).

L’Oréal returned to double-digit sales growth in 2010, due to strong business in all geographic zones, retail channels and product segments and favorable exchange rates. The company’s net profits increased 25% to €2.24 billion. Within the Luxury Products Division, whose revenues gained 11.5% to €4.51 billion, the Yves Saint Laurent brand posted a double-digit organic uptick thanks to its fragrance business and the Rouge Pur Couture lipstick launch. Giorgio Armani Parfums and Cosmetics was bolstered by the introduction of Acqua di Gioia women’s fragrance, and Kiehl’s performed well everywhere. The Consumer Products Division’s sales rose 11.4% to €9.53 billion, backed by its makeup category’s dynamism in all regions. At Maybelline New York, whose organic sales grew 13.3%, gains were also spurred by global growth. With revenues of €2.72 billion, the Professional Products Division registered a 13.8% year-on-year increase, due partly to the addition of 35,000 doors to its salon network. Meanwhile, the Active Cosmetics Division’s sales rose 8.9% to €1.39 billion, boosted by La Roche-Posay’s increasing market share and its Redermic+ product. SkinCeuticals’ presence was expanded in Europe, and the

brand was launched in China, Canada and Brazil. In January 2010, Roger & Gallet was integrated into the division, which maintained its top-ranking dermocosmetics spot. The Body Shop continued undergoing restructuring last year and registered sales up 3.9% to €754.9 million. On a like-for-like basis, they declined 1.1%. The Body Shop improved its profitability last year. In Western Europe, L’Oréal’s leading market, revenues gained 2.6% to €7.18 billion. “New markets,” including the Asia-Pacific region, Eastern Europe, Latin America, Africa and the Middle East, posted 22.4% growth to €6.67 billion and are fast catching up to Western Europe sales-wise. China became L’Oréal’s third-largest subsidiary, with revenues increasing 17.6%—or 11.1% in local currency—to more than €1 billion. Other new markets with standout performances included India, the Philippines, South Korea, Taiwan, Brazil and Argentina. Sales in North America grew 12.5% to €4.29 billion, spurred in part by the successes of Maybelline and ammonia-free hair colorant Inoa. Star brands during 2010 were L’Oréal Professionnel, with Inoa; Maybelline, which ranks number-one in makeup in the U.S., Europe and China; Yves Saint Laurent, which L’Oréal said is undergoing a “renaissance”; Kiehl’s, with 43% growth, and La Roche-Posay, with continued geographic expansion. After a flurry of buys in first-half 2010, acquisition activity slowed through year-end. In December 2010, L’Oréal announced its purchase of Peel’s Salon Services. The Nebraska-based company distributes to hair salons in 12 Midwestern U.S. states and has annual sales of about $100 million. L’Oréal spent 3.4% of its revenues on research and development and 30.9% on advertising and promotion in 2010. Changes to the company’s executive committee, starting January 1, 2011, included the appointment of Marc Menesguen as managing director of the newly created Strategic Marketing Department, Nicolas Hieronimus as managing director of the Luxury Products Division and An Verhulst-Santos as managing director of the Professional Products Division. Recently signed L’Oréal spokesmodels are Benjamin Millepied for YSL, Liya Kebede for L’Oréal Paris and Megan Fox for Giorgio Armani Cosmetics. By year-end 2010, the Bettencourt family owned 30.9% of L’Oréal; Nestlé, 29.7%, and international institutional investors, 21.3%.

2. Procter & Gamble

Rank 2

Cincinnati $19.57 billion (est.)+5.2% v. '09 (est.)

Subsidiaries + Main Brands in 2010: Pantene, Head & Shoulders, Clairol, Herbal Essences, Nice ‘n Easy, Natural Instincts, Wella, Wella Koleston, Sebastian Professional, Nioxin,

Vidal Sassoon, Aussie, Rejoice, Frédéric Fekkai (hair care, professional products). Cover Girl, Max Factor (makeup). Hugo Boss, Old Spice, Lacoste, Jean Patou, Gucci, Escada, Puma, Anna Sui, Ghost, Dunhill, Christina Aguilera, Replay, Rochas (fragrance). Dolce & Gabbana (fragrance, makeup). Venus, Olay, SK-II, Noxzema (in Western Europe), DDF, Gillette, The Art of Shaving, Zirh (skin care). Secret (deodorant).

During the fiscal year ended June 30, 2010, sales for Procter & Gamble's beauty business rose 3% year-on-year to $19.49 billion on unit-volume growth of 3%. Net sales gains were positively impacted 1% thanks to product price increases and negatively affected 1% by an unfavorable geographic mix. The beauty division’s net profits increased 2% to $2.71 billion. P&G’s retail hair care sales gained in the midsingle digits and female beauty revenues grew in the low-single digits. Meantime, its professional hair care products' sales in salons declined in the double digits and the prestige business’ revenues fell in the lowsingle digits. In 2010, P&G's beauty and hair care activities were consolidated under Gina Drosos, who became group president of Global Beauty (and subsequently group president of Global Female Beauty). Colleen Jay was named president of Global Female Beauty, and Christopher de Lapuente left P&G as group president of Global Hair Care. Adil Meboobkhan became president of Global Salon Professional on May 1, 2011, replacing Robert Jongstra, who's to retire on January 1, 2012. Ed Shirley, a rising star in P&G and the beauty industry, announced on May 3, 2011, his decision to retire as vice chairman of Beauty and Grooming, turning the reins over to Dimitri Panayotopoulos, vice chairman of Global Household Care, on July 1, 2011. Shirley, who will depart on January 1, 2012, is said to be leaving to fi nd a ceo position elsewhere, since Robert A. McDonald is firmly established in P&G’s top spot. Chip Bergh, group president of Global Male Grooming, said on June 6, 2011, he was also leaving P&G to pursue a ceo role. Ten days later, he was named president and ceo of Levi Strauss & Co. Bergh's P&G post was filled by Patrice Louvet, formerly president of Global Prestige, on July 1, 2011. He was succeeded by Joanne Crewes. Craig Bahner, vice president, North America Hair Care and Color, will leave P&G on September 1. McDonald described the personnel changes as part of corporate life’s natural progression. With Gucci Guilty in fall 2010, P&G scored one of its biggest fragrance launches. Sales of the women's scent doubled the company's expectations, generating $200 million in first-year global retail revenues, according to industry estimates. In prestige fragrance, P&G ranks number two globally. Its prestige division laid out a battle plan to venture into makeup and treatment. Another major 2010 introduction was NatureLuxe, positioned as the first luxury and natural-inspired makeup from Cover Girl. In September 2010, Carrie Underwood inked a two-year deal to be Olay's face in North America. Three months later, P&G unveiled its growth strategy for the next five to six years, including expanding its existing portfolio, developing adjacencies, growing share and markets and entering new categories with "disruptive innovation." In February 2011, P&G consolidated its three business units into two, with Global Beauty and Grooming absorbing oral care and feminine care, and Global Household Care integrating the personal health, pet and snack businesses. The move was designed to cut costs. Also this year, P&G began a two-year global pilot of a new type of renewable, sustainable and recyclable plastic made from Brazilian sugarcane.

