MarketLine Industry Profile

Make-Up in South Africa

November 2023

Reference Code: 0044-0700

Publication Date: November 2023

Primary NAICS: 325620

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 Make-Up in South Africa

Industry Profiles

1. Executive Summary

1.1. Market value

The South African make-up market grew by 7.6% in 2022 to reach a value of $329.3 million.

1.2. Market value forecast

In 2027, the South African make-up market is forecast to have a value of $406.6 million, an increase of
23.5% since 2022.

1.3. Market volume

The South African make-up market grew by 1.5% in 2022 to reach a volume of 42.4 million units.

1.4. Market volume forecast

In 2027, the South African make-up market is forecast to have a volume of 45.3 million units, an increase of
6.9% since 2022.

1.5. Category segmentation

Eye make-up is the largest segment of the make-up market in South Africa, accounting for 40% of the
market's total value.

1.6. Geography segmentation

South Africa accounts for 0.5% of the global make-up market value.

1.7. Market share

Revlon Consumer Products Corporation is the leading player in the South African make-up market,
generating a 24.6% share of the market's value.

1.8. Market rivalry

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 Make-Up in South Africa

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Rivalry in the market is assessed as moderate, with some of the companies having strong brands and
enjoying geographical diversification. Moreover, relatively high fixed costs intensify rivalry as they make it
more difficult to exit the market.

1.9. Competitive landscape

The South African make-up market has experienced a strong value growth and negative volume CAGR in
recent years. Revlon Consumer Products Corporation is the leading player in the sector in value terms
during 2017-2022. Furthermore, Natura &Co and The Estee Lauder Companies Inc. also have strong
presence in the country, accounting for second and third largest value shares respectively, in 2022.
Moreover, Revlon Consumer Products Corporation gained maximum value share during 2017-2022.

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TABLE OF CONTENTS
1. Executive Summary 2

1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Market volume.............................................................................................................................................2

1.4. Market volume forecast...............................................................................................................................2

1.5. Category segmentation................................................................................................................................2

1.6. Geography segmentation.............................................................................................................................2

1.7. Market share................................................................................................................................................2

1.8. Market rivalry...............................................................................................................................................2

1.9. Competitive landscape.................................................................................................................................3

2. Market Overview 9

2.1. Market definition .........................................................................................................................................9

2.2. Market analysis ............................................................................................................................................9

3. Market Data 11

3.1. Market value ..............................................................................................................................................11

3.2. Market volume...........................................................................................................................................12

4. Market Segmentation 13

4.1. Category segmentation..............................................................................................................................13

4.2. Geography segmentation...........................................................................................................................15

4.3. Market distribution ....................................................................................................................................16

5. Market Outlook 17

5.1. Market value forecast ................................................................................................................................17

5.2. Market volume forecast.............................................................................................................................18

6. Five Forces Analysis 19

6.1. Summary ....................................................................................................................................................19

6.2. Buyer power...............................................................................................................................................20

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6.3. Supplier power ...........................................................................................................................................21

6.4. New entrants .............................................................................................................................................22

6.5. Threat of substitutes ..................................................................................................................................23

6.6. Degree of rivalry.........................................................................................................................................24

7. Competitive Landscape 25

7.1. Market share..............................................................................................................................................25

7.2. Who are the leading players in the South African make-up market? ........................................................25

7.3. Which companies have been most successful in increasing their market shares in the last 5 years (2017-
2022)? 26

7.4. Which companies market shares have suffered in the last 5 years (2017-2022)? ....................................26

7.5. What are the most popular brands in the South African make-up market?..............................................26

8. Company Profiles 27

8.1. Revlon Inc...................................................................................................................................................27

8.2. Natura & Co Holding SA .............................................................................................................................29

8.3. The Estee Lauder Companies Inc ...............................................................................................................32

8.4. L'Oreal SA ...................................................................................................................................................36

9. Macroeconomic Indicators 40

9.1. Country data ..............................................................................................................................................40

9.2. Methodology..............................................................................................................................................42

9.3. Industry associations..................................................................................................................................43

9.4. Related MarketLine research .....................................................................................................................43

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LIST OF TABLES
Table 1: South Africa make-up market value: $ million, 2017–22 11

Table 2: South Africa make–up market volume: million units, 2017–22 12

Table 3: South Africa make–up market category segmentation: % share, by value, 2017–2022 13

Table 4: South Africa make-up market category segmentation: $ million, 2017-2022 13

Table 5: South Africa make–up market geography segmentation: $ million, 2022 15

Table 6: South Africa make-up market distribution: % share, by value, 2022 16

Table 7: South Africa make-up market value forecast: $ million, 2022–27 17

Table 8: South Africa make–up market volume forecast: million units, 2022–27 18

Table 9: South Africa make-up market share: % share, by value, 2022 25

Table 10: Revlon Inc: key facts 27

Table 11: Revlon Inc: Key Employees 28

Table 12: Natura & Co Holding SA: key facts 29

Table 13: Natura & Co Holding SA: Annual Financial Ratios 30

Table 14: Natura & Co Holding SA: Key Employees 31

Table 15: The Estee Lauder Companies Inc: key facts 32

Table 16: The Estee Lauder Companies Inc: Annual Financial Ratios 33

Table 17: The Estee Lauder Companies Inc: Key Employees 34

Table 18: The Estee Lauder Companies Inc: Key Employees Continued 35

Table 19: L'Oreal SA: key facts 36

Table 20: L'Oreal SA: Annual Financial Ratios 37

Table 21: L'Oreal SA: Key Employees 38

Table 22: L'Oreal SA: Key Employees Continued 39

Table 23: South Africa size of population (million), 2018–22 40

Table 24: South Africa gdp (constant 2005 prices, $ billion), 2018–22 40

Table 25: South Africa gdp (current prices, $ billion), 2018–22 40

Table 26: South Africa inflation, 2018–22 40

Table 27: South Africa consumer price index (absolute), 2018–22 40

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Table 28: South Africa exchange rate, 2018–22 41

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LIST OF FIGURES
Figure 1: South Africa make-up market value: $ million, 2017–22 11

Figure 2: South Africa make–up market volume: million units, 2017–22 12

Figure 3: South Africa make-up market category segmentation: $ million, 2017-2022 14

Figure 4: South Africa make–up market geography segmentation: % share, by value, 2022 15

Figure 5: South Africa make-up market distribution: % share, by value, 2022 16

Figure 6: South Africa make-up market value forecast: $ million, 2022–27 17

Figure 7: South Africa make–up market volume forecast: million units, 2022–27 18

Figure 8: Forces driving competition in the make-up market in South Africa, 2022 19

Figure 9: Drivers of buyer power in the make-up market in South Africa, 2022 20

Figure 10: Drivers of supplier power in the make-up market in South Africa, 2022 21

Figure 11: Factors influencing the likelihood of new entrants in the make-up market in South Africa, 2022 22

Figure 12: Factors influencing the threat of substitutes in the make-up market in South Africa, 2022 23

Figure 13: Drivers of degree of rivalry in the make-up market in South Africa, 2022 24

Figure 14: South Africa make-up market share: % share, by value, 2022 25

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2. Market Overview

2.1. Market definition

The make-up market consists of eye make-up, face make-up, lip make-up and nail make-up. The eye make-up
segment consists of eyeliner, eye shadow, mascara and other eye make-up products. The face make-up segment
consists of blusher, foundation, face powder and other face make-up products. The lip make-up segment consists
of lip liner, lipstick, lip gloss and other lip make-up products. The nail make-up consists of nail polish. The market is
valued according to retail selling price (RSP) and includes any applicable taxes. All currency conversions have been
made using constant annual average 2022 exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
the Middle East, Ghana, Morocco, Nigeria, and South Africa.
North America consists of Canada, Mexico, and the United States.
South America consists of Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Panama,
Peru, Puerto Rico, and Uruguay.
Europe consists of Austria, Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal,
Romania, Russia, Slovak Republic, Spain, Sweden, Switzerland, Turkey, Ukraine, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines,
Singapore, South Korea and Thailand.
The Middle East comprises Bahrain, Egypt, Iran, Israel, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates.

