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International Top 30: 2019 Edition.

UNILEVER has been No. 1 on The International Top 30 ranking, since we published our first list in 1991. Through all of them, L'Oreal has been second, but the world's biggest pure play cosmetics company is closing fast, thanks in large measure to a string of acquisitions in recent years.

In fact, M&A is a big part of our International Top 30 article this year. A year ago, L'Oreal expanded in Korea with its acquisition of Nanda and Kao picked up ground in North America when it purchased Washing Systems LLC. Most recently, Beiersdorf purchased Coppertone. In between, Unilever picked up two P&G oral care brands and Natura made a big bet on international markets when it acquired Avon. In fact, sources say 2018 was a record year for M&A in the beauty space alone. Technology has leveled the playing field, enabling startups to compete with multibillion dollar companies on nearly equal footing in some categories, such as color cosmetics.

Multinationals are scrambling as startups and technology reconfigure distribution channels. At the same time, private equity houses have had good success in the personal care space. Consumers want all new all the time and fast-moving indie companies can give women exactly what they want.

No surprise then that most observers expect M&A activity to continue through 2019 and beyond as multinationals seek a fresh crop of indie innovators to flesh out their portfolios. As we went to press, L'Oreal confirmed it has entered in exclusive negotiation with the Clarins Group in view to acquire Mugler and Azzaro.

As noted, Unilever and L'Oreal are Nos. 1 and 2 on our 2019 edition of The International Top 30. Rounding out the Top 10 are: Henkel, Kao, Shiseido, Reckitt Benckiser, Beiersdorf, LVMH, AmorePacific and LG.

We hope you enjoy this edition of The International Top 30; be sure to compare it to The Top 50, our annual look at the biggest US manufacturers of household and personal products. You'll find both of these popular features side by side on our website, Happi.com.

The International TOP 30

1. Unilever

The Netherlands * $36.3 billion

2. L'Oreal

France * $31.7 billion

3. Henkel

Germany * $12.2 billion

4. Kao

Japan * $11.1 billion

5. Shiseido

Japan * $9.9 billion

6. LVMH

France * $7.1 billion

7. Beiersdorf

Germany * $6.9 billion

8. Reckitt Benckiser

United Kingdom * $6.4 billion

9. AmorePacific

South Korea * $5.7 billion

10. LG

South Korea * $5.2 billion

11. Avon Products

United Kingdom * $3.7 billion

11. Chanel

France * $3.7 billion

13. Boticario Group

Brazil * $3.6 billion

13. Natura & Co.

Brazil * $3.6 billion

15. GlaxoSmithKline

United Kingdom * $3.3 billion

16. Lion

Japan * $3.1 billion

17. Groupe Rocher

France * $2.8 billion

18. Kose

Japan * $2.7 billion

19. Pola Orbis

Japan * $2.2 billion

20. Puig

Spain * $2.1 billion

21. Clarins

France * $1.9 billion

22. L'Occitane

Sweden * $1.6 billion

23. Oriflame

France * $1.5 billion

23. Pierre Fabre

France * $1.5 billion

25. Lush

United Kingdom * $1.2 billion

26. Belcorp

Peru * $1.1 billion

27. Shanghai Jahwa

China * $1.0 billion

28. Euroltalia

Italy * $956 million

29. McBride

United Kingdom * $867 million

30. Sunstar

Switzerland * $848 million
Alphabetical LISTING

AmorePacific        9
Avon Products      11
Beiersdorf          7
Belcorp            26
Boticario Group    13
Chanel             11
Clarins            21
Euroltalia         28
GlaxoSmithKline    15
Groupe Rocher      17
Henkel              3
Kao                 4
Kose               18
LG                 10
Lion               16
L'Occitane         22
L'Oreal             2
Lush               25
LVMH                6
McBride            29
Natura & Co        13
Oriflame           23
Pierre Fabre       23
Pola Orbis         19
Puig               20
Reckitt Benckiser   8
Shanghai Jahwa     27
Shiseido            5
Sunstar            30
Unilever            1


1. UNILEVER

The Netherlands

www.unilever.com

Sales: $36.3 billion

Sales: $36.3 billion for personal and home care. Corporate sales: $70.1 billion.

Key Personnel: Alan Jope, chief executive officer; Graeme Pitkethly, chief financial officer; Marc Engel, chief supply chain officer; Sunny Jain, president, beauty and personal care; Sanjiv, Mehta, president, Unilever, South Asia and chairman and managing director, Hindustan Unilever; Leena Nair, chief human resources officer; Nitin Paranjpe, chief operating officer; Richard Slater, chief R&D officer; Ritva Sotamaa, chief legal officer and group secretary.

Major Products: Home Care--Domestos, Omo, Surf, Ala, Biotex, Blueair, Brilhante, Cajoline, Cif, Coral, Drive, Jif, New Magic, Persil, Puro, Rin, Rinso, Robijn, Savo, Skip, Sun, Surf Excel, Unox, Viss, Vivere, Wheel, Xtra, Andy, Cunatai, Deja, Dero, Fab, Fofo, Lavomatic, Mimosin, Nevex, Radiante, Sunil, Sunlight, Super Pell, Szavo, Via, Viso, Vixal, Wipol and Wonderlight. Personal Care--Axe, Dove, Lifebuoy, Lux, Rexona, Signal, Sunsilk, Aviance, Badedas, International Breeze, Brut, Caress, Citra, Clear, Closeup, Duschdas, Eskinol, Fair & Lovely, Fissan Baby, Hazeline, Pears, Pond's Simple, Suave, Sunlight, Tigi, VO5, Vaseline, Williams, Zwitsal, Aim, Amodent, Andrelon, Baba, Block & White, Clinic Plus, Coco Varela, Cream Silk, Dawn, Elefante, Elle 18, Folicure, Gabi, Geisha, Glysolid, Good Morning, Hamam, Kalina, Le Sancy, Ayush Therapy, Liril, Matey, Monsavon, Organics, PS, Prodent, Proderm, Ultrex, Zendium, Zhonghua.

New Products: Beauty & Personal Care--Rexona Clinical Protection, Dove foaming hand wash, Dove Whipped Body Cream, St. Ives Facial Mists, Vaseline Clinical Care and Dove Derma series, Dove Facial Cleansing series, ApotheCare Essentials, Hijab Fresh, K-Bright, K-Ju, Korea Glow, Pure Derm, Purifi and Skinsei; Home Care--Love Home and Planet home care products, Domex Toilet Cleaning Powder, Cif Specialist sprays, Comfort Intense ultra-concentrated fabric conditioners, Omo Eco, Cif Ecofil. Acquisition--Equilibra.

Comments: Corporate sales declined 5% last year, but the company notes that underlying sales increased 2.9%.

By segment, beauty and personal care (BPC) sales declined 0.3% to about $23.4 billion. Underlying sales rose 3.1%, driven by gains in skin care and skin cleansing, partly offset by slower growth in deodorants and oral care products. The drop in sales hasn't deterred Unilever from pursuing its purpose of "Beauty that cares for people, society and our planet;" nor from making acquisitions. In the past four years, Unilver's BPC unit has acquired 12 companies, including Equilibra, an Italian maker of natural personal care products, last year. Top-performing countries included the US, Canada, Pakistan and Bangladesh, which were offset by Brazil, Japan and parts of Western Europe.

Home care sales fell 4.2% to $11.9 billion. The company notes that nearly 80% of turnover is in developing and emerging countries. To keep pace with the rapid changes taking place in emerging economies, the division created four consumer-centric categories:

* Fabric solutions focuses on ready-to-wear clothing;

* Fabric sensations focuses fabrics, fashion and lifestyle;

* Home and hygiene, which focuses on delivering care for a cleaner world; and

* Life essentials, which unites Unilever's air and water purification brands.

No matter what categories they compete in, the divisions follow the Unilever Sustainable Living Plan (USLP), which is built on the idea that business growth and sustainability are not mutually exclusive.

The USLP has three major objectives:

* Improve the health and well-being of more than one billion people by 2020;

* Halve Unilever's environmental footprint by 2030; and

* Enhance livelihoods for millions by 2020.

Noble goals all, but to reach them, the company will have to do it without a key contributor to its social and environmental platform. After more than a decade at the helm of Unilever, Paul Polman retired as president and chief executive officer (see box below). He was succeeded by Alan Jope, a long-time Unilever executive who most recently led the beauty and personal care business, Unilever's largest division. Jope has been a member of the company's leadership team since 2001 and his previous roles include running Unilever's business in North Africa.

For the first quarter, corporate sales fell 1.6%, due to the sale of the spreads business. For the full year, Jope said he expects underlying sales growth to be in the lower half of its multi-year 3-5% range.

"Accelerating growth is our number one priority. It requires both great execution and a continued strategic shift into faster growth segments and channels," he explained. "We saw good performance in key growth channels including out-of-home and e-commerce and benefited from stronger global innovations and faster and more relevant local innovation."

Underlying sales in BPC rose 3.1%, driven by gains in skin care and deodorants, which were partly offset by oral care declines.

Underlying home care sales rose 6%, thanks to a strong start by fabric solutions and home and hygiene. Life essentials was flat. The Love, Home & Planet home care range debuted in Q1 (for more on Love, Home & Planet, read Happi's coverage of the recent Sustainability Summits, which starts on p. 36).

In April, Unilever signed an agreement to acquire Olly Nutrition. Terms of the deal were not disclosed. Based in San Francisco, Olly was founded in 2014 by Eric Ryan, who also co-founded Method, the home care company acquired by SC Johnson in 2018. Olly's mission is to make nutrition "delightfully easy" as the company insists good health is the foundation of happiness. The company is best known for its gummy vitamins and supplements and also sells protein powders and snack bars.

Under terms of the agreement, Olly will continue to be based in San Francisco and will be managed by Eric Ryan, who will assume the role of chief growth officer, and Gerry Chesser, who becomes Olly chief executive officer after serving as chief operating officer.

Just last month, Unilever rolled out Cif Ecorefill, a 10x concentrated refill that enables shoppers to buy one spray bottle that they can use for life. Made with 75% less plastic, Ecorefill attaches to current Cif Power & Shine bottles. The design means 97% less water being transported, 87% fewer trucks on the road and less greenhouse gas emissions. Ecorefill is 100% recyclable once the plastic sleeves are removed. By the end of next year, Unilever expects all Ecorefill and spray bottles to be made from 100% recycled plastic.

2. L'OREAL

France

www.loreal.com

Sales: $31.7 billion

Sales: $31.7 billion.

Key Personnel: Jean-Paul Agon, chairman and chief executive officer; Laurent Attal, executive vice president, research and innovation; Christophe Babule, executive vice president, chief financial officer; Cyril Chapuy, president, L'Oreal Luxe; Vianney Derville, executive vice president, Western Europe Zone; Lucia Dumas Bezian, executive vice president, communications and public affairs; Nicolas Hieronimus, deputy chief executive officer, in charge of divisions; Barbara Lavernos, executive vice president, chief technology and operations officer; Jean-Claude Le Grand, executive vice president, human relations; Brigitte Liberman, president, active cosmetics division; Alexis Perakis-Valat, president, consumer products division; Alexandre Popoff, executive vice president, Eastern Europe and Africa, Middle East; Stephane Rinderknech, president, L'Oreal China; Lubomira Rochet, executive vice president, chief digital officer; Nathalie Roos, president, professional products; Frederic Roze, executive vice president, Americas Zone; Jochen Zaumseil, executive vice president, Asia, Pacific.

Major Products: Hair care, skin care, sun care, color cosmetics, toiletries and fragrances sold under many brand names in different channels. Consumer--Garnier, L'Oreal Paris, Le Club des Createurs, Maybelline, SoftSheen-Carson. Professional--L'Oreal Professional, Kerastase, Redken, Matrix, Mizano, Shu Uemura Art of Hair, Keraskin Esthetics. Luxury--Lancome, Biotherm, Helena Rubenstein, Kiehl's, Shu Uemura, Giorgio Armani, Ralph Lauren, Cacharel, Viktor & Rolf, Diesel, YSL Beaute. Active Cosmetics--Vichy, LaRoche-Posay, Innerve, SkinCeuticals, Sanoflore.

New Products: Professional--Matrix SoColor Cult, Elseve Dream Lengths and Fructis Hair Food; Active Cosmetics--Hyalu B5; Kerastase Blonde Absolu, Laque Extreme.

Comments: It's a beautiful thing at L'Oreal, the world's largest beauty company, which posted its best year of growth since 2007, as sales increased 3.5% and like-for-like sales increased 7.1%. Gains were reported in all divisions, led by double-digit increases by L'Oreal Luxe and Active Cosmetics. Here's a closer look at each division's results.

Active Cosmetics' sales increased 9.2% to nearly $2.7 billion, helped by big gains in North America and Asia. All three major brands contributed to the division's growth. La Roche-Posay ended the year with double-digit growth, driven by its anti-wrinkle innovation Hyalu B5, and core franchises Anthelios and Effaclar, and is performing well across all zones. Growth at Vichy was again bolstered by the success of Mineral 89, the star product of 2018. SkinCeuticals' sales rose in all regions; particularly in the US, where it remains the No. 1 professional skin care brand, according to L'Oreal. CeraVe, which posted double-digit growth in North America, is available in more than 30 countries.

L'Oreal Luxe sales increased 10.6% to $3.1 billion; Lancome sales topped [euro]3 billion for the first time. Skin care sales were driven by Genifique, Absolue and La Vie est Belle. The company noted that YSL Laurent and Giorgio Armani had a very good year in fragrances, thanks to the success of Black Opium, Y, Si Passione and Acqua di Gio Absolu. Furthermore, the division is adding market share in Asia Pacific, particularly in China where growth is double-digit. Luxe performed well in dynamic markets in Travel Retail, Eastern Europe and Latin America, too.

Consumer products sales fell 0.7% to $14.2 billion; but L'Oreal Paris and Maybelline New York results were strong. Skin care sales rose more than 10%, thanks to demand for Revitalift Filler by L'Oreal Paris, Garnier tissue masks and Men Expert skin care. Maybelline New York drove makeup sales

Professional products sales fell 2.6% to $3.8 billion. Still, the company maintains that all geographic zones are growing, except Western Europe. Hair care sales benefitted from demand for Kerastase, the popularity of Shades EQ by Redken and the launch of SoColor Cult by Matrix.

