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ISSUE
#17
JULY 10, 2020
A Publication of WWD
Going Up
Investor interest in wellness deals is accelerating thanks to the global pandemic,
but their approach is shifting in light of the Black Lives Matter movement.
For more,see pages 13 and 14. PLUS: Lady Gaga’s new gig and an exclusive look
at Patrick Starrr’s soon-to-launch brand.
ILLUSTRATION BY MATTHEW BILLINGTON
THE BUZZ 2
JULY 10, 2020
Beauty Bulletin
Sue Y. Nabi better position to do so.”
Still, Coty is a very different
company than L’Oréal. “It’s one thing
to have success at L’Oréal, where By the
you have a very well-oiled machine,”
said Ilya Seglin, managing director Numbers:
at Threadstone LP. “But she has
no record of a turnaround, which Skin Care's
is what Coty is. Reviving a brand
is a different skill set than running Clean
a brand that has momentum and
taking it to the next level.” Product
Nabi takes the reins at a
moment of change for Coty, which Claims
inked a deal with KKR in May to Data suggests a blurring
sell 60 percent ownership of its line between skin care and
professional and retail hair-care dermatological trends.
businesses. She will need to BY JAMES MANSO
manage that transition, as well
AS CONSUMER INTEREST grows
as the cost-cutting restructuring
in clean beauty, the claims that are
efforts that have been ongoing.
most resonant in that category are
In terms of what to turn around, rippling out to other sectors of skin
analysts agree that her first order and health care. According to new
of business should be fixing Coty’s data from Euromonitor International,
Consumer Beauty division, whose the increased focus on health and
brands include CoverGirl, Max product safety is impacting the
Factor and Sally Hansen. “The big dermatological sector in particular,
question is how do you make [those which encompasses products used
Coty's New CEO: brands] relevant,” said Astrachan.
“If you try to dissect the value of
to treat conditions like lice. “Given
the growing convergence between
Analysts Weigh In the stock, most would tell you that health and beauty, identifying claim
overlaps from adjacent categories
the luxury business, the licensed
can help players seeking to expand,”
fragrances, is what’s worth the most.
¬ Coty’s announcement last Freda of the Estée Lauder Cos. Inc., said Kayla Villena, senior beauty
You’re getting the mass consumer analyst, Euromonitor International.
week that it had signed a deal with who took home $21.4 million. business for close to nothing, so if
Kim Kardashian West didn’t come Analysts laud Nabi’s experience, she’s able to improve that, you can
as a big surprise to beauty insiders, but note the executive, who was at improve the value of the business.” TOP CLEAN PRODUCT CLAIMS,
but when it named Sue Y. Nabi chief L’Oréal for 20 years before launching She will also need to build out SKIN CARE
executive officer two days later — her own skin-care brand in 2017, and internationalize the KKW and 1. no parabens 8.6 percent
now that was a bombshell. certainly has her work cut out for Kylie businesses, for which Coty 2. natural 7.8 percent
Nabi succeeds Peter Harf, a her when it comes to transforming has spent collectively $800 million
founding partner of Coty’s majority the troubled Coty into the industry 3. fragrance-free 3.4 percent
thus far, as well as strengthen the
owner, JAB, who has moved up to the leader that Harf and his team company’s existing relationships 4. no phthalate 2.5 percent
role of executive chairman of Coty. envisioned five years ago. with key licensees. 5. no mineral oil 1.5 percent
Nabi is Coty’s ninth ceo in 10 years, “The market is uncertain, but it’s As one analyst who spoke not 6. no sulphates 1.5 percent
and its sixth since the company because of the perpetualness of for attribution said, “She will have
acquired P&G’s beauty brands in the change,” said Steph Wissink, 7. no artificial preservatives
to maintain the momentum of the 1.1 percent
2015 for $12.5 billion. She’s also the managing director of Jefferies. luxury business and figure out pretty
only one with significant beauty “Each new executive brings a 8. no gmo 0.9 percent
quickly why [Gucci parent company]
experience, and the only woman. slightly different twist to the story. Kering keeps trashing Coty publicly. 9. no silicone 0.9 percent
Coty is paying a premium for Nabi’s Peter’s twist was to get these big If Kering pulls Gucci, Coty is in deep 10. no artificial colors
experience. She is to receive a base deals done. The question is, what will trouble, because that is by far their 0.8 percent
salary of 3 million euros and 10 million be her thumbprint? What will she do best brand and the one they have Tk Caption
shares a year in August 2021, 2022 that is unique and different?” the most ambition for.” TOP CLEAN PRODUCT CLAIMS,
and 2023, with half being contributed On the plus side is Nabi’s For her part, Wissink sees the DERMATOLOGICALS
by JAB, according to a research background heading up both L’Oréal first few years of Nabi’s tenure 1. no parabens 4.6 percent
report written by Stifel analyst Paris and Lancôme. “She’s a graduate spent on the nuts and bolts of
Mark Astrachan, who examined the of the University of L’Oréal,” said 2. natural 3.0 percent
the business. Years four and five,
company’s 8-K filings in depth. Wissink. “What I hear from folks who 3. fragrance-free 2.8 percent
provided she lasts that long, will be
At Coty’s current stock price, that have been part of Coty’s organization the true litmus test. “That’s when 4. no phthalate 1.9 percent
means Nabi’s total compensation is that there is a hunger to win, but not we’ll see the new Coty with two 5. no artificial preservatives
over the next three years will equal necessarily a structure to win. distinct divisions — consumer and 1.4 percent
or exceed $140 million. “L’Oréal has perfected both,” luxury — with a reconstituted cost 6. no gmo 0.6 percent
That puts her in the upper range Wissink said. “I would expect some base more aligned with the duality
of beauty ceo salaries, according of that to shake off on the culture 7. no mineral oil 0.6 percent
of the revenue model,” Wissink said.
to an analysis by WWD Beauty Inc. at Coty.” “The business should be growing 8. no steroids 0.6 percent
For 2019, the highest-paid ceo was “She’s a positive relative to what at that point. Whether it is above or 9. no talcum powder
Alex Gorsky of Johnson & Johnson, Coty has had,” agreed Astrachan. below the industry average — that's 0.5 percent
whose total compensation was “She has her work cut out for her, what her scorecard will be ultimately 10. no sulphates 0.4 percent
$25.4 million, followed by Fabrizio but if anyone can do it, she is in a graded on.” — Jenny B. Fine
NEWS FEED 4
JULY 10, 2020
-EXCLUSIVE-
Lady Gaga to Front Valentino’s New Perfume
The songstress will appear in advertising for the Voce Viva fragrance starting in September. BY JENNIFER WEIL
Lady Gaga PARIS — Lady Gaga has landed a Lady Gaga said: “Be yourself, love
new, very fashionable, gig — as the who you are and never give up your
face of Valentino’s upcoming perfume, dreams.”
