This week, Sephora appointment of new CEO, DSM and Firmeni exchange offer was approved.
Source | Jumei
Author | Yanwu
Want to know what happened in the global cosmetics industry? An article will take you to see the exciting things this week (November 21-November 25)~
high-end wig brand Parfait with the help of AI presumption service
high-end custom wig brand Parfait was founded in September last year. It customizes wigs and hair extensions on demand through artificial intelligence and facial recognition technology, and can be delivered within 7 to 9 working days.
For black women, the experience of trying out a wig in-store is usually a disappointment. “We offer end-to-end concierge services that allow customers to support throughout the product lifecycle, from understanding what wigs to how to care for hair, to extend the lifespan of products,” said Isoken Igbinedion, brand co-founder and CEO. “
Isoken Igbinegion and Ifueko Igninegion are sisters who co-founded the company with Marylese Reeves, co-founder and chief operating officer, and Simone Kendle, co-founder and chief marketing officer. The team has rich experience in the field of technology, and has obtained certificates including Pennsylvania Wharton , MIT and other certificates, and has related work experiences from Amazon , Microsoft , Capital One, Google , IBM , Waymo and NASA.
Black women spend $6.6 billion on beauty every year, although they only account for 11.1% of the US beauty market. In addition, racial disparities in the beauty industry mean that black brands account for only 2.4% of the entire beauty market revenue, according to research from the McKinsey Co.’s Institute for Black Economic Mobility.
Parfait hopes to change this economic gap through its technology-driven wig series, a business model with black beauty as the core, and eliminating bias is also Parfait's top priority.
Sephora appoints new CEO
Recently, Sephora has appointed Guillaume Motte as the new president and CEO, and the appointment will take effect on January 1 next year.
Motte will report to Chris de Lapuente, Chairman and CEO of the boutique retail division of LVMH. Lapuente took over as Sephora CEO after Martin Brok suddenly left in June this year. Meanwhile, Lapuente continues to serve as chairman and CEO of the boutique retail division of Sephora's parent company LVMH Moët Hennessy Louis Vuitton.
Motte has served as Deputy CEO of LVMH Fashion Group since May 2021, reporting to Sidney Toledano, Chairman and CEO of Fashion Group. Prior to that, Motte served as President of Sephora Europe and the Middle East since March 2018. During his inauguration, he was believed to have accelerated Sephora's omnichannel coverage and strong brand building. Prior to joining Sephora, he served as CEO of French men's clothing chain Celio for three years, and operated French women's clothing ready-to-wear brand Jennyfer for more than six years, and worked in companies such as Al Tayer Trends, FNACh and McKinsey.
In terms of sales, Sephora has returned to the level before the epidemic in 2019. Industry insiders estimate that its revenue this year will exceed 10 billion euros (about 74 billion yuan).
L'Oreal apologizes for the newly launched joint venture brand
L'Oreal cooperates with Silla Hotel and private equity fund Anchor Equity Partners to launch the newly established luxury beauty brand Shihyo through joint venture Loshian.
Korean media KDFnews reported that "Shihyo" is the pronunciation of Korean "시효", where "Shi" means "time" and "Hyo" means "efficacy". The report quoted an interview with L'Oreal's relevant person as saying: "Shihyo is a new high-luxury skin care and beauty brand inspired by the twenty-four solar terms in Asia. The product is based on herbal extracts and aims to reflect the healthy energy of nature through the power of plants."
Shihyo is mainly based on 24 solar terms and herbs, and will launch 24 different types of ampoules, facial cleansers, essences and creams, as well as scalp care products.All products of the brand have added the patented ingredient ShiHyo24. The ingredient is said to be a concentrate containing 24 herbal ingredients and mixed with fermented rice water and ginseng water.
After the news was released, some domestic social media platforms also appeared on some domestic social media platforms. Some users questioned why L'Oreal wanted to cooperate with a Korean company to launch a brand that focuses on the 24 solar terms. The "Twenty-Four solar terms" culture originated in China and was officially included in the UNESCO Human Intangible Cultural Heritage Representative List.
As of November 25, L'Oreal China issued an apology statement, saying that it apologized for the press release released by the new brand that did not accurately express the origin of the twenty-four solar terms.