By region, sales rose 10.3% to $13.7 billion in New Markets (including Asia-Pacific, Latin America, Eastern Europe and Africa, Middle East). Asia-Pacific led the way with a 20% increase. L'Oreal noted that Singles' Day sales in China, November 11, helped propel sales. Latin American sales fell 8.6%, as gains in Luxe and Active Cosmetics, couldn't overcome poor economic conditions in Argentina and elsewhere. Eastern Europe sales rose less than 1%, helped along by gains in Active Cosmetics, as well dynamic growth in Turkey, Ukraine, Romania and Czech Republic. Sales in Africa, Middle East were up just 0.2%, which L'Oreal blamed on geopolitical tension and sluggish markets, especially in the Middle East.

Western Europe sales fell 0.7% to $9.5 billion due to malaise in France and the UK and a slowdown in makeup. The good news is that L'Oreal Luxe and Active Cosmetics outperformed its competitors in the region.

North America sales fell 1.6% to $8.5 billion, primarily due to forex effects. L'Oreal Paris, Maybelline New York and Essie helped to boost makeup and hair color sales. The acquisition of Pulp Riot lifted Professional Product sales; and Active Cosmetics sales jumped nearly 20% as CeraVe, SkinCeuticals, La Roche-Posay and Vichy all recorded double-digit gains.

In December, L'Oreal launched Business Opportunities for L'Oreal Development (BOLD), a corporate venture capital fund that takes minority stakes in innovative startups with high growth potential. The fund invests in new business models in marketing, research and innovation, digital, retail, communication, supply chain and packaging.

Two key personnel changes were announced late last year. Christophe Babule was appointed executive vice president, chief financial officer, and Cyril Chapuy was appointed president of L'Oreal Luxe.

In other news, last year, Covalence EthicalQuote ranked L'Oreal No. 1 worldwide across all industries in its reputation index. This ranking of the world's largest listed companies reflects stakeholder and media perceptions, and companies' communication on environmental, social, governance and human rights issues. Earlier this year, L'Oreal was recognized for the third year in a row as a global leader in corporate sustainability by non-profit organization CDP, with three "A" scores for the management of climate change, water security and forests.

For the first quarter of 2019, sales rose 11.4% to more than $8.4 billion, thanks to gains in L'Oreal Luxe and Active Cosmetics; and strong growth in new markets. E-commerce sales jumped nearly 44% and travel retail was up 24%.

According to CEO Jean-Paul Agon, the powerful underlying growth drivers remain the same as in 2018: Luxe and Active Cosmetics, skin care, Asia, e-commerce and Travel Retail.

"L'Oreal Luxe has performed remarkably well in a particularly buoyant market, led by its four major brands, Lancome, Yves Saint Laurent, Giorgio Armani and Kiehl's, all of which posted more than 15% growth, and by very strong development in Asia," said Agon. "The active cosmetics division is exceptionally dynamic, growing in every region of the world, and growth in the consumer products division is gradually improving. The professional products division is making headway in a market that remains challenging."

By division, active cosmetic sales rose 14%, L'Oreal Luxe sales rose 19%, consumer product sales increased 7% and professional product sales rose 4.8%. By region, Western Europe sales increased 2.1%, North America sales rose 9.2% and new markets' sales jumped 30%.

Finally, last month L'Oreal confirmed it has entered into exclusive negotiation with the Clarins Group to acquire the Mugler and Azzaro brands.

"The perfume category is at the heart of our global strategy for growth at L'Oreal Luxe," explained Cyril Chapuy, president L'Oreal Luxe. "In this context, we would be thrilled to welcome Mugler and Azzaro: these signatures, with a long history in fashion and olfaction, would perfectly complete our portfolio of brands."

The deal is expected to be completed later this year.

3. HENKEL

Germany

www.henkel.com

Sales: $12.2 billion

Sales: $12.2 billion for beauty and home care sales. Corporate sales: $23.3 billion.

Key Personnel: Hans Van Bylen, chief executive officer; Carsten Knobel, executive vice president, finance, purchasing and integrated business solutions; Sylvie Nicol, executive vice president, human resources and infrastructure services; Jens-Martin Schwarzler, executive vice president, beauty care; Bruno Piacenza, executive vice president, laundry and home care.

Major Products: Household--Mir, Persil, Perwoll, Purex, Sil, Spee and Vernel laundry detergents, Pril and Pur dish detergents, Bref and Soft Scrub hard surface cleaners, Somat automatic dish detergent. Personal Care--Schwarzkopf & Henkel, Schwarzkopf, Indola, Clynol, Seah Hairspa, BC Bonacure, Clynol hair care products; Dial, Fa and Right Guard, Tone, La Toja, Neutro mend, Coast, Dry Idea and Mont St. Michel body care products; Aok and Diadermine skin care products; Licor del Polo, Antica Erboristeria, Vademecum, Theramed and Denivit oral care products.

New Products: Beauty--Barnangen, got2b color, Dial antibacterial hand soap with Mint Shea scent.

Comments: Forex pressures sliced 5.4% off the top line and as a result, Henkel's corporate sales dipped 0.6% last year. Overall organic sales growth was 2.4%, which was in line with the full year target of 2-4%.

Beauty sales rose 2.1% to $4.7 billion, but forex reduced sales by 4.8% and acquisitions/divestments accounted for 7.6% of growth. The professional hair care business topped [euro]1 billion for the first time, thanks to strong organic growth in both mature and emerging markets. Hair color sales were up as Henkel reported market share gains across all regions, helped along by new brands such as got2b Color, as well as existing brands such as Syoss Color. Salon sales were strong, especially within the Schwarzkopf Professional, which received a lift from new products within the Igora and BlondMe lines.

On a regional level, Eastern European sales rose on the strength of the hair and body categories. Latin America also posted significant increases. On the downside, sales in North America declined due to shipping difficulties; while sales were off in Western Europe and major markets of Asia/Pacific.

Laundry and home care sales fell 3.5% to $7.5 billion, as forex effects reduced sales growth by 6.2%. Henkel's No. 1 laundry brand, Persil, delivered significant growth and specialty detergent formulas also contributed to market share gains across all regions. Home care product sales rose on demand for hand dishwash and toilet care products.

During 2018, Henkel made numerous investments, including the opening of a Somat production site in Serbia, a learning center for hair stylists in the US, and a beauty care laboratory in Dubai. Last year, Henkel spent $556 million on R&D, with 42% of the total devoted to home and beauty care projects.

For Q1 2019, corporate sales rose 2.8% to $5.6 billion, helped along by gains in home and laundry care, which were partially offset by weakness in beauty care. Organic growth was less than 1%.

Beauty care's organic sales fell 2.2% to $1.1 billion and were below the company's expectations. While there were positive effects from newly-launched brands and innovations and continued development of the hair professional business across mature and emerging markets, weakness in Western Europe and China hurt retail business results. Still, got2b achieved double digit growth that was aided by positive input from bloggers and other influencers. North American sales were strong helped, in part, by strong growth driven by core Dial products. In contrast, home and laundry care organic sales jumped 4.7% to $1.9 billion; emerging markets led the way, while North America returned to growth after the region was hampered by delivery issues a year ago.

In June, Henkel reported it will invest $19 million to expand its West Hazleton, PA facility. This investment will enable the company to open a new production line for both Dial body wash and Dial liquid hand soap and will help enable future growth for the business. As part of its investment in the facility, Henkel has added 14 new jobs to support the Dial brand, raising the total employee count at the plant to 180.

"This is an exciting time for the West Hazleton plant," said Tricia Fair, plant manager. "The West Hazleton facility has a long history of manufacturing Dial products and we are very pleased that Henkel's investment will drive growth and bring new jobs to our community. The line expansion is an investment in the future of both the company and the brand's mission. Dial has been a trusted brand to families for over seventy years, and we are committed to furthering the brand's efforts to help deliver clean, healthy skin to consumers everywhere."

"At Henkel, we're committed to ensuring that each of our brands has the resources necessary to drive continuous and future growth, and Henkel has invested nearly $5 billion in the US market over the past four years to support that growth," said Heather Wallace, senior vice president and general manager, Beauty Care North America. "Enhanced production capabilities such as this investment at West Hazleton helps position our beauty care business for success and provide consumers and customers with the innovative, high-quality products they have come to love and expect from Henkel."

The line officially began production of the Dial products on June 17 and was officially commemorated on June 20 with a ribbon-cutting ceremony led by Wallace, Fair and the North American Beauty leadership team.

4. KAO

Japan

www.kao.com

Sales: $11.1 billion

Sales: $11.1 billion for personal care, home care and cosmetics. Corporate sales: $14 billion.

Key Personnel: Michitaka Sawada, president and chief executive officer; Toshiaki Takeuchi, senior managing executive officer; Yoshihiro Hasebe, senior managing executive officer; Masumi Natsusaka, managing executive officer; Yasushi Aoki, managing executive officer; Tomoharu Matsuda, managing executive officer; Shigeru Ueyama, managing executive officer; Masakazu Negoro, managing executive director; Yasushi Wada, managing executive director; Osamu Tabata, managing executive director.

Major Products: Beauty Care--Sofina, Kanebo, Molton Brown, Biore, Jergens, Asience, John Frieda, Goldwell; Fabric and Home Care--Attack, Haiter, Magiclean; Human Health Care--Pyoura and Clear Clean oral care, Bub bath additives.

New Products: Personal care--Rerise, Biore UV, Biore Baking Soda + Agave collection; Laundry care--Attack Zero; Acquisitions--Oribe hair care and Washing Systems.

Comments: Corporate sales rose 1.2% last year, but certain segments performed much better than that. For example, cosmetic sales rose 5% to $2.6 billion, skin and hair care sales increased 2.6% to $3.1 billion, and fabric and home care sales improved 2.5% to $3.2 billion. The drag on results was human health care, where sales fell 4.8% to about $2.5 billion. Overall, consumer product sales increased 1.4% to $11.1 billion.

Within the cosmetics business, Sofina iP base essence was improved in September 2018, and sales grew steadily as it gained acceptance among an increasing number of consumers. Sales increased substantially in Asia region, led by China.

In skin care, sales of the Biore brand grew steadily in Japan and Asia, but were impacted by stiff competition in the Americas. Jergens hand and body lotions performed steadily in the Americas. In hair care, Kao launched Rerise, which is billed as a next-generation brand for gray hair care, and its performance was strong but sales of shampoos and conditioners decreased due to a delayed response to the growing premium market and the impact of the shrinking mass market. In Europe, the John Frieda hair care brand was affected by intense market competition, according to Kao.

In January 2018, Kao acquired Oribe, a premium hair care company.

Sales of fabric care products remained steady despite price wars in Japan. The segment was helped by an Attack laundry detergent claim that the formula is "changing tap water for washing to antibacterial water." Kao increased the market share of fabric softeners by improving Flair Fragrance amid the ongoing expansion of the market for high-value-added products. A year ago, Kao acquired US-based Washing Systems, LLC. Sales of home care products were firm. In Japan, the Kao Group cultivated new users by improving foam spray-type CuCute dishwashing detergent, and sales grew steadily. While sales fell in the human health care segment, there were some bright spots; oral care and bath additive sales rose.

In an interview with Happi last year, CEO Michitaka Sawada explained "In the past 10 years, our Asian business has quadrupled, while sales have been flat in Europe and the US," adding that China and Indonesia are Kao's largest markets outside Japan. "Going forward, I want to focus on the US and Europe."

And yet, in the beginning of 2019, Kao's business remained rooted in Japan as net sales to foreign customers declined to 39.9% from 41.8% the previous year.

For Q1, 2019, corporate sales declined 1.1%, but the drop was due to a 12% decline in Kao's human health care business. All other categories posted increases: cosmetics' sales rose 11.2%; skin and hair care sales rose 1.6%; and fabric and home care sales were up 6.5%

In April, Kao introduced its Kirei Lifestyle Plan, a new global environmental, social and governance (ESG) strategy to support consumer lifestyle changes. According to the company, in the face of global challenges such as climate change, aging societies, resource scarcity and the management of materials such as plastics, consumers around the world have expressed growing desire for a gentler and more sustainable way of living, which Kao has named the Kirei Lifestyle. The Japanese word "kirei" describes something that is clean, well-ordered and beautiful, all at the same time. For Kao, this concept not only describes appearance, but also attitude--to seek to create beauty for oneself, and also for other people and for the natural world around us.

To deliver this vision of a Kirei Lifestyle for all, Kao has set three bold commitments supported by 19 detailed leadership actions for the business to deliver by 2030:

* "Make my everyday more beautiful" by empowering at least 1 billion people by 2030 to enjoy more beautiful lives--greater cleanliness, easier aging, better health and confidence in self expression;

* "Make thoughtful choices for society" by ensuring that 100% of Kao brands make it easy for people to make small but meaningful choices that, together, will shape a more resilient and compassionate society; and

* "Make the world healthier and cleaner" by promising that 100% of Kao products will leave a full life cycle environmental footprint that science says our natural world can safely absorb.

"Our approach to developing the Kirei Lifestyle Plan was to think about how we can service the needs and desires of consumers to live more sustainable lifestyles and contribute to a more sustainable world, as envisioned by the United Nations Sustainable Development Goals," explained Dave Muenz, executive officer in charge of Kao's ESG division. "The Kirei Lifestyle Plan outlines how Kao will strive to realize the Kirei Lifestyle for all--living a beautiful life inside and out."

For the full year, Kao expects sales to rise 4.8%, led by an 8% increase within the fabric and home care business.

5. SHISEIDO

Japan

www.shiseido.com

Sales: $9.9 billion

Sales: $9.9 billion.