3. Unilever

Rank 3

London;Rotterdam, Netherlands $16.98 billion (est.)€12.79 billion (est.)+16.2% V. '09 (est.)

Subsidiaries + Main Brands in 2010: Unilever Personal Care: Axe/Lynx, Impulse, Rexona/Sure, Degree, Dove, Lux, Pond's, Suave, Sunsilk/Seda/Sedal/Hazeline, Timotei, Clear, Mods, Vaseline, Tigi, Monsavon, Radox, Duschdas, Brylcreem.

Unilever’s total 2010 sales rose 11.2% year-on-year to €44.26 billion. At constant currency, company revenues increased 3.6%. Growth stemmed chiefly from a strong performance in emerging markets, which offset flat business in Unilever’s developed markets. Revenues from the company’s personal care division, including bar soap and oral care, gained 16.2% to €13.77 billion. The uptick was due to sales of the Dove for Men + Care face and body line, Rexona deodorant and Axe’s Excite fragrance launch. Hair care also posted growth, thanks to the new, well-received Dove Damage Therapy hair care collection and Tigi, which continued to perform in its professional hair care markets, including the U.S. and U.K. Unilever’s personal care sales generated 30% of its total 2010 revenues. In December 2010, the company completed its €1.28 billion acquisition of Sara Lee Corp.’s personal care and European laundry detergent businesses. However, approval of the deal by the European Commission was contingent on Unilever divesting its Sanex brand in the European economic area, and in March 2011 Unilever agreed to sell it to Colgate-Palmolive for €672 million. That deal was done in June 2011. Unilever announced in September 2010 its definitive agreement to purchase Melrose Park, Ill.-based Alberto Culver for $3.7 billion in cash. The acquisition was completed in May 2011, making Unilever the world’s leading company in hair conditioning, second-largest in shampoo and third-largest in styling, it said. Meantime, the U.S. Justice Department stipulated Unilever must sell its own Rave brand and the Alberto VO5 brand. Outside of the U.S., the U.K.’s Office of Fair Trading mandated Unilever had to divest the Simple, Wright’s and Cidal bar soap brands, formerly part of Alberto Culver’s portfolio. In June 2011, Unilever sold the perpetual license for Simple bar soap and the Wright’s and Cidal bar soap businesses to Lornamead.

4. The Estée Lauder Cos.

Rank 4

New York $8.29 billion (est.)+10.6% v. '09 (est.)

Subsidiaries + Main Brands in 2010: Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, MAC Cosmetics, Bobbi Brown, Tommy Hilfiger, Kiton, La Mer, Donna Karan, Aveda, Jo Malone, Bumble and bumble, Darphin, Michael Kors, Sean John, Missoni, Tom Ford Beauty, Coach, Ojon, Smashbox. Beautybank: American Beauty, Flirt, Good Skin Labs, Grassroots Research Labs, Daisy Fuentes.

Recovery in U.S. department stores, growing specialty store revenues, a greater focus on e-commerce and digital strategies plus the strengthening of emerging markets were key drivers fueling The Estée Lauder Cos.’ growth in 2010. It registered gains in each region. Top markets were the U.S., which generated 38% of total 2010 sales; travel retail, with 10%; the U.K., which rang up 8%, and Japan, which made 4%. Strong increases were noted in emerging markets, particularly China, where the Estée Lauder brand led in prestige distribution. Company online sales grew in the high double digits. Skin care generated 42% of the Estée Lauder Cos.’ sales; makeup, 38%; fragrance, 15%, and hair care, 5%, in 2010. Key personnel appointments in the period included Ricardo Quintero’s becoming senior vice president and global general manager, market development for Clinique (a new position) and Karen Buglisi’s appointment as global brand president for MAC Cosmetics. New faces include Joan Smalls for the Estée Lauder brand and Heather Morris for Flirt. Lady Gaga signed for a second year as a spokeswoman for MAC Cosmetics’ Viva Glam campaign. Clinique Even Better Spot Corrector and Estée Lauder Advanced Night Repair Eye were among major product launches. In May 2011, Clinique appointed Jenna Menard as its global color artist. The next month, the Estée Lauder Cos. opened its new innovation center in Shanghai and launched a multicultural- themed advertising campaign for its Idealist Even Skintone Illuminator and Idealist Cooling Eye Illuminator products. Effective July 1, 2011, the Estée Lauder Cos. assumed the worldwide fragrance license for Ermenegildo Zegna. The firm increased its marketing budget 17.6% to $2.14 billion during its fiscal year ended June 30, 2011, versus the same prior-year period. Also in the 2011 fiscal year, the Estée Lauder Cos. anticipated $190 million in cost savings, following savings of $360

million in the 2010 fiscal year. The company’s products are sold in more than 150 countries and territories worldwide.

5. Shiseido Co.

Rank 5

Tokyo$7.75 billion (est.)¥678.99 billion (est.) +6.4% v. '09 (est.)

Subsidiaries + Main Brands in 2010: Shiseido, Clé de Peau Beauté, Sea Breeze, Carita, Decléor, Nars, Joico, Aupres, Supreme Aupres, Urara, Pure & Mild, Za, D’ici Là, Ipsa, Ayura, Ettusais, Shiseido Professional, Zotos, Serge Lutens, Bare Escentuals, In and On. Beauté Prestige International: Parfums Issey Miyake, Parfums Jean Paul Gaultier, Parfums Narciso Rodriguez, Parfums Elie Saab.

