global beauty e-commerce report october 4 2016 the e-commerce channel is both sizeable and growing...

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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.

This report explores the scale, growth and shape of beauty e-commerce,withanemphasison themarket’sdiversityandtheroletheInternetplaysinproductresearchandadvice.

1) In2015,globalconsumersspentsome$24billiononlineonbeauty and personal care products, according toEuromonitorInternational.Thisisequivalentto6.5%ofthetotal market, double the 3.3% online share seen back in2010.

2) Amongmajoreconomies,Chinaisbyfartheleaderintermsof e-commerce’s share of beauty sales. In 2015, some18.1% of all beauty and personal care product sales inChinaweremadeonline.Thiscomparesto10.6%intheUKandjust7.7%intheUS.

3) These top-line figures conceal the fact that there is nosingle “online beauty market,” as product subcategoriesseevaryinglevelsofonlinepenetrationandthechannelisacollection of distinct subchannels, including subscriptions,luxuryandgrocery/massmarket.

4) Moreover, the online channel is disproportionately aboutresearch, advice and browsing. Brands and retailers areoffering a growing suite of science-based advice that isavailable to consumers through their smartphones.Complementingthisisthehumanelementofsocialmedia,especiallyvideo—althoughbrandsgenerate relatively littleofthebeautyvideocontentconsumedonline.

DEEP DIVE: GLOBAL BEAUTY

E-COMMERCE - A HIGHLY ATTRACTIVE

MARKET

D E B O R A H W E I N S W I G M a n a g i n g D i r e c t o r ,

F u n g G l o b a l R e t a i l & T e c h n o l o g y d e b o r a h w e i n s w i g @ f u n g 1 9 3 7 . c o m

U S : 6 4 6 . 8 3 9 . 7 0 1 7 H K : 8 5 2 . 6 1 1 9 . 1 7 7 9

C N : 8 6 . 1 8 6 . 1 4 2 0 . 3 0 1 6

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TABLEOFCONTENTS

EXECUTIVESUMMARY........................................................................................................................3

INTRODUCTION..................................................................................................................................4

CHINALEADSTHEPACKINONLINEBEAUTYSALES...............................................................................4

PROFILINGTHREESEGMENTOPPORTUNITIES.....................................................................................6

THESUBSCRIPTIONSEGMENT.......................................................................................................6

THELUXURYSEGMENT..................................................................................................................7

THEGROCERYSEGMENT................................................................................................................8

WHOARETHEWORLD’SBIGGESTONLINEBEAUTYRETAILERS?.........................................................10

E-COMMERCEISASMALLPARTOFTHEDIGITALEXPERIENCE............................................................11

SHOPPERSWANTINFORMATION-RICHONLINEEXPERIENCES....................................................12

KEYTAKEAWAYS...............................................................................................................................15

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GLOBAL BEAUTY E-COMMERCE

EXECUTIVESUMMARYThe global cosmeticsmarket increased in valueby3.9% to$275billion in2015. Online, some $24.3 billion was spent on beauty and personal careproducts worldwide in 2015, up 14.4% year over year, according toEuromonitorInternational.

ChinaisaheadofWesterncountriesintermsofe