2.2. Market analysis

The South African make-up market registered strong growth during the review period (2017-2022). The growth of
the market is expected to decelerate over the forecast period (2022-2027).
Rapid urbanization and increasing disposable incomes have supported the strong market growth during the review
period. Despite socio-economic issues, consumers' strong attachment to make-up products also helped the
market to register strong growth. According to World Bank data, female participation in the labor market in South
Africa (ages between 15 and 64 years) has increased significantly. Therefore, as the income level of women has
been increased, consumers has spent more on make-up products. However, surge in incidences of skin-related
problems due to adverse effects of synthetic chemicals used in the production of make-up products is expected to
hamper the market growth during the forecast period.
The South African Make-Up market had total revenues of $329.3 million in 2022, representing a compound annual
growth rate (CAGR) of 4.9% between 2017 and 2022. In comparison, the Saudi Arabian and Egyptian markets grew
with CAGRs of 4% and 8.6% respectively, over the same period, to reach respective values of $605.0 million and
$97.1 million in 2022.
Market consumption volumes declined with a CAGR of 0% between 2017 and 2022, to reach a total of 42.4 million
units in 2022. The market's volume is expected to rise to 45.3 million units by the end of 2027, representing a
CAGR of 1.3% for the 2022-2027 period.
The Eye Make-Up segment was the market's most lucrative in 2022, with total revenues of $131.9 million,
equivalent to 40% of the market's overall value. The Face Make-Up segment contributed revenues of $108.5
million in 2022, equating to 32.9% of the market's aggregate value.

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The performance of the market is forecast to decelerate, with an anticipated CAGR of 4.3% for the five-year period
2022 - 2027, which is expected to drive the market to a value of $406.6 million by the end of 2027. Comparatively,
the Saudi Arabian and Egyptian markets will grow with CAGRs of 3% and 9.7% respectively, over the same period,
to reach respective values of $702.5 million and $154.5 million in 2027.

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3. Market Data

3.1. Market value

The South African make-up market grew by 7.6% in 2022 to reach a value of $329.3 million.
The compound annual growth rate of the market in the period 2017–22 was 4.9%.

Table 1: South Africa make-up market value: $ million, 2017–22

Year $ million ZAR million € million % Growth

2017 259.3 4,247.4 246.9
2018 276.8 4,533.9 263.5 6.7%
2019 293.1 4,800.3 279.0 5.9%
2020 290.8 4,762.3 276.8 (0.8%)
2021 306.2 5,015.1 291.5 5.3%
2022 329.3 5,393.8 313.5 7.6%

CAGR: 2017–22 4.9%

Source: MARKETLINE MARKETLINE

Figure 1: South Africa make-up market value: $ million, 2017–22

Source: MARKETLINE MARKETLINE

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3.2. Market volume

The South African make-up market grew by 1.5% in 2022 to reach a volume of 42.4 million units.
The market did not grow in the period 2017-22.

Table 2: South Africa make–up market volume: million units, 2017–22

Year million units % Growth

2017 42.5
2018 43.1 1.6%
2019 43.6 1.1%
2020 41.3 (5.4%)
2021 41.8 1.2%
2022 42.4 1.5%

CAGR: 2017–22 (0.0%)

Source: MARKETLINE MARKETLINE

Figure 2: South Africa make–up market volume: million units, 2017–22

Source: MARKETLINE MARKETLINE

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4. Market Segmentation

4.1. Category segmentation

Eye make-up is the largest segment of the make-up market in South Africa, accounting for 40% of the market's
total value.
The Face make-up segment accounts for a further 32.9% of the market.

Table 3: South Africa make–up market category segmentation: % share, by value, 2017–2022

Category 2017 2018 2019 2020 2021 2022

Eye Make-Up 39.4% 39.5% 39.7% 39.7% 39.7% 40.0%
Face Make-Up 33.6% 33.5% 33.4% 33.2% 33.2% 32.9%
Lip Make-Up 18.1% 18.1% 18.1% 18.2% 18.2% 18.2%
Nail Make-Up 6.8% 6.8% 6.8% 6.8% 6.8% 6.8%
Make-Up Sets 2.0% 2.1% 2.1% 2.1% 2.1% 2.1%

Total 100% 100% 100% 100% 100% 100%

Source: MARKETLINE MARKETLINE

Table 4: South Africa make-up market category segmentation: $ million, 2017-2022

Category 2017 2018 2019 2020 2021 2022 2017-22

CAGR(%)
Eye Make-Up 102.2 109.4 116.3 115.6 121.7 131.9 5.2%
Face Make-Up 87.2 92.8 97.8 96.6 101.8 108.5 4.5%
Lip Make-Up 47.0 50.1 53.2 52.9 55.7 60.0 5.0%
Nail Make-Up 17.6 18.8 19.8 19.7 20.7 22.2 4.7%
Make-Up Sets 5.3 5.7 6.0 6.0 6.3 6.8 5.1%

Total 259.3 276.8 293.1 290.8 306.2 329.4 4.9%

Source: MARKETLINE MARKETLINE

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Figure 3: South Africa make-up market category segmentation: $ million, 2017-2022

Source: MARKETLINE MARKETLINE

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4.2. Geography segmentation

South Africa accounts for 0.5% of the global make-up market value.
China accounts for a further 17.3% of the global market.

Table 5: South Africa make–up market geography segmentation: $ million, 2022

Geography 2022 %
China 11,142.1 17.3
India 1,300.7 2.0
Saudi Arabia 605.0 0.9
South Africa 329.3 0.5
Egypt 97.1 0.2
Rest of global 50,984.0 79.1

Total 64,458.2 100%

Source: MARKETLINE MARKETLINE

Figure 4: South Africa make–up market geography segmentation: % share, by value, 2022

Source: MARKETLINE MARKETLINE

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4.3. Market distribution

Hypermarkets & Supermarkets form the leading distribution channel in the South African make-up market, accounting
for a 30.9% share of the total market's value.
Direct Sellers accounts for a further 16.4% of the market.

