COLOUR COSMETICS IN BRAZIL. Euromonitor International June 2012

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1 COLOUR COSMETICS IN BRAZIL Euromonitor International June 2012

2 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t I LIST OF CONTENTS AND TABLES Headlines... 1 Trends... 1 Competitive Landscape... 2 Prospects... 2 Category Data... 3 Table 1 Sales of Colour Cosmetics by Category: Value Table 2 Sales of Colour Cosmetics by Category: % Value Growth Table 3 Colour Cosmetics Company Shares Table 4 Colour Cosmetics Brand Shares by GBN Table 5 Eye Make-up Brand Shares by GBN Table 6 Facial Make-up Brand Shares by GBN Table 7 Lip Products Brand Shares by GBN Table 8 Nail Products Brand Shares by GBN Table 9 Colour Cosmetics Premium Brand Shares by GBN Table 10 Forecast Sales of Colour Cosmetics by Category: Value Table 11 Forecast Sales of Colour Cosmetics by Category: % Value Growth

3 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t 1 COLOUR COSMETICS IN BRAZIL HEADLINES Colour cosmetics increases by 6% in current value terms in 2011, reaching R$6.0 billion Botica Comercial Farmacêutica (O Boticário) sees an increase in colour cosmetics after the launch of Make B, positioned as sophisticated make-up Facial make-up sees the strongest current value growth in 2011, with an increase of 13% Higher overall value than volume growth Colour cosmetics is expected to see a good performance in the forecast period, with a constant value CAGR of 8% TRENDS The franchised company Botica Comercial Farmacêutica (O Boticário) saw the biggest increase in 2011, with growth of two percentage points in value share. After the launch of Make B in 2010, Botica (O Boticário) emphasised its masstige position mainly in fashion weeks, besides investing significant resources to promote the brand. The company invested R$26 million in a new autumn/winter 2012 make-up collection for Make B, shown during the 32nd edition São Paulo Fashion Week (SPFW) in January Colour cosmetics registered weak current value growth of 6% in 2011, compared with vigorous growth achieved during the review period, with a CAGR of 16% in current value terms. In 2011 Avon Cosméticos lost share in key core categories within its portfolio, including colour cosmetics, due to structural problems as a consequence of the transfer of its distribution centre to Cabreúva. Natura Cosméticos also faced problems related to factory expansion and the poor implementation of new information systems in the year. Consequently, such problems reflected in delivery delays to sales representatives, and consequently, sales were cancelled by customers. Facial make-up saw the most dynamic performance within colour cosmetics in 2011, with an increase of 13% in current value terms. Facial make-up saw the development of more innovative products in recent years which offer benefits such as achieving a more uniform skin tone, UV protection and anti-ageing properties. Eye make-up also posted a positive performance in 2011, with growth of 11% in current value terms. Categories such as other eye make-up (liquid eye liner) and eye shadow were the most dynamic within eye make-up in 2011, with value growth of 29% and 18% respectively. It is important to highlight that eye make-up surpassed lip products in terms of value sales in 2011, becoming the largest category within colour cosmetics in the year. In general, leading manufacturers showed in the media how to use more make-up items to create a natural look, which is the preference amongst Brazilian women in terms of their appearance. This led an increasing number of women to try such products. In 2011 lip products and nail products showed poor performances, as both categories saw a decline in volume sales. The former was impacted mainly by the poor performance of the leading company Avon Cosméticos, whilst nail products saw stable volume sales during the year after phenomenal growth in Despite its small base within colour cosmetics, the premium segment saw an increase in share during the review period, increasing from less than 2% in 2006 to more than