DSM and Firmeni exchange offer approved
DSM1DSM1DSM1Special chemical manufacturerDSM and Swiss spice supplierFirmeni are in progress. The two companies jointly stated on Tuesday morning that the Dutch Financial Markets Authority (AFM) has approved the issuance notice related to the transaction. The transaction is expected to close in the first quarter of 2023.
On May 31 this year, DSM announced that it will merge with Firmenii to become the leading supplier in the fields of nutrition, cosmetics and health " DSM-Firmenich".
Reuters reported that DSM acquired Swiss Firmeni through stock and cash transactions. DSM said its shareholders will hold 65.5% of the stake in the new group "DSM FirméI" , while the unlisted FirméI owner will receive 34.5% of the combined company and 3.5 billion euros (approximately RMB 25.2 billion) of cash provided by DSM.
The merger of "DSM-FirméItaly" will further accelerate industry innovation and create new growth opportunities for customers. It will form a new global group serving the food and beverage industry, combining DSM’s food and beverage business with Firmeni’s edible flavor business.
In another press release on Tuesday, Firmeni released its first-quarter results. In the three months ended September 30, the group achieved sales of 1.25 billion Swiss francs (approximately RMB 9.5 billion), an increase of 8.8% at the reported value and an increase of 11.6% year-on-year at the constant exchange rate.
North America’s two major medical beauty groups merged
Recently, Functionalab Group, a Canadian medical beauty brand group supported by L’Oreal, announced a merger with Canadian medical beauty company FYI Medical Aesthetics. The terms of the transaction have not been disclosed yet, and the transaction is expected to be completed on January 1, 2023.
Functionalab was founded in 2009 by Francis Maheu and Erick Geoffrion. It operates 68 Canadian medical beauty institutions. The institutions are named Dermapure and ProjectSkin MD, and have their own skin care brand Jouviance. The group received investment in Bold Business Opportunities for Business Development, a venture capital arm of L'Oreal Group , in 2019.
FYi Medical Aesthetics, supported by L Catterton, the world's largest consumer goods fund, is a branch of FYihealth Group, a Canadian health care company. The company acquired ReNue, a medical beauty clinic that provides skin care, laser and cosmetic treatments in 2019 and incorporated it into FYi Medical Aesthetics division. The merged company of
will continue to operate as the Functionlab Group and establish an industry leader in the Canadian medical beauty industry.
L'Oreal is caught in the "litigation gate"
Recently, the China Judgment Document Network showed that the first-instance ruling for infringement of trademark rights and unfair competition disputes between LVMH (LVMH) Group affiliated company LVMH (LVMH) Group and L'Oreal (China) Co., Ltd. and unfair competition disputes were made public. After more than a year, the unfair competition between LVMH (LVMH) Group and L'Oreal's dispute has returned to the public's attention.
LVMH requested the court to order L'Oreal to stop unfair competition and false propaganda, including but not limited to stopping the use of hexagons, gold, yellow, honeycomb and other related design elements in its promotional materials for "NECTARROYALM"/"Nectar Luxury" products, and to compensate the plaintiff for economic losses of 10 million yuan.
Shanghai Pudong New District People's Court issued civil ruling , showing that "because of the epidemic, the relevant litigation activities cannot be carried out normally for a long time, so the litigation was suspended." As of now, no new progress in the case has been announced.
is unique. Recently, three American women sued L'Oreal, saying that L'Oreal's direct-haired products caused them to suffer from uterine cancer and breast cancer . L'Oreal has been in trouble recently, and Jumei will continue to pay attention to the subsequent progress of the incident.
TATA GROUP increases investment in high-tech beauty retail
Reuters (Reuters) reported that India Tata Group (Tata Group) has launched a new beauty retail brand focused on technology.
Tata Group plans to open about 20 stores in India next year, each store will introduce a series of technical equipment, including virtual makeup tests and digital skin testing instruments. The group is said to be in talks with a number of foreign brands, including The Honest Co, Ellis Brooklyn and Gallinee.
It is said that Tata Group hopes to capture the hearts of Indian beauty enthusiasts aged 18 to 45 and is committed to competing with brands such as Sephora (Sephora) and Nykaa to get a share of the $16 billion Indian cosmetics market.
Source丨WWD, brand official website, globalcosmeticsnews.com
Image source丨Same as above
Visual design: Lele
WeChat typesetting: Shishi
Editor in charge: Mutou
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