Table 6: South Africa make-up market distribution: % share, by value, 2022

Channel % Share
Hypermarkets & Supermarkets 30.9%
Direct Sellers 16.4%
Health & Beauty Stores 14.8%
Parapharmacies/Drugstores 12.7%
Other 25.1%

Total 100%
Source: MARKETLINE MARKETLINE

Figure 5: South Africa make-up market distribution: % share, by value, 2022

Source: MARKETLINE MARKETLINE

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5. Market Outlook

5.1. Market value forecast

In 2027, the South African make-up market is forecast to have a value of $406.6 million, an increase of 23.5% since
2022.
The compound annual growth rate of the market in the period 2022–27 is predicted to be 4.3%.

Table 7: South Africa make-up market value forecast: $ million, 2022–27

Year $ million ZAR million € million % Growth

2022 329.3 5,393.8 313.5 7.6%
2023 343.9 5,632.6 327.4 4.4%
2024 360.5 5,903.4 343.1 4.8%
2025 375.4 6,148.4 357.4 4.1%
2026 390.8 6,400.1 372.0 4.1%
2027 406.6 6,659.0 387.0 4.0%

CAGR: 2022–27 4.3%

Source: MARKETLINE MARKETLINE

Figure 6: South Africa make-up market value forecast: $ million, 2022–27

Source: MARKETLINE MARKETLINE

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5.2. Market volume forecast

In 2027, the South African make-up market is forecast to have a volume of 45.3 million units, an increase of 6.9% since
2022.
The compound annual growth rate of the market in the period 2022–27 is predicted to be 1.3%.

Table 8: South Africa make–up market volume forecast: million units, 2022–27

Year million units % Growth

2022 42.4 1.5%
2023 42.8 1.1%
2024 43.5 1.6%
2025 44.1 1.3%
2026 44.7 1.4%
2027 45.3 1.3%

CAGR: 2022–27 1.3%

Source: MARKETLINE MARKETLINE

Figure 7: South Africa make–up market volume forecast: million units, 2022–27

Source: MARKETLINE MARKETLINE

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6. Five Forces Analysis

The make-up market will be analyzed taking manufacturers of make-up products as players. The key buyers will be
taken as retailers, and chemical companies and mineral producers as the key suppliers.

6.1. Summary

Figure 8: Forces driving competition in the make-up market in South Africa, 2022

Source: MARKETLINE MARKETLINE

Rivalry in the market is assessed as moderate, with some of the companies having strong brands and enjoying
geographical diversification. Moreover, relatively high fixed costs intensify rivalry as they make it more difficult to exit
the market.
The market leaders own a variety of recognized brands and operate in various segments of the market, such as eye
make-up, face make-up, lip make-up and nail make-up. Fashion is a major influence on the make-up market, with
consumers differentiating themselves quite strongly through the styles and brands of make-up products offered. Larger
retailers often occupy a strong position in the supply chain, which allows them to negotiate favorable contracts with
manufacturers, thereby enhancing buyer power.
Buyer power is prevented from becoming disproportionately strong by consumer pull through, the range of products
consumers want and the size of large make-up manufacturers like Revlon, Inc. and The Estee Lauder Companies Inc.
Supplier power is also moderate, as the raw materials for the end product are commonly available and switching costs
are low.
Entry into this market is highly dependent on the growth prospects and also on the size of the existing players. Many
markets are dominated by large multinationals with significant R&D and marketing budgets. This serves as a deterrent
to potential new entrants. Make-up products have few substitutes, but manufacturers may face indirect competition
from traditional cosmetics, such as henna or kohl. However they are not likely to be a serious threat in the major
markets.

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6.2. Buyer power

Figure 9: Drivers of buyer power in the make-up market in South Africa, 2022

Source: MARKETLINE MARKETLINE

Hypermarkets and supermarkets are the leading distribution channels in the South African make-up market, accounting
for 30.91 % of the overall value in 2022. Health & beauty stores, and direct sellers are also significant, together
accounting for 31.24% of the total market value in the same year. Advertising is key in the make-up market and the
larger players boast significant marketing budgets. This helps them boost the appeal of their products by using the
services of a well-known celebrity, and also to build brand loyalty.
Retailers are positioned at the end of the value chain, which implies that they are obliged to offer buyers what they
want in a market that is subject to unpredictable changes in fashion. This reduces buyer power, as most retailers must
stock popular brands in order to maintain their own sales volumes.
Where brand loyalty exists, it is more likely that customers would prefer designer brands over retailer brands, although
some designer labels also have their own retail operations, for which a large market exists.
Direct selling is possible: for example, Avon avoids the conventional retail distribution network, by using a direct sales
force. This is made up of third party independent contractors (not employees), who buy Avon products at a discount
and then sell to end-users. This limits the power of contractors to set the prices, thus weakening buyer power.
Overall, buyer power in the make-up market is moderate.

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6.3. Supplier power

Figure 10: Drivers of supplier power in the make-up market in South Africa, 2022

Source: MARKETLINE MARKETLINE

Make-up products are typically manufactured using a range of chemical and mineral products, such as essential oils,
which are widely available from a large number of chemical companies.
Packaging is another significant input, for example the plastic used for eye shadow containers and the glass for nail
polish bottles.
The quality of many of the raw materials is important and chemicals used in these products must be of a suitable
standard for manufacturing consumer products. Furthermore, they must be tested to ensure they do not cause any
adverse reaction on the skin, hair or nails for users. Any ingredients used must be proved safe and in many countries
must be approved by a regulatory body. This can weaken supplier power as suppliers must prove that they can fulfil
these criteria, although suppliers who have a proven track record may see their bargaining position strengthened.
Supplier switching costs are negligible for make-up manufacturers as inputs are typically undifferentiated (provided
they fulfil regulatory criteria) and products can be made with a range of alternative raw materials. This reduces supplier
power.
Suppliers are often small in scale, compared to large make-up manufacturers, and consequently their power is reduced,
but this is offset by the fact that chemical producers gain revenues from a wide variety of sources, reducing their
dependence on cosmetics manufacturers.
Overall, supplier power with respect to the make-up market is moderate.

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6.4. New entrants

Figure 11: Factors influencing the likelihood of new entrants in the make-up market in South Africa, 2022

Source: MARKETLINE MARKETLINE

The South African make-up market comprises a small number of brands, some widely recognized, which have strong
market positions. Large firms benefit from scale economies, which allow them to compete more effectively on price.
Consequently, new companies entering the market will find it difficult to compete.
Retaliation by existing players, such as the launch of a price war, is a possibility, especially where a new entrant moves
into a more concentrated segment. The financial might of major players like Revlon and Estee Lauder makes it very
difficult for smaller, new entrants to compete on price. Furthermore, this financial strength means that these players
have much bigger marketing budgets and so can utilize the services of celebrities to boost the appeal of their brands.
Smaller entrants may struggle to match this capital-intensive form of marketing.
Substantial funds are usually needed to start a business in this market, with capital required for investment in
production, distribution, and also advertising (which is crucial for success in this market). However, due to the high
sales volumes of make-up products and low product differentiation, it is common for new companies to enter the lower
end of the make-up market.
A new entrant is able to start on a small scale, operating within a particular niche, such as make-up with anti-ageing
components. However, product testing and research would be both time-consuming and costly.
In addition, new entrants will need to persuade stores to stock their products, and major retailers, aware of their
importance in the distribution chain, may be unwilling to risk displacing existing brands for the sake of new ones.
Moreover, regulation has historically been lax in South Africa as the industry has essentially been self-regulating.
However, the South African Bureau of Standards (SABS) and the Department of Health (DoH) regulates the cosmetics
market in the country.
Due to the high brand strength of leading make-up manufacturers, it is difficult for new companies to develop their
brands to compete at an international level. The brand strength of major manufacturers may negate much of the effect
of low switching costs.
Strong market growth during the review period (2017-2022) will encourage new entrants. Overall, the threat of new
entrants with respect to the make-up market is moderate.