4 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t 2 2% in In particular, Estée Lauder Brasil with the Mac brand contributed to achieving such a result thanks to its unconventional make-up products under professional craft. COMPETITIVE LANDSCAPE Avon Cosméticos led colour cosmetics in 2011 with a 31% value share, although it saw a decrease in share compared with the previous year, mostly because its internal problems affected deliveries. Despite this, the company predicts that this situation will be corrected shortly. Overall, its leading position in colour cosmetics was achieved due to its acceptable quality at reasonable prices; its products are often offered on special promotion through its catalogues. Key launches by Avon Cosméticos in colour cosmetics in 2011 were a new lipstick under the Colordisiac brand with aphrodisiac fragrance, and a new make-up line with long-lasting effects. Natura Cosméticos ranked second with a value share of 14% within colour cosmetics in 2011, with a significant increase in share of two percentage points compared with the previous year. The company continued to promote Natura Una, a make-up line positioned as a masstige brand. Its formula has anti-ageing technology and active ingredients from Brazil in sophisticated packaging. Thanks to its exceptional growth in 2011, Botica Comercial Farmacêutica (O Boticário) surpassed other companies in terms of value share, such as Hypermarcas and Belocap Produtos Capilares (L Oréal). Besides sponsoring São Paulo Fashion Week, as its key strategy is to associate its brand with fashion events, the company also invests significant resources in new launches and advertising campaigns. As usual, colour cosmetics saw a significant number of new product launches in The majority of these were focused on seasonal collections, including new colours, besides incorporating new technologies. In June 2011 Botica Comercial Farmacêutica (O Boticário) expanded its make-up portfolio with the launch of Make B Mineral, which promises sophistication, technology and fashion trends. There are 12 products inspired by nature, especially by minerals, with soft textures and a perfect finish. The innovations were developed for all skin types, but especially sensitive skin. A key launch was introduced by Belocap Produtos Capilares (L Oréal) under the Maybelline brand in facial make-up. The company launched a new foundation, The Eraser; this includes in its formulation hyaluronic acid, collagen and goji berries, a fruit from the Himalayas which is composed of four special polysaccharides and enriched with vitamin C. Domestic companies led colour cosmetics in 2011, accounting for a 55% share of overall sales. Natura Cosméticos, Botica (O Boticário) and Hypermarcas are the key domestic companies, and the first two companies have a complete portfolio of make-up (except nail products), whilst the latter concentrates its efforts particularly on nail polishes. PROSPECTS Colour cosmetics is expected to perform well in the forecast period, with overall constant value growth of 47% between 2011 and Strong constant value price increases of 15-25% throughout all categories of colour cosmetics are expected during the forecast period. There is expected to be a clear trend whereby leading companies such as Avon Cosméticos and Natura Cosméticos will continue to offer value-added products in the coming years, forcing consumers to switch from standard products to masstige products.

5 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t 3 The sponsorship of fashion events and brands associated with make-up artists are expected to be key strategies to increase sales of colour cosmetics over the forecast period. Eye make-up and facial make-up are expected to see the most dynamic performances within colour cosmetics during the forecast period, with constant value growth of 60% and 58% respectively, thanks to increasing penetration amongst Brazilian women through greater frequency of use, as well as the offer of multifunctional products. As unit prices of mass lipstick were flat during the period , manufacturers expect a strong CAGR in the period compared with the last edition s CAGR, due to recovering margins, and in part thanks to the increasing participation of value-added products over the coming years. New product launches are expected to perform well in the short term. With increasing purchasing power amongst emergent socioeconomic groups, masstige make-up such as Natura Una from Natura Cosméticos and Make B from Botica (O Boticário) will tend to continue increasing their shares in the coming years. Intense and unusual colours are forecast to gain popularity, especially in nail polishes, following recent trends in such products. In this sense, the leading companies should develop their new colour palettes with this in mind. In some categories, such as mass eye shadow, mass mascara and mass lip gloss, there was a strong drop in 2011 retail volumes after very strong growth in 2010, and sales will tend to rebound over the period Particularly in 2011, such products were affected by the performance of Avon Cosméticos, which had structural problems due to the transfer of its new distribution centre to Cabreúva, affecting deliveries of products to consumers. However, trade sources report that such products have great potential for growth over the forecast period. CATEGORY DATA Table 1 Sales of Colour Cosmetics by Category: Value R$ million Eye Make-Up , , , Eye Liner/Pencil Premium Eye Liner/ Pencil -- Mass Eye Liner/Pencil Eye Shadow Premium Eye Shadow Mass Eye Shadow Mascara Premium Mascara Mass Mascara Other Eye Make-Up Premium Other Eye Make-Up -- Mass Other Eye Make-Up Facial Make-Up , , , Blusher/Bronzer/ Highlighter -- Premium Blusher/ Bronzer/Highlighter -- Mass Blusher/Bronzer/ Highlighter