WWD Beauty Inc. has learned. Garance Delaye, Valentino Beauty
The Voce Viva fragrance, due out global brand president, told WWD
in September, was conceived by the Beauty Inc. that the singer was
Valentino fashion house’s creative their first choice, since she not only
director Pierpaolo Piccioli and the embodies the values of Valentino —
Valentino Beauty team at L’Oréal. inclusivity and individuality — but
“Lady Gaga means freedom, also the story of Voce Vive, which
self-consciousness, pure heart,” translates into Living Voice.
Piccioli said in a statement. “Her Further, Lady Gaga has a strong
participation in this campaign personality, Italian roots, is generous
elevates the symbolic power of the and committed, continued Delaye,
project to the highest level. calling her “a great world citizen.”
“She is the icon of a generation,” Both Valentino and Lady Gaga are
he continued, of the only artist ever about free personal expression, the
to win in the same year an Oscar, executive said.
Grammy, BAFTA and Golden Globe, Voce Viva is meant to celebrate one’s
for her work in the film “A Star Is own voice, life, self and style. It is a
Born.” “Her message of freedom, perfume for everyone — no specific
passion for art, self-consciousness gender — according to Delaye, adding
and equality is the same [as what] Piccioli “doesn’t talk about women or
our Valentino community stands for.” men, he talks about individuals.”
La Bouche Rouge
Expands Makeup Line
The French label known for its luxury, plastic-
free lipsticks will debut a whole range of eco-chic
cosmetics starting from August. BY SANDRA SALIBIAN
LA BOUCHE ROUGE IS ready to made of castor bean oils. The wiping
offer its customers more than just ring is crafted from plant-based
“red lips.” materials and a cap of recyclable metal.
Known for its eco-luxury take on This was the most challenging
lipsticks, the Paris-based cosmetics product to realize. “We did not want
brand founded by L’Oréal veteran to use recycled plastic for the bottle
Nicolas Gerlier in 2017 will expand or even the brush, as recycled plastic
clockwise from left:
La Bouche Rouge line; One of the powder refills offered by La Bouche Rouge;
its range starting in August to include is the exact opposite of sustainability,” Le Sérum Noir mascara; La Bouche Rouge is expanding its line with eye products and powders.
makeup essentials for eyes as well Gerlier said. “It is a material that
as powders. is still poorly transformed: Most Prices for the new products range One of the powder refills offered by
The products will be developed in recycling methods still pollute and from 28 euros for pencils to 59 euros La Bouche Rouge.
its laboratories near Orléans, France, create waste.” for the compacts. La Bouche Rouge’s core consumers
respecting the label’s sustainable Other new eye products include Le The line will be available worldwide are sophisticated Millennials and
positioning both in terms of natural Crayon à Sourcil eyebrow pencil and on La Bouche Rouge's online store women aged 25 to 45, who Gerlier said
and microplastics-free formulations, Le Khôl Noir eyeliner, both crafted in and in niche perfumeries, concept “aspire to consume differently and are
and refillable and recyclable packaging. cedar wood and containing castor oil stores and retailers such as Le Bon aware of their impact on the planet.”
“After the lipstick, I wanted to and squalane, while Le Sérum Sourcil Marché, Galeries Lafayette and Dover He would not discuss company
create beautiful, desirable objects eyebrow serum comprises caviar Street Market Parfums in Paris; sales, but industry experts estimate
that are made to endure and extract, Japanese microalgue and Harrods in London; Isetan in Tokyo, La Bouche Rouge generates net
accompany women all throughout pistachio oil. and Bergdorf Goodman and The revenues of 1.5 million euros yearly.
their lives,” said Gerlier, explaining Another standout item is a Webster in the U.S. The brand’s top markets are France,
the development has taken two years. universal compact in heavy recyclable To mark the launch, La Bouche Japan and the U.S. It is gearing up to
“One of our cherished values is to metal. The single, refillable case can Rouge will collaborate with fashion debut in China via the retailer SKP and
be a positive economy project: Luxury contain powders, such as La Terre photographer Viviane Sassen for a to launch on Tmall and in Dubai next.
Gaga photograph by Getty Images
companies should have a positive social, bronzer, La Lumière highlighter and “militant shooting project.” La Bouche Rouge aims to further
human and environmental impact,” he Les Ombres eye shadows. Collaborations with cool players expand its product categories in the
continued, underscoring the importance Like the brand's signature lipsticks, in beauty and fashion have helped future.
of eliminating the use of plastic. the mascara and metal compact can catapult the brand’s appeal. The label “From the beginning, we’ve actually
Among the new products are Le be covered by polished leather cases, launched limited-edition lipsticks with considered makeup as skin care —–
Sérum Noir mascara made of 99 crafted from French company Tanneries the Self Service and i-D magazines and we created the first pigmented lip
percent natural ingredients, such as du Puy's scraps, in various colors. Both fashion label the Attico, among others. serum with our lipstick. So naturally,
carnauba wax, that comes in a glass those and the vegan alternative can be Gerlier revealed an upcoming project our next line will be around skin-care
bottle featuring an innovative brush customized with initials. will involve a high jewelry brand. essentials,” Gerlier said.
NEWS FEED 6
JULY 10, 2020
Branding Experts Weigh In on ‘Whiteners’
Most say merely changing descriptives of such skin-care products is not enough to educate consumers
about the beauty of diversity. BY JENNIFER WEIL
NOTHING IS ENTIRELY black
and white, especially when it comes
to skin care.
It might seem otherwise, given how
in the wake of the growing Black Lives
Matter movement, sparked by the
killing of George Floyd in late May, a
number of major multinational beauty
companies quickly announced they
are changing the descriptives of their
brightening and lightening products,
bestsellers today in Asia and other
western markets, like the U.K. and U.S.