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6.5. Threat of substitutes

Figure 12: Factors influencing the threat of substitutes in the make-up market in South Africa, 2022

Source: MARKETLINE MARKETLINE

Make-up products have few substitutes as such.

In some countries, manufacturers may face indirect competition from traditional cosmetics, such as henna or kohl,
although these are not likely to be a serious threat on a mass scale in the major markets. The usage of homemade
products may be significant in some undeveloped markets. Domestically made haircare products may prevent users
from exposure to some potentially allergenic ingredients.
Mineral make-up products are also another form of substitute. They are believed to be more natural, light and allergy
free as there are no chemicals, fragrances or preservatives in their contents. Mineral make-up products are available in
the form of foundations and loose powder. These products claim to remove the wrinkles which consumers get due to
the aging process, acne, pimple scars or any other blemish present on the skin.
Counterfeited cosmetics constitute a serious substitutive threat for retail outlets and manufacturers, offering the
benefit of much lower price, though at the potential cost of lower quality.
Overall, the threat of substitutes is assessed as weak.

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6.6. Degree of rivalry

Figure 13: Drivers of degree of rivalry in the make-up market in South Africa, 2022

Source: MARKETLINE MARKETLINE

The South African make-up market is fairly concentrated, with the top four players Revlon Consumer Products
Corporation, The Estee Lauder Companies Inc., Natura &Co, and L'Oreal S.A. holding 62.44% of the total market by
value in 2022. Notably, the top two leading players, Revlon Consumer Products Corporation and Natura &Co together
accounting for 38.04% of the total market share in 2022.
As many large players have their own production facilities, fixed costs are relatively high, which serves to enhance
rivalry.
Retailers may be unwilling to switch between market players, as their customers are likely to seek the leading brands.
The diverse product range offered by some major players, including skincare and hair care products, reduces their
reliance on make-up products, and thus somewhat eases rivalry. This diversification protects the company’s business
against competitive pressures in any one particular market.
As most companies own large production facilities, the need to divest such assets on exiting the market constitutes a
high exit barrier and is therefore a driver of competition. However, most of the leading companies are geographically
diversified, which weakens rivalry to some extent.
Strong market growth during the review period (2017-2022) tends to ease the competition to some extent. Overall,
rivalry in the South African make-up market is moderate.

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7. Competitive Landscape
The South African make-up market has experienced a strong value growth and negative volume CAGR in recent
years. Revlon Consumer Products Corporation is the leading player in the sector in value terms during 2017-2022.
Furthermore, Natura &Co and The Estee Lauder Companies Inc. also have strong presence in the country,
accounting for second and third largest value shares respectively, in 2022. Moreover, Revlon Consumer Products
Corporation gained maximum value share during 2017-2022.

7.1. Market share

Table 9: South Africa make-up market share: % share, by value, 2022

Company % Share
Revlon Consumer Products Corporation 24.6%
Natura & Co 13.4%
The Estee Lauder Companies Inc. 12.5%
L'Oréal S.A. 11.9%
Other 37.6%

Total 100%
Source: MARKETLINE MARKETLINE

Figure 14: South Africa make-up market share: % share, by value, 2022

Source: MARKETLINE MARKETLINE

7.2. Who are the leading players in the South African make-up market?

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The US based multinational Revlon Consumer Products Corporation is the leading player in the South African make-up
market, accounting for 24.65% of the market value in 2022. The company has a strong foothold in face make-up, eye
make-up, lip make-up, and nail make-up segments, through brands such as Revlon - Colorstay, Revlon, Elizabeth Arden,
and Almay.
Brazil based multinational Natura &Co is the second leading player in the South African make-up market, accounting for
13.39% of the market value in 2022. The company has a strong foothold in eye make-up, face make-up, lip make-up,
and nail make-up segments, through brands such as Avon, AVON Color, and The Body Shop.
The US based multinational The Estee Lauder Companies Inc. is the third leading player in the South African make-up
market, accounting for 12.48% of the market value in 2022. The company has a strong foothold in face make-up, eye
make-up, lip make-up, and nail make-up segments, through brands such as M.A.C., Estee Lauder, Clinique, and Bobbi
Brown.

7.3. Which companies have been most successful in increasing their

market shares in the last 5 years (2017-2022)?
In the South African make-up market, Revlon Consumer Products Corporation gained largest market share with a 0.49
percentage points increase in value terms over the last five years, increasing from 24.16% in 2017 to 24.65% in 2022.
Over the same period, value market share of Wipro Limited increased with a 0.13 percentage points, growing from
7.80% in 2017 to 7.93% in 2022, while Yves Rocher witnessed increase of 0.04 percentage points to its value share, up
from 1.48% in 2017 to 1.52% in 2022.

7.4. Which companies market shares have suffered in the last 5 years
(2017-2022)?
In the South African make-up market, The Estee Lauder Companies Inc. witnessed loss of value share in the last five
years, falling 0.92 percentage points, down from 13.40% in 2017 to 12.48% in 2022. Coty, Inc. also witnessed loss of
value market share by 0.08 percentage points, down from 0.53% in 2017 to 0.45% in 2022. Moreover, value share of
Clarins Group also declined in the last five years, falling 0.04 percentage points, down from 1.33% in 2017 to 1.29% in
2022.

7.5. What are the most popular brands in the South African make-up
market?
Revlon, which is owned by Revlon Consumer Products Corporation, is the top brand in the South African make-up
market, accounting for value share of 22.25% in 2022. Furthermore, Avon (owned by Natura & Co) and Maybelline New
York (owned by L'Oréal S.A.) are also top brands of the sector, which held brand value shares of 11.03% and 9.57%
respectively in the same year.

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8. Company Profiles

8.1. Revlon Inc

8.1.1. Company Overview

Revlon Inc (Revlon) manufactures, distributes, and markets beauty care products. The company’s product
portfolio includes cosmetics, hair color, hair care and hair treatments, beauty tools, men's grooming products,
anti-perspirant deodorants, fragrances, skincare, and other beauty care products. Its markets these products
under Revlon, Almay, SinfulColors, Mitchum, Revlon ColorSilk, Llongueras, Revlon ColorStay, Revlon Age
Defying, Revlon PhotoReady, Revlon Super Lustrous, Juicy Couture, Curve, AllSaints and John Varvatos brand
names. Revlon sells its products directly to customers via retail stores and e-commerce sites and through mass
retail channels, including prestige retailers, boutiques, perfumeries, travel retailers, department and specialty
stores, and distributors. The company has business presence across the Americas, Asia-Pacific, Europe, the
Middle East, and Africa. Revlon is headquartered in New York, the US.
The company reported revenues of (US Dollars) US$1,980.4 million for the fiscal year ended December 2022
(FY2022), a decrease of 4.7% over FY2021. The operating loss of the company was US$336.1 million in FY2022,
compared to an operating profit of US$103.2 million in FY2021. The net loss of the company was US$673.9
million in FY2022, compared to a net loss of US$206.9 million in FY2021.

8.1.2. Key Facts

Table 10: Revlon Inc: key facts

Head office: 43rd Floor 55 Water Street, New York, New York, United States
Telephone: 12125274000
Fax: 19196032953
Number of Employees: 5600
Website: www.revlon.com
Financial year-end: December
Source: COMPANY WEBSITE MARKETLINE

8.1.3. Business Description

Revlon Inc (Revlon) is a manufacturer, distributor, and marketer of cosmetic and personal care products. The
company offers color cosmetics, hair color, hair care and hair treatments, fragrances, skin care, beauty tools,
men’s grooming products, anti-perspirant deodorants. Revlon carries out business through its wholly-owned
subsidiary, Revlon Consumer Products Corp and its subsidiaries. The company offers products under five
categories: color cosmetics, fragrance, hair care, beauty care, and skincare. In FY2022, color cosmetics accounted
for 27.8% of the company’s revenue, followed by fragrance (26.1%), hair care (22.8%), skincare (15.3%), and
beauty care (8%).
The company classified its business operations into four segments: Revlon, Elizabeth Arden, Portfolio and
Fragrances.
As of December 2022, the company operated in 25 foreign countries and sold its products in over 150 countries. It
has manufacturing, warehouse and distribution facilities in the US, South Africa, Spain, Italy, Mexico, Canada,
Australia, and the UK.

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Table 11: Revlon Inc: Key Employees

Name Job Title Board

Alan S. Bernikow Director Non Executive Board
Andrew Kidd Executive Vice President General Counsel Senior Management
Barry F. Schwartz Director Non Executive Board
Cari Robinson Executive Vice President Senior Management
Cari Robinson General Counsel Senior Management
Ceci Kurzman Director Non Executive Board
Charles Waters President EMEA Senior Management
Cristiana Falcone Sorrell Director Non Executive Board
E. Scott Beattie Vice Chairman Non Executive Board
Elizabeth A. Smith Chairman Executive Board
Elizabeth A. Smith Chief Executive Officer Interim Executive Board
Ely Bar-Ness Chief Human Resources Officer Senior Management
Hans Melotte Director Non Executive Board
Keyla Lazardi Chief Scientific Officer Senior Management
Kristin Dolan Director Non Executive Board
Martin Brok Director Non Executive Board
Martine Williamson Chief Marketing Officer Senior Management
Matt Kvarda Chief Financial Officer Interim Senior Management
Paul Pressler Director Non Executive Board
Ravi Sankar Chief Transformation Officer Senior Management
Thomas Cho Chief Supply chain Officer Operator Senior Management
Timothy McLevish Director Non Executive Board
Tracey Raso Managing Director Revlon Pacific Senior Management
Victor Nichols Director Non Executive Board
Source: COMPANY FILINGS MARKETLINE

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8.2. Natura & Co Holding SA

8.2.1. Company Overview

Natura & Co Holding SA (Natura & Co) is a manufacturer and supplier of personal care products. The company’s
product range includes cosmetics, perfumes, makeup products, nail polish, face products, body care, hair care
products, bath and body accessories, hair care products, treatment products, sun protection products and
others. The company markets its products under Natura, Avon, Aesop and The Body Shop brand names. Natura
& Co sell its products through a network of distribution channel e-commerce, business-to-business (B2B) and
franchises to domestic and overseas markets. It also provides research and testing services for personal care
industry companies. Natura & Co is headquartered in Sao Paulo, Brazil.
The company reported revenues of (Real) BRL36,349.6 million for the fiscal year ended December 2022
(FY2022), a decrease of 9.5% over FY2021. The operating loss of the company was BRL645.4 million in FY2022,
compared to an operating profit of BRL1,091.7 million in FY2021. The net loss of the company was BRL2,859.6
million in FY2022, compared to a net profit of BRL1,048 million in FY2021. The company reported revenues of
BRL7,773.5 million for the second quarter ended June 2023, an increase of 6.2% over the previous quarter.

8.2.2. Key Facts

Table 12: Natura & Co Holding SA: key facts

Head office: Parque Anhanguera , Sao Paulo, Brazil

Telephone: 551188888888
Number of Employees: 1709
Website: ri.naturaeco.com/en
Financial year-end: December
Ticker: NTCO3
Stock exchange: Bolsa de Valores do Estado de Sao Paulo
Source: COMPANY WEBSITE MARKETLINE

8.2.3. Business Description

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Table 13: Natura & Co Holding SA: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 35.98 7.82 155.61 8.78 -9.50
Operating Income Growth % -9.35 -0.82 -46.11 65.85 -159.12
EBITDA Growth % 4.57 28.40 44.39 14.99 -49.88
Net Income Growth % -18.18 -71.65 -518.22 261.18 -372.88
EPS Growth % 10.95 -47.65 -17.57 252.94 -161.12
Working Capital Growth % 1208.96 1.20 34.71 47.05 -26.49
Equity Ratios
EPS (Earnings per Share) BRL 1.00 0.52 0.43 1.52 -0.93
Dividend per Share BRL 0.13
Book Value per Share BRL 2.99 3.88 19.90 20.77 16.26
Profitability Ratios
Gross Margin % 71.76 72.08 64.17 64.90 63.81
Operating Margin % 9.19 8.46 1.78 2.72 -1.78
Net Profit Margin % 4.09 1.08 -1.76 2.61 -7.87
Profit Markup % 254.16 258.12 179.08 184.90 176.32
PBT Margin (Profit Before Tax) % 5.03 2.11 -0.67 0.23 -6.49
Return on Equity % 21.30 4.62 -2.38 3.67 -12.80
Return on Capital Employed % 11.39 8.94 1.47 2.33 -1.56
Return on Assets % 3.62 0.85 -1.58 1.73 -4.97
Return on Working Capital % 65.20 63.90 25.56 28.83 -23.19
Operating Costs (% of Sales) % 90.81 91.54 98.22 97.28 101.78
Administration Costs (% of Sales) % 55.63 52.97 51.15 52.55 53.40
Liquidity Ratios
Current Ratio Absolute 1.41 1.25 1.16 1.28 1.21
Quick Ratio Absolute 1.11 1.06 0.88 0.88 0.87
Cash Ratio Absolute 0.27 0.60 0.36 0.29 0.31
Leverage Ratios
Debt to Equity Ratio Absolute 3.28 3.96 0.65 0.57 0.76
Net Debt to Equity Absolute 2.33 2.31 0.34 0.36 0.49
Debt to Capital Ratio Absolute 0.77 0.80 0.39 0.36 0.43
Efficiency Ratios
Asset Turnover Absolute 0.88 0.79 0.90 0.66 0.63
Fixed Asset Turnover Absolute 5.94 4.36 5.67 4.69 4.44
Inventory Turnover Absolute 2.90 2.89 4.43 2.83 2.65
Current Asset Turnover Absolute 1.98 1.82 2.62 2.22 2.17
Capital Employed Turnover Absolute 1.24 1.06 0.82 0.86 0.88
Working Capital Turnover Absolute 7.09 7.56 14.34 10.61 13.06
Source: COMPANY FILINGS MARKETLINE