6 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t 4 - Foundation/Concealer Premium Foundation/ Concealer -- Mass Foundation/ Concealer - Powder Premium Powder Mass Powder Other Facial Make-Up Premium Other Facial Make-Up -- Mass Other Facial Make-Up Lip Products 1, , , , , , Lip Gloss Premium Lip Gloss Mass Lip Gloss Lip Liner/Pencil Premium Lip Liner/ Pencil -- Mass Lip Liner/Pencil Lipstick Premium Lipstick Mass Lipstick Other Lip Products Premium Other Lip Products -- Mass Other Lip Products Nail Products , , Nail Polish , , Premium Nail Polish Mass Nail Polish , , Nail Treatments/ Strengthener -- Premium Nail Treatments/Strengthener -- Mass Nail Treatments/ Strengthener - Polish Remover Premium Polish Remover Mass Polish Remover Other Nail Products Premium Other Nail Products -- Mass Other Nail Products Colour Cosmetics 2, , , , , ,966.2 Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 2 Sales of Colour Cosmetics by Category: % Value Growth % current value growth 2010/ CAGR 2006/11 Total Eye Make-Up Eye Liner/Pencil Premium Eye Liner/Pencil

7 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t 5 -- Mass Eye Liner/Pencil Eye Shadow Premium Eye Shadow Mass Eye Shadow Mascara Premium Mascara Mass Mascara Other Eye Make-Up Premium Other Eye Make-Up Mass Other Eye Make-Up Facial Make-Up Blusher/Bronzer/Highlighter Premium Blusher/Bronzer/Highlighter Mass Blusher/Bronzer/Highlighter Foundation/Concealer Premium Foundation/Concealer Mass Foundation/Concealer Powder Premium Powder Mass Powder Other Facial Make-Up Premium Other Facial Make-Up Mass Other Facial Make-Up Lip Products Lip Gloss Premium Lip Gloss Mass Lip Gloss Lip Liner/Pencil Premium Lip Liner/Pencil Mass Lip Liner/Pencil Lipstick Premium Lipstick Mass Lipstick Other Lip Products Premium Other Lip Products Mass Other Lip Products Nail Products Nail Polish Premium Nail Polish Mass Nail Polish Nail Treatments/Strengthener Premium Nail Treatments/Strengthener Mass Nail Treatments/Strengthener Polish Remover Premium Polish Remover Mass Polish Remover Other Nail Products Premium Other Nail Products Mass Other Nail Products Colour Cosmetics Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 3 Colour Cosmetics Company Shares % retail value rsp Company Avon

8 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t 6 Natura Cosméticos SA Botica Comercial Hypermarcas SA Belocap Produtos Contém 1g SA Jequiti Cosméticos Laboratório Avamiller de Marcelo Beauty Estée Lauder Brasil Atalanta Laboratórios e Mary Kay do Brasil Vult Comércio de Frajo Internacional de LVMH Perfums & Cosmetics do Brasil Shiseido Brasil Meica Brasil Cosméticos Niasi SA Amway do Brasil Ceil Comércio e Distribuidora Ceil Comercial Exportadora Industrial BDF Nivea Yves Rocher Coty Brasil Indústria e Comércio de Cosméticos Others Total Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 4 Colour Cosmetics Brand Shares by GBN % retail value rsp Brand Company Avon Avon Risqué Hypermarcas SA Colorama Maybelline Belocap Produtos Natura Aquarela Natura Cosméticos SA Make B Botica Comercial Natura Una Natura Cosméticos SA Contém 1g Contém 1g SA Capricho Cores Botica Comercial Natura Faces Natura Cosméticos SA Jequiti Jequiti Cosméticos

9 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t 7 Impala Laboratório Avamiller de Marcelo Beauty Intense Botica Comercial Payot Atalanta Laboratórios e Mac Estée Lauder Brasil Mary Kay Mary Kay do Brasil Vult Vult Comércio de Lancôme Belocap Produtos Dior LVMH Perfums & Cosmetics do Brasil L'Oréal Perfection Belocap Produtos Revlon Super Lustrous Frajo Internacional de Revlon Frajo Internacional de Shiseido Shiseido Brasil Yves Saint Laurent Belocap Produtos Clinique Estée Lauder Brasil Givenchy LVMH Perfums & Cosmetics do Brasil Boticário Botica Comercial Natura Diversa Natura Cosméticos SA Risqué Niasi SA Natura Única Natura Cosméticos SA Cores Botica Comercial Artistry Amway do Brasil Helena Rubinstein Belocap Produtos Maybelline Belocap Produtos Natural Colors Botica Comercial ColorStay Ceil Comercial Exportadora Industrial ColorStay Ceil Comércio e Distribuidora Cotygirl Miss Sporty Coty Brasil Indústria e Comércio de Cosméticos Jafra Meica Brasil Cosméticos Natura Natura Cosméticos SA Others Total Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 5 Eye Make-up Brand Shares by GBN

