[营销星球]德银-美股-家庭个人护理行业-美丽的成长扭曲-2019.2.13-21页

13February2019HouseholdPersonalCareBubble&BeautyConsumerStaplesHouseholdPersonalCareResultsEuropeNorthAmericaIndustryBubble&BeautyDate13February2019DeutscheBankResearchBeautygrowthdetangledAnunprecedenteddiscrepancyincompaniesgrowthOverthelasttwoyears,globalbeautymarketgrowthacceleratedfrom+4.5%to+5.5%.Inthatcontext,itwasnotsurprisingtoseetheEuropean/USbeautyplayersorganictop-linegrowthmirrorthattrend,improvingfrom+5.6%in2017to+6.5%in2018.Whatdid,however,surpriseuswasjusthowmuchgreaterthanusualthediscrepancybetweenthebestandworstperformingcompanieswasoverthesetwoyears.Mixdifferenceshavebeenakeydriver...Besidesanumberofcompany-specificissues(e.g.CotyandHenkelBeauty),thiswasessentiallyduetomixwithchannelmix-unusually,historically-playingbyfarthemostimportantrole,followedbyregionalmixandcategorymix.Inthisnote,wewillbeloo