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Table 14: Natura & Co Holding SA: Key Employees

Name Job Title Board

Andrew George McMaster Director Non Executive Board
Antonio Luiz da Cunha Seabra Co-Chairman Executive Board
Bruno Rocha Director Non Executive Board
Carla Schmitzberger Director Non Executive Board
Georgia Garinois-Melenikiotou Director Non Executive Board
Gilberto Mifano Director Non Executive Board
Guilherme Peirao Leal Co-Chairman Executive Board
Maria Eduarda Director Non Executive Board
Pedro Luiz Barreiros Passos Co-Chairman Executive Board
Source: COMPANY FILINGS MARKETLINE

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8.3. The Estee Lauder Companies Inc

8.3.1. Company Overview

The Estee Lauder Companies Inc (Estee Lauder) is a manufacturer, marketer and distributor of beauty products.
The company offers makeup, hair care, fragrance and skin care products. Estee Lauder markets its products
under Estee Lauder, Aramis, Origins, Bobbi Brown, Aveda, Clinique, Darphin, Dr. Jart+, Editions de Parfums
Frederic Malle, Estée Lauder, and GLAMGLOW brand names. It sells products through specialty multi-brand
retailers, department stores, perfumeries, beauty salons and spas, authorized freestanding stores, online retail
stores, duty-free shops, and stores on cruise, airports and in-flight. The company’s operations are spread across
the Asia-Pacific, the Middle East, Europe, Africa and the Americas. Estee Lauder is headquartered in New York
City, New York, the US.
The company reported revenues of (US Dollars) US$15,937 million for the fiscal year ended June 2023 (FY2023),
a decrease of 10.1% over FY2022. In FY2023, the company’s operating margin was 9.5%, compared to an
operating margin of 17.9% in FY2022. In FY2023, the company recorded a net margin of 6.3%, compared to a
net margin of 13.5% in FY2022. The company reported revenues of US$3,518 million for the first quarter ended
September 2023, a decrease of 3% over the previous quarter.

8.3.2. Key Facts

Table 15: The Estee Lauder Companies Inc: key facts

Head office: 767 5th Ave , New York, New York, United States
Telephone: 12125724200
Fax: 12125273764
Number of Employees: 62000
Website: www.elcompanies.com
Financial year-end: June
Ticker: EL
Stock exchange: New York Stock Exchange
Source: COMPANY WEBSITE MARKETLINE

8.3.3. Business Description

The Estee Lauder Companies Inc (Estee Lauder) is a producer and marketer of skin care, makeup, fragrance, and
hair care products.
The company offers its products under Estee Lauder, Aramis, Clinique, Origins, MAC, Bobbi Brown, Aveda, Le Labo,
Smashbox, Tom Ford Beauty, and Too Faced, among others, brand names. Estee Lauder sells products through
specialty multi-brand retailers, department stores, perfumeries, pharmacies, salons and spas, freestanding stores,
e-commerce, and m-commerce sites, duty-free shops, and stores on cruise ships, airports, and in-flight.
The company classifies its offerings into five product categories: Makeup, Skin Care, Fragrance, Hair Care, and
Other.
As of June 2023, the company sold in approximately 150 countries and territories with 1,600 freestanding stores.
Geographically, the company has business presence in three regions: Asia/Pacific, Europe, the Middle East and
Africa, and the Americas.

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Table 16: The Estee Lauder Companies Inc: Annual Financial Ratios
Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 8.62 -3.83 13.44 9.39
Operating Income Growth % 12.72 -73.80 332.01 21.08
EBITDA Growth % 11.11 -57.60 168.61 19.21
Net Income Growth % 61.10 -61.68 319.59 -16.72
EPS Growth % 19.97 -16.09 90.68 -15.98
Working Capital Growth % -8.78 42.42 20.39 -22.08
Equity Ratios
EPS (Earnings per Share) USD 4.57 5.48 4.60 8.76 7.36
Dividend per Share USD 1.48 1.67 1.39 2.07 2.33
Dividend Cover Absolute 3.08 3.28 3.31 4.23 3.16
Book Value per Share USD 12.77 12.15 10.91 16.74 15.66
Profitability Ratios
Gross Margin % 79.22 77.21 75.15 76.36 75.73
Operating Margin % 15.00 15.56 4.24 16.15 17.87
Net Profit Margin % 8.10 12.01 4.79 17.70 13.47
Profit Markup % 381.12 338.82 302.42 322.93 312.01
PBT Margin (Profit Before Tax) % 14.47 15.52 7.32 20.54 17.12
Return on Equity % 23.63 40.70 17.38 47.38 42.75
Return on Capital Employed % 22.17 27.05 4.81 15.70 21.00
Return on Assets % 17.63 13.88 4.42 14.44 11.15
Return on Working Capital % 71.80 88.72 16.32 58.57 91.01
Operating Costs (% of Sales) % 85.00 84.44 95.76 83.85 82.13
Administration Costs (% of Sales) % 61.16 58.19 58.78 56.16 54.02
Liquidity Ratios
Current Ratio Absolute 1.86 1.57 1.72 1.84 1.60
Quick Ratio Absolute 1.37 1.13 1.32 1.37 1.10
Cash Ratio Absolute 0.66 0.65 0.97 0.94 0.68
Leverage Ratios
Debt to Equity Ratio Absolute 0.76 0.78 1.56 0.92 0.97
Net Debt to Equity Absolute 0.18 0.10 0.28 0.10 0.26
Debt to Capital Ratio Absolute 0.43 0.44 0.61 0.48 0.49
Efficiency Ratios
Asset Turnover Absolute 2.18 1.16 0.92 0.82 0.83
Fixed Asset Turnover Absolute 15.01 7.64 4.46 3.68 3.91
Inventory Turnover Absolute 3.52 1.87 1.75 1.68 1.59
Current Asset Turnover Absolute 4.44 2.22 1.78 1.74 1.86
Capital Employed Turnover Absolute 1.48 1.74 1.13 0.97 1.18
Working Capital Turnover Absolute 4.79 5.70 3.85 3.63 5.09
Source: COMPANY FILINGS MARKETLINE

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Table 17: The Estee Lauder Companies Inc: Key Employees

