World`s Five Largest Cosmetic Brands Worth Over $40bn in 2020, a $4bn Increase Despite COVID-19 Crisis
The COVID-19 outbreak has severely impacted the multi-billion-dollar cosmetics industry, causing thousands of closed stores and weak first and second-quarter sales.
However, the largest cosmetics companies and top beauty brands globally managed to increase their value despite the coronavirus crisis. According to data presented by Buy Shares, the world’s five largest cosmetic brands hit over $40bn value in 2020, a $4bn increase year-on-year. With $11.7bn in brand value, L’Oréal ranked as the largest cosmetic brand globally.
L’Oréal Brand Value Jumped by $1.3bn in 2020
In 2019, the brand value of the French multinational cosmetic giant L’Oréal amounted to $10.38bn, revealed the Brand Finance 2020 annual report. In the last twelve months, this figure rose by $1.3bn, an 13% increase year-on-year.
The report revealed that L’Oréal`s brand value increase had been primarily boosted by steady growth in sales across key markets in the last decade, especially in Asia, where over 20% of net sales are concentrated. The North American market sales rose by nearly 20%, mostly driven by CeraVe, SkinCeuticals, La Roche-Posay, and Vichy, which all delivered double-digit growth. The Group has also benefited from its digital transformation strategy, especially in Eastern Europe, where online sales surged by 50%.
Gillette ranked as the second-largest cosmetic brand in 2020. Statistics show the value of the US brand, owned by the multinational corporation Procter & Gamble increased by 18% in the last four years, rising from $7.1bn in 2016 to $8.48bn in 2020.
With almost $7.4bn in brand value, NIVEA represents the third-largest cosmetic brand globally. In 2016, the German personal care brand vas valued at $6.1bn. In the next twelve months, this figure rose to nearly $6.7bn. After a slight drop in 2018, the NIVEA brand value jumped to $6.8bn last year and continued rising. Statistics indicate the value of brand owned by the Hamburg-based company Beiersdorf Global AG rose by almost 20% in the last four years.
Estée Lauder Brand Value Surged by 41% in Two Years
The Brand Finance data also revealed that the brand value of Estée Lauder, the fourth-largest cosmetic brand in the world, jumped by 27% in 2020, the most significant increase among the top five companies. In 2018, the US skincare brand was worth $4.4bn. Over the last two years, this figure surged by 41% to nearly $6.3bn in 2020.
Statistics show that 2019 has been the most successful year in Estée Lauder’s history, with the global net sales reaching almost $15bn, an 8.6% increase year-over-year. Although the US corporation reported a net loss of $6 million due to the COVID-19 outbreak, statistics show its online sales skyrocketed in the first half of 2020.
The value of the US skincare producer Clinique, the fifth-largest cosmetic brand in the world, jumped by 15.4% year-over-year to $6.22bn in 2020.
Analyzed by geography, the United States represents the leading region globally, with $59.5bn in the total value of the eighteen leading cosmetic brands and 42% market share in 2020. French cosmetic companies ranked second with $40.1bn brand value and 28.3% market share. Japan, Germany, and the United Kingdom follow, with $12.6bn, $9.5bn, and $8.5bn value, respectively.
Ellah Lakes Partner Ondo State Government to Develop Oil Palm, Cassava in the State
The management of Ellah Lakes Plc said it has partnered with Ondo State Government to develop and manage 5000 hectares of land for the purpose of cultivating oil palm and cassava in Ondo State, Nigeria.
The company stated in a statement signed by Kenechi Ezezika, Company Secretary, Ellah Lakes Plc.
Speaking on the development, the Chief Executive Officer, Chuka Mordi said: “This is a significant landmark for the Company in the development of our landbank, & we are very excited to be working with ODSG.
“I am delighted that we are fulfilling our strategic objective of progressively expanding our land bank & diversifying our portfolio and production base. I am also glad to say that the intercropping programme in Edo State is progressing steadily & we have achieved our first milestone of 100Hectares of Cassava with the participation of personnel of the Agricultural Development Program (ADP), in Edo State”.
The Special Adviser on Development & Investment to the Ondo State Governor/ Chief Executive Officer of Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Akinboye Oyewumi, who also spoke on the development said: “We are pleased with this collaboration with Ellah Lakes Plc., and we look forward to a mutually beneficial, valuable and fruitful venture.”
Unilever Nigeria Appoints Mr Jaime Aguilera as a Non-Executive Director
Unilever Nigeria Plc announced it has appointed Mr. Jaime Aguilera as a Non-Executive Director of the company effective from January 2021.
The company stated in a statement filed with the Nigerian Stock Exchange.
Mr Jaime Aguilera worked with Coca-cola, Nestle and Procter & Gamble before joining Unilever as Executive Vice President Unilever Eastern Europe in September 2016.
Therefore, his experience spans from Europe, Americas and Asia.
His key expertise areas are “in Sales & Marketing and he has lead teams in Spain, Brazil, South Eastern Europe, Middle East, Mexico and Global teams.
“In 2009, he joined Unilever Spain as EVP & Chairman and then moved to his current role as Unilever Executive Vice President Africa, leading the Unilever business in Africa. Jaime is of Spanish origin and is an alumnus of the Universidad Pontificia de Comillas- ICADE. Jaime majored in Economic Sciences, Management & Business Administration.”
MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games
MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.
The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.
According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.
Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”
MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.
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