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Fragrance & Beauty: Continuing to Shine

Thomas Paulson
May 5, 2023
Fragrance & Beauty: Continuing to Shine

In our Holiday 2023 & Beyond Outlook we had called out prestige cosmetics, spirits, and grocery as the likely winning categories for the holiday season. With Estée Lauder once again reporting weak business results, we decided to once again look at how the retailers that service this consumer category have fared recently. As can be seen in the traffic for Sephora and Ulta Beauty (below), consumer interest continues to be robust. L'Oréal’s results--where U.S. revenue growth was +17% compared to Estée Lauder's growth in the low-single-digits. Fragrance was the strongest category for both brands (see our prior comments on that product category). As such, we think Estee's issues are company-specific and not emblematic of the category.

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Thomas Paulson

Director of Research and Business Development, Placer.ai

Thomas Paulson spent 20 years as a Wall Street analyst and a member of asset management teams at AllianceBernstein and Cornerstone Capital, representing top-50 ownership positions including Target, Home Depot, Nike, Amazon, Google, and many more. He brings consumer related expertise and knowledge of enterprises in retail, CPG, financial services, telecom, and entertainment.

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