Name Job Title Board

Angela Wei Dong Director Non Executive Board
Arturo Nunez Director Non Executive Board
Barry S. Sternlicht Director Non Executive Board
Carl Haney Executive Vice President Senior Management
Carl Haney Research, Product and Innovation Officer Senior Management
Charlene Barshefsky Director Non Executive Board
General Manager Commercial, ELC UK and
Chris Reid Senior Management
Ireland
Chris Reid Vice President Senior Management
Deirdre Stanley Executive Vice President Senior Management
Deirdre Stanley General Counsel Senior Management
General Manager Tom Ford Beauty, Le Labo,
Emmanuelle Noyer Kilian Paris, Editions de Parfums Frédéric Senior Management
Malle and Balmain Beauty
Emmanuelle Noyer Vice President Senior Management
Fabrizio Freda Chief Executive Officer Executive Board
Fabrizio Freda Director Executive Board
Fabrizio Freda President Executive Board
Guillaume Jesel Chief Executive Officer The TOM FORD Senior Management
Guillaume Jesel President The TOM FORD Senior Management
Jane Hertzmark Hudis Executive Group President Senior Management
Jane Lauder Chief Data Officer Executive Board
Jane Lauder Director Executive Board
Jane Lauder Executive Vice President Enterprise Marketing Executive Board
Jennifer Hyman Director Non Executive Board
Jennifer Tejada Director Non Executive Board
Justin Boxford President Global Brand Senior Management
Lahnie Strange General Manager Bobbi Brown Senior Management
Lahnie Strange Senior Vice President Bobbi Brown Senior Management
Leonard A. Lauder Chairman Emeritus Executive Board
Leonard A. Lauder Director Executive Board
Luke Evans Vice President Senior Management
Lynn Forester de Rothschild Director Non Executive Board
Source: COMPANY FILINGS MARKETLINE

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Table 18: The Estee Lauder Companies Inc: Key Employees Continued

Name Job Title Board

Executive Vice President Global
Meridith Webster Senior Management
Communications and Public Affairs
Executive Vice President Global Human
Michael O’Hare Senior Management
Resources
Nadine Graf General Manager EMEA Senior Management
Nadine Graf Senior Vice President Senior Management
Paul J. Fribourg Director Non Executive Board
Peter Hawkings Creative Director, TOM FORD Senior Management
Peter Jueptner President International Senior Management
Quentin Roach Chief Procurement Officer Senior Management
Quentin Roach Senior Vice President Senior Management
General Manager Jo Malone London UK and
Rachel Baker Senior Management
Ireland
Vice President Jo Malone London UK and
Rachel Baker Senior Management
Ireland
Richard D. Parsons Director Non Executive Board
Richard F. Zannino Director Non Executive Board
Roberto Canevari Executive Vice President Global Supply Chain Senior Management
Ronald S. Lauder Chairman Clinique Laboratories, LLC Executive Board
Ronald S. Lauder Director Executive Board
Senior Vice President Global Trends and
Sam Cheow Makeup Product Development and Innovation Senior Management
Portfolio
Sara E. Moss Vice Chairman Executive Board
Stephane de La Faverie Executive Group President Senior Management
Tracey T. Travis Chief Financial Officer Senior Management
Tracey T. Travis Executive Vice President Senior Management
Wei Sun Christianson Director Non Executive Board
William P. Lauder Chairman Executive Board
Source: COMPANY FILINGS MARKETLINE

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Industry Profiles

8.4. L'Oreal SA

8.4.1. Company Overview

L'Oreal SA (L'Oreal) is a provider of personal care products. The company manufactures and markets make-up
products, perfumes, hair care, sun care, skincare, and coloring products. L’Oreal markets products under
various brands, including Lancome Giorgio Armani, Yves Saint Laurent, Biotherm, Kiehl's, Ralph Lauren, Shu
Uemura, Cacharel, Helena Rubinstein, Clarisonic, Diesel, Viktor&Rolf, Yue Sai, Essie, Maybelline New York,
Redken, Kerastase, and Matrix. The company merchandises products through a network of hair salons, mass-
market retail, perfumeries, department stores, pharmacies, drugstores, medispas, branded retail, and travel
retail. Apart from physical stores, the company sells its products online through e-commerce platforms. The
company has business presence across North America, Latin America, Europe, Asia-Pacific, Africa, and the
Middle East. L'Oreal is headquartered in Clichy, Ile De France, France.
The company reported revenues of (Euro) EUR38,260.6 million for the fiscal year ended December 2022
(FY2022), an increase of 18.5% over FY2021. In FY2022, the company’s operating margin was 18.9%, compared
to an operating margin of 17.7% in FY2021. In FY2022, the company recorded a net margin of 14.9%, compared
to a net margin of 14.2% in FY2021.

8.4.2. Key Facts

Table 19: L'Oreal SA: key facts

Head office: 41 Rue Martre Clichy Cedex, Clichy, Ile-de-France, France

Number of Employees: 87369
Website: www.loreal.com
Financial year-end: December
Ticker: OR
Stock exchange: Euronext Paris
Source: COMPANY WEBSITE MARKETLINE

8.4.3. Business Description

L'Oreal SA (L'Oreal) is a manufacturer and marketer of perfumes, make-up, coloring, hair, and skincare products. It
offers products under five categories: skincare, make-up, hair colorants, perfumes, and others. In FY2022, the
company generated 41% of its revenue from skincare products, followed by haircare (22%), make-up (16%),
perfumes (11%), and others (4%).
The company classifies its business operations into four reportable segments: L’Oreal Luxe, Consumer Products,
Active Cosmetics, and Professional Products.
Geographically, the company has business operations across Europe, North America, Asia Pacific, Latin America,
Africa, and the Middle East.
The company markets products across 150 countries. As of December 2022, the company managed 38 production
plants located around the world.

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Table 20: L'Oreal SA: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 3.51 10.90 -6.30 15.35 18.50
Operating Income Growth % 9.71 5.88 -11.95 27.30 25.96
EBITDA Growth % 5.66 19.08 -7.66 15.03 16.54
Net Income Growth % 8.77 -3.73 -4.98 29.01 24.14
EPS Growth % -1.47 0.89 10.93 15.53 18.82
Working Capital Growth % 27.58 29.44 12.53 -231.41 -107.32
Equity Ratios
EPS (Earnings per Share) EUR 7.07 7.14 7.92 9.15 10.87
Dividend per Share EUR 3.85 3.85 4.00 4.80 6.00
Dividend Cover Absolute 1.84 1.85 1.98 1.91 1.81
Book Value per Share EUR 48.12 52.71 51.79 44.05 50.78
Profitability Ratios
Gross Margin % 72.78 73.00 73.09 73.88 72.35
Operating Margin % 17.92 17.11 16.08 17.74 18.86
Net Profit Margin % 14.46 12.55 12.73 14.24 14.92
Profit Markup % 267.42 270.42 271.63 282.86 261.72
PBT Margin (Profit Before Tax) % 19.24 18.11 17.06 18.73 19.89
Return on Equity % 14.47 12.75 12.29 19.49 21.00
Return on Capital Employed % 17.03 15.52 13.86 21.67 21.78
Return on Assets % 10.56 9.12 8.15 10.61 12.70
Return on Working Capital % 205.01 167.68 131.20 -127.09 2186.48
Operating Costs (% of Sales) % 82.08 82.89 83.92 82.26 81.14
Administration Costs (% of Sales) % 51.12 51.14 51.04 51.58 49.57
Liquidity Ratios
Current Ratio Absolute 1.23 1.28 1.31 0.73 1.02
Quick Ratio Absolute 0.95 1.01 1.07 0.54 0.73
Cash Ratio Absolute 0.39 0.49 0.58 0.16 0.19
Leverage Ratios
Debt to Equity Ratio Absolute 0.05 0.10 0.09 0.27 0.21
Net Debt to Equity Absolute -0.10 -0.08 -0.13 0.15 0.11
Debt to Capital Ratio Absolute 0.04 0.09 0.08 0.21 0.17
Efficiency Ratios
Asset Turnover Absolute 0.73 0.73 0.64 0.75 0.85
Fixed Asset Turnover Absolute 7.49 6.52 5.44 6.78 7.86
Inventory Turnover Absolute 2.76 2.81 2.69 2.89 2.92
Current Asset Turnover Absolute 2.29 2.26 1.97 2.42 2.93
Capital Employed Turnover Absolute 0.95 0.91 0.86 1.22 1.16
Working Capital Turnover Absolute 11.44 9.80 8.16 -7.16 115.94
Source: COMPANY FILINGS MARKETLINE

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Table 21: L'Oreal SA: Key Employees

Name Job Title Board

General Manager Consumer Products
Adrien Koskas Senior Management
Division, SAPMENA
Chief Corporate Responsibility Officer -
Alexandra Palt Senior Management
L’Oreal Foundation
Alexandra Palt Chief Executive Officer L’Oreal Foundation Senior Management
Alexandre Ricard Director Non Executive Board
Alexis Perakis-Valat President Consumer Products Division Senior Management
Ana Sofia Amaral Director Non Executive Board
General Manager Consumer Products,
Ankit Porwal Senior Management
Malaysia and Singapore
Antoine Vanlaeys Chief Operations Officer Senior Management
Asmita Dubey Chief Digital Officer Senior Management
Asmita Dubey Chief Marketing Officer Senior Management
Barbara Lavernos Deputy Chief Executive Officer Senior Management
Beatrice Guillaume-Grabisch Director Non Executive Board
Belen Garijo Director Non Executive Board
Benny de Vlieger Director Senior Management
Chief Corporate Affairs and Engagement
Blanca Juti Senior Management
Officer
Celine Brucker General Manager L’Oreal France Senior Management
Christophe Babule Chief Financial Officer Senior Management
Christophe Babule Director Administrative and Finance Senior Management
Cyrielle Villepelet Managing Director Senior Management
Cyril Chapuy President Luxe Senior Management
David Greenberg Chief Executive Officer L Senior Management
David Greenberg President L Senior Management
President Global Brand, NYX Professional
Denee Pearson Senior Management
Makeup brand
Emmanuel Goulin President Travel Retail Senior Management
Ersi Pirishi President Latin America Zone Senior Management
Fabienne Dulac Director Non Executive Board
Fabrice Megarbane Chief Executive Officer L’Oréal China Senior Management
Fabrice Megarbane President North Asia Zone Senior Management
Francoise Bettencourt Meyers Vice-Chairwoman Executive Board
Francoise Lauvin Director Investor Relations Senior Management
Source: COMPANY FILINGS MARKETLINE

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Table 22: L'Oreal SA: Key Employees Continued

Name Job Title Board

Frederic Roze Chief Global Growth Officer Senior Management
Herve Navellou Chairman- LOreal France Senior Management
Ilham Kadri Director Non Executive Board
Jean-Paul Agon Chairman Executive Board
Jean-Victor Meyers Director Non Executive Board
Marc Baland President Garnier Senior Management
Marissa Pagnani McGowan Chief Sustainability Officer North America Senior Management
Myriam Cohen-Welgryn President Active Cosmetics Division Senior Management
Nicolas Hieronimus Chief Executive Officer Executive Board
Nicolas Hieronimus Director Executive Board
Nicolas Meyers Director Non Executive Board
Omar Hajeri President Professional Products Senior Management
Patrice Caine Director Non Executive Board
Paul Bulcke Vice Chairman Executive Board
Paul Bulcke Vice President Executive Board
Qawi Naseer Managing Director L’Oreal Pakistan Senior Management
Rasika Malhotra Director Human Resources Senior Management
Head Dermatological Division Spain and
Rocio Valenzuela Senior Management
Portugal
Sophie Bellon Director Non Executive Board
Thierry Hamel Director Senior Management
Executive Vice President Western Europe
Vianney Derville Senior Management
Zone
Vincent Boinay Chief Executive Officer L’Oreal China Senior Management
Vincent Boinay President North Asia Zone Senior Management
Virginie Morgon Director Non Executive Board
President South Asia, Pacific, Middle East and
Vismay Sharma Senior Management
North Africa Zones
Yassine Bakkari Managing Director East African region Senior Management
Source: COMPANY FILINGS MARKETLINE

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9. Macroeconomic Indicators

9.1. Country data

Table 23: South Africa size of population (million), 2018–22

Year Population (million) % Growth

2018 54.7 0.6%
2019 55.0 0.6%
2020 55.3 0.6%

Source: MARKETLINE MARKETLINE

Table 24: South Africa gdp (constant 2005 prices, $ billion), 2018–22

Year Constant 2005 Prices, $ billion % Growth

2018 353.2 3.2%
2019 365.6 3.5%
2020 380.2 4.0%

Source: MARKETLINE MARKETLINE

Table 25: South Africa gdp (current prices, $ billion), 2018–22

Year Current Prices, $ billion % Growth

2018 470.5 8.7%
2019 513.4 9.1%
2020 563.5 9.8%

Source: MARKETLINE MARKETLINE

Table 26: South Africa inflation, 2018–22

Year Inflation Rate (%)

2018 5.3%
2019 5.3%
2020 5.3%

Source: MARKETLINE MARKETLINE

Table 27: South Africa consumer price index (absolute), 2018–22

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Year Consumer Price Index (2005 = 100)

2018 215.6
2019 227.1
2020 239.2

Source: MARKETLINE MARKETLINE

Table 28: South Africa exchange rate, 2018–22

Year Exchange rate ($/ZAR) Exchange rate (€/ZAR)

2018 13.2551 15.6192
2019 14.4484 16.1767
2020 16.4581 18.7858
2021 14.7895 17.4859
2022 16.3773 17.2052

Source: MARKETLINE MARKETLINE

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Appendix

9.2. Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

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9.3. Industry associations

9.3.1. The Cosmetic, Toiletry & Fragrance Association (CTFA)

86 John Vorster Avenue, Block B, 2nd floor, Baobab Business Park, Randpark Ridge, ZAF
Tel.: 2711 795 4272
https://ctfa.co.za

9.4. Related MarketLine research

9.4.1. Industry Profile

Make-Up in Europe
Make-Up in Asia-Pacific
Global Facial Care
Make-Up in Germany
Make-Up in the United States

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