Such adjectives most often
appear on creams and treatments
formulated to make people’s skin
lighter and more even-toned. To
some, this is viewed as conforming
to a western ideal of beauty — often
seeded during colonial times, and
denoting wealth and social status.
But a number of industry experts
wonder whether it’s enough to
educate consumers about the beauty
of diversity, especially in markets
where there’s a long-standing,
Fenty's tie-in with Hey Tea.
homogenous ideal and huge appetite
for products that lighten skin tone.
For beauty companies, such products Unilever also announced it is of beauty, but it shouldn’t hurt your white for Le Blanc skin care and
make up a massive business. The retooling language used to describe skin. You should be proud of your skin light-corrector makeup ranges or
global skin-lightening products market “whitening” or “lightening” products. color, whatever complexion you have. even blue for Le Bleu perfume by
generated $4.08 billion in 2017 and is Johnson & Johnson said it is We have this product, but use it in Chanel,” said the spokeswoman.
expected to practically double, to reach changing its wording, too, to promote moderation,” continued Roll. “Leave it “We therefore have no plans to
$8.01 billion by 2026, according to “a more inclusive vision of beauty” to the Asian women to decide.” change the name of the Le Blanc
Stratistics Market Research Consulting. and will stop selling the Neutrogena “The discussion is important for range, this reference being an
By country based on skin-lightener Fine Fairness product line, which inclusivity, so that the pressure on integral part of the iconic color
ingredient volume consumption, this had been marketed in Asia and the these people, on these kids — the palette of the Maison Chanel,” she
year China ranks first, with 1,036.2 Middle East, and Clean & Clear younger girls and boys — goes away, continued. “Please also note that Le
tons. In Asia, Japan is second, with Fairness, which was carried in India. and it becomes a personal choice at Blanc is never translated into other
745.2 tons, followed by India, with “It’s actually bringing, more than the end,” agreed Khera. languages, [the same] as Le Rouge,
175.7 tons, Euromonitor International anything else, at least awareness She also suggested that brands, Coco Noir, Bleu and Les Beiges.”
statistics show. [of the racism issue],” said Kunika alongside saying they’ll stop advertising Advertising is probably the most
Among the beauty behemoths Khera, a New Delhi-based director of whitening products as they had before, powerful tool to broadcast a beauty
evaluating this category is the Estée Grail Insights consultancy, referring possibly instigate outreach actions, like brand’s inclusive message.
Lauder Cos. Inc. to the name changes. “People are they’ve done with those linked to the Fenty, the makeup label known for its
In a statement Wednesday, the starting to talk about it. So that’s Black Lives Matter movement. wide shade palette, has garnered praise
group said its brands “are doing actually a step in the right direction.” “They’re setting up donations, for a recent co-branded line done with
a full review of their products to Industry experts say it is they’re helping that community,” the Hey Tea tea drink chain in China.
ensure they are respectful, inclusive understandable beauty behemoths she said. “Similarly, do something While raising its own visibility, it’s
and culturally sensitive in each of the responded so fast. positive for the narrative to change.” bolstered awareness about inclusivity.
markets where we do business.” “Brands do not want to be caught Some beauty brands are eschewing “That’s basically how Chinese
“Inclusion and diversity are essential on the wrong side of the fault line,” adjectives such as “whitening” or consumers got more familiar with
to our ability to serve consumers said Martin Roll, a business and “lightening,” shifting instead to the this term,” said Remi Blanchard
everywhere they are in the world,” brand strategist with an expertise likes of “brightening” and “glow.” project leader at Daxue Consulting in
said Fabrizio Frieda, president and in Asia, adding that’s particularly Chanel describes its Le Blanc Shanghai. He called the strategy, which
chief executive officer of Estée Lauder. true today, when factors such as the beauty products as for unifying is novel in China, effective in changing
“They are at the center of our values digital revolution and vocal young complexions by fighting against people’s perception of beauty.
and a key enabler of our success. We consumers make a possible fallout brown spots and enhancing radiance. Michael Nolte, creative director
are focused on creating authentic more magnified and swift than before. “[It’s] in no case a range of of BeautyStreams in Paris, referred
products that are locally relevant and “So they take a stand pretty quickly.” skin whitening,” said a company to the Indonesian beauty brand
tailored for many different consumers Still, more might be done from a spokeswoman. Sariayu’s advertising that featured
around the world based on unique branding perspective. Chanel is not considering changing two Asian models — one with lighter
desires and preferences, with deep “I would be very open and very the line’s moniker, which translates skin than the other.
respect for celebrating differences transparent, even before you to The White. “There are initiatives now where the
around the globe.” get into something near crisis “Many Chanel product lines bear acceptance of natural skin tones seems
Less than two weeks prior, L’Oréal communication,” said Roll. the names of Gabrielle Chanel’s to become more important,” he said.
said it was removing the words “white/ “Maybe for younger consumers, favorite colors: red for Rouge Beauty brands, added Nolte, have
whitening, fair/fairness, light/lightening it’s to say you have to be careful with Coco lipsticks, beige for Les Beiges a responsibility “to tell consumers:
from all of its skin-evening products.” whitening — we know it’s a notion makeup range, black for Coco Noir, ‘You are beautiful the way you are.’”
P R E S E N T E D B Y :
Aptar Beauty + Home
wide selection of
dispensing solution
products provide value
and convenience for
end-users by anticipating
market expectations.
UNBOXING THE FUTURE
OF PACKAGING
Amid rising demand for sustainable solutions and shifts to online retail, Aptar Beauty +
Home is helping brands offer an improved and more satisfying consumer experience.