Key Personnel: Masahiko Uotani, president and chief executive officer; Shigekazu Sugiyama, chief executive officer, Japan region and president, Shiseido Japan Co., Ltd.; Norio Tadakawa, chief supply network officer; Jean-Philippe Charrier, chief executive officer, Asia Pacific region and president, Shiseido Asia Pacific; Michael Coombs, chief financial officer; Kentaro Fujiwara, chief executive officer, China region and chairman and president, Shiseido China Co.; Katharina Hohne, senior vice president, global professional business; Kiyomi Horii, chief beauty strategy officer; Mitsuru Kameyama, chief information technology officer; Yoshiaki Okabe, chief brand officer; Yoshihiro Shiojima, chief quality officer; Yukari Suzuki, chief brand officer; Naomi Yamamoto, chief creative officer; Terufumi Yorita, chief legal officer; KatsunoriYoshida, chief product development officer.

Major Products: Skin care, color cosmetics, sun care, fragrances and toiletries. Prestige--Shiseido, Cle de Peau Beaute, BareMinerals, Buxom, Nars, IPSA, Laura Mercier, Benefique; Fragrances--Dolce & Gabbana, Issey Miyake and Narciso Rodriguez; Cosmetics--Elixir, Maquillage, Haku, Prior, Anessa, Aqualabel, Integrate, D Program, Aupres, Urara, Pure & Mild, Za; Personal Care--Senka, Tsubaki, Sea Breeze; Professional--Shiseido and Joico; Technology--MatchCo.

New Products: Shiseido--Benefiance wrinkle smoothing eye cream, ColorGel lip balm, Sports HydroBB compact, Ultimune Eye power infusing eye concentrate, Waso beauty sleeping mask; Nars--Mini Radiant creamy concealer, Narsissist Wanted mini eyeshadow; Cle de Peau--Wrinkle Smoothing Serum Supreme, Enhancing Eye Contour Cream Supreme; Narciso Rodriguez fragrance--Narciso Eau De Parfum Rouge.

Comments: It was a record year for Shiseido in 2018 as sales increased almost 9% to nearly [yen]1.1 trillion. Operating profit surged nearly 35% to top [yen] 100 billion for the first time. The biggest increase came from prestige channels, where sales rose 16% last year. Prestige brands, such as Shiseido, Cle de Peau Beaute and Nars, accounted for 45% of sales. Fragrance sales rose 9% and accounted for 9% of sales; sales of cosmetics increased 12% and represented 31% of sales; personal care sales rose 12% to account for 9% of sales; and professional sales rose 4% and represented 2% of sales at year-end.

Japan accounted for nearly 42% of sales, but a 32% sales increase in China helped it move up to become the No. 2 market for the company, accounting for 17.4% of sales. The rest of sales breakdown looks like this: Americas, 12.0%; EMEA, 10.3%; Travel Retail, 8.0%; Asia-Pacific 6.2%; Other, 2.6%; and Professional, 1.9%.

By region, sales in Japan rose 9% in a country where the cosmetics market is expanding at a 1% rate, according to Shiseido, which continued to focus on skin care, base makeup and sunscreen. Top selling brands included Ultimune serum and Elixir lotions and moisturizers. Gains in China came from top brands like Shiseido, Cle de Peau Beaute Ipsa and Nars, as well as "Made in Japan" brands like Elixir and Anessa. Double-digit gains were reported in the all-important e-commerce category. Asia-Pacific sales increased almost 14%, due to significant gains in South Korea and Thailand. Sales in the Americas slipped 1.8% which the company blamed, in part, on the closure of unprofitable stores. Profits from Nars and Laura Mercier improved, and reforms at Bare Minerals continue. An investment in Dolce & Gabbana lifted Europe, Middle East and Africa sales by 4.3%, but the region still reported an operating loss of about $7.2 million. Finally, travel retail sales surged nearly 35%, due to solid growth in Asia of Shiseido, Cle de Peau Beaute, Nars and Anessa, according to the company.

In December, Melissa Sperau was promoted to president US. She reports to Marc Rey, president and chief executive officer, Shiseido Americas and chief growth officer, Shiseido Group. Prior to the appointment, Sperau was senior vice president, Americas at Nars Cosmetics.

The new year opened with a new system in place in China that's designed to boost e-commerce results and ensure sustainable business growth. The team in China is composed of Kentaro Fujiwara, president and chief executive officer, China region, Shiseido China; Morgan Tan, senior vice president, prestige brands division of China region, president of Shiseido Hong Kong; Julie Chiang, chief marketing officer, cosmetics brands and personal care brands, China region; Anson Yu, chief financial officer, China region and Shiseido Hong Kong; Julia Li, chief people officer, China region; and Zaheer Nooruddin, senior vice president, DX (digital experience) division of China region.

Shiseido's new global innovation center (GIC) in Yokohama is fully operational. Open since April, it acts as an innovation hub, creating unprecedented value through integrating various knowledge and expertise of leading-edge research facilities and other industries in and outside Japan, as well as communicating with diverse people including consumers, according to the company.

At a recent Cosmetic Executive Women event entitled "What Is Beauty?," Shiseido CEO Masahiko Uotani explained that the company is evolving into a global player in the beauty industry, growing at a compound annual growth rate of 9%. The goal is to create a company where 70% of sales are outside of Japan. China is leading the international expansion, but investment is being made in the US and other parts of the world.

"A lot of our $1 billion investment went to marketing, communication, advertising and capital investment in brands, supplier capacities, R&D, IT, plants and people," Uotani told the audience. "It's not simply people, but investment in educational opportunities, learning centers, understanding different working styles in order to collaborate and communicate, so as a creative group we can really change a lot."

6. LVMH

France

www.lvmh.com

Sales: $7.1 billion

Sales: $7.1 billion for perfumes and cosmetics. Corporate sales: $55.3 billion.

Key Personnel: Bernard Arnault, chairman and chief executive officer; Antonio Belloni, group managing director; Nicolas Bazire, development and acquisitions; Chris de Lapuente, Sephora and beauty; Jean-Jacques Guiony, finance; Jean Baptiste Voisin, strategy.

Major Products: Perfumes and cosmetics--Guerlain, Acqua di Parma, Parfums Christian Dior, Givenchy Paris, Perfumes Loewe, Benefit Cosmetics, Make Up For Ever, Kenzo Parfums, Fresh, Kat Von D Beauty, Marc Jacobs Beauty, Fenty Beauty.

New Products: Christian Dior--Joy by Dior, Ultra Rouge lipstick, Dior Backstage Face & Body Foundation, Capture Youth serum; Guerlain--Rouge G makeup; Givenchy--L'Interdit; Kenzo--Badgal Bang! mascara; Fresh--Black Tea Kombucha age-delay facial essence; Fenty--Mattemoiselle lipstick; Marc Jacobs Beauty--Shameless liquid foundation.

Comments: Corporate and personal care sales both rose 10% last year. The company credited strong growth for its flagship brands and Asia for the gains, but LVMH said all product categories contributed to growth.

Parfums Christian Dior had another excellent year and gained market share due to the vitality of its iconic fragrances as well as its new products. J'adore sales got a lift from a new marketing campaign and Miss Dior became a leader in Asia. Men's fragrance Sauvage, which had an eau de parfum version added to its range, recorded exceptional growth. The launch of Joy by Dior, embodied by actress Jennifer Lawrence, added a fresh scent to the Dior olfactory landscape. Makeup sales rose, due in part to strong performances in the lip cosmetics segment, in particular the new Ultra Rouge lipstick, and a substantial acceleration in foundation fueled by new additions to the Forever range and the launch of the Dior Backstage Face & Body Foundation. Skin care was boosted by strong momentum in Asia and by the vitality and innovation of the prestige range's Micro-Huile de Rose and Micro-Serum de Rose. Capture Youth, launched in January 2018, won over customers in their 30s with its six targeted serums.

Guerlain perfumes excelled, with the expansion of Mon Guerlain and the international rollout of Guerlain Parfumeur boutiques. Momentum in makeup was driven by the highly successful, customizable Rouge G. In skin care, Guerlain's results were fueled by strong growth in its Orchidee Imperiale and Abeille Royale lines. As part of its "In the Name of Beauty" commitment to sustainability, Guerlain continued to scale up its initiatives to preserve biodiversity, particularly to protect bees. During LVMH's Journees Particulieres open-house event, Guerlain celebrated its 190th anniversary with the public by unveiling an exceptional setting at 68 Champs-Elysees, its iconic address.

Growth accelerated at Parfums Givenchy, with perfume doing very well in Europe and strong gains from makeup in Asia, according to the company. The success of its new women's fragrance, L'Interdit, incarnated by actress Rooney Mara, helped the brand gain market share. Makeup sales were particularly strong in the lip cosmetics and foundation segments.

Kenzo Parfums continued to roll out Kenzo World and revisited its iconic Flower by Kenzo line with a new marketing campaign filmed in the streets of San Francisco. With the highly successful launch of Badgal Bang!, Benefit became the global market leader in mascara, according to LVMH. The brand also consolidated its lead in the brow segment with the success of Brow Contour, a 4-in-1 brow pencil. Make Up For Ever continued its international expansion, thanks to gains in online sales.

Fresh achieved strong growth, particularly in Asia, with the success of its Rose and Black Tea skin care lines, including the new Black Tea Kombucha age-delay facial essence. Acqua di Parma saw strong growth in its Colonia lines, thanks to Colonia Pura in particular, while the Chinotto di Liguria fragrance rounded out the Blu Mediterraneo range. For its first full year of activity, Fenty Beauty by Rihanna confirmed its worldwide success with a very strong digital presence and a robust innovation program in the foundation and lip cosmetics segment with the Mattemoiselle lipstick. Marc Jacobs Beauty's momentum was driven by the launch of its new Shameless liquid foundation. Parfums Loewe launched the women's version of its Solo Loewe line. Maison Francis Kurkdjian enjoyed very strong growth in its iconic Baccarat Rouge 540 fragrance and continued to showcase its exceptional expertise in artisanal perfume-making.

This year, LVMH insists that the perfumes and cosmetics business group will draw on the strength of its well-differentiated brand portfolio to win new market share. Its brands will focus on gaining innovative momentum, retail quality and digital marketing. Parfums Christian Dior will innovate in its three product categories. In perfume, the brand will continue to showcase its global pillars, with strong marketing support in conjunction with couture, and will accelerate the rollout of its Maison Christian Dior boutique concept as well as its initiatives to build a unique customer experience around perfume, both in-store and online. Drawing on the expertise of professional makeup artists and the brand's couture spirit, makeup will be the focus of an extensive innovation plan, backed by a improved digital activation strategy. Dior skin care, which aims to accelerate the brand's growth in the premium and anti-aging segments, will be boosted by momentum in Asia. Guerlain will continue rolling out its Guerlain Parfumeur boutiques; expand its flagship makeup and skin care ranges; and launch a high-performance, highly natural foundation, in line with its "In the Name of Beauty" commitment to sustainability. A new version of its L'Interdit fragrance and bold innovations in makeup will help speed up growth at Parfums Givenchy. Benefit's initiatives will focus on brow products, to consolidate its lead in this category, and on conveying its unique positioning, particularly in the digital space. Kenzo will launch a light eau de parfum version of Flower by Kenzo and a new variant of Kenzo World. Parfums Loewe will roll out a new brand identity and Fenty Beauty by Rihanna will continue its international expansion, particularly in Asia.

Lots of plans, but they are working. For the first quarter, corporate sales rose 16% and perfume and cosmetics sales increased 12%. Parfums Christian Dior had a very good quarter, demonstrating the continued vitality of its iconic perfumes and benefiting from the recent launch of its new fragrance Joy. In makeup, the Rouge Dior and Diorskin lines enjoyed a remarkable performance. Guerlain experienced strong growth momentum, notably as a result of the sustained growth of Abeille Royale skin care and Rouge G lipstick. Parfums Givenchy performed very well, driven by its Le Rouge and Prisme Libre makeup ranges. Fenty Beauty by Rihanna continued to grow rapidly.

Last month, Bloomberg announced that LVMH chairman Bernard Arnault became the second-richest man in the world, behind Amazon's Jeff Bezos. Arnault took Bll Gates' spot after LVMH stock surged last month, increasing his net worth to $107.6 billion. Gates had held steady as the second-richest person the world for seven years.

7. BEIERSDORF

Germany

www.beiersdorf.com

Sales: $6.9 billion

Sales: $6.9 billion for personal care products. Corporate sales: $8.5 billion.

Key Personnel: Stefan De Loecker, chief executive officer, corporate strategy and development, supply chain, purchasing/production/logistics, internal audit, research and development; Harald Emberger, global head of supply chain; Ralf Gusko, executive board member, Asia Pacific (Northeast and Southeast Asia excluding Japan and India), Australia; Thomas Ingelfinger, executive board member, Europe (excluding Germany and Switzerland); Zhengrong Liu, executive board member, human resources and corporate communications, labor relations; Ramon A. Mirt, executive board member, Americas, Africa, India, Russia and Near East; Asim Naseer, executive board member, Nivea and digital; Dessie Temperley, executive board member, finance and quality (finance, controlling, legal, compliance, IT, quality assurance); May Shana'a, global head of research and development; Vincent Warnery, executive board member, pharmacy and selective.

Major Products: Skin care--Nivea, Eucerin, La Prairie, Labello, Florena, 8x4, Atrix, Aquaphore; Hair care--Slek and Maestro.

New Products: Nivea--Sun UV Face, Cellular 3inl Care Cushion, MicellAir Skin Breath makeup remover, Crayon Color lip balm; Labello--Lips3Kiss; Eucerin--pH5 Light Lotion, Anti-Pigment; La Prairie--Caviar Premier, Platinum Rare Cellular Night Elixir, Skin Caviar Essence-in-Foundation; Hidrofugal--Doppelschutz Deo; Coppertone (acquisition).

Comments: Corporate sales rose 2.5%, but consumer product sales increased just 1.6%. Sales of skin, sun and hair care products were strongest in North America, Asia, Africa and Australia. The Middle East and Europe also saw positive growth, albeit at a relatively low level in the case of the latter region. Only in South America did the growth rate fall short of the previous year's figure, according to Beiersdorf. In some emerging markets, the company posted double-digit gains. Nivea and the Derma business unit, which includes the Eucerin and Aquaphor brands, once again achieved healthy growth rates overall. Beiersdorf said results for La Prairie were outstanding.