Shiseido's net profits for its fiscal year ended March 31, 2011, declined 62% to ¥12.79 billion, partly due to a change in estimation of product samples and promotional materials within the scope of assets, a devaluation loss on investments in securities plus an extraordinary loss and other expenses related to the Japan earthquake in spring 2011. Operating profits fell 11.7% to ¥44.46 billion, stemming from a one-time surge in expenses linked to the Bare Escentuals acquisition, which was completed in March 2010. Total net sales for Shiseido increased 4.1% to ¥670.7 billion, driven by factors such as an uptick in European and North American growth and ongoing gains in Asia. In Japan, Shiseido generated revenues of ¥382.87 billion, a 5.8% year-on-year decline, which Shiseido attributed to factors such as ongoing depressed consumer sentiment, its lack of response to the market’s polarization between high- and low-priced products plus reduced retailer inventories. Overseas, Shiseido’s sales spiked 21.2% to ¥287.84 billion. The Americas made 12.7% of total revenues; Europe, 12.6%, and Asia, 17.5%. Shiseido’s international sales gain came thanks partly to Nars posting a significant U.S. revenues increase and Bare Escentuals outperforming expectations. Beauté Prestige International performed well. Shiseido also benefited from the recovery of sales in airport duty free shops and its successful introduction of channel-specific marketing in China. China generated approximately 10% of consolidated company revenues. By year-end 2010 in Russia, Shiseido tripled its door count

year-on-year to 900. It entered Albania, Kosovo, Macedonia, Mongolia, South Africa, Georgia, Colombia and Moldova and was in 85 countries by the end of its last fiscal year. In 2010, Shiseido completed the first part of its 10-year plan to become “a global player representing Asia with its origins in Japan,” begun in 2008. The focus through 2013 is to further strengthen its global business and to rebuild domestic activities. On April 1, 2011, Hisayuki Suekawa succeeded Shinzo Maeda as company president and ceo.

6. Avon Products

Rank 6

New York$7.67 billion+3.5% v. '09*

Subsidiaries + Main Brands in 2010: Avon Color, Anew, Skin-So-Soft, Avon Solutions, Avon Naturals, Avon Clearskin, Mark, Liz Earle, Tiny Tillia (skin care, makeup). Advance Techniques (hair care). Reese Witherspoon, Derek Jeter, Patrick Dempsey, Emanuel Ungaro, Christian Lacroix, Fergie, Hervé Léger (fragrance).

In 2010, Avon Products’ total revenues rose 6.4% year-on-year to $10.86 billion, driven by an 11% increase in fragrance sales. Helping spur scent revenue growth was the introduction of Outspoken by Fergie (the Black Eyed Peas frontwoman) in October 2010, which was the direct seller’s largest fragrance launch in company history. Last year, Avon’s net profits declined 3.1% to $606.3 million. The company’s investment in advertising increased 13.5% against 2009 levels. Its number of newly recruited active representatives decelerated in 2010, rising only 4% to 6.5 million, versus a 10% gain in 2009. During fourth-quarter 2010, Avon sold its ownership of Avon Japan to an affiliate of TPG Capital for ¥7.3 billion in a bid to focus on direct-selling markets with "high growth potential." In February 2011, Avon reorganized its six commercial business units into two major business groups: the Developed Market Group, led by Charles Cramb, vice chairman, and the Developing Market Group, headed by Charles Herington, executive vice president. The changes came as Avon outlined its 2011 priorities impacting the company’s three largest markets—namely to restore growth in Brazil and Russia, stabilize the business in North America—plus reignite the high-margin skin care category and deliver operating margin expansion. North America generated 20% of the company’s total revenues in 2010. Sales at constant currency exchange increased more than 60% in South Africa, more than 50% in India, 17% in Central America, 14% in Ukraine and 10% in the Philippines and Colombia. The company said it remains positive about its long-term opportunity in China. Avon

continued investigating allegations that company employees bribed officials in China and in other countries. In May 2011, Avon fired four employees as a result of the investigation, which began in June 2008 and is being conducted under the oversight of the company’s audit committee.

* NOTE: Following the sale of its Japanese subsidiary in December 2010, Avon Products revised its 2009 numbers to reflect discontinued operations. On a like-for-like basis, Avon’s 2010 beauty sales rose 5.8% year-on-year.

7. Beiersdorf

Rank 7

Hamburg, Germany$6.67 billion (est.)€5.02 billion (est.)+6.1% v. '09 (est.)

Subsidiaries + Main Brands in 2010: Nivea, 8x4, Atrix, Labello, Hidrofugal, Eucerin, La Prairie, Juvena, SBT Skin Biology Therapy, Marlies Möller, Florena, C-Bons Hair Care.

Beiersdorf ’s consumer business unit, including the Nivea, Eucerin and La Prairie brands, generated total 2010 sales of €5.32 billion, up 6.2% year-on-year. On a like-for-like basis, they rose 1.6%. Sales grew 14.2% in North America and 15.3% in Latin America, while revenues in Germany—Beiersdorf's main market—declined 2.3%. Elsewhere in Western Europe, they dipped 1.4%. Only the region’s top export markets—the U.K. and Russia—had sales growth. Revenues in Eastern Europe fell 2.2%; in the zone including Africa, Asia and Australia they increased 2.5%, while sales in China fell. Nivea held 150 number-one positions worldwide in 2010. The brand registered global growth of 1.8% on a like-for-like basis, driven by Nivea Deodorant, Nivea for Men and Nivea Sun. On a like-for-like basis, Eucerin recorded global gains of 9%, and La Prairie registered a 7.5% rise. Beiersdorf's key beauty introductions in 2010 included Nivea For Men Silver Protect products, the global relaunch of Nivea’s Q10 face and body care, La Prairie’s Cellular Eye Cream Platinum Rare and Eucerin’s first men’s line, the Silver Shave collection. In October 2010, Patrick Rasquinet was named president and ceo of La Prairie Group. That same month, Nivea announced an expanded travel-retail strategy involving it selling some products in various European, Asian and American airports. In November 2010, Nivea established an affi liate in Vietnam. In December 2010, Beiersdorf sold its Juvena skin

care and Marlies Möller hair care brands to Austria’s Troll Cosmetics. The next month, Beiersdorf announced plans to stop selling Nivea makeup in Germany and that it would reduce hair care activities while focusing investments in skin and body care. In March 2011, the company said it would stop retailing Nivea makeup in France by 2012. Nivea turns 100 in 2011, and almost €1 billion has been invested to promote the brand, including sponsorship of Rihanna’s concert tour.

8. Kao Group

Rank 8

Tokyo$5.83 billion (est.)¥510.7 billion (est.)-7.6% v. '09 (est.)

Subsidiaries + Main Brands in 2010:Kao Corp.: Bioré, Sofina (skin care). Asience, Essential, Merit, Sifoné, Feather, Liese, Blauné, Segreta, Cape, Prettia (hair care). Aube, Est (makeup). Kao Brands: Jergens, Curél (skin care). John Frieda, Guhl (hair care). Ban (deodorant, outside Japan). KPSS GMBH: Goldwell, KMS (hair care). Molton Brown: Molton Brown (fragrance, skin care). Kanebo Cosmetics: Sensai, RMK, Suqqu, Aqua Sprina, Twany, Impress, Freeplus, Dew Superior, Blanchir Superior, Freshel (skin care, makeup). Lunasol, Coffret D’Or, Kate, Lavshuca (makeup). Doltier, Lissage, Chicca (skin and body care, makeup). Evita (skin, body and hair care; makeup). Allie, Sala (sun and hair care). Suisai (skin care).