D
riven by a vision for a unboxing personal care items. “E-commerce has unique potential to for Aptar Beauty + Home is a two-prong,
sustainable future and an For many consumers, this unboxing reduce waste in the environment by elim- meaning expectations of both consumers
ever-evolving omnichannel served as the first impression of a brand. And inating excessive packaging,” said Erhart. and brands must be met. Moreover, each
world, Aptar Beauty + Home while this remains true, excess of packing “For example, expensive ‘romance’ pack- brand has its own needs as it navigates om-
has been a leader behind paper is now met with disappointment for aging is no longer required. Products, not nichannel packaging. Collaboration, there-
innovations in dispensers, a brand’s sustainable values. In fact, Aptar’s packaging, displayed to consumers, without fore, is essential.
pumps and other packaging solutions used consumer survey found 80 percent of con- visual size comparison, perception across While brands hold the key to consum-
by many of the world’s leading beauty sumers felt frustrated with the amount of products or theft prevention packaging fea- er communication, Aptar Beauty + Home
brands. Aptar Beauty + Home’s commitment overwrapping they have received when un- tures, product reviews and star ratings are leverages technology expertise to provide
to research and development has also proven boxing personal care items. able to guide the customers first moment of brands with unique custom dispensing ca-
to be a vital piece for consumers and brands Still, consumers expect brands to deliv- seeing the product, or what P&G calls the pabilities. “We look to our brand partners
as the industry works together to care for er on a beautiful presentation that has not ‘Zero moment of truth’.” as they are a critical part of our innovation
the planet. undergone a compromise during travel. development,” said Erhart. “They are the
And as online sales continue to soar in the And when a brand sacrifices quality, it can LUXURY WITHOUT EXCESS first line of communication – though not
wake of the COVID-19 outbreak, discerning result in excessive chargebacks and returns, When discussing product package develop- just communication, but interaction, en-
online shoppers are judging not only the negative reviews, and ultimately a damaged ment with brands, Erhart said the approach gagement, touch points – with consumers
quality of a product, but its container and relationship with retailers and consumers. and are able to help us understand what
packaging as well. As a result, dispensing and The challenge is one that has required the needs and the expected benefits are.
packaging solutions that prevents leakage, brands to move quickly, as consumers We also do consumer research, [includ-
disassembly, damages or accidental opening, have become adept at sharing frustrations ing] online surveys, in-person and virtu-
has now emerged as white space in the
market where Aptar Beauty + Home is a
through social media.
“Your first impression can set a negative
The panelists al studies, and market trend analyses, to
provide brands with value-added insights
dominating force. or positive tone for the rest of the experience
with the brand,” said Philippe Erhart, presi-
agreed that that may be outside of their scope. The
mindshare during our meetings truly goes
CONSUMER-DRIVEN DEMAND dent of Beauty + Home, North America, at the “human both ways.”
Years ago, it was common practice for con- Aptar. “Think of it like a job interview – if With expectations becoming higher and
sumers to receive luxury beauty products you show up unpolished, you will most likely connection” is higher, the beauty industry has made bold
wrapped in ample amounts of “protective
packaging” to ensure an uncompromised
not get a second chance.”
And further omnichannel packaging has most critical statements and taken on very ambitious goals
in terms of sustainability and well-rounded
delivery. To better understand these prac-
tices, the demand for leak-proof dispensing
been found to build trust with customers
in traditional retail outlets. According to
in establishing omnichannel experiences. And to be sure,
each company has needs specific to its brand
solutions, and the perception of overpack-
aging experiences with e-commerce unbox-
Aptar, this is because the omnichannel pack-
aging delivers leak free functionality with a
the initial, DNA and corporate mission as well as its
relationship to its consumers.
ings, Aptar surveyed 1168 consumers asking convenient, single SKU. For brands, omni- base-line “First and foremost, brands are consid-
for feedback on the unboxing experience. channel packaging eliminates prep charges, ering the consumer experience, especially
The survey found that an overwhelming 77 while delivering on consumer expectations, relationship.” now with the huge shift to online retail,”
percent of consumers have experienced this further optimizing overall growth in the said Erhart. “It is their first impression –
overwrapping or excessive packaging when e-commerce channel. good or bad– to who they are. This heavily
P R E S E N T E D B Y :
P R E S E N T E D B Y :
impacts brands from a perception and cost
value perspective.”
Brands are also considering supply chain INNOVATION DISC TOP GO features a
costs. “The traditional supply chain has an
average of four touchpoints through the
The panelists unique three-piece closure
Aptar Beauty + Home
process, while an e-commerce supply chain
can increase touchpoints,” said Erhart.
said social holds many industry
design and prevents
accidental actuation in transit
“There is a lot more room for issues to media and “firsts.” Here are five
notable ones:
with a lockable on-off feature.
occur. Overwrapping, excess packaging and
larger shipping boxes can lead to higher an- marketing
cillary costs.”
As a global organization with manufactur- works
ing facilities in 18 countries, Aptar Beauty +
Home is able to offer global brands dispens-
best when
ing components where they are formulating
and filling, cutting supply chain costs.
customers are
fully engaged.”
RECONSIDERING THE DELIVERY
It is important to note that working with First to market, Aptar’s
some large-scale retailers brands are subject LOCK + GO technology is an
to additional new challenges. Amazon, for lines. Brands are able to utilize the com- e-commerce capable tube top
closure with a built-in finger recess.
example, requires that brands maintain cer- pany’s testing facility to understand what
tain shipping guidelines. The Amazon pack- potential issues they are facing and learn
aging mission is to have products designed about dispensing products that will miti-
to reduce waste where Amazon Overbox is gate any issues.
not required, to use 100 percent recyclable “We have a unique opportunity to rein-
packaging, to make the consumer experience vent the packaging that delights consum- E-CLIP prevents traditional
optimal with “easy to open” gestures, and ers, reduce waste, and minimize costs,” dispensing pumps from EASY CLIP
to protect products against damage without said Erhart. breaking in transit or is designed to
preparations made by Amazon. Notably, a As part of its deep commitment to inno- actuating by accident. hold a fragrance
package’s carbon footprint can also offset the vation, Aptar Beauty + Home invests 3 per- sample in
use of sustainable packaging. cent of total revenue back into research and place.
In April of 2020, Aptar Beauty + Home development to continuously provide new
opened its on-site ISTA-6 lab testing fa- solutions to brand partners. The company
cility to help brands meet Amazon’s guide- currently holds hundreds of international
lines for ISTA-6 Overbox Testing through patents on dispensing technology and has GLIDE AND APOLLO are
hoodless aerosol actuators with
the APASS program. Aptar Beauty + Home launched over 70 new products in the last
a twist to lock mechanism.
also has pre-qualifying dispensing solu- three years to meet every brand and retailer
tions to ensure they meet Amazon’s guide- where they need to be.