Sales of Nivea grew organically by 2.8% globally. The key growth drivers were body, shower and sun. In these categories, Body Pleasure, which was introduced in the previous year, as well as the newly launched body mousses and the Sun face care range, were significant growth drivers. Innovations, such as the Deep range for men, and the face-cleansing MicellAir Skin Expert range, contributed substantially to growth.

Overall, Nivea maintained its strong position despite various challenges in the markets. In the body category, the brand added market share particularly in Saudi Arabia, India and Mexico. Nivea shower was particularly strong in Germany. In the deodorant category, market share gains were achieved in Indonesia and Mexico. At country level, Nivea achieved especially positive growth in market shares in Germany, India, Saudi Arabia and Mexico. A decline in market share was seen particularly in Thailand, Italy and Poland.

The Derma business unit increased sales by 5.9% on gains in the US, Germany and Thailand. Eucerin's main categories, body, face and sun as well as Aquaphor played an especially large part in growth.

In the selective cosmetics segment, the La Prairie brand increased organic sales by a whopping 38.5%. Growth came from higher sales in the travel retail business, especially at airports, and the Skin Caviar Collection (particularly Skin Caviar Liquid Lift). The newly launched Platinum Rare Cellular Night Elixir and White Caviar Creme Extraordinaire were also major growth drivers. Sales performed especially well in China, Hong Kong, Australia and North America.

Sales in the Europe region grew 2.8% to nearly $3.5 billion. In Western Europe, sales were up 3.9% due to big gains in Germany and the UK. In contrast, sales in France and Greece declined. Within the region, sales of Nivea shower, deo and sun rose. The Derma segment also showed encouraging growth. Sales growth was significantly influenced by the very good performance of the La Prairie brand's travel retail business.

In Eastern Europe, sales were 5.3% higher than in the previous year. This increase was driven by big gains in Russia, Poland, Serbia and Romania as well as by double-digit growth in Ukraine. Nivea Deo, Face and Universal Creams performed especially well. Eucerin also saw strong growth in the region.

Sales in North America climbed 7.3% compared with the previous year. Nivea Body was especially successful. The Derma business unit and La Prairie both saw double-digit growth in the region. In Latin America, sales were down 2.8%, due to a big decline in Argentina. In Brazil, sales were slightly lower than in the previous year. Excellent growth was recorded in Mexico. Nivea Body, Universal Creams, Shower and Men performed especially well.

Sales in Africa/Asia/Australia rose 4.2% on double-digit growth in India, Indonesia and Turkey, as well as very good growth in Africa and a good development in Thailand. In particular, Nivea Deo, Body and Face all performed very well. Eucerin and La Prairie posted double-digit growth rates.

CEO Stefan De Loecker took the helm on Jan. 1, 2019. In other moves, Ralph Gusko, a member of the executive board since July 2011 and until now responsible for brands, R&D as well as the Asia Pacific region, will leave the company by mutual consent. He will continue to be responsible for the Asia Pacific region latest until the end of 2019.

Asim Naseer was appointed to the executive board as chief marketing officer for consumer brands. Ramon A. Mirt was named to the executive board in charge of Near East and Americas regions.

Management of the Beiersdorf Group's consumer business segment is now overseen by the new executive committee, which commenced at the start of 2019. Aside from the group executive board, the committee includes the global head of research and development Dr. May Shana'a, as well as then global head of supply chain Harald Emberger.

For the first quarter of 2019, corporate sales rose 7.8% to nearly $2.2 billion. Consumer product sales increased 6.8% to nearly $1.8billion. In the first quarter of this year, Beiersdorf successfully launched its new C.A.R.E.+ business strategy, that has been announced in late February. With this multi-year investment initiative, Beiersdorf will put an extra [euro]70 to 80 million annually into internationalization, innovation, digitalization, and up-skilling of workforce.

In May, Beiersdorf agreed to purchase Coppertone from Bayer for $550 million. Founded in 1944, Coppertone, was the first sun care brand in the US. It had sales of $213 million last year.

"This transaction demonstrates our commitment towards competitive, sustainable growth and investment in skin care outlined in the new C.A.R.E.+ strategy. Skin care is at the heart of Beiersdorf--and caring for skin health through sun protection has been an essential pillar of our business for over 60 years," said Beiersdorf CEO Stefan De Loecker. "We are pleased to offer the iconic Coppertone brand and its dedicated, experienced employees a new home next to Nivea Sun and Eucerin Sun. The sun care pioneers of Europe and the US will join forces under one umbrella to provide trusted sun protection to consumers around the world. We are convinced that Coppertone and its team will add complementary expertise to our leading brand portfolio and significantly strengthen our position, particularly in the US."

8. RECKITT BENCKISER

United Kingdom

www.rb.com

Sales: $6.4 billion

Sales: $6.4 billion for hygiene home products. Corporate sales: $16.8 billion.

Key Personnel: Rakesh Kapoor, chief executive officer; Rupert Bondy, senior vice president, general counsel and company secretary; Seth Cohen, chief information officer; Rob de Groot, president, hygiene home; Machiel Duijser, chief supply officer; Adrian Hennah, chief financial officer; Gurveen Singh, chief human resources officer.

Major Products: Household and personal care products. Brands include Vanish, Calgon, Woolite, Lysol, Dettol, Cillit Bang, Harpic, Air Wick, Mortein, Dettol, Veet and Clearasil.

New Products: Harpic Swachh Bharat (Clean India), Finish In-Wash dishwasher cleaner tabs, SBP Repellent Pro spray, Air Wick seasonal fragrances, Lysol Daily Cleanser and Daily Cleansing Wipes.

Comments: Corporate sales rose 3% last year, helped along by gains in developing markets. RB notes that at the beginning of the decade, developing markets accounted for just 25% of sales; in 2018, that percentage climbed to 40%.

The Hygiene Home business was revamped last year to focus exclusively on the household sector. This improved focus helped the business speed up innovation, create more opportunities to invest in its brands and sharpen its go-to-market focus, according to RB.

The hygiene home business benefitted from strong key brand performances in developing markets, led by gains in Brazil and India, RB's two largest developing markets. Brazil got a lift from major brands such as SBP (pest control), Veja (surface care) and Vanish, while in India, Harpic sales rose on the strength of new Swachh Bharat and social awareness programs.

Still, developed markets accounted for 75% of sales last year. Good results in North America were offset by weakness in Europe, which was due to significant pricing pressure in the first half of 2018. In fact, net revenue declined 1% last year to $5.7 billion.

The hygiene home business is focused on sales and profits, of course, but company executives insist that strong purpose-led brands that fight social causes with innovative solutions give RB great penetration potential in high-margin categories. Other priorities include exploiting digital platforms to unlock emerging markets; focusing on low-penetration, higher-growth categories; expanding e-business opportunities and continued investing.

North America got a lift from a strong year from Lysol, while Finish, Air Wick and Vanish all delivered good growth behind innovative new products like Finish Quantum Ultimate Clean & Shine and Air Wick Essential Mist diffuser.

For the first quarter of 2019, corporate sales rose 1%, as declines in North America and Europe were offset by gains in developing markets. Hygiene home care sales increased 2% thanks to strong performances from Vanish, Harpic and Finish, which were slightly offset by weakness in Air Wick and Lysol.

CEO Rakesh Kapoor will retire at the end of the year. A successor has not been named. Kapoor is credited with transforming RB from a household cleaning business to a leader in consumer health and hygiene.

9. AMOREPACIFIC

South Korea

www.apgroup.com

Sales: $5.7 billion

Sales: $5.7 billion.

Key Personnel: Suh Kyungbae, chairman and chief executive officer; Bae Donghyun, president and chief executive officer.

Major Products: Skin Care--Sulwhasoo, Laneige, Mamonde, Innisfree, Hera, Iope, Happy Bath, Primera, Odyssey, Illi, Lirikos, Aestura, Makeon; Cosmetics--Etude, Hanyul, Espoir, Aritaum; Fragrance--Annick Goutal; Inner Beauty--Vital Beauty; Hair Care--Ryo, Mise-en-Scene; Oral Care--Median.

New Products: Laneige Layering Cover Cushion and Stained Glasstick; Mamonde All Stay Foundation; Ryo Hair Loss Care Shampoo; Sulwhasoo Concentrated Ginseng Renewing line; Innisfree My Foundation, Bija Cica Balm and AA Band; Etude Mini Two Match, Shine Chic Lip Lacquer and Double Lasting Serum foundation.

Comments: Corporate sales rose less than 1% last year. AmorePacific beauty sales rose 3%, driven by an 8.2% increase in international sales, which accounted for 35.5% of revenue in 2018. Within AmorePacific's domestic business, Luxury division sales rose 3.6% due to gains in travel retail and the success of several products including Sulwhasoo Bloomstay Vitalizing line, Hera Rosy-Satin cream and Vitalbeautie Jaeumbo Ampoules. Premium channel sales fell 11.3% due to adjustments in home shopping channel's brand portfolio, according to the company. In contrast, the Daily Beauty business reported solid revenue growth within the digital channel, yet total revenue declined due to lower sales in hypermarkets and other offline channels. Within AmorePacific's international business, sales in Asia rose 8.2% as the company expanded new market entry. Sales in North America rose on the strength of skin care sales; however, sales in Europe declined due to the termination of the Lolita Lempicka license.

Innisfree sales fell 7%, due to a decline in "roadshop" sales; yet, online revenue increased. Similarly, declining roadshop sales were blamed for a 16% drop in Etude division sales. Roadshops are simply shops on roads instead of high-end department stores.

During his New Year speech in January 2019, chairman Suh Kyungbae proposed this year's management policy by saying, "Changes are golden opportunities for new innovations. We should not fear or hesitate and enjoy all changes happening now."

In particular, Kyungbae mentioned changes of times and customers such as the 4th Industrial Revolution, Millennial and Generation Z, emphasizing, "Amorepacific must become a company that makes cosmetics with a better understanding of cosmetics than anybody rather than a company that merely produces good products." He also added, "Let's concentrate all our commitment and capabilities on creating and spreading Asian Beauty, which is a fundamentally new-level goal that goes beyond the K-Beauty trend."

Kyungbae stressed the importance of "customer-centricity," while focusing on three major tasks:

* Development of innovative products;

* Improvement of customer experience; and

* Digital changes.

For the development of innovative products, "Beyond comparison" were proposed as the main keywords.

"Based on deep understanding and research, we have to develop the world's first and world's best products that are highly differentiated and could not be copied by others," Kyungbae said.

Later, he proposed that in this omni-channel age that breaks the boundaries between online and offline, the group should offer infinitely multifarious customer experiences in and outside of stores while striving to create fandom based on interactions with customers.

Finally, Suh called for company-wide maximized use of digital media. Noting that "Digital and mobile have the largest impact on today's cosmetics industry," he emphasized that the group "should communicate with customers on all levels through multi-brands, multi-categories and multi-channels utilizing AI, big data and cloud computing from various angles."

Still, Q1 2019 corporate sales fell 1.3%. Sales of beauty products declined just 0.4%. Taking a closer look at cosmetics results, AmorePacific's sales rose 1%, but sales of Innisfree dropped 5% and Etude's sales fell 23%.

10. LG HOUSEHOLD & HEALTHCARE

South Korea

www.lgcare.com

Sales: $5.2 billion

Sales: $5.2 billion for household and personal care products. Corporate sales: $5.6 billion.

Key Personnel: SukYong Cha, vice chairman, chief executive officer and president; Sung Huh, vice president and chief financial officer.

Major Products: Cosmetics--The History of Whoo, O Hui, SU:M37, Belif, Davi, Frostine, Kachet, Beyond, Dermalift, ChungYoonJin, Tuneage, Isa Knox, Sooryehan, Lacvert, Cathycat Vonin, Carezone, The Saga of Xiu, TheFaceShop, VDL, VOV, Philosophy, Avon Japan; Hair Care--Elastine, Reen, Organist, Silk Therapy; Oral Care--Perioe, Bamboo Salt; Skin Care--OntheBody; Aromatics--Happybreeze, Partel, Healing&Nature; Laundry--Saffron, Hanip, Tech, Super Ti; Cleaning--Homestar, Insect Zero, Safe, Jayeonpong, PongPong.

New Products: New Avon (acquisition).

Comments: LG H&H has increased sales every quarter for more than 13 years; now it hopes to grow faster via its acquisition of New Avon. In April, the company entered into a definitive agreement with an affiliate of Cerberus Capital Management, L.P. and Avon Products, Inc. to acquire New Avon, LLC (Avon North America) for $125 million in cash.

LG H&H will acquire the entirety of Cerberus' majority interest and Avon Worldwide's minority interest in Avon North America. The addition of Avon's iconic brand, award-winning products, dedicated employee base and network of 250,000 sales representatives throughout North America will support LG H&H's international growth plans, the company said in a statement.

Under LG H&H's ownership, Avon North America will continue its strategy of product innovation, while strengthening its position as the leading social selling beauty company in the region. Avon North America is expected to benefit from LG H&H's R&D capabilities in cosmetics, personal care, fragrance, packaging and design, according to company executives.

"We recognize Avon North America's strong brand, leading market position in the region and talented employees and Representatives. Avon North America's innovative social selling model builds deep connections with customers and we are excited to leverage this as we continue to expand. We look forward to building on Avon North America's success to drive customer engagement and long-term growth in this market," said Suk Cha, CEO of LG Household & Health Care.

"LG H&H respects and admires our strong community of representatives, and supports our mission to empower women through economic opportunity," said Laurie Ann Goldman, CEO of Avon North America. "We are thrilled to welcome our new partner, who shares our commitment to innovation, and our clear focus on putting customers first. We have appreciated our partnership with Cerberus over the last three years and their support as we strengthened the company and reset our path toward long-term success."

The transaction is expected to close on September 30, 2019 and is subject to certain customary closing conditions, including regulatory approvals in the US.

The acquisition comes at a time when LG's model is working at home and abroad. Sales rose 10% last year thanks to gains within the luxury cosmetics business.

For Q1, 2019, the company reported sales rose 13% to a record. Demand for premium-priced cosmetics led beauty sales higher, and sales of detergents and home care products increased too.

