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Italy third in Europe for beauty

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Italy third in Europe for beauty

Italy is the third economic system in cosmetics after Germany and France with an overall market value expected at the end of 2022 of 13 billion. If you look at the top 30 unlisted companies in the European cosmetics sector, there are over ten Italian companies (among these, Sodalis, EuroItalia, Kiko, Desa Group, Alfa Parf Group, Biofarma, Davines, Coswell, Maxima, Mirato and Centri Di Bellezza Yves Rocher Italy). The figure highlights the importance of this sector in our country. For many of these companies, 2022 was a year of strong growth.

The photograph was taken by the «Report Cosmetica» of Il Sole 24 Ore Ricerche e Studi which analyzed their financial statements. In particular, the report reads, according to a survey by Cosmetica Italia, natural and green cosmetics in 2022 recorded a turnover of over 1.8 billion euros, 16% of the total turnover of the national cosmetics industry, and growing by 11.7% compared to 2019. Just companies like Bottega Verde saw the year close with a turnover close to 130 million euros, with a growth of 7% after +12% in 2021, and about 15% of total revenues (in 22 countries) deriving from online, with the remaining 85% generated by over 380 stores (about half of which are franchised). In addition to the Tuscan company, other companies are also leading the trend, including Biofficina Toscana, La Saponaria, Aboca, Antos and Davines which, after closing 2021 with a turnover of 191.8 million euros, up by 25.5 % compared to 2020 and 17.5% compared to 2019, expects to close the year with a further 20% increase in revenues to 230 million (see article on page 16). For 2023, the group, present in 90 countries with haircare and skincare brands, will continue its development in Europe with a new branch in Germany.

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More generally, among the top ten Italian companies by turnover (2021 data) Sodalis (619 million euros), EuroItalia (539 million) and Kiko (472 million) gain the podium. As far as the rest of Europe is concerned, Superdrug Store stands out, which for 2022 recorded a turnover of 1.4 billion euros. The British company (which owns six national brands Caddy’s, Piume, Vitulano Drugstore, Risparmio Casa, Pilato and Punto P) presented the 2025 development plan for Italy which will be based on three key pillars: a business model with sustainable profitability , strong and resilient balance sheet, and best practice management. For the same year, the company expects dimensional and economic growth quantifiable at 1.8 billion euros in turnover (+25%), growth in the workforce (+36%) and 1,100 points of sale against the current 912 (+21 %). Among the largest European cosmetic companies there are also Oriflame Holding and, in third place, Pierre Fabre Dermo-Cosmetique.

The trend of the sector in 2022 is also reflected in the distributors of Cosmetic & Beauty products. Douglas (based in Düsseldorf), increased sales and profits in 2022, bringing growth in the fiscal year to +17% compared to the previous year, and by 6% compared to the pre-pandemic period (see article at page 18). The group recorded an increase in both stores and e-commerce, with total annual revenues of approximately 3.65 billion.

Broadening our gaze to the world scene, on the podium are the American Mary Kay and the Canadian Knowlton Development Corporation which is in second place. Particular is the case of Revlon Consumer Products Corp., third, which, in recent years, has seen its losses grow beyond the turnover trend. During 2022, the American company received permission from a US bankruptcy judge to proceed with a $1.4 billion loan and subsequently reached a restructuring agreement that will transfer ownership of the company to its lenders and which would allow the company to emerge from bankruptcy. Revlon said it was in the analysis phase to find a solution for the sale of the company as a potential exit from Chapter 11, the main American bankruptcy law procedure (a form of arrangement) that allows companies using it to restructure following the declaration of bankruptcy.

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