Kao Group’s beauty sales for the fiscal year ended March 31, 2011, declined 2.6% year-on-year to ¥533.5 billion and generated 45% of total revenues. On a constant-currency basis, sales dipped 0.4%. Revenues were negatively impacted by Japanese consumers’ ongoing preference for lower-priced products and fallout from the earthquake. Operating profits rose 0.7% to ¥5.5 billion, while operating margin increased 10 percentage points to 1%. Kao said its promotion of megabrands with annual revenues of more than ¥10 billion, such as Sofina Beauté, Sofina Primavista and Coffret D’Or, and focus on launching new lines and products into existing collections are paying off. A slowdown was noted in China. Kao's prestige cosmetics' sales declined 4% to ¥254.4 billion, although new products spurred a strong performance in Taiwan and Thailand. In premium skin care, Bioré primarily drove Kao's domestic revenues. Among self-selection cosmetics, Kao focused on brands including Coffret D’Or in makeup and Sofina in

skin care and base color cosmetics. Kao updated in-store merchandising for Kate and Evita. In Japan, a multifunctional cream and a low-priced collection were added to Freshel. Curél’s sensitive skin line was launched in the U.S., and the brand’s distribution was broadened. Kao’s premium hair care product sales were flat in Japan. Merit and Essential shampoo revenues held steady. Yet Kao’s colorant business was negatively impacted by intensified competition. Elsewhere in Asia, Kao’s hair care sales increased, thanks to Liese hair color foam. In North America, the Goldwell and KMS professional hair care brands registered sales upticks. John Frieda also posted gains from its hair color foam launch in Europe. Kanebo Cosmetics' revenues declined about 5% in the most recent fiscal year. Kao Corp.’s major international markets remained Mainland China, Hong Kong, Indonesia, Malaysia, Singapore, Taiwan, Thailand and Vietnam. In mature markets—mainly North America and Europe—the company aims to create high value-added products in the prestige cosmetics, premium mass skin and hair care and professional hair care segments.

9. Johnson & Johnson

Rank 9

New Brunswick, N.J.$5.7 billion (est.)+0.2% v. '09 (est.)

Subsidiaries + Main Brands in 2010: Neutrogena, Aveeno, RoC, Clean & Clear, Johnson’s, Ambi, Purpose, Shower to Shower, Lubriderm, Piz Buin, Le Petit Marseillais, Bebe, Natusan, Penaten, Prim’Age, Vendome, PH5.5, Biafine, Sod Milk, Sod Protein Milk, Beauty Day Cream, Persavon, Sundown, Dabao, Korres (for North and South America).

Johnson & Johnson’s 2010 Beauty Care division’s business was driven by growth in emerging markets, due to well-received product launches, and expansion in more mature markets. Last year, antiaging took center stage, when Aveeno, Neutrogena and RoC launched products whose formulas use Cytomimic Technology, which is billed to mimic the body’s bioelectricity to help stimulate the skin’s renewal process and therefore give a more youthful appearance. Neutrogena continued registering strong growth in the Asia-Pacific region. The brand drew new consumers in China thanks to launches such as White Vitality. Neutrogena Norwegian Formula lines remained number one in South Korea’s hand and body categories. Aveeno expanded in France and Australia. Last year, the brand’s business grew in the Asia-Pacific region—with strong gains noted again in South Korea, Australia and New Zealand—as a result of increased distribution of

its body care products in the grocery channel and Aveeno Baby’s launch in South Korea, Australia and New Zealand. Aveeno registered sales upticks in South Korea in the lotion, moisturizer, body wash, plus sun and baby care categories. Clean & Clear unveiled upgraded products designed for the Asia-Pacific region’s teen market, including Deep Action Cleanser, Oil Control Film and Clear Fairness Lotion with SPF 30. Dabao’s revenues grew due to its expansion within China. RoC widened its drugstore reach. During 2010, Johnson’s was the leading baby skin care brand in markets including the U.S., U.K., Canada, Germany, Italy, Australia, New Zealand, Mainland China, Hong Kong and Taiwan. Neutrogena entered the naturals category with Neutrogena Naturals face care in the U.S. in January 2011. During first-quarter 2011 also in the U.S., Aveeno launched Smart Essentials, a face care line billed to combat environmental stressors while nourishing and protecting skin, and Living Color, especially designed for color-treated hair. Clean & Clear introduced its first body wash collection, Clean & Clear Morning Burst Body Wash.

10. Chanel

Rank 10

Neuilly-sur-Seine, France$4.44 billion (est.)€3.34 billion (est.) +18% v. '09 (est.)

Subsidiaries + Main Brands in 2010: Chanel No.5, Allure, Allure Homme, Coco, Coco Mademoiselle, Chance, No.19, Cristalle, Pour Monsieur, Antaeus, Egoïste, Les Exclusifs, Bleu de Chanel (fragrance). Sublimage, Ultra Correction Lift and Line Repair, Hydramax + Active, White Essentiel, Le Blanc, Hydra-Beauty (skin care). Rouge Allure, Rouge Coco, Le Vernis, Inimitable, Inimitable Intense, Les 4 Ombres, Vitalumière, Joues Contrastes (makeup).

Chanel’s growth last year was largely thanks to successful fragrance and makeup launches. The Bleu de Chanel scent, out in August 2010, ranked in the top five among men’s prestige fragrances in France, Germany, Italy and the U.K. between September and December 2010. It placed second in the U.S. last year. Rouge Coco lipstick was a bestseller in several key markets, and Chance Eau Tendre also had a strong showing. In 2010, fragrance generated 58% of Chanel’s beauty sales; makeup, 28%, and skin care, 14%. Revenue gains year-on-year in those categories were 24%, 16% and 3%, respectively. Chanel boosted its market share in the nail

segment with the launch of numerous shades, notably its taupe-toned Particulière hue. In 2010, Chanel’s share of the selective nail color segment was 59% in the U.S., 44% in France, 60% in Italy and 51% in Germany. Key 2010 skin care introductions included Sublimage Essence, Sublimage La Crème and Ultra Correction Lift Eye. In the U.S., the company launched Ultra Correction Line Repair, and in Asia it introduced Le Blanc, a collection whose product formulas include the patented TXC whitening ingredient. Sales in the U.S., Chanel’s largest market, had strong gains, and in Asia they continued an upward trajectory. France (where Chanel ranked eighth in selective skin care and second in makeup) and Japan are Chanel’s second- and third-largest markets. Together with the U.S., they accounted for 31% of sales and combined generated a 17% year-on-year revenue gain. Chanel began rolling out a new visual identity for its beauty sales points last year with four pilot doors in the U.S., China and Japan. The concept, which emphasizes a Mondrian-inspired design, has since been introduced in Canada, Brazil, Taiwan and Hong Kong. Chanel in 2010 also rolled out internationally in-store stands incorporating its three product categories and the Espace Parfums concept. Freestanding doors were opened in Singapore and Moscow.