11. AVON PRODUCTS

United Kingdom

www.avonproductsinc.com

Sales: $3.7 billion

Sales: $3.7 billion for cosmetics. Corporate sales: $5.5 billion.

Key Personnel: Laurie Ann Goldman, chief executive officer; Steve Bosson, chief operating officer; Lance Arneson, chief financial officer; Rick Boyle, vice president, information technology and interim chief information officer; Debbie Coffey, vice president, corporate communications; Liza Maldonado, general manager, Avon Puerto Rico and the Islands; Jackie Marcus, vice president, supply chain; Betty Palm, president, social selling; Goran Petrovic, general manager, Avon Canada; Chip Ross, chief human resources officer; Debi Theis, vice president, merchants, marketing and innovation.

Major Products: Color--Avon Makeup Collection; Avon Naturals and Footworks; Skin Care--Anew, Anew Clinical, Anew Genics, Clearskin Professional Care and Avon Solutions; Fragrances- Outspoken and Outspoken Intense by Fergie, Derek Jeter Driven and Derek Jeter Black, Herve Leger Homme, Far Away, Today, Tomorrow for Her, Haiku Eau.

New Products: Anew Hydra Fusion Collection.

Comments: This is the last year that Avon will be in our list. In May, the company agreed to be acquired by Natura via a share swap that creates the fourth largest beauty company in the world. Under the terms of the agreement, Natura will hold 76% of the combined business, which will have annual retail sales of well over $10 billion. Natura already controls 31% of the Brazilian cosmetics market; prior to the acquisition, Avon held a 16% share. Natura said the deal could result in as much as $250 million in annual savings.

The acquisition by Natura ends a painful decade for Avon, as its sales have been nearly cut in half from $10 billion in 2008 to $5.5 billion last year. These declines may be attributed to improved availability of affordable beauty products, the rise of e-commerce and an outdated marketing model. In 2015, Avon sold its North American segment due to sustained losses from its US, Canada and Puerto Rico operations. Since then, the company has been operating in Europe, the Middle East & Africa; South Latin America; North Latin America and Asia Pacific.

"As it comes to digital transformation, our approach is similar to the one Avon has been following, and we also share the same optimism about the brand," said Natura's CEO Joao Paulo Ferreira.

Avon appointed a new chief executive officer in January. Seasoned consumer marketing executive and former CEO of Spanx, Laurie Ann Goldman succeeded Scott White.

"The right product has the power to change a woman's life, and each woman has the power to change the world. I'm thrilled to join Avon, the company that invented social selling, and lead the team and community of beauty advisors in driving product sales and progress for women," Goldman commented.

The Anew Hydra Fusion collection was awarded as a top eye cream by Marie Claire Magazine among "25 Best Products That Will Change Your Life." The magazine stated that Anew Hydra Fusion De-Puffing serum instantly helps de-puff and hydrate the delicate under-eye area while reducing the appearance of bags and fine, dry lines.

On May 9, the company announced the launch of a new mobile app that will help representatives increase their productivity and manage their business easier and faster, while harnessing the power of their own networks through enhanced social sharing capabilities. Key features include latest product and promotion notifications, order placing, easy access to support features including FAQs and Avon contact centers, a sharable link to the instant messaging brochure and a social media hub.

Avon got off to rough start in 2019, as the company missed first-quarter revenue estimates, hurt by lower numbers of direct sales representatives in Europe, Middle East and Africa and South Latin America.

Sales in Europe, Middle East and Africa fell 19% to $458.7 million ([pounds sterling]351.3 million) and 17% in South Latin America.

Losses widened to $32.7 million in the first quarter ended March 31 from $20.3 million, or 6 cents per share, a year earlier. Total revenue fell 15% to $1.19 billion and missed analysts' average estimate of $1.24 billion, according to IBES data from Refinitiv.

11.

CHANEL

France

www.chanel.com

Sales: $3.7 billion

Sales: $3.7 billion for cosmetics, fragrance and toiletries. Corporate sales: $11.1 billion.

Key Personnel: Alain Wertheimer, global chief executive officer and co-chairman; Gerard Wertheimer, co-chairman; Philippe Blondiaux, chief financial officer.

Major Products: Fragrances--Chanel No. 5, Allure, Allure Homme, Coco, Coco Mademoiselle, Chance, No.19, Cristalle, Pour Monsieur, Antaeus, Egoiste, Les Exclusifs, Bleu de Chanel. Skin care--Sublimage, Ultra Correction Lift and Line Repair, Hydramax + Active, White Essentiel, Le Blanc, Hydra-Beauty. Color cosmetics--Rouge Allure, Rouge Coco, Le Vernis, Inimitable, Inimitable Intense, Les 4 Ombres, Vitalumiere, Joues Contrastes.

New Products: Makeup--Le Blanc Makeup, Forget Foundation, Rouge Allure Velvet Extreme, Ultra Le Teint, Rouge Allure No8; Fragrance--Bleau De Chanel Shaving Cream, Paris-Riviera Toilette Spray, Coco Mademoiselle Eau De Parfum Intense Spray, No5 L'Eau Fresh Lotion, No5 L'Eau In-Shower Gel, Chance Eau De Parfum Twist and Spray, Chanel 1957; Skin Care--CC Cream Super Active Complete Correction SPF 50, Hydra Beauty Camellia Water Cream Illuminating Hydrating Fluid, La Mousse Anti-Pollution Cleansing Cream-To-Foam, L'Huile Jasmin Body Massage Oil, Le Blanc Creme Riche Healthy Light Creator, Hydra Beauty Micro Liquid Essence Refining Energizing Hydration, Le Lift Smoothing and Firming Light Cream.

Comments: A year ago marked the first time in Chanel's 110-year history that it made its annual results publicly available. In the company's second-ever annual report, Chanel revealed that it achieved $11.12 billion in sales in 2018, up 10.5% from the previous year, while net profits climbed 16.4% to $2.17 billion. The reported growth was largely driven by strong growth in the Asia-pacific region, where the company saw a 19.9% rise in annual sales, compared to a 7.7% rise in Europe and 7.4% in the Americas.

These figures place Chanel, which is owned by the reclusive billionaire brothers Alain and Gerard Wertheimer, a bit closer to Louis Vuitton, which has long held the title of the most valuable luxury brand company in the world. Whether or not Chanel has actually outpaced Louis Vuitton is unclear, as LVMH does not reveal revenue for its individual brands. Either way, it is clear that Chanel is not preparing for a sale as some rumors might lead you to believe.

"Would a company preparing itself for a sale invest more than $1 billion in twelve months in sustaining creativity and innovation? Or increase its head count by 14 percent? No. These numbers talk and tell you everything you need to know, which is that we have a strong balance sheet, extremely strong sales growth across all regions and product categories and continue to work extremely well as a private company," commented Philippe Blondieaux, Chanel's chief financial officer.

Chanel continues to earn profits even after the death of its long-time creative director, Karl Lagerfeld, in February. Since 1983, Lagerfield reigned over Chanel with indisputable authority, helping to turn a storied haute-couture fashion house into a global megabrand. His death, at the age of 85, left long-time creative deputy Virginie Viard in charge of the collections. The company is still mourning Lagerfield's death, but does not expect any impact on its financials as a result of his passing.

Additionally, this year the company opened its first stores in Israel. The two stores in Tel Aviv will sell Chanel's personal care products and accessories, which were hitherto marketed in Israel through sales stands in pharmacy chains, not independent stores.

In June, Chanel became the latest retail giant to make a public nod toward environmentally conscious products by investing in Evolved by Nature, a green chemistry company, as a part of an effort to make luxury items less damaging to the planet. Evolved by Nature seeks to replace harsh synthetic additives with a new kind of silk. This isn't the first time Chanel has sought to make green strides. Last year, the company invested in a Finnish biodegradable plastic packaging alternative, Sulapac.

13.

BOTICARIO

Brazil

www.boticario.com.br

Sales: $3.6 billion

Sales: $3.6 billion.

Key Personnel: Artur Grynbaum, chief executive officer; Andre Farber, vice president, franchise and expansion; Isabella Wanderley, vice president, new channels development; Lia Azevedo, vice president, human resources, communication and sustainability; Fernando Mode, vice president, corporate.

Major Products: Fragrances, cosmetics and personal care sold under O Boticario, Eudora, quern disse, berenice?, The Beauty Box, Multi B and Vult.

New Products: O Boticario--Hair care: Match Cachos (hair products for curly hair, Match line), Match SOS Reconstrucao (hair products for damaged hair, Match line); Makeup: Make B. Nudes (12 lipstick colors that match 12 foundation shades), Make B. Diamond (illuminating makeup products); Body care: Cuide-se Bem Castanhita and Cuide-se Bem Lavandinha (new versions of Cuide-se bem line, which comprises body care products); Body and hair care: Nativa SPA Ameixa Negra (new version of Nativa Spa line, which comprises body care products), Nativa Spa Verbena and Nativa Spa Karite (new versions of Nativa Spa line which comprises body and hair care products); Fragrances: Egeo Red and Egeo Blue (female and male fragrances); Malbec Club, Malbec Signature, Malbec Magnetic (male fragrance); Botica 214; Love Lily; Coffee Duo Woman; Floratta L'Amore (female fragrances); Artificial Intelligence in Perfumery; Vult--Primer Fluid; Kajal Pencil Brown; Compact Powder Illuminator; Eyebrow Mask; Lip Gloss; Matte Liquid Lipstick; Glitter lipstick; Nail polish 3 in 1 (strengthener, primer and extra brightness); quem disse, berenice?--Volumao lipstick (very big volume); Super matte foundation; Disc eyeliner; Cushion foundation; Lipstick matte pencil; Eyebrow pencil; Lip filler; Eyebrow growth serum. Desobediente (female fragrance and body lotion).

Comments: Boticario Group sales rose 7% last year, while Vult sales increased 11%. The company has operated in Bahia since 2014 and today it is one of the largest cosmetic production facilities in the country. One of the company's highlights is robots capable of putting caps on fragrances. Modern machinery also facilitates information management, statistics monitoring and rapid diagnostics, both remote and in real time. As part of the Boticario Group's sustainability strategy, the Bahia plants are LEED certified.

The Camacari unit has the capacity to produce up to 150 million items a year, while the distribution center in Sao Gongalo dos Campos can handle more than 1.4 million products a day.

In other eco moves, Grupo Boticario uses Ecoalcool, a more sustainable version of traditional alcohol in its formulations. Ecoalcool is the commercial name for the second-generation ethanol (E2G), developed and produced by Raizen. It is made from the reuse of sugarcane bagasse, a by-product of conventional ethanol production and sugar. This technology, besides allowing an integral use of the cane, reduces greenhouse gas emissions responsible for the planet's climate change.

Boticario Group launched the I.A.R.A. (Environmental Risk Assessment Index) to calculate the impact of rinse-off products such as shampoos, conditioners and soaps on aquatic ecosystems. It quantifies the impact of raw materials that can be harmful to the water system and thus subsidizes the researchers to replace or to reduce them.

The company recently received the Cruelty Free seal, granted by People for the Ethical Treatment of Animals (PETA).

13.

NATURA & CO.

Brazil

vvrww.natura.net

Sales: $3.6 billion

Sales: $3.6 billion.

Key Personnel: Roberto Marques, executive chairman, Natura & Co; Joao Paulo Brotto Concalves Ferreira, chief executive officer; Jose Filippo chief financial officer; Agenor Leao, vice president, Latin America; Erasmo Toledo, vice president, direct selling; Josie Peressinoto Romero, vice president, operations and logistics; Andrea Figueiredo Teixeira Alvares, executive officer of marketing, innovation and sustainability; Flavio Pesiguelo, vice president, people and culture; Itamar Gaino Filho, vice president, legal; David Boynton, chief executive officer, The Body Shop; Michael O'Keeffe, chief executive officer, Aesop.

Major Products: Cosmetics and personal care products sold through Natura, Aesop and The Body Shop.

New Products: Natura--Essencial Oud (male and female fragrances); Natura Homem COR. AGIO (male fragrance); Chronos sistema de clareamento (Chronos Clearing System); Una Nude Me Base Serum FPS 18 (Una Nude Me Serum Foundation SPF 18); Tododia Lima e Flor de Laranjeira (Tododia Lime and Orange Flower, it comprises body care products); The Body Shop--Yogurt Leite de Amendoas (Almond Milk Body Yogurt); Men's Grooming collection; Japanese Cherry Blossom Strawberry Kiss line (Eau de Toilette, Body Mist, Shower Gel, Moisturizing Cream and Lotion); Drops Of Youth Eye Treatment Mask 2 in 1; Aesop--Koln Travel Kit roll-on deodorants; Brass Oil Burner.

Comments: Natura is getting bigger--much bigger. In May, the largest cosmetics maker in Brazil agreed to acquire Avon in a stock swap to create what it calls the fourth-largest pure-play beauty group in the world. According to Natura, the acquisition creates a best-in-class multi-brand and multi-channel beauty group, with direct connections to consumers on a daily basis. The group will hold leading positions in relationship selling through Avon's and Natura's over 6.3 million consultants and representatives, a global footprint through 3,200 stores, as well as an expanded digital presence across all companies. The combined group is expected to have annual gross revenues of over $10 billion, over 40,000 associates and be present in 100 countries.

As part of this transaction, a new Brazilian holding company, Natura Holding S.A., has been created. Based upon the fixed exchange ratio of 0.300 Natura Holding shares for each share of Avon common stock, Natura & Co's shareholders will own approximately 76% of the combined company, while Avon common shareholders will own approximately 24%.

Upon closing, the board of the combined company will consist of 13 members, three of which will be designated by Avon. The transaction is subject to customary closing conditions, but is expected in early 2020.

At the end of 2018, Natura had more than 1 million consultants in Brazil. Its productivity rose 18% in one year, and the average remuneration jumped 12%; for business leaders (consultants that guide a group of colleagues), it rose 25%. During the year, Natura won market share, brand preference and recorded an increase in sales in all countries of Latin America, where it operates. The highlight was Argentina where, despite the challenging macroeconomic scenario, the company exceeded the overall performance of the local market thanks to the network of consultants and operational efficiency. The total number of consultants rose from 589,000 to 645,000 and grew in all the countries except in Chile, where the numbers were flat.

