But the landscape shifted, and the agility and cultural relevance of the world’s leading manufacturers was tantamount to their performance. In fact, the biggest sales gainers of the year —But what’s also clear from the 2023 WWD Beauty Inc Top 100, our annual ranking of the world’s largest beauty companies by sales, is that as consumers in many parts of the world see their purchasing power shrink, they are more discerning than ever about how and where they spend.
Despite the challenges, the majority — more than three-fourths — of the companies in this year’s ranking saw their sales increase year-over-year, 37 of them with double-digit gains. Of just 21 players registering sales declines, they were less vertiginous than a year ago; none of the Top 100 companies saw their sales fall by more than 20%.
Despite strong sales, the company’s operating profit shrank 11% in the six months to September, to €76.8 million. The firm attributed this to increased investment in marketing to better engage with consumers, especially under L’Occitane en Provence in China. This year, Advent acquired a majority stake in Skala Cosméticos, a Brazilian vegan hair care brand based. The funding came from Advent’s managed funds, LAPEF VII, dedicated to the region, where consumer and retail companies comprise around 30% of Advent’s investments.Strong sales in Europe drove gains for the Dutch company last year, especially in Germany, France and the U.K., as well as newer markets including Italy and Poland.
Declining sales in the U.S. negatively impacted the company’s numbers overall, and it is working to revitalize its business there.
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