11. LVMH Moët Hennessy Louis Vuitton

Rank 11

Paris $4.09 billion€3.08 billion+12.2% v. '09

Subsidiaries + Main Brands in 2010: Perfumes and Cosmetics/Parfums Christian Dior: Addict, Higher, J’adore, Dolce Vita, Tendre Poison, Fahrenheit, Eau Sauvage, Poison, Midnight Poison, Capture Totale, Diorskin, Dior Homme, Dior Homme Sport, Miss Dior Chérie, L’Or de Vie, Escale à Portafino. Guerlain: Issima, Shalimar, Les Aqua Allegoria, L’Instant de Guerlain, Insolence, Vetiver, Super Aqua Serum, Orchidée Impériale, Météorites, Terracotta, Guerlain Homme. Parfums Givenchy: Givenchy Pour Homme, Organza, Amarige, Very Irresistible, Ange ou Démon, Play, Instant Magic. Givenchy Le Makeup. Parfums Kenzo: Flower by Kenzo, Kenzo Amour, Eaux by Kenzo, KenzoKi, KenzoPower. Parfums Loewe. Sephora. Acqua di Parma. Benefit Cosmetics. Fresh. Make Up For Ever. Fendi. Pucci.

In 2010, fragrance remained the LVMH Moët Hennessy Louis Vuitton Perfumes and Cosmetics

division’s strongest category, generating 48% of sales. Cosmetics made 34% and skin care, 18%. The division rang up 14% of its revenues in France, 39% elsewhere in Europe, 8% in the U.S. and 6% in Japan. The rest of Asia accounted for 18% and “other markets,” 15%. The division’s profits from continuing operations were €332 million, a 14.1% year-on-year increase. The Perfumes and Cosmetics division generated 15.1% of LVMH’s total 2010 sales of €20.32 billion. Dior, the company’s star beauty brand, benefited from the continuing popularity of the J’Adore, Poison and Eau Sauvage fragrances, while Rouge Dior lipstick, launched in the second half of 2010 with 32 couture-inspired shades, and Capture skin care performed well, too. Guerlain posted record revenues and profits. Its business was strong, particularly in France and China, and sales were boosted by business from the Idylle women’s scent, Shalimar fragrance line plus Orchidée Impériale and Abeille Royale in skin care. Givenchy’s Play for Her fragrance was launched worldwide to good reception, while Benefit, which expanded its presence in the U.S., Europe and Asia, and Make Up For Ever, which posted strong revenues and profits, performed well globally. Kenzo’s business was driven by the ongoing healthy results of the Flower by Kenzo line following a new advertising campaign and a woody version. Officially starting in January 2011, the LVMH Fragrance Brands unit regrouped the sales forces—but not the creative, marketing and communications activities—of Givenchy, Kenzo, Pucci and Fendi. In February 2011, LVMH acquired a 70% stake in the U.K.-based Nude skin care brand and the U.S.-based spa skin care line Ole Henriksen. The purchases were part of LVMH’s ongoing strategy to identify high-potential brands and lead them to further growth. In March 2011, LVMH bought the luxury jewelry house Bulgari.

12. Coty

Rank 12

New York $3.74 billion (est.)+6.9% v. '09 (est.)

Subsidiaries + Main Brands in 2010: Coty Prestige: Balenciaga, Bottega Veneta, Calvin Klein, Cavalli, Cerruti, Chloé, Chopard, Davidoff, Dr. Scheller Cosmetics, Heidi Klum, Jennifer Lopez, Jil Sander, Joop, Karl Lagerfeld, Kenneth Cole, L.A.M.B. fragrance by Gwen Stefani, Lady Gaga, Lancaster, Marc Jacobs, Philosophy, Sarah Jessica Parker, Vera Wang, Vivienne Westwood, Wolfgang Joop. Coty Beauty: Adidas, Astor, Baby Phat, Beyoncé Knowles, Celine Dion, David and Victoria Beckham, Esprit, Faith Hill, Guess, Halle Berry, Kate Moss, Kylie Minogue, La Cross, Manhattan, Miss Sixty, Miss Sporty,

Nautica, N.Y.C. New York Color, OPI, Pierre Cardin (for Europe), Playboy, Rimmel, Sally Hansen, Stetson, Tim McGraw, TJoy.

Coty’s 2010 sales increase stemmed from key product launches and existing brands, including Calvin Klein Beauty, Calvin Klein Eternity Aqua, Playboy Female, Beyoncé Heat, Davidoff Champion, Love Chloé, Guess Seductive, Sally Hansen and Rimmel. Coty made major global acquisitions last year that intentionally shifted its portfolio toward cosmetics and skin and body care. In November 2010, it bought Dr. Scheller Cosmetics from Kalina; the Philosophy skin care brand from The Carlyle Group, and professional nail enamel firm OPI Products. In December 2010, Coty purchased Chinese mass market skin care company TJoy. In 2010, fragrances generated 63% of Coty’s sales; color cosmetics, 24%, and skin and body care, 13%. Coty Beauty made 51% of company revenues and Coty Prestige, 49%. Coty’s three largest markets remained the U.S.—making $1 billion—then Germany and the U.K., ringing up $400 million each. Coty’s sales in the Europe, Middle East and Africa zone generated 54% of revenues; the Americas, 36%, and the Asia-Pacific region, 10%. Coty signed a license with the Roberto Cavalli Group for Roberto Cavalli and Just Cavalli fragrances, with Calvin Klein for color cosmetics, and with Lady Gaga and Heidi Klum for scents. In January 2011, private equity firms Berkshire Partners and Rhône made minority equity investments in Coty.

13. Henkel

Rank 13

Düsseldorf $3.63 billion (est.)€2.73 billion (est.)+8.8% v. '09 (est.)

Subsidiaries + Main Brands in 2010: Retail: Schwarzkopf, Dial, Fa, Taft, Gliss Kur, Schauma, Palette, Diadermine, Brillance, Got2b, Dep, L.A. Looks, Citré Shine, Smooth ’N Shine, Right Guard, Soft & Dri, Dry Idea, Tone, Coast, Pure & Natural, Souplesse, Paon, Fresh Light, Activ Dr. Hoting, Syoss, Haiermian, Perfect Mousse. Professional: Igora, BC Bonacure, Osis, Seah Hairspa, Silhouette, Indola, BlondMe, Essensity.

Revenues from Henkel’s cosmetics and toiletries division, including oral care, rose 8.6% to €3.27 billion in 2010, due to well-received new products and growth in emerging markets. On a currency-neutral basis, sales gained 4.7%. The division generated 22% of Henkel’s total revenues. Operating profits increased 6.1% to €411 million. Economic conditions negatively

impacted Henkel’s core markets of Western Europe, where business was lackluster with the exception of Germany, and North America, where sales dipped despite market-share growth. Africa and the Middle East, Latin America and Eastern Europe achieved double-digit revenue increases. Henkel’s largest cosmetics brands—Schwarzkopf, whose annual sales are about €1.8 billion, Dial and Fa—rang up 71% of the division’s revenues. Right Guard expanded into Germany and Eastern Europe. Hair care reached record market-share levels globally. Hair-styling revenues were bolstered by introductions such as Drei Wetter Taft hair spray’s international relaunch. On January 1, 2011, Henkel acquired Schwarzkopf Inc. for €41 million. In May 2011, Henkel sold its almost 51% stake in Henkel India to Jyothy Laboratories.

14. Natura Cosmeticos

Rank 14

Sao Paulo $2.93 billionR$5.14 billion+21.1% v. ’09

Subsidiaries + Main Brands in 2010: Chronos (skin care). Tododia (skin care, deodorant). Ekos (fragrance, hair and skin care; bath and body oil). Mamãe e Bebê (fragrance, hair care, bath and body oil). Amó (fragrance).

Natura, Brazil’s largest beauty products manufacturer, attributed its 2010 revenue growth to increased marketing and a larger global independent sales consultant team, which last year grew 15.6% year-on-year to 1.2 million. In Brazil, there was a 17% rise to just more than 1 million and an 8% increase abroad to 172,000. Natura’s 2010 net profits gained 8.8% to R$744.1 million. International sales jumped 27.2% and generated 7.3% of the company’s total business in 2010, whereas in 2009, those percentages were 42.8% and 6.9%, respectively. Last year, Natura started production operations outside of Brazil for the first time, via a partnership in Argentina. In 2011, it plans to open two more production facilities abroad—also through partnerships—in Mexico and in Colombia. Last year, Natura launched 168 products, versus 113 in 2009, bringing its total count to 877. Since September 2010, key introductions included the Natura Una makeup line and the Amó fragrance, now a company top seller. Guilherme Leal, one of the founders of Natura, was reinstated in April 2011 as a co-president after he temporarily left the company in May 2010 to run for political office. Natura has wholly owned subsidiaries in Argentina, Mexico, Colombia, Peru, Chile and Bolivia. Its products are sold in 11 countries. Natura has one store, in France.

15. Mary Kay

Rank 15

Dallas $2.61 billion (est.)+4.2% v. ’09 (est.)

Subsidiaries + Main Brands in 2010:Mary Kay (skin, sun, bath and body care; makeup, fragrance). TimeWise, MKMen (skin care). Satin Hands (hand care). Velocity (skin care, fragrance).

Skin care remained Mary Kay’s core business in 2010. Among its key product launches was TimeWise Body, its first antiaging body care line, which came out in spring 2010 with TimeWise Body Hand and Décolleté Cream Sunscreen SPF 15 and Mary Kay TimeWise Body Targeted-Action Toning Lotion. Over the past 12 months, other key introductions have included Mary Kay TimeWise Liquid Foundation—offering a wide variety of shades and finishes for different skin types—plus Mary Kay Foundation Primer, Mary Kay Liquid Foundation Brush, Mary Kay Compact Mini, Mary Kay Cream Eye Colors, Mary Kay Cream Blush and Mary Kay Thinking of You Eau de Parfum. Mary Kay’s bestsellers currently include Oil-Free Eye Makeup Remover, TimeWise 3-in-1 Cleanser, the Mary Kay Compact, TimeWise Age-Fighting Moisturizer and the Satin Lips Set. The company counts more than 200 products in its portfolio. It entered Armenia in 2010. Mary Kay’s largest countries remain the U.S., Russia, China and Mexico. In 2010, more than 2 million people made up Mary Kay’s independent sales force in over 35 countries. The company has more than 6,000 independent beauty consultants in the U.S., over 500,000 in China and more than 450,000 in Russia.

16. AmorePacific Group

Rank 16

Seoul $2.15 billionKRW 2.47 trillion+21.3% v. ’09

Subsidiaries + Main Brands in 2010: Amorepacific, Sulwhasoo, Laneige, Mamonde, Hera, Lirikos, Iope, Hannule, Etude, Innisfree (cosmetics). Lolita Lempicka (fragrance). Amos, Spa Goa, Mise en Scene, Ryoe (hair care). Happy Bath (body care).

AmorePacific Group attributed its 2010 sales gain to the economic recovery and its ability to build brands in diverse distribution channels. In South Korea, where it commands 40% market share, business generated 85% of overall company revenues. Domestically, AmorePacific Group’s luxury cosmetics sales increased 25% year-on-year, driven by the Sulwhasoo, Hera and AmorePacific brands. China and other Asian countries made up 10% of the total; France, 4%, and the U.S., 1%. AmorePacific’s revenues climbed 22% in China. In France, the Lolita Lempicka fragrance brand becameprofitable. Company sales increased 2% in the U.S. Door-to-door made 23% of overall AmorePacific Group revenues, 32% from department stores (which registered 39% growth—the highest of any channel), 22% from specialty stores, 16% from hypermarkets, 5% online and 2% from others. Revenues from the company’s Aritaum cosmetics shops, which sell its brands domestically, grew 24% and accounted for 33% of the premium division’s sales. Luxury cosmetics made up 47% of the firm’s revenues; premium cosmetics, 33%, and mass products, 20%. Etude and Innisfree’s sales increased 41% and 43%, respectively. Pacific Corp.’s name was changed to AmorePacific Group in March 2011.

17. Groupe Yves Rocher

Rank 17

Issy-les-Moulineaux, France $2.14 billion€1.61 billion+6.8% v. ’09

Subsidiaries + Main Brands in 2010: Yves Rocher, Daniel Jouvance (skin and body care,

makeup, fragrance). Dr. Pierre Ricaud (skin and body care, makeup). Stanhome World: Kiotis, Stanhome (skin and body care, fragrance). Isabel Derroisné (fragrance).

The Yves Rocher brand—France’s leading cosmetics label in all segments combined, according to Kantar WorldPanel—generated about 60% of Groupe Yves Rocher’s total 2010 sales of €2.06 billion, which rose 6.7% year-on-year. Mail-order and Internet revenues together made up 40% of the company’s total business; brick-and-mortar stores, 35%; direct sales, 17%, and other sources, 8%. Exports rang up 61% of Groupe Yves Rocher’s overall sales last year. France generated 39%; Germany, 10%, and Russia, 9.5%. The company had 15,000 employees—including 7,000 in France and 8,000 internationally—and approximately 220,000 independent employees worldwide in 2010. The Yves Rocher brand continued renovating its store network. By year-end 2010, 450 Yves Rocher boutiques were converted to its L’Atelier de la Cosmétique Végétale botanical-themed format, which boosts sales 15% versus its traditional stores. All of Yves Rocher’s 1,600 international doors should be renovated by the end of 2014.

18. Limited Brands

Rank 18

Columbus, Ohio $2.1 billion (est.)+2.5% v. ’09 (est.)

Subsidiaries + Main Brands in 2010: Bath & Body Works: Bath & Body Works Signature Collection, Aromatherapy, True Blue Spa, C.O. Bigelow, Patricia Wexler M.D. Dermatology, Slatkin & Co., Liplicious. Victoria's Secret: VS Fantasies, Dream Angels, Supermodel by Victoria’s Secret, Rapture, VS Attractions, VS Bombsell, VS Pink, Body by Victoria, Incredible by Victoria’s Secret (fragrance). Sexy Little Things, Very Sexy (fragrance, body care). Beauty Rush, VS Makeup (makeup).

Limited Brands’ net profits rose 79.7% to $805 million on net sales of $9.61 billion, up 11.4% in the fiscal year ended January 29, 2011, versus the same prior-year period. Bath & Body Works’ overall revenues were $2.52 billion, a 5.5% increase, driven by the expanded Signature Collection. Twilight Woods men’s and women’s fragrances were among Bath & Body Works’ most successful 2010 product launches. In October 2010, Bath & Body Works entered the Middle East, opening stores in Kuwait and Dubai. Bathandbodyworks.com’s sales continued growing and outpaced the retailer’s brick-and-mortar stores’ average increase. Victoria’s Secret

total revenues gained 11.5% to $5.92 billion, thanks to newness and innovation. Its launch of the Incredible by Victoria’s Secret scent—inspired by the bra of that name—also boosted Limited Brands’ 2010 fragrance revenues. Limited-edition seasonal scents, such as The Coconuts, were popular. In late summer 2011, Nick Coe will become Bath & Body Works’ ceo, replacing Diane Neal, who is to be a company advisor.

19. Oriflame Cosmetics

Rank 19

Stockholm $2 billion€1.51 billion+14.9% v. ’09

Subsidiaries + Main Brands in 2010: Oriflame (makeup, skin care, fragrance, toiletries).

Business in core markets of Eastern Europe and the former Soviet Union rebounded strongly in 2010, helping to drive Oriflame’s overall 2010 sales. The company’s business in Russia, the Commonwealth of Independent States and the Baltics grew 19% to €861 million and contributed 57% of overall company revenues and 86% of its operating profits last year. Sales from Asia, which made just under 10% of total revenues, and Latin America, which contributed 6%, posted sales gains of 27% and 35% (Oriflame’s steepest uptick), respectively. On a like-for-like currency basis, Oriflame’s 2010 revenues grew 8%. Net profits rose 17.2% year-on-year to €117.5 million. The company’s fragrance business—boosted by the launches of Midnight Pearl and Flamboyant—grew fastest among its product categories and rang up 21% of company sales. Color cosmetics generated 24% of business; skin care, 22%; personal care, 20%, and other, 13%. Oriflame’s global sales force increased 8.6% to about 3.8 million. By year-end 2010, the company sold its products in 61 countries. Oriflame was forced to leave Iran in 2010 by government authorities there.

20. Alticor

Rank 20

Ada, Mich. $1.97 billion (est.)+5.1% v. ’09 (est.)

Subsidiaries + Main Brands in 2010: Artistry, Beautycycle (makeup, skin care). Tolsom (men’s skin care). Body Series, G&H (body care). Satinique (hair care). Laura Mercier (makeup, skin care, fragrance). RéVive (skin care).

Alticor’s total 2010 revenues, including its nutrition, wellness, beauty and home products businesses, increased 9.5% year-on-year to $9.2 billion. Health and beauty sales led the global gain. In beauty, Artistry, which ranks among Alticor’s flagship brands, drove growth largely thanks to Artistry Intensive Skincare Renewing Peel, which was launched starting in August 2010. Artistry is one of the world’s five top-selling premium skin care brands, according to Euromonitor International. The masstige Beautycycle brand, whose product formulas contain natural ingredients, was introduced in Europe and Australia. Laura Mercier is sold in more than 1,000 high-end stores in 26 countries. In 2010 and the first quarter of 2011, the brand in the U.S. ranked ninth in dollar terms in makeup, tenth in total beauty and thirteenth in skin care, according to NPD. Laura Mercier is among the fastest-growing prestige skin care brands in the U.S., and Tinted Moisturizer is among its bestsellers. In February 2011, Alticor’s New York-based subsidiary Gurwitch Products named Claudia Poccia president and ceo.

21. Kosé Corp.

Rank 21

Tokyo $1.96 billion (est.)¥171.88 billion (est.)-0.9% v. ’09 (est.)

Subsidiaries + Main Brands in 2010: Kosé Corp.: Cosme Decorte, Awake, Sekkisei, Visée, Esprique Precious, Stephen Knoll Collection, Prédia, Jill Stuart, Addiction, Adidas (for Japan). Kosé Cosmenience Co. Ltd., Kosé Cosmeport Corp., Albion Co. Ltd., Dr. Phil Cosmetics Inc.

Kosé Corp.’s practically flat beauty revenues in 2010 were due largely to Japan’s slump in consumer spending. Yet sales of the company’s high-end brands remained strong, as did its business abroad in local currencies. During the past three years, Kosé’s exports have increased 10% annually in local currency, with key foreign markets being China, Taiwan and South Korea. Its business abroad in the year ended March 31, 2011, grew 12.5% to ¥21.02 billion, or 12.3% of Kosé’s total net revenues. Company net profits increased 30.5% to ¥6.73 billion. Kosé’s midterm business plan, which ended in March 2011, included rebuilding the company’s domestic cosmetics business, reinforcing overseas operations and entering new business fields. In November 2010, Kosé introduced under Cosme Decorte and with designer Marcel Wanders the AQ MW premium skin care line. The Stephen Knoll Collection was relaunched in August 2010. Jill Stuart sales rose in the last fiscal year. Kosé is reviewing its strategy for Adidas men’s beauty products in Japan.

22. Pola Orbis Holdings

Rank 22

Tokyo $1.96 billion¥139.64 billion+2.5% v. '09

Subsidiaries + Main Brands in 2010: Pola: Whitissimo Apex-i, B.A, Creatage, Wrinkle

Shot, White Shot, Estina Alvita, Whitissimo, Aglaira, Signs Solution, Muselle. Orbis: Aqua Force, Clear, Whitening, Excellent, White AW. PdC: Pure Natural, UV Moisture, Arbu White, Soda Salon, Shape Queen, Moist & Drop, Naturina. Future Labo:Derma Q II. Acro: Three. Decencia: Tsutsumu.

Skin care drove Pola Orbis Holdings’ 2010 sales growth. Operating profits for its cosmetics activities, including treatment, makeup and Pola The Beauty stores, were ¥10.5 billion, up 25% year-on-year. Driving gains for the Pola division was the relaunch of B.A with updated formulas andthe introduction of Whitissimo in March 2010. Pola derived 95% of its business from direct sales. For the Orbis division, 70% of whose revenues stem from mail order and online, and 30% from brick-and-mortar stores, the uptick was spurred by Clear and Cleansing Liquid products. Acro recorded higher year-on-year sales of the Three natural skin care and makeup brand. Pola The Beauty, selling Pola’s beauty brands, had 500 locations in 2010, 65 more than in 2009, and made 30% of company business. Cosmetics generated 84.5% of Pola Orbis’ 2010 revenues. It sells to 14 markets abroad, the U.S. being the largest. In December 2010, Pola Orbis Holdings raised ¥6.7 billion by going public on the Tokyo Stock Exchange. Last year, the firm had 120,000 sales representatives. In May 2011, it announced plans to acquire H2O Plus LLC.

23. Puig

Rank 23

Barcelona $1.45 billion (est.)€1.09 billion (est.)+16.6% v. ’09 (est.)

Subsidiaries + Main Brands in 2010: Puig Prestige: Carolina Herrera, Paco Rabanne, Nina Ricci, Comme des Garçons Parfums, Prada Parfums, Valentino. Payot. Puig Beauty: Antonio Banderas, Shakira, Mango, Massimo Dutti, Zara, Agatha Ruiz de la Prada.

Family-owned Puig’s 1 Million men’s fragrance, from Paco Rabanne, ranked number one in France, Spain and the U.K. in 2010, according to NPD. The global launch of Lady Million in September 2010 was well-received. In 2010, Puig claimed a 7% share of the global prestige fragrance market. Spain, where business rose 2% year-on-year, generated 26% of the company’s total 2010 revenues, which—including sales from fashion activities—were €1.2 billion, up 22%.

Western Europe made 31% and Latin America, 21%. Puig’s products are in 130 countries. Other growth drivers included the launches of Carolina Herrera’s 212 VIP, Nina Ricci’s L’Élixir de Nina and Prada’s Infusion d’Iris eau de toilette. From Puig Beauty, Adolfo Domínguez’s Bambú Mujer and Colección Privada, Antonio Banderas’ The Secret plus Shakira’s S by Shakira were successful in Spain. Puig transformed its Prada joint venture into a fragrance licensing agreement. In February 2010, Puig inked the Valentino fragrance license. In May 2011, the company bought a majority stake in Jean Paul Gaultier.

24. Alberto Culver

Rank 24

Melrose Park, Ill. $1.42 billion (est.)+4.4% v. ’09(est.)

Subsidiaries + Main Brands in 2010: Alberto VO5, TRESemmé, Nexxus Salon Hair Care, Consort (hair care). St. Ives, Noxzema, Simple (skin care). Soft & Beautiful, Just for Me, Motions, TCB (ethnic hair care).

Unilever announced in September 2010 its defi nitive agreement to purchase Alberto Culver for $3.7 billion in cash. The acquisition, completed in May 2011, was meant to expand Unilever’s presence in mass market hair care with various brands, such as Alberto Culver’s professionally positioned Nexxus and fashion-forward TRESemmé. However, the U.S. Justice Department stipulated Unilever must sell its own Rave brand and the Alberto VO5 brand. Considered Alberto Culver’s brightest star, TRESemmé was the top-selling brand in the U.S. hair spray segment, with an 11.9% dollar share in 2010, according to SymphonyIRI. Alberto Culver ranked second in hair spray, after Procter & Gamble, with its 19.3% dollar share. TRESemmé was fourth in the U.S. hair care market with retail revenues exceeding $100 million. For the 12-month period ended June 30, 2010, Alberto Culver posted sales of $1.6 billion. The firm’s major markets remained the U.S., U.K. and Mexico, and 36% of its revenues were made abroad.

25. Elizabeth Arden

Rank 25

New York $1.41 billion (est.)+7.6% v. ’09 (est.)

Subsidiaries + Main Brands in 2010: Elizabeth Arden (skin care, makeup, fragrance). Prevage (skin care). Elizabeth Taylor, Mariah Carey, Britney Spears, Taylor Swift, Usher, Juicy Couture, Alberta Ferretti, Geoffrey Beene, Halston, John Varvatos, Kate Spade New York, Lucky Brand, Bob Mackie, Badgley Mischka, Alfred Sung, Rocawear, Curve, Giorgio Beverly Hills, PS Fine Cologne (fragrance).

Sales momentum continued across all of Elizabeth Arden’s markets and key brands, led by the company’s international business, which generated about 35% of overall sales and grew 12% in 2010. Elizabeth Arden-branded products’ revenues increased 11% and sales from fragrance advanced 7%. That included a 17% revenue jump from Britney Spears fragrances and an 8% increase from Juicy Couture scents. In November 2010, Elizabeth Arden signed a fragrance license with Taylor Swift. The singer’s first scent is set for September 2011. This fall also marks the 20th anniversary of the best-selling White Diamonds Elizabeth Taylor fragrance. Recent key introductions include Juicy Couture and Britney Spears scents; Prevage and Ceramide skin care, plus the Red Door fragrance’s global relaunch. In October 2010, Dirk Trappmann was named Elizabeth Arden executive vice president and general manager, international.

C Luxury

Source WWD Annual report

August 12, 2011

Beauty market Monitoring & Analysis