PRESTIGE
WWD Studios: Can you speak to the
movement away from excess packaging?
PE: Sustainability at this point is the
PRESENTATION
norm, an expectation of the consumer.
Over the past few months, we’ve had the
opportunity to see our direct impact on
the environment first-hand. It is critical
brands look at the unique opportunities
this provides them to play a part in their
day-to-day lives.
Through Aptar Beauty + Home, brands are able to walk their WWD Studios: In your own words, how
does a superior packaging product work
sustainability talk, while meeting consumer’s evolving needs. to maintain trust and loyalty between
F
brands and their consumers?
OR PHILIPPE ERHART, president online orders. The increase of retail pickup PE: Trust and loyalty are built through
of Beauty + Home, North America, and delivery makes it crucial for brands to extensive interaction between two parties.
at Aptar, partnering with brands take every potential touchpoint into con- Consumers do not have immediate inter-
for a sustainable future goes far beyond sideration. action with the people behind the brands
dispensing products. With innovation at – so their products are the representation
its core, Aptar is continually evaluating WWD Studios: Why is investing in or extension of who they are.
manufacturing practices and the impact higher-quality packaging, created with Consumers are continually more
on global and local eco-systems, and as e-commerce in mind, necessary for educated and skeptical of advertising
a company has positioned itself to be brands, especially now? and influencers and rely on experiences
well equipped to support partners in the PE: It is important for brands to take into from their peers or themselves to make
beauty industry to meet sustainability consideration the full cradle-to-grave purchasing decisions. When a brand
goals as well. customer experience. Yes, there is an considers each component – packaging,
Excess packaging is no longer a increase in needs for omnichannel capa- formula, etc. – as a unique extension of
viable solution for today’s savvy beauty ble packaging, but also consider – what who they are it can build credibility that
consumers who demand brands to happens after that? How are they being their story is authentic.
be actively, and transparently, work- used in and outside the home? How will
ing towards sustainability. And with Philippe Erhart, president of Beauty + consumers perceive the value of your WWD Studios: How can Aptar play a
e-commerce on the rise investing in Home, North America, Aptar brand? Formula and performance are a role in a brand’s marketing?
high-quality packaging to ship without key part of this, but high-quality packag- PE: We pride ourselves on being a
compromise has become table stakes in beauty brands face are: how to identify ing is equally important. B-to-B-to-C company and put extensive
staying ahead. and execute their needs in regard to sus- resources and revenues back into under-
As sustainable and omnichannel tainability and the need for omnichannel WWD Studios: How does Aptar part- standing how we can provide consumers
product packaging becomes even ready packaging. In regard to sustainabil- ner with brands to address reducing the with a better-quality experience with their
more crucial to a beauty brand’s growth ity, each brand has unique needs spe- waste stream? products – thus in return helping brands
in today’s market, Erhart shares his cific to their DNA. Some of those needs PE: We are continually evaluating our develop value beyond the cost.
perspective and insights into brands’ shared with us include recyclability, reduc- own products and processes through Aptar is also able to help brands sub-
evolving packaging needs, addressing ing, and repurposing plastics as it relates the use of life cycle assessments and the stantiate packaging claims through our
consumer demands, and his vision for a to the waste stream or how to create reus- implementation of eco-design. For all extensive technical capabilities and part-
sustainable future in beauty. able packaging platforms. innovation moving forward we look at two nerships with external resources. Some
The most important component of the critical components: how do we make the examples of these are ECO-CERT certi-
WWD Studios: What are the key problem package for omnichannel needs tends to product more sustainable and how do fication, life cycle assessments, e-com-
areas and challenges from a packaging be the dispensing mechanism. If a pump we make sure it is e-commerce capable. merce Capable, and ISTA-6 over box
perspective that beauty brands are facing breaks in transit or a closure acciden- Brands are also able to partner with us to certifications. We are continually expand-
today? tally opens, it can lead to poor customer perform their own life cycle assessments ing and evaluating how these capabil-
Philippe Erhart: The two main challenges experience and costly chargebacks to and ISTA-6 certifications through our ities are uniquely used by brands and
Aptar Beauty + Home continually hear the brand. This applies to more than just internal programs. what we can do to help them.
NEWS FEED 9
JULY 10, 2020
Mulan lead actress Liu Yifei are not trying to turn a Black or Asian
is the global ambassador of person into a white person. What
Shiseido. She is holding a
bottle of White Lucent most whitening products are doing
Illuinaing Micro-Spot Serum is to override the damage caused by
in the campaign.
ultraviolet light and internal health
reasons, and prevent the formation of
unnecessary melanin,” he said.
Mia Zhang, editor in chief of
Meiya, a Chinese beauty social
commerce platform with 20
million active users, observes there
are trends within the whitening
category that help to even skin tone,
antioxidation and antiwrinkle on top
of achieving a fairer skin in China.
“The idea of Asians all wanting to
have fairer skins is a bit dated. In
recent years, beauty brands no longer
bluntly say this product will whiten
your skin. Instead, they are using
more technical terms and offering
more targeted solutions. I think if
a brand has to deliver a universal
message across all markets, this is the
Chinese Beauty Industry Experts
way to go. They can use terms like
‘glowy’ ‘high shine,’ ‘soften dark spots’
and ‘lift up skin tones,’ etc.,” she said.
Defend Whitening Products
Still, nothing will stop Chinese
beauty consumers from finding
ways beyond skin-care products
to look a shade lighter, even if the
The word "whitening" in the West is being discontinued, but in China motive behind it is deeply rooted in
consumers are still pursuing the category with vigor despite conversations uncorrectable colorism.
around colorism. BY TIANWEI ZHANG “Our users love to discuss what
color of clothes will make them look
LONDON — Major beauty brands at Vogue China, thinks whitening from 2021, will further punish whiter and which shade of lipstick
are changing how they describe products’ dominance in China is mislabeling and tighten will complement their fair skin
whitening and lightening skin- unlikely to change, ever. new ingredients approval on more,” Zhang said.
care products, but is that what "Due to the racial equality whitening products. Beauty influencer Scarlett Wei, who
the consumer wants in China, the movement, the word 'whitening' It's generally agreed that the all-time has more than one million followers
category’s largest Asian market? has become a taboo in the West. whitening bestsellers in China are on Xiaohongshu, also believes it's
“I will still buy 'whitening' or But for the Chinese market, the Procter & Gamble's SK-II Genoptics unnecessary for brands to remove
'brightening' products because I prefer situation is quite different. Talking Aura Essence and Genoptics Spot these words in China for now.
looking fairer and I don't like the way I about whitening your skin in China Essence, and Olay's “little white “Skin-whitening is still a hot topic in
look when I am tanned. It has nothing is just a demand to make the skin bottles,” ProX Correctiv-White Spot first-tier cities. With more discussions
to do with me wanting to assimilate more glowy, translucent and spotless, Fading Essence, and White Radiance around skin care than ever on social
to the Western ideal of beauty, wealth without involving too many social Light-Perfecting Essence. media and the advancement of
and social status, it's just my personal and historic factors. From my Chinese brands are catching aesthetic medicine, Chinese consumers
preference,” said Fiona Liu, a product observation, brands have not made up in this category. Brands like know where the limit is with
designer in Shanghai. She is also an obvious changes with regard to their HomeFacialPro, Proya and Jala whitening skin-care products. They are
amateur beauty vlogger who spends promotion wording in China, and Group's Chando, which focus on more willing to go through medical
a good amount of her salary on it now has passed the promotion emphasizing effective and less procedures to achieve an instant and
skin-care products. period. So we will have to wait and harmful whitening ingredients, such more reliable effect,” Wei said.
“Reading about what brands are see what change will be made in the as niacinamide, vitamin C, kojic acid And even if Western beauty brands
doing to not seem racist makes future,” said Zhang. and arbutin, also manage to find remove whitening products from the
me want to roll my eyes. While I Brands usually heavily promote success amid stiff competition. shop floor worldwide, the majority
sympathize with women in South Asia whitening products in China in Christopher Bu, celebrity makeup of Chinese consumers are unlikely to
and Africa, or women from minority March and April. There is an artist and stylist who has a strong resonate with this decision and their
backgrounds in Europe and North old saying in Chinese: “A white tie with Chinese celebrities like Chinese and other Asian competitors
America using toxic chemicals for complexion is powerful enough Fan Bingbing and Zhang Yuqi, said will just gratefully take over the
extreme skin bleaching to fit into to hide seven faults,” and that has HomeFacialPro's Three Percent market share from there.
the unrealistic beauty standard, the become the gold standard of beauty Niacinamide Essence has capitalized That said, is there room for a more
Chinese beauty standard is very since ancient times. Many brands on the livestreaming trend in China diverse beauty standard in China?
achievable. Most of the Chinese people introduce Asia-only products to cater to generate sizable online buzz. Makeup artist and beauty influencer
are naturally born with fair skin,” she to the strong demand. Bu added that brands shouldn't Melilim Fu believes so. She observes
continued. “With the right amount of While the word whitening is not rush their decision to remove that there is indeed a rising number
sunscreen, hydration and skin-care a taboo, some have been adjusting whitening labels just to be politically of consumers who are beginning
products, you can easily sustain that.” terms due to updates in regulations. correct and let the Chinese to embrace their natural skin tone,
China is the largest market for skin- Advertising Law of the People's consumers feel they become the and even willing to experiment with
whitening products and is projected Republic of China now rules that casualty because of this. tanning products.
to reach an estimated size of $2.5 skin-care product labeling cannot Andy Koh, a makeup legend with “I personally believe one's beauty
billion by 2027, with a compound include any suggestive description decades of experience in the Chinese should not come from just one shade
annual growth rate of 8 percent, or claim to have medical effects, and beauty industry, agrees with Bu. of skin tone, she said. “But the
according to Global Industry Analysts. the new Cosmetics Supervision and “There are so many misconceptions Chinese beauty market as a whole is
Valerie Zhang, beauty director Administration Regulation, effective around the whitening products. They unlikely to change anytime soon.”
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JULY 10, 2020
The Latest From WWD Fashion.Finance.Media.Retail.
Brooks Brothers Files
For Bankruptcy
¬ Brooks Brothers Brooks’ largest creditor is
succumbed to its debts Swiss Garments Co., which
and filed for bankruptcy in is owed $5.2 million.
Delaware. In addition to WHP Global,
The company listed both sources have said Authentic
FACEBOOK'S its assets and liabilities Brands Group, in partnership
NEW CIVIL as ranging between $500
million and $1 billion. Brooks
with Simon Property Group
and Brookfield Property
RIGHTS Brothers entered the Partners, is also interested in
AUDIT process with $75 million
in debtor-in-possession
acquiring the business.
“Prior to COVID-19, we
¬ Facebook’s own financing obtained from were already conducting
auditor on civil rights WHP Global, the newly an evaluation of various
and related issues like formed brand management strategic options to position
The Burdifilek designed Shinsegae
hate speech has found firm headed by Yehuda the company,” said Claudio
Chicor in Daegu, Korea.
Shmidman that is interested Del Vecchio, chairman and
the platform to be
in acquiring the business. ceo. — WWD Staff
Intercos Group Takes Over lacking in meaningful
change, and to have
Shinsegae Joint Venture even harmed the
progress of civil rights
¬ Leading cosmetics the area and a global center in the U.S.
manufacturer Intercos Group of excellence for categories The statement came
said Wednesday it has including foundations and
amid an ad boycott over
taken over the joint venture skin care.
Facebook’s allowance
it created with fashion and The equal joint venture
was formed in 2015 to allow
and promotion of
beauty retailer Shinsegae
International by acquiring Intercos to enter the market hate speech on its
the remaining 50 percent and build local manufacturing platforms, and just
of Shinsegae Intercos Korea activities and to enable one day after founder
Levi Strauss Lays Off 15
Levi's photograph by George Chinsee; Facebook by Lodi Franck/SIPA/Shutterstock; Penny's by Lennihan/AP/REX/Shutterstock
Inc. Financial details were Shinsegae to strengthen the Mark Zuckerberg met
not disclosed. position and innovation rate of with the civil rights
The operation mirrors
Intercos’ strategy of further
its brands. The two companies
said they are committed to
groups behind the
boycott (which the
Percent of Corporate Staff
investing in the country, maintaining their collaboration groups claimed was ¬ Levi Strauss & Co. is fact that we know we’re going
leveraging Intercos Korea as by continuing to develop and essentially pointless). preparing for a long slog to be a smaller business as
a key hub for Asia since it will launch products under the The auditor Laura through the coronavirus, we go through this crisis,”
become its main research Shinsegae brands. cutting 15 percent of its Chip Bergh, ceo, told WWD.
Murphy, is disappointed
and development center for — Sandra Salibian corporate workforce. “We’re expecting that the
in Facebook’s lack of
The denim giant will have recovery could potentially
progress on issues like
fewer designers as it tightens take a number of quarters.”
the proliferation of hate
Nordstrom Streamlines; speech, racism and
its product offering and
wholesale operations will
The company burned
through $160 million in cash,
voter suppression.
J.C. Penney Shutters Stores “While the audit
shrink, while a quickly growing
e-commerce business
but has sold new bonds,
enhancing its liquidity to $2
¬ The pandemic is process has been means more spending on billion, according to chief
accelerating change meaningful, and has artificial intelligence and data financial officer Harmit Singh.
at Nordstrom Inc. led to some significant analytics and the company’s In June, the company was
Executives see Nordstrom’s improvements in the own retail business will cashflow positive once more
full-line department stores platform, we have also continue to be a priority. and has enough cash to last
representing a smaller but watched the company “This is particularly through 12-plus months.
still big piece of its pie; Rack difficult, but it reflects the — Evan Clark
make painful decisions
off-price stores adopting over the last nine
services and conveniences through our physical stores months with real-world
seen at full-line stores, and a given the sensibilities people consequences that are
holiday 2020 assortment with have around COVID-19.” serious setbacks for civil
a greater proportion of lower- Also making changes is
priced goods.
rights,” Murphy said.
J.C. Penney Co. Inc., which
For Christmas, “We are Facebook is also said
has added its New York City
going to have more inventory Manhattan Mall store to
to be starting this year a
at lower prices.” said Pete its list of closures amid its separate independent
Nordstrom, president and chief bankruptcy proceedings, audit of its current
brand officer. “The wild card is which started on May 15. system for handling
going to be the traffic we get — David Moin hate speech. — Kali HaysDigital Event
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marketing channels.DEEP DIVE 13
JULY 10, 2020
Tk Caption
“I want the venture
community to do
the work, and that
is giving access
to Black founders
within wellness. The
talent is there, the
product is there,
the founders are
there, so there's
really no excuse.”
‑kelly dill , imaginary ventures
Experts agree that COVID-19
isn’t the only major shift in 2020
that’s going to affect M&A in the
traditionally white-dominated wellness
world. The surge in the Black Lives
Matter movement prompted by the
police killing of George Floyd is also
changing the landscape — shifting
both consumer dollars and investor
attention to Black-owned wellness
businesses, but also consumer
consciousness around business
practices like diversity and inclusion.
“The movement has exposed
how under-represented the [Black]
community is from multiple
directions — the number of Black-
owned businesses, the number of
Black employees in companies, the
During
THE CORONAVIRUS pandemic number of brands truly serving the
has put a damper on a lot of things, Black consumer and so forth — and
but wellness M&A is not one of them. is holding companies accountable for
Coronavirus,
Consumer interest in being healthy effecting change,” said Janki Gandhi,
has never been higher, experts agree, managing director at Goldman Sachs.
and during the COVID-19 pandemic “It has already triggered a major push
Investment
that has translated into higher sales to invest in and spend money with the
in categories like supplements, at- types of businesses mentioned and we
home fitness and self-care. Deals anticipate that diversity will remain
Money Floods
have followed, with Lululemon top of mind for investors and buyers
paying $500 million for Mirror, an going forward and will become a part
interactive at-home fitness service, of how they assess an opportunity.”
Grove Collaborative acquiring Where consumers go, investors
Into Wellness
Sundaily, a gummy supplement brand follow, pointed out Robin Tsai, a
centered around skin health, and general partner at private equity firm
Nestlé Health Science agreeing to VMG, which backs better-for-you
COVID-19 isn’t the only thing changing the way investors buy a majority stake in Vital Proteins, food, beverage and beauty businesses,
look at wellness deals — the Black Lives Matter movement which makes collagen supplements, including Briogeo.
beverages and food products. “Strategics and private equity and
also has some reassessing their investment strategies. “Wellness has become the number- everybody follows consumers, so I’d
BY ALLISON COLLINS AND ELLEN THOMAS one priority for consumers through expect that there’s going to be more
ILLUSTRATION BY MATTHEW BILLINGTON
COVID-19, and likely to remain activity in the [wellness] space,” Tsai
the top priority for consumers said. “There’s beauty wellness, but
after COVID-19,” said William S. there’s also physical-fitness wellness.
Hood, founder and chief executive Wellness sits in a Whole Foods, it sits
officer of William Hood & Co., an in a GNC, it sits in Sephora and Ulta
investment bank that specializes — there aren’t that many categories
in the supplements space. “Any that do that.”
consumer product that functions as COVID-19 "has created a
an ingredient to a healthy lifestyle structural change in the amount of
has generally performed well interest in the space," agreed Coye
through COVID-19 and is positioned Nokes, partner at OC&C Strategy
to perform very well [going Consultants. And while other
forward]. Obviously supplements consumer-facing categories have
are one ingredient, but others [are] struggled due to retail closures and
functional food and home fitness.” changes to consumer spending,DEEP DIVE 14
JULY 10, 2020
wellness has “been pretty resilient, if demonstrated staying power in role in dealmaking processes. Some
not growing, as a result of the COVID consumer consciousness, data shows. experts say that M&A activity may get
situation,” Nokes said.
Sources said there are a number
Key Searches for vitamin D, for example,
are holding steadily above where
tougher for brands that may not have
had a hard time getting a deal done
of deals in the market right now.
Two names being cited are Tonal, Takeaways they were at this time last year,
Google Trends data compiled by
pre-COVID-19.
“Brands that have grown rapidly
another at-home fitness system and Jefferies shows. through COVID-19 will generate strategic
service, and nutritional supplement 1. Wellness M&A has Data from Jefferies also showed valuations,” said Hood. “Even though
continued through COVID-19 and
manufacturer Adaptive Health. Tonal a massive spike in Google searches it’s explainable, a brand that flatlined
is only expected to accelerate,
declined to comment for this story. especially in categories such as for “Black-owned brands” in June, or declined during the pandemic is not
While dealmaking in other consumer supplements, online fitness and and that brands like Briogeo and considered a strategic asset — those
categories stalled in the early days better-for-you consumer goods Golde, which are both Black-owned businesses will be impacted.”
of the pandemic, wellness was not geared toward Millennial moms. and wellness-oriented, saw web visit A different financial source added
one of them, sources said, and many upticks in early June. that companies that decide to go
2. The Black Lives Matter
transaction conversations that would Some investors said that the Black through deal processes this year will
movement is expected to have
normally have been held in person a lasting effect on the wellness Lives Matter movement is likely to be left defending their numbers no
have merely transitioned onto Zoom. category. Consumers are shift the way brands are scrutinized, matter what — prospective investors
Interest in wellness-oriented paying attention to company as well as the way private equity are likely to attribute both sales
companies is broad, sources said, and practices around diversity and firms and venture capitalists allocate spikes and declines to COVID-19,
spans supplements, immunity, over- inclusion, and investors say they money in the wellness community, and to be looking for an idea of what
the-counter medications, telemedicine, will do more to invest in Black- It’s no longer enough for businesses steady-state figures may look like.
owned wellness brands.
fitness services and products and to simply use Black models. “It has The distribution investors are
Millennial mom products, meaning 3. Brands with a strong digital to be 360 — you cannot just rely on looking for has changed, too, with
cleanly formulated versions of presence and online sales are representation in imagery or people less of a focus on retail distribution,
motherhood staples, like Frida Mom’s going to be more attractive will be talking on Instagram and according to Franklin Isaacson,
post-partum care kits and Natalist’s to investors as consumers Twitter, said Lucie Greene, trend founding partner at Coefficient
prenatal vitamins and pregnancy tests. continue to be wary of in-store forecaster and strategist. “Are there Capital. Even as wellness trends have
shopping throughout the global
Strategic buyers are focused on any people of color on your board taken off, vitamin and supplements
pandemic.
consumer health, and wellness, or in your executive leadership? Is retailer GNC filed for bankruptcy
broadly speaking, continues to be a there a pay disparity? With this era of earlier this year with plans to close
high priority to them as it relates to hyper-transparency, this has already up to 1,200 stores.
where they're looking to do deals and encourage repeat visits will be more started to go even further, given the Isaacson said he’ll be looking for
where they're going to invest dollars, attractive to investors, the source core consumer is more ethnically consumer wellness brands that don’t
said Susan Roddy, managing director noted. “How sustained is the loyalty? diverse than ever.” solely rely on retail, have affordable
at Houlihan Lokey. These [platforms] need to create “Wellness is one of those things that price points, and have proven efficacy,
“For strategics, getting access to that real businesses, or you’ll see that doesn’t discriminate. Everyone’s trying in anticipation of a consumer with
Millennial mom is so critical,” Roddy same switching behavior you see in to be a little better,” Tsai said. “We in less disposable income and little
said, noting that moms are behind boutique fitness.” general would love to be supportive of desire to shop in-store.
most household purchasing decisions A fitness industry report from the [BLM] movement, be supportive of “We want brands that are doing a
and are often the first entry point into Houlihan Lokey noted that there’s a founders, be supportive of consumers good job overcoming all the barriers
a family. “Many strategics have very strong possibility of fitness enthusiasts along that bent, too.” that exist today,” said Isaacson. “The
old, tired brands that resonate with trading down for both COVID-19 “I'm optimistic with an asterisk,” consumer is going to think twice
50- and 60-year old women but not safety and financial reasons. “There Dill said, when asked about the role about that $80 jar of supplements
with 20- and 30-year old women...that is also a possibility that consumers the BLM movement will have on the that promises to firm up skin.”
younger demographic is much more will shift away from more expensive wellness industry in dealmaking. “I Hood noted that having experienced
educated and focused on wellness for boutique offerings or full-service gyms want to do the work to make sure that founders who are “strong” and
herself and her family than anyone to those offering a high-value, low- happens. I want Imaginary to do the “disciplined” is going to be critical
was prior to her.” price model,” the report states. work. I want the venture community to for deal-seeking brands, especially
Brands to watch in that space That shift is likely to result in do the work, and that is giving access in an era where accountability at the
include SmartyPants, a vitamin restructuring and bankruptcies, as to Black founders within wellness. The hands of the consumer has never
business; Mommy's Bliss, a mom- well as consolidation. “We believe talent is there, the product is there, the been higher. “Are they doing the
and-baby medication business, and certain fitness providers and/or founders are there, so there's really no right things and able to manage the
Beekeeper's Naturals, which makes financial investors will seize the excuse,” Dilll said. business the right way?”
honey-oriented throat sprays and opportunity to acquire companies How brands have navigated “Mission-driven businesses are going
other products, sources said. at discounted valuations when through 2020 is likely to play a big to perform very well,” Hood said. ■
More broadly in wellness, sources compared to those observed before
called out brands like superfood the crisis,” the Houlihan report states.
blend brand Golde, adaptogenic While consumers may be
wellness brand Moon Juice, temporarily ditching their gyms, they
Wellements baby vitamins, and Nuun aren’t ditching wellness routines
hydration tablets, as potentially overall, experts agree.
interesting to investors or buyers. “Consumer behavior is changing.
Many investors also vocalized The one place they’re going to
interest in online fitness platforms, continue to invest and not pull back
like Obe. on likely is wellness,” said Kelly Dill,
“Fitness will be forced to come back principal at venture capital firm
in a different manner, largely at the Imaginary Ventures, which backs
expense of gyms and boutique studios” supplements line Hum Nutrition,
said an investor whose portfolio baby food offering Cerebelly and
includes chain fitness studios. “There fitness app Fitplan. “We’ve realized
may be no more 60-seat spin studios.” how important immunity and self-
While a plethora of online fitness care and taking care of yourself is in
options has emerged since mid- all of this, so if you’re going to pull
March, when many in the U.S. back on one thing, it’s probably not
started working from home, the ones your health and wellness.”
that are able to foster loyalty and Supplements in particular have Vital Proteins is one of several wellness brands to have scored a major investment deal recently.You can also read