In other news, Natura became one of the first companies in the world to receive the new international certification of the Union for Ethical Bio Trade in June 2018. The seal appears on Natura Ekos packaging and confirms that all vegetable ingredients follow ethical practices such as fair sharing of benefits through the use of biodiversity and traditional knowledge, respect for labor conditions, income generation, local development and maintenance of ecosystems.

Natura's move to digital continues. At the close of 2018, nearly 660,000 consultants relied on web and mobile apps in Brazil and Latin American. More than 2.5 million online trainings were performed in 2018, an increase of 40% compared to 2017. One of the biggest news items of the year was the debut of Nat, the virtual assistant in the Natura portal. Through artificial intelligence, Nat helps consultants solve issues related to registration, credit and charging. According to Natura, 60% of issues are resolved without human interaction.

Last year, Rede Natura (Natura Network), the online sales platform, was named the best e-commerce site in Brazil by Ebit, a company that measures the reputation of virtual stores. Moreover, it was recognized for the third consecutive time, as "the most beloved internet store" in the cosmetic and perfumery categories. Rede Natura has 400,000 digital consultants, who sell on the platform using their own pages, and 5 million registered customers. The network topped sales targets by 40%, and at the close of the year. Nat was available in Chile and Argentina, with implementation started in Colombia, Mexico and Peru.

Also in 2018, The Body Shop made history when, on October 4, World Animal Day, The Body Shop and Cruelty Free International went to the UN headquarters in New York, with 8.3 million signatures calling for an end to animal testing in cosmetics. It was the largest petition ever made against the use of animal tests in the cosmetics industry. In other news, The Body Shop's social media community nearly doubled last year to seven million followers.

Aesop continues to expand around the world. Last year, the Australian-based brand opened its first counter in GUM, the world-famous Moscow department store. Online, Aesop launched in Australia and Canada a live site assistance tool which generated approximately 3,000 interactions and 632 hours of conversation. In Australia and New Zealand, Aesop launched CEGID, a new system to enhance customer experience and inventory management. Finally, Hybris, another e-commerce platform, was launched in more than eight countries.

15.

GLAXOSMITHKLINE

United Kingdom

www.gsk.com

Sales: $3.3 billion

Sales: $3.3 billion for oral care products. Corporate Sales: $38.7 billion.

Key Personnel: Emma Walmsley, chief executive officer; Iain Mackay, chief financial officer; Dr. Hal Barron, chief scientific officer and president, R&D; Roger Connor, president, global vaccines; Diana Conrad, senior vice president, human resources; James Ford, senior vice president and general counsel; Nick Hirons, senior vice president, global ethics and compliance; Sally Jackson, senior vice president, global communications and CEO office; Brian McNamara, CEO, GSK consumer healthcare; Luke Miels, president, global pharmaceuticals; David Redfern, chief strategy officer; Karenann Terrell, chief digital & technology officer; Phil Thomson, president, global affairs; Regis Simard, president, pharmaceuticals supply chain.

Major Products: Oral care--Sensodyne, Polident/Corega, Parodontax, Biotene and Aquafresh.

New Products: Polident Clean and Refresh Wipes, Sensodyne Rapid Relief.

Comments: Corporate sales grew 2% in 2018, driven by new pharmaceutical products. Oral health sales grew 1% to $3.3 billion, as increased competitive pressures in Europe were offset by double digit growth from Sensodyne in a number of international markets, including India and Turkey, and strong single-digit relief in the US driven by Sensodyne Rapid Relief. The company's premium gum health brand Farodontax/Corsodyl became the world's fastest growing global toothpaste, outperforming the market fourfold, driven by continued momentum in the US since its launch in 2017, and a strategic brand repositioning across 40 countries.

CEO Emma Walmsley, who stepped into the role in 2017, has been shaking things up at the three-century old global drug company. During 2018, GSK made progress against its performance priority to deliver sales growth, operating margin improvements and attractive returns, by buying Novartis out of its consumer healthcare joint venture for $13 billion in June. This gave GSK full control of products including Sensodyne toothpaste, Panadol headache tablets, muscle gel Voltaren and Nicotinell patches.

In December, the company announced the sale of Horlicks and other consumer nutrition brands to Unilever. As part of this transaction, GSK announced that it would merge its 72.5% stake in GlaxoSmithKline Consumer Healthcare Limited in India with Hindustan Unilever Limited. The proposed merger includes a distribution arrangement, which will allow Hindustan Unilever Limited to leverage its scale and strong reach to sell and distribute GSK's OTC and oral health brands in India. The transaction is expected to close by the end of 2019.

At the end of 2018, GSK reached an agreement with Pfizer to combine its consumer healthcare businesses to create a new world-leading joint venture with combined sales of approximately $12.7 billion. This brings together two highly complementary portfolios of trusted consumer healthcare brands, including GSK's Sensodyne, Voltaren and Panadol and Pfizer's, Advil, Centrum and Caltrate. The new consumer health giant will have a market share of 7.3%, which is well ahead of its nearest rivals, Johnson & Johnson, Bayer and Sanofi. Together, these moves give GSK the confidence to improve its margin target to mid-to-high-20s by 2022, assuming the close of the transaction with Pfizer.

For the first quarter of 2019, consumer healthcare sales declined 1%, reflecting growth in wellness, oral health and nutrition, offset by a decline in skin health, the divestments of some smaller brands including Horlicks and MaxiNutrition in the UK and the impact of the implementation of the Goods & Services Tax in India.

In June, GSK formed a partnership with the University of California in which the company will provide up to $67 million over five years to fund research using the gene-editing tool CRISPR to develop new medicines. The partnership will create a new lab, called the Laboratory for Genomics Research, near UCSF's Mission Bay campus in San Francisco, and jobs for 24 university employees and up to 14 GSK employees.

16.

LION

Japan

www.lion.co.jp

Sales: $3.1 billion

Sales: $3.1 billion.

Key Personnel: Itsuo Hama, chairman of the board of directors, chief executive officer; Masazumi Kikukawa, representative director, president and executive officer, chief operating officer; Kenjiro Kobayashi, director, senior executive officer; Takeo Sakakibara, director, senior executive officer; Yugo Kume, director, executive officer; Fumitomo Noritake, director, executive officer; Kazunari Uchida, external director; Takashi Shiraishi, external director; Takako Sugaya, external director.

Major Products: Oral care, skin care, beauty products, toiletries, fabric care, home care and household cleaners.

New Products: Look Plus bathtub cleaner, Smile Medical A eye drops, Nonio toothpaste and dental rinse, Hadakara body soap, Clinica Advantage Next Stage, Bufferin Light, Ban sweat-blocking foot gel, Soflan premium deodorizer, Charmy Magica Enzyme +.

Comments: Sales at Lion rose 2% last year as the company's main business domain, the domestic consumer products industry, remained steady and the overseas market continued to expand. Core operating income was down 1.5% compared with the previous fiscal year and operating profit was up 12.2% year on year.

The consumer products business segment, which is comprised of the oral care products, beauty care products, fabric care products, living care products, pharmaceutical products and other businesses, saw net sales decrease by 4% and profits decrease by 5.8% compared with the prior year. Beauty care products saw strong sales and remained favorable, but sales of liquid and powder detergents were impacted by intensifying competition and market contraction.

The industrial products business segment saw net sales increase by 5.3% and segment profit increase by 1.7%. Overseas business, which includes operations in Thailand, Malaysia, South Korea and China, was where the company really soared, reporting an increase of 2.4% year-on-year net sales and a 55.8% year-on -year increase in segment profit.

Last year, the Lion Group launched the LIon Value Evolution (LIVE) Plan, a medium-term management plan for the three years beginning fiscal 2018. The four main strategies of this plan are:

* Creating value through combinations of technologies and services, such as oral-to-body solutions in which oral care contributes to whole-body health care.

* Accelerating growth in overseas businesses through "glocalization," via regional management and expanding business based on e-commerce channels and M&A.

* Reforming business structures to reinforce investment in the flexible, efficient manufacturing infrastructure that will drive business growth, create advanced and sustainable supply chains, reinforce information system foundations to promote more sophisticated group management and improve the efficiency of management resources and business activities.

* Creating dynamism to foster innovative change by promoting diversity and openness in human resources, organizations and corporate culture.

In 2018, Lion expanded primarily in Thailand and Malaysia, but penetrating the Chinese market remains the key to expansion in the overseas business. Lion reformed its business structure in China in 2018, and is taking steps this fiscal year for profitable growth there.

Lion's first quarter 2019 corporate net sales decreased by 0.5% and core operating income went down 6.8% compared with the same period of the previous year. In the first quarter of fiscal 2019, in its domestic operations, Lion introduced new products such as toothpastes, fabric softeners, dishwashing detergents and antipyretic analgesics and worked to cultivate markets for these products through marketing initiatives designed to elicit an empathetic response in consumers. In its overseas operations, in addition to efforts related to the home care field which includes products such as laundry detergents, Lion sought to expand its business, focusing mainly on the personal care field, including oral care and beauty care products.

17.

GROUPE ROCHER

France

www.groupe-yvesrocher.com

Sales: $2.8 billion

Sales: $2.8 billion.

Key Personnel: Bris Rocher, chairman and chief executive officer; Yann-Eitenne Le Gall, deputy chief executive officer, human resources, communication and organization.

Major Products: Yves Rocher, Stanhome, Dr. Pierre Ricaud, Danel Jouvance, Kiotis, ID Parfums, Flormar, Arbonne.

New Products: Yves Rocher--Cuir Vetiver Perfume for Men, Lavandin Blackberry & Raspberry Peppermint Shower Gels, 100% Mineral Sunscreen, 100% Mineral Fluid Flawless Skin; Arbonne (acquisition).

Comments: Last year, Rocher acquired Arbonne International, which had sales revenue in excess of $550 million. At the time of the acquisition, Groupe Rocher chairman and CEO Bris Rocher said the move would enable his company to strengthen its position in the direct selling channel, which had enjoyed an upturn during the past few years.

"We also have a heritage of providing employment opportunities--dating back to my grandfather, our founder, Yves Rocher, who cared deeply about providing employment since he started his business. This, combined with our direct selling know-how, should foster company growth and longevity," said the chief executive.

Following the acquisition, YR appointed a new CEO at Arbonne, Jean-David Schwartz, who had been CEO of Yves Rocher North America. Schwartz replaced Kay Zanotti who retired. Along with Schwartz, two other key Groupe Rocher executives joined Arbonne full-time, including Astrid Van Ruymbeke, new Arbonne chief financial officer, and Vincent Taglioni, new Arbonne VP-operations.

Last year, Groupe Rocher collaborated with Eastman on the design of a new "ecodesign compact" concept. The compact features a cellulose-based thermoplastic that offers both high performance and reduced environmental impact. Processing of the compact case has been simplified into a single step rather than the typical three-step process and the design eliminates the metal hinge pins, using plastic pins instead. By eliminating metal and using fewer materials in the design, the company has created a compact case that requires fewer natural resources to produce, uses less energy and eliminates secondary processing steps without compromising functionality and aesthetic brand codes.

18.

KOSE

Japan

www.kose.co.jp

Sales: $2.7 billion

Sales: $2.7 billion for cosmetics. Corporate sales: $3.3 billion.

Key Personnel: Kazutoshi Kobayashi, president and chief executive officer; Jiro Nakabayashi, senior executive officer; Tadanobu Hayashi, executive officer; Koichi Shinmoto, executive officer; Tomoyuki Nio, executive officer; Takumi Hasegawa, executive officer; Minoru Ushimura, executive officer; Akinobu Hayashi, executive officer; Noboru Matsumoto, executive officer; Shinichi Mochizuki, executive officer; Isao Fujiwara, executive officer; Noriyuki Arai, executive officer; Yoshinori Haratani, executive officer; Masahiro Horita, executive officer; Atsuko Ogura, executive officer.

Major Products: Skin care, cosmetics and toiletries sold under several brand names in different sectors. High Prestige--Decorte, Jill Stuart, Sekkisei MYV, Infinity, Predia, Addiction, Paul Stuart, Awake, Tarte; Prestige--Sekkisei, One by Kose, Shirosumi, Hadakiwami, Astablanc, Esprique, Carte Clinity, Crie, Phil Naturant, Formule, Maihada; Cosmetaries--Visee, Fasio, Elsia, Nature & Co, SportsBeauty, Nailholic, Stephen Knoll New York, Rimmel (distribution in China), Softymo, Je l'aime, Clear Turn, Suncut, Kokutousei, Grace One.

New Products: Lecheri skin care products, One by Kose medicated whitening serum, One by Kose medicated cream for reducing wrinkles.

Comments: Corporate sales increased 9.8% and sales of cosmetics, which account for about three quarters of sales, rose 11% in the fiscal year that ended on March 31, 2019. Sales of cosmetaries increased 4.6%. This was the sixth consecutive year of record sales.

Sales in Japan increased 5.4%, but Kose noted that markets outside of its home country accounted for 27.9% of total sales last year. Overseas, sales were higher in all Asian countries were Kose operates, including higher sales in South Korea and China due to strong sales of key global brands. In North America, sales increased 1.6% on the strength of the Tarte franchise. Sales increased 13.0% in Europe because of a strong increase in e-commerce sales of Tarte.

Looking ahead, Kose expects sales to rise 5.7% this year. Japan's slow economic recovery is expected to continue, but there is still risk involving foreign exchange rates, increasing uncertainty about the global economy and the effects of trade policies of various countries.

Long-term, the Vision 2026 plan calls for Kose to become a company with a global presence; one that creates a diverse range of brands backed by human resources that can succeed worldwide. Vision2026 has the goals of raising net sales to 500,000 million yen and the operating margin to at least 16% by 2027. International sales will account for 35% of that total and e-commerce/new channel sales will top 15%. Five key brands will be part of that global strategy: Decorte, Sekkisei, Jill Stuart, Addiction and Clear Turn.

To accomplish these goals, the group has defined three phases that will enable it to become an organization with global presence:

* Phase I: Upgrade global brands and reinforce customer points of contact.

* Phase II: Increase Kose's global presence and improve the customer experience.

* Phase III: Become a customer-driven company appreciated by people worldwide.

The global outlook extends beyond P/L. For 10 years, Kose's Save the Blue coral reef project has been designed to protect Okinawa's reef. Every year, the company plants an area of coral equivalent to the total area of the bases of all the Sekkisei bottles sold during the campaign. Last year, the company expanded the project to China, Taiwan, Hong Kong, South Korea, Thailand, Singapore, Malaysia, Indonesia and the US.

In January, Kose signed an agreement to establish a jointly owned company with Maruho Co., a pharmaceutical company engaged in the research, development, manufacture, import, export and sale of dermatological and medical drugs to patients with skin disorders and diseases. Maruho will be a source of pharmaceutical value as a supplier of high-quality skin care products incorporating the latest advances in the field of dermatology as well as a diverse lineup of dermatology drugs for treating skin diseases. The deal is expected to be finalized in July 2019.

19.

POLA ORBIS

Japan

www.po-holdings.co.jp

Sales: $2.2 billion

Sales: $2.2 billion.

Key Personnel: Satoshi Suzuki, representative director and president; Naoki Kume, director and vice president; Akira Fujii, director; Yoshikazu Yokote, director; Hideki Komoto, corporate auditor; Kazuya Kugimaru, senior corporate officer; Takuma Kobayashi, senior corporate officer; Noriko Fukuyama, corporate officer; Ken Horikawa, corporate officer; Koji Ogawa, corporate officer.

Major Products: Skin care, cosmetics, personal care and fragrance. Brands include Pola, Orbis, Jurlique, H20 Plus, pdc, Future Labo, Decencia, Orlane and Three.

New Products: B.A. Eye Zone Cream, B.A. Lip Bar Serum, Orbis U anti-aging skin care series, Pola Wrinkle Shot Serum.

Comments: During 2018, the Japanese economy continued on a very gradual recovery track, but sales slowed in the domestic cosmetics market, according to Pola Orbis. In the overseas cosmetics market, modest expansion continued with steady growth in Asia, mainly in China. Consolidated net sales grew 1.7% year on year, reflecting the strong performance of the flagship brand Pola, in addition to the brands under development--Three and Decencia.

The beauty care segment, which consists of flagship brands Pola and Orbis, overseas brands Jurlique and H20 Plus, brands under development and new brands Amplitude, Interim, and Fiveism x Three, saw sales go up 1.8% year-on-year. This segment accounted for 93% of the company's consolidated net sales. Pola, the company's largest brand performed especially well, with recorded net sales and operating income exceeding those of the previous year.

Orbis, on the other hand, reported a decline in sales, despite efforts to enhance its presence through the creation of brand differentiation and consistent marketing communication in order to regrow the business. It seems a new brand image and revamped products were not enough to boost sales at Orbis. The overseas brands also experienced deteriorating net sales and operating losses due to sluggish sales in the Chinese and Australian markets.

Brands under development recorded higher net sales than those of the previous year due to the strong performance of Three and Decencia. However, operating income fell below that of the previous year due to further growth investments for the new brands that were added in 2018, namely Amplitude, Itrim, and Fiveism x Three.

In January, the company received approval for a new whitening active ingredient dubbed MKS-518, which prevents spots and freckles by inhibiting melanin accumulation. Pola Orbis is already planning to incorporate the new active ingredient in its products soon.

The company did not fare well in the first quarter of 2019. Compared to the year prior, net sales in the beauty care segment were down 8.3%. These declines partly reflect the impact of China's E-commerce Law coming into effect and a slowdown in inbound demand in the domestic market.

20.

PUIG

Spain

www.puig.com

Sales: $2.1 billion

Sales: $2.1 billion for cosmetics. Corporate sales: $2.2 billion.

Key Personnel: Marc Puig Guasch, chairman and chief executive officer; Javier Bach, chief operating officer; Manuel Puig Rocha, vice chairman; Ana Trias, senior vice president, prestige and premium brands; Jose Manuel Albesa, president, brands, markets and operations; Vincent Thilloy, senior vice president, prestige and alternative brands; Joan Albiol, chief financial officer; Pilar Trabal, senior vice president, Europe, Middle East and Africa; Eulalia Alfonso, chief human resources officer; Pedro Escudero, senior vice president, Americas.

Major Products: Fragrances, cosmetics and toiletries. Major brands include Prada, Comme Des Garcons, Nina Ricci, Carolina Herrera, Paco Rabanne, John Paul Gaultier, Antonio Banderas, Shakira, United Colors of Benetton, Payot.

New Products: Scandal (Jean Paul Gaultier), 212 VIP Black (Carolina Herrera), Les Belles De Nina (Nina Ricci), Pure XS (Paco Rabanne), La Femme Prada L'Eau & L'Homme L'Eau (Prada).

Comments: Puig reported $2.2 billion in net revenues for 2018, which represents a 5% increase on a like-for-like and constant currency and accounting rules basis. Net income rose 6% to $273 million for this fragrance and fashion house. Although proudly a Spanish firm, Puig is truly international. The company currently sells its products in more than 150 countries and has affiliates in 26 of them. In 2018, 14% of revenues were generated in Spain and 86% in other countries. Emerging markets outside of North America and the European Union accounted for 41% of the company's business. All Puig fragrances are manufactured in the company's production centers in Spain and France.

Puig has maintained a portfolio of lifestyle brands, like Antonio Banderas, which enables the company to take advantage of the growing middle class, while at the same time backing the development of the growing niche brand segment, which is aimed at sophisticated consumers. In 2018, the company acquired a majority share in Dries Van Noten, which it plans to extend to the fragrances category with very selective distribution. Puig also completed a majority acquisition of Eric Buterbaugh Los Angeles, a small niche brand with very limited distribution.

Additionally, Puig recently reached an agreement with Christian Louboutin to develop its beauty business. This strategic alliance affords Puig entry into the color cosmetics category and offers a source of learning for knowledge transfer to its owned brands

Earlier this year, Puig acquired a minority share in Loto del Sur, a Colombian company with premium positioning in the beauty sector, and in Kama Ayurveda, a leading Indian company making beauty and personal care products developed on Ayurvedic principles. Both agreements are the first step towards a majority holding by Puig in the future. The company's goal going forward is to generate revenues of [euro]3 billion (about $3.3 billion) by 2025.

21.

CLARINS

France

www.clarins.com

Sales: $1.9 billion

Sales: $1.9 billion.

Key Personnel: Christian Courtin-Clarins, president, supervisory board; Dr. Olivier Courtin-Clarins, managing director; Jonathan Zrihen, chief executive officer.

Major Products: Clarins, My Blend skin care, Mugler fragrances; Azzaro fragrances.

New Products: Clarins Extra-Firming Eye, Extra-Firming Phyto Serum, V-Shaping Facial Lift Serum, Wonder Perfect Mascara 4D, SPF compact, Ombre eyeshadows, My Clarins skin care; Azzaro Wanted Girl.

Comments: At press time, L'Oreal confirmed it has entered in exclusive negotiation with the Clarins Group in view to acquire Mugler and Azzaro. The acquisition under discussion will remain subject to consultation with employee representatives and the approval of the regulatory authorities. It should be completed in 2019, according to L'Oreal.

The purchase would cover Clarins' fragrance and fashion division, which represents 26% of the group's overall revenues, or [euro]400 million out of a total of [euro]1.6 billion recorded by the company last year. Three structures are therefore concerned: Clarins Fragrance Group (CFG), which is responsible for Mugler and Azzaro Perfumes, as well as certain Azzaro accessories, (leather, eyewear and watches); Thierry Mugler and its ready-to-wear businesses; and Strasbourg-based fragrance manufacturer Cosmeurop.

With the acquisition of Mugler's ready-to-wear businesses, which has been led by American designer Casey Cadwallader since 2018, L'Oreal would also be taking its first steps into fashion.

As for the fragrance business, thanks to the global success of Mugler's Angel and Alien, and Azzaro's Homme, Chrome and Wanted, the two brands should boost L'Oreal's already very dynamic luxury division, which currently boasts 22 labels, including four billionaire heavyweights: Lancome, Yves Saint Laurent, Giorgio Armani and Kiehl's. L'Oreal's Luxe represents 34.8% of the French group's revenues and saw a 14.4% increase in comparable sales in 2018, reporting revenues of about $10.9 billion, compared to the growth of 2.5% within L'Oreal's consumer products division.

"The perfume category is at the heart of our global strategy for growth at L'Oreal Luxe. In this context, we would be thrilled to welcome Mugler and Azzaro: these signatures, with a long history in fashion and olfaction, would perfectly complete our portfolio of brands," said L'Oreal Luxe President Cyril Chapuy in a release. The two brands would notably reinforce what the cosmetics giant describes on its website as a "portfolio of global brands--the richest and most diverse in the beauty industry."

Thanks to luxury products and "active cosmetics," the sales of which have exploded in China recently, L'Oreal saw its annual growth accelerate significantly in 2018, reporting its best performance since 2007.

For Clarins, "this project fulfils the Clarins Group's ambition to ensure its Beauty business reaches its full potential, while entrusting the Mugler and Azzaro brands to global beauty leader L'Oreal," as revealed by the company in a release.

It represents a decisive change in strategy at Clarins, which would be saying goodbye to its strongly competitive fragrance category, which is in sore need of significant investments, and refocusing on its namesake brand and its historic cosmetics business. In so doing, the company is seeking to accelerate its international expansion, particularly on China, as well as to invest in leadership talent for its makeup and self-care categories, and boost its digital and omnichannel transformation.

"We know that if the project goes through, our two brands will enjoy optimal conditions as part of L'Oreal Luxe, which will guarantee their future growth, benefiting our employees," commented Christian and Olivier Courtin-Clarins, president of the supervisory board and managing director of the Clarins Group, respectively.

"We would thus be able to focus on ensuring our Beauty division reaches its full potential," concluded the two sons of the company's founder, Jacques Courtin-Clarins, who passed away in 2007.

In other news, Clarins hit the road this past March to showcase its new skin care line. The My Clarins Glow Trip mobile pop-up tour kicked off in Chicago on March 30 and traveled to universities and events nationwide through April 24. The tour showcased the launch of My Clarins, a new vegan range of eight skin care products. The pop-up featured immersive and multi-sensory experiences including an oxygen bar; edible mist that offers a taste of My Clarins' fruit ingredients; and a prize wall. After Chicago, the mobile tour headed to Pennsylvania, Washington DC, New York City, Florida, Texas, California and Arizona.

22.

L'OCCITANE

France

www.loccitane.com

Sales: $1.6 billion

Sales: $1.6 billion.

Key Personnel: Reinold Geiger, executive director, chairman and chief executive officer; Silvain Desjonqueres, group managing director; Andre Hoffmann, executive director and vice chairman; Thomas Levilion, executive director and group deputy general manager; Karl Guenard, executive director and joint company secretary.

Major Products: Personal care, skin care and fragrance sold under L'Occitane en Provence, L'Occitane au Bresil, Melvita, Le Couvent des Minimes and Erborian.

New Products: L'Occitane Limited Edition Summer Verbena Collection; Delicious Lip Scrubs; Fruity Lipstick; Radiance Scrub; Soothing and Purifying Masks; Almond Shower Shake.

Comments: L'Occitane International boasts 1,572 company-owned stores around the world, 86 of which are in France.

Leading company news this year is its skin care expansion. L'Occitane International S.A. revealed it will acquire Elemis for $900 million in cash. The company is being sold by Steiner Leisure Limited, a portfolio company of L Carterton. Elemis offers four beauty franchises, while capitalizing on its five strategic distribution channels: digital, retail distribution, QVC, professional spa and maritime, according to the company.

In other news, The L'Occitane Group is opening a new L'Occitane en Provence concept store in New York City. The 1,870-square foot store located at 555 Fifth Avenue is described as a unique immersive destination that will communicate the brand's signature pillars through a range of interactive customer touchpoints.

Designed by L'Occitane's international artistic director Daniel Contorni and Paul Blackburn, vice president of concept design, construction and merchandising, the store will be "an evolutive space continuously changing to highlight seasonal campaigns," said the brand.

While the existing L'Occitane experiential boutique at Flatiron continues to offer exceptional service and skin care innovation, this new spot will be "more disruptive and attract new customers, encourage engagement and produce user-generated content for social media," according to brand.

L'Occitane en Provence remains the Group's core brand, accounting for 87.4% of total net sales.

23.

ORIFLAME

Sweden

www.oriflame.com

Sales: $1.5 billion

Sales: $1.5 billion.

Key Personnel: Magnus Brannstrom, chief executive officer and president; Gabriel Bennet, chief financial officer; Jesper Martinsson, deputy CEO, head of GBAs CIS, Latin America and geographical expansion; Michael Cervell, senior vice president group strategy and business development; Thomas Ekberg, senior vice president global business area Asia and Turkey; Emma Hagemo, vice president research & development; Johan Rosenberg, senior vice president and head of commercial division; Antonia Simon-Stenberg, vice president sustainability, quality management, packaging and artwork; Niklas Frisk, senior vice president and head of GBA Europe and Africa; Alexandra De Greek, vice president product marketing; Katrin Alakbarov, vice president and head of Ukraine, Central Asia, Mongolia and Moldova and MD Ukraine; Glapa Grzegorz, vice president manufacturing operational plants; Joanna Poplawska, vice president commercial manufacturing; Thomas Gustafsson, VP global assurance; Rybicki Macie, vice president global supply chain; Frederic Liberman, vice president global procurement.

Major Products: Color cosmetics, skin care, fragrances and personal care.

Comments: There have been some big changes at Oriflame on a corporate level during the past few months. In July, the company was delisted from the Nasdaq Stockholm, where it had been trading since 2004. The delisting, which came at the request of the board, followed the buyback of the company by Walnut Bidco Plc (a new company owned by Oriflame's founding families) in a deal valued at approximately [euro]850 million (nearly $950 million at current exchange rates).

In its offer documentation, Walnut Bidco stated that: "... the af Jochnick family's plans for the future business and general strategy do not currently include any changes, and no decisions have been made with regards to Oriflame's business model, its management or employees. Pursuant to the current view of the af Jochnick family, terms of employment will not materially change and none of Oriflame's sites will be affected by any reorganizational measures which are directly linked to the offer. The af Jochnick family looks forward to continuing to work with the existing management team at Oriflame and further developing the company under private ownership and we remain committed to our shareholding in the company for the long-term."