10 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t 8 % retail value rsp Brand Company Avon Avon Natura Una Natura Cosméticos SA Make B Botica Comercial Natura Aquarela Natura Cosméticos SA Contém 1g Contém 1g SA Capricho Cores Botica Comercial Natura Faces Natura Cosméticos SA Jequiti Jequiti Cosméticos Marcelo Beauty Colorama Maybelline Belocap Produtos Mac Estée Lauder Brasil Intense Botica Comercial Mary Kay Mary Kay do Brasil Vult Vult Comércio de Revlon Frajo Internacional de Payot Atalanta Laboratórios e Dior LVMH Perfums & Cosmetics do Brasil Lancôme Belocap Produtos Yves Saint Laurent Belocap Produtos Shiseido Shiseido Brasil Clinique Estée Lauder Brasil Givenchy LVMH Perfums & Cosmetics do Brasil Boticário Botica Comercial Natura Diversa Natura Cosméticos SA Natura Única Natura Cosméticos SA Faces de Natura Natura Cosméticos SA Cores Botica Comercial Nu Skin Nu Skin Brasil Nivea Beauté BDF Nivea Helena Rubinstein Belocap Produtos Maybelline Belocap Produtos Natural Colors Botica Comercial ColorStay Ceil Comercial Exportadora Industrial ColorStay Ceil Comércio e Distribuidora Revlon Ceil Comércio e Distribuidora Cotygirl Miss Sporty Coty Brasil Indústria e Comércio de Cosméticos

11 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t 9 Jafra Meica Brasil Cosméticos Natura Natura Cosméticos SA Yves Rocher Others Total Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 6 Facial Make-up Brand Shares by GBN % retail value rsp Brand Company Avon Avon Make B Botica Comercial Natura Aquarela Natura Cosméticos SA Natura Una Natura Cosméticos SA Contém 1g Contém 1g SA Natura Faces Natura Cosméticos SA Capricho Cores Botica Comercial Marcelo Beauty Intense Botica Comercial Jequiti Jequiti Cosméticos Payot Atalanta Laboratórios e Colorama Maybelline Belocap Produtos Vult Vult Comércio de Mary Kay Mary Kay do Brasil Mac Estée Lauder Brasil Lancôme Belocap Produtos Dior LVMH Perfums & Cosmetics do Brasil Shiseido Shiseido Brasil Givenchy LVMH Perfums & Cosmetics do Brasil New Complexion Frajo Internacional de Clinique Estée Lauder Brasil Jafra Meica Brasil Cosméticos Boticário Botica Comercial Natura Diversa Natura Cosméticos SA Natura Única Natura Cosméticos SA Cores Botica Comercial Artistry Amway do Brasil Nivea Beauté BDF Nivea Helena Rubinstein Belocap Produtos Maybelline Belocap Produtos

12 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t 10 Natural Colors Botica Comercial New Complexion Ceil Comercial Exportadora Industrial Faces de Natura Natura Cosméticos SA Natura Natura Cosméticos SA Yves Rocher Others Total Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 7 Lip Products Brand Shares by GBN % retail value rsp Brand Company Avon Avon Natura Aquarela Natura Cosméticos SA Natura Una Natura Cosméticos SA Make B Botica Comercial Intense Botica Comercial Jequiti Jequiti Cosméticos Capricho Cores Botica Comercial Marcelo Beauty Contém 1g Contém 1g SA Natura Faces Natura Cosméticos SA Colorama Maybelline Belocap Produtos Mary Kay Mary Kay do Brasil Mac Estée Lauder Brasil Payot Atalanta Laboratórios e Revlon SuperLustrous Frajo Internacional de L'Oréal Perfection Belocap Produtos Lancôme Belocap Produtos Dior LVMH Perfums & Cosmetics do Brasil Vult Vult Comércio de Shiseido Shiseido Brasil Clinique Estée Lauder Brasil Jafra Meica Brasil Cosméticos Yves Saint Laurent Belocap Produtos Givenchy LVMH Perfums & Cosmetics do Brasil Boticário Botica Comercial Natura Diversa Natura Cosméticos SA Faces de Natura Natura Cosméticos SA

