The beauty sector overperforms during Q1 2022

Forecasts saw the beauty sector grow by 8%, but great groups have outperformed the first quarter of 2022 and announced double-digit growth led by premium divisions, perfumery, and makeup.

The beauty market is growing fast, driven by skin care (Shutterstock)

The latest Altagamma Consensus report had already foreseen last Fall that 2022 would be an exceptional year for the beauty sector, valuing the industry’s growth at +8% in 2022. According to Quadpack, the latter grew faster than anticipated further to the post-pandemic drop in sales, and the market could reach previous levels as of this year. The report also adds that growth would be led by skincare cosmetics, which could grow by 10% in 2022 to represent 34% of the global cosmetics market in 2024.

L'Oréal closes its first quarter with a 19% increase in sales (Shutterstock)

Figures have been confirmed and even surpassed: the first results for big groups in the sector show that L’Oréal closed its first quarter on March 31st with a 19% increase in sales, the luxury division showing a glowing +25%. Nicolas Hieronimus, CEO of L’Oréal, commented on the results: “The L’Oréal luxury divisions, professional products and active cosmetics have all recorded a double-digit growth and our greater public products have outperformed the market again, despite supply chain challenges. We have made the best out of our omnichannel strategy, with a recovery led by offline sales, while online trade has continued to grow, representing 25.8% of total sales.”



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Perfumes and makeup are strongly growing

The Estée Lauder Companies have announced a new quarter with strong growth, despite opposite sales on the Chinese market due to new challenges related to the pandemic. The company has recorded 4.25 billion dollars in net sales for the first quarter closing on March 31st, an increase of 10% vs last year. In parallel, net profit reached 573 million dollars, a 25% increase vs 2021. “Each category has grown organically, said the CEO Fabrizio Freda, thanks to the exceptional performance of perfumes on a global level and the return of makeup on Western markets.”

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