Only days before the offer was made, Oriflame co-founder Jonas af Jochnick died. Although 81 years old, he was very active, even the day before his death, according to the company. He had been a member of the company's board, an assignment he left in 2018 when he turned 80--to have time with his many other engagements, according to the company. He and his brother Robert founded Oriflame Cosmetics 50 years ago.

"It is with great sadness that we have received the tragic information that Jonas af Jochnick has passed away. As late as yesterday, he was in the office full of enthusiasm and ideas for new projects and initiatives, and today he has left us fast and unexpectedly. He will always be a part of Oriflame's world and values," said Magnus Brannstrom, CEO of Oriflame Holding AG.

Oriflame reported that in 2019 local currency sales increased by 3% but Euro sales decreased by 3%. The firm says its future sales growth is dependent on its ability to further penetrate the markets in which it operates, with an emphasis on six strategic markets: Mexico, Russia, Turkey, India, China and Indonesia.

23.

PIERRE FABRE

France

wov.pierre-fabre.com

Sales: $1.5 billion

Sales: $1.5 billion for cosmetics. Corporate sales: $2.6 billion.

Key Personnel: Pierre-Yves Revol, chairman of the Pierre Fabre Foundation; Eric Ducournau, group chief executive officer; Nuria Perez-Cullell, chief executive officer of Pierre Fabre Dermo-Cosmetics

Major Products: Pierre Fabre Dermo-Cosmetique (PFDC): Eau Thermale Avene, A-Derma, Galenic, Darrow, Glytone (skin and body care), Ducray, Klorane (skin, hair and body care), Rene Furterer (hair care and scalp treatments), Elancyl (body care).

New Products: Avene Mineral Sunscreen Fluid SPF 50+, Tinted Mineral Sunscreen Fluid SPD 50+, XeraCalm A.D Lipid-Replenishing, Cicalfate Restorative Lip Cream Gentle Scrub, Skin Care Oil, Melt-in Moisturizing Balm, XeraCalm A.D Lipid-Replenishing Balm with new generation patented D.E.F.I. pump; Klorane Organic Cupuacu Butter Personal Care (in Fig leaf, Hibiscus Flower, Yuzu Infusion fragrances), Detox Shampoo with Aquatic Mint; Ducray Densiage Dietary Supplement, Ducray Densziage Hair Care; Glytone Enhance Brightening Hand Cream, Exfoliating Serum; Rene Furterer Okara Blonde, Color & Silver collections.

Comments: For 2018, sales gains for Groupe Pierre Fabre's beauty activity were driven by double-digit growth in Asia and the Americas. Low single-digit growth in Europe was impacted mainly by the sluggish French market.

Just as our Top 50 wrapped last summer, big news was revealed at Pierre Fabre. In August 2018, Nuria Perez-Cullell was appointed to the position of chief executive officer of the Pierre Fabre Group's Pierre Fabre Dermo-Cosmetics (PFDC) subsidiary. Perez-Cullell took over the position from Eric Ducournau, who had been CEO of Pierre Fabre Dermo-Cosmetics since October 2012 and was promoted to group executive officer. As CEO of PFDC, Perez-Cullell's responsibilities include management of activities in France; coordination and implementation of the global strategy of PFDC brands; its manufacturing operations; R&D and product development.

In 2018, strategic initiatives included the opening of a new innovation center in Brazil, a concept store and e-commerce store in Poland and an investment in Meme, a French indie beauty brand. Meme specializes in skin care for women affected by cancer.

Pierre Fabre Dermo-Cosmetics signed a partnership in which it became the second investor in Meme. The range--which was created by two young women inspired by their own personal experience--was formulated in collaboration with oncologists and dermatologists. According to Pierre Fabre, sales teams and medical reps of Eau Thermale Avene will help build recognition of Meme products in oncology departments and pharmacies.

In the US, the Klorane Botanical Foundation and national non-profit KidsGardening recently named six schools as winners of the second annual Budding Botanist Grant. The schools were selected for their commitment to teaching environmental sustainability and biodiversity. Since 2018, 12 Budding Botanist Grant packages valued at $3,000 each in cash and supplies have been provided to school educators in low-income schools to provide much-needed resources for creating learning gardens with their students.

25.

LUSH

United Kingdom

www.lush.com

Sales: $1.2 billion

Sales: $1.2 billion.

Key Personnel: Mark Constantine, co-founder and managing director; Mo Constantine, co-founder and director; Rowena Bird; co-founder and makeup creator; Gabbi Loedolff, head of raw materials and safe synthetic sourcing.

Products: Personal cleansers, hair care, makeup and fragrances.

New Products: Dear John shampoo bar, shower gel and perfume.

Comments: Total brand turnover (including JVs, associates, licensees and franchises) fell less than 1% at Lush Cosmetics for its fiscal year ended June 30, 2018. Sales in its largest retail market, the US, dropped 7.5%.

Lush takes great care when it comes to environmental and societal issues--and sometimes those worlds collide. On January 1, 2018, for example, the company dropped natural mica from its products because it is was no longer able to guarantee transparency in the supply chain. According to Lush, when it first started buying materials containing natural mica in 2012, it worked with a supplier that provided verified audit reports stating it did not use children in the production process. However, the operation changed hands and the company could no longer offer the same verification, so the firm decided it was time to sever ties. "It was then that we decided to switch all of our materials containing natural mica to a synthetic-based mica instead," according to Gabbi Loedolff, head of raw materials and safe synthetic sourcing.

One June 8, World Oceans Day, Lush kicked off its "Shark Attack" campaign to help save sharks from slaughter. In addition to its well-known Charity Pot, which is filled with body lotion (a.k.a. its "philanthropic skin softener"), Lush donated 100% of sales of its vegan Shark Fin Soap to the Rob Stewart Sharkwater Foundation.

According to its own estimates, 35% of Lush's products are packaging-free, or "naked," and the company continues to push further in that direction. To that end, the firm has opened more Naked Shops, where it sells only packaging-free products. Shoppers can find these stores in Milan and Berlin and most recently in Manchester, UK. The stores carry package-free staples like bath bombs and bar soaps, but also some new options--like a package-free shower gel, that is formed to look like an actual bottle, complete with a cap. While the packaging is gone, product information is readily available; artificial intelligence (known as Lush Lens) allows consumers in the store to scan bottle-, tube- and container-free products and get details on their phone.

26.

BELCORP

Peru

www.belcorp.biz

Sales: $1.1 billion

Sales: $1.1 billion.

Key personnel: Erika Herrero, chief executive officer.

Major Products: Beauty products. Brands include L'Bel, Esika and Cyzone.

Comments: Belcorp, based in Peru, recently invested in Phlur Inc. The Peruvian beauty company participated in the Austin, TX-based fragrance company's $7 million Series A funding round, which was led by Symrise Inc. and included existing investor Next Coast Ventures.

"At Belcorp we are convinced that by creating responsible and transparent beauty products we contribute to building a future full of possibilities for all. We believe that companies in the industry have a valuable opportunity to respond to the needs of our consumers and, at the same time, preserve the harmony and beauty of our surroundings. We are excited to take part in Phlur's future innovations in the world of sustainable fragrances," said Belcorp CEO Erika Herrero.

The Phlur investment came through Belcorp Ventures, the company's investment arm, which states its mission is "to support passionate and visionary founders who are radically transforming the beauty industry." Other companies in the Belcorp Ventures portfolio include Kopari and Proven Skincare.

The Fundacion Belcorp, the company's philanthropic arm, offers programs to help women including "Emprendiendo Avanzamos," a competitive fund that identifies and finances development projects that strengthen leadership and fosters entrepreneurship in adolescent women.

27.

SHANGHAI JAHWA

China

www.jahwa.com

Sales: $1 billion

Sales: $1 billion.

Key Personnel: Zhang Dongfang, chairman and chief executive officer.

Major Products: Skin care, personal care and home care. Brands include Vive, Dr. Yu, Giving, HomeAegis. Herborist, GF, Liushen.

New Products: Herborist Joy * color cosmetics.

Comments: Sales rose 10% last year. In 2018, Shanghai Jahwa entered into a long-term cooperation agreement with Church & Dwight to become the exclusive omni-channel distributor in mainland China of four of C&D's categories--baking soda, toothpaste, dry shampoo and feminine hygiene.

At the Shanghai Jahwa Brand Festival this year, CEO Zhang Dongfang spoke about the company's plans to enrich its own product portfolio, too, by creating six academies aimed at helping the company develop high-level products and become the industry benchmark. The academies--Academy of Traditional Chinese Medicine, Academy of Hair and Dermatology, Academy of Packaging Materials and Structures, Academy of Fine Arts Design, Academy of Chinese and Foreign Regulations and Industry Standards and Academy of Raw Materials--will reportedly cooperate with institutions and colleges such as the Chinese Academy of Sciences, Chiao Tung University, University of The South, Zhejiang University, China Academy of Chinese Medical Sciences, Huashan Hospital, Ruijin Hospital, Shanghai Academy of Fine Arts and the French Industrial Design Union.

Shanghai Jahwa won the Poster Award for Technology Innovation at the 30th IFSCC Congress in Munich.

28.

EUROITALIA

Italy

www.euroitalia.it

Sales: $956 million

Sales: $956 million (estimated).

Key Personnel: Giovanni Sgariboldi, president.

Major Products: Fine fragrances and makeup. Brands include Versace, Moschino, Missoni, Dsquared2 and Report fragrances and Naj Oleari Beauty.

New Products: Versace Dylan Blue pour femme, Naj Oleari Shine Vibes spring collection, Moschino Toy 2, Dsquared2 Wood for men and women (relaunch).

Comments: Euroitalia, a privately-owned Italian beauty house, celebrated its 40th anniversary in 2018. The firm, which works with high-profile fashion houses including Versace, Moschino and Missoni to craft and sell fragrances, has a presence in 140 countries. Approximately 92% of its revenues come from outside Italy, according to its own estimates.

Late last year, Euroitalia unveiled revamped Dsquared2 Wood fragrances for men and women. The company acquired the brand earlier in the year.

29. MCBRIDE

United Kingdom

www.mcbride.co.uk

Sales: $867 million.

Sales: $867 million.

Key Personnel: John Coleman, chairman; Rik De Vos, chief executive officer; Chris Smith, chief finance officer.

Major Products: Household and personal care products.

Comments: Established in 1927, McBride boasts a strong heritage in private label products with development and manufacturing capabilities to customers in the UK, Continental Europe and Asia Pacific. It has 4,000 global employees with 1.2 billion units sold annually.

The group recently completed the acquisition of the entire share capital of Danlind, a supplier of auto dishwash and laundry products, based in Denmark. The product design won the 2018 German Consumer Test Award for best product and immediately gained recognition in the German market.

The demand for dishwasher tablets continues to grow in the market, and McBride has invested more than [pounds sterling]2 million in its Barrow facility to install a line which has the capability to produce more tablets.

For fiscal 2018, revenues rose 9.0% higher at [pounds sterling]689.8 million ($867.2 million), with Danlind adding [pounds sterling]48.4 million ($60.9 million) for the nine months following the acquisition.

In its half year 2019 report, McBride successfully completed the sale of the European Personal Care Liquids business following the disposal of its skin care business in the Czech Republic the previous year. The financial results of these businesses have been treated as discontinued operations in both the current and prior half-year statements. The remaining activities within the group are referred to as continuing operations.

For the half year ended Dec. 31, 2018, sales rose 10% to [pounds sterling]369.2 million. Household underlying revenues rose 5.9% with good growth in key laundry and auto dishwash categories, according to the company.

30.

SUNSTAR

Switzerland

www.sunstar.com

Sales: $848 million

Sales: $848 million (estimated) for oral care, health and beauty products. Corporate sales: $1.2 billion.

Key Personnel: Yoshihiro Kaneda, chairman; Takeshi Kamigouchi, chief executive officer.

Major Products: Oral care, health and beauty products. Brands include Gum, Butler, Ora2 oral care, Equitance skin care, Sunstar tonic personal care. Sunstar also sells food and nutrition products, flooring sealants and motorcycle parts.

Comments: Sunstar has been innovating for over 80 years. Its origins date back to 1932 as a manufacturer of bicycle parts and glue for repairing flat tires.

By packaging toothpaste in the metal tube containers used for the glue, the company expanded into the oral care sector and the rest is history.

Big news at the company this year was the acquisition of GelX, an oral care brand, from BMG Pharma S.p.A.. The products involve the treatment and prevention of oral mucositis. Through this acquisition, Sunstar gains global distribution of this product line, expanding its position as a global leader in the development and commercialization of oral healthcare products, mainly marketed under the Gum brand, said the growing company.

BMG Pharma S.p.A., a specialty pharmaceutical company, will invest the proceeds from this transaction into the rapid development completion of a number of new patent-protected products with topical, subcutaneous dermatology, osteoarthritis and oral care applications, which it will be able to offer to its network of global marketing partners.

Takeshi Kamigouchi, CEO of Sunstar, commented, "We are proud and excited to distribute the superior product GelX to make the difference in cancer patients' oral conditions globally. Our purpose is to develop and provide products and services that promote mouth & body concept to extend people's healthy lifespan and improve their quality of life. GelX is truly expected as a product that plays a key role that demonstrates we are the purpose driven company."

Also, Sunstar this year supported the launch of the Sports & Dentistry guidelines with the World Dental Federation (FDI). The project wants to draw attention to the relationship between oral health and sports performance and wants to make oral health a priority for both professional and amateur athletes.

There are four materials available, and each one is targeted to a specific group: amateur athletes, professional athletes, dentists and sports organizations.

"Every day more and more people are engaging in sports, and it is essential to make oral care a priority if their goal is to be healthy in body and mind. Indeed, this is a huge opportunity to raise awareness about the importance of oral hygiene and the moment to start applying a holistic approach to health," said Dr. Marzia Massignani, senior manager of scientific affairs and corporate communications at Sunstar.
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