13 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t 11 Natura Única Natura Cosméticos SA Artistry Amway do Brasil Cores Botica Comercial Wet 'n' Wild AM Cosmetics Inc Helena Rubinstein Belocap Produtos Maybelline Belocap Produtos Natural Colors Botica Comercial ColorStay Ceil Comercial Exportadora Industrial ColorStay Ceil Comércio e Distribuidora Revlon SuperLustrous Ceil Comércio e Distribuidora Cotygirl Miss Sporty Coty Brasil Indústria e Comércio de Cosméticos Natura Natura Cosméticos SA Yves Rocher Others Total Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 8 Nail Products Brand Shares by GBN % retail value rsp Brand Company Risqué Hypermarcas SA Colorama Belocap Produtos Avon Avon Impala Laboratório Avamiller de L'Oréal Perfection Belocap Produtos Dior LVMH Perfums & Cosmetics do Brasil Lancôme Belocap Produtos Risqué Niasi SA Colorama Maybelline Belocap Produtos Helena Rubinstein Belocap Produtos Maybelline Belocap Produtos Revlon Ceil Comercial Exportadora Industrial Revlon Ceil Comércio e Distribuidora Xuxa Laboratório Avamiller de

14 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t 12 Others Total Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 9 Colour Cosmetics Premium Brand Shares by GBN % retail value rsp Brand Company Mac Estée Lauder Brasil Lancôme Belocap Produtos Dior LVMH Perfums & Cosmetics do Brasil Shiseido Shiseido Brasil Yves Saint Laurent Belocap Produtos Clinique Estée Lauder Brasil Givenchy LVMH Perfums & Cosmetics do Brasil Helena Rubinstein Belocap Produtos Others Total Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 10 Forecast Sales of Colour Cosmetics by Category: Value R$ million Eye Make-Up 1, , , , , , Eye Liner/Pencil Premium Eye Liner/ Pencil -- Mass Eye Liner/Pencil Eye Shadow Premium Eye Shadow Mass Eye Shadow Mascara Premium Mascara Mass Mascara Other Eye Make-Up Premium Other Eye Make-Up -- Mass Other Eye Make-Up Facial Make-Up 1, , , , , , Blusher/Bronzer/ Highlighter -- Premium Blusher/ Bronzer/Highlighter -- Mass Blusher/Bronzer/ Highlighter - Foundation/Concealer Premium Foundation/ Concealer

15 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t Mass Foundation/ Concealer - Powder Premium Powder Mass Powder Other Facial Make-Up Premium Other Facial Make-Up -- Mass Other Facial Make-Up Lip Products 1, , , , , , Lip Gloss Premium Lip Gloss Mass Lip Gloss Lip Liner/Pencil Premium Lip Liner/ Pencil -- Mass Lip Liner/Pencil Lipstick , , , , , Premium Lipstick Mass Lipstick , , , , , Other Lip Products Premium Other Lip Products -- Mass Other Lip Products Nail Products 1, , , , , , Nail Polish 1, , , , , , Premium Nail Polish Mass Nail Polish 1, , , , , , Nail Treatments/ Strengthener -- Premium Nail Treatments/Strengthener -- Mass Nail Treatments/ Strengthener - Polish Remover Premium Polish Remover Mass Polish Remover Other Nail Products Premium Other Nail Products -- Mass Other Nail Products Colour Cosmetics 5, , , , , ,753.8 Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources Table 11 Forecast Sales of Colour Cosmetics by Category: % Value Growth % constant value growth CAGR 2011/16 TOTAL Eye Make-Up Eye Liner/Pencil Premium Eye Liner/Pencil Mass Eye Liner/Pencil Eye Shadow Premium Eye Shadow

16 C O L O U R C O S M E T I C S I N B R A Z I L P a s s p o r t Mass Eye Shadow Mascara Premium Mascara Mass Mascara Other Eye Make-Up Premium Other Eye Make-Up Mass Other Eye Make-Up Facial Make-Up Blusher/Bronzer/Highlighter Premium Blusher/Bronzer/Highlighter Mass Blusher/Bronzer/Highlighter Foundation/Concealer Premium Foundation/Concealer Mass Foundation/Concealer Powder Premium Powder Mass Powder Other Facial Make-Up Premium Other Facial Make-Up Mass Other Facial Make-Up Lip Products Lip Gloss Premium Lip Gloss Mass Lip Gloss Lip Liner/Pencil Premium Lip Liner/Pencil Mass Lip Liner/Pencil Lipstick Premium Lipstick Mass Lipstick Other Lip Products Premium Other Lip Products Mass Other Lip Products Nail Products Nail Polish Premium Nail Polish Mass Nail Polish Nail Treatments/Strengthener Premium Nail Treatments/Strengthener Mass Nail Treatments/Strengthener Polish Remover Premium Polish Remover Mass Polish Remover Other Nail Products Premium Other Nail Products Mass Other Nail Products Colour Cosmetics Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources