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The 2023 Top 100 Beauty Companies

WWD Beauty Inc's annual ranking of the world's largest beauty companies by sales.

With sales reaching a record $245.17 billion, 2023 was a banner year for beauty.

But the landscape shifted, and the agility and cultural relevance of the world’s leading manufacturers was tantamount to their performance. In fact, the biggest sales gainers of the year — Selena Gomez’s Rare Beauty and E.l.f. Beauty — proved that when consumers are on board, they continue to buy.

But what’s also clear from the 2023 WWD Beauty Inc Top 100, our annual ranking of the world’s largest beauty companies by sales, is that as consumers in many parts of the world see their purchasing power shrink, they are more discerning than ever about how and where they spend.

Business in China weighed heavily on beauty’s biggest players for the second year in a row. Companies that had profited from the growth of the Chinese economy over the past decade or so took a hit as consumer sentiment waned, and as the Chinese government reined in on so-called “Daigou” bulk purchasing in travel retail. Japanese players were doubly penalized due to consumer backlash over the release of wastewater from Fukushima into the Pacific Ocean.

In general, players with a broader portfolio across distribution channels did better than those focused on the premium market, on which China weighed heavily. But there were exceptions in prestige: High-end fragrance companies continued to outperform prestige players with broader portfolios.

Skin health and dermocosmetics continued to accelerate, benefiting players like L’Oréal; Laboratoires Pierre Fabre, whose Avène brand broke the €1 billion sales barrier; Galderma; Caudalie; Naos, and Nuxe.

At the opposite end of the spectrum, South Korea’s LG H&H and Amorepacific continued to struggle, despite efforts to re-dynamize their business models and decrease their reliance on Chinese consumers.

It was another tough year for the majority of direct sellers, too, as they continue to seek the magic formula for business model rejuvenation. Natura & Co., Nu Skin and Oriflame were among the worst performers for 2023. Mexico’s Betterware, with its turnaround of Jafra, was a notable exception.

Despite the challenges, the majority — more than three-fourths — of the companies in this year’s ranking saw their sales increase year-over-year, 37 of them with double-digit gains. Of just 21 players registering sales declines, they were less vertiginous than a year ago; none of the Top 100 companies saw their sales fall by more than 20%.

Total sales for all 100 companies increased 5.3% year-over-year, to $245.17 billion, a record number that is also well above 2019’s pre-pandemic sales for Top 100 companies of $227.6 billion.

L’Oréal accounted for 18.2% of total sales, its share of the Top 100 inching up once more, by 0.9 percentage points. The top 10 companies overall generated sales of $145.61 billion, or 59.4% of total Top 100 revenues, a ratio that has remained roughly stable in recent years.

METHODOLOGY

The WWD Beauty Inc Top 100 ranks the world’s largest beauty manufacturers. Firms are arranged by their beauty sales for the 2023 calendar year. For those companies whose fiscal year did not run from Jan. 1, 2023, to Dec. 31, 2023, estimates were calculated. All sales figures were either obtained from the companies or generated with the help of industry sources, indicated by (EST.) in the ranking. For this list, “beauty” includes fragrance, makeup, skin care, body care, sun care, hair care, deodorant, plus cellulite and shaving products. It does not take into account bar soaps, razors, toothpastes, food and diet foods, medicines, vitamins, detergents or appliances. The revenues only include sales of beauty products each firm manufactures and do not include business from private-label lines or products distributed for other companies. Information in the main brands section reflects each company’s holdings in 2023. Year-on-year percentage changes are in reported terms, not on a like-for-like or constant-currency basis. Non-U.S.-based firms’ sales are converted into dollars according to the 2023 average yearly exchange rate.

CURRENCY CONVERSIONS

Sales figures in non-U.S. currencies were converted to the dollar using the following 2023 average exchange rates from Oanda.com:

€1=$1.08144; ¥1=$0.00713197; £1=$1.24360; 1 KRW=$0.000765257; R$1=$0.200293; CNY 1=$0.141397; 1 Rupee=$0.0121094; 1 SFr=$1.11335; 1 HK$=$0.127729; 1 Mexican peso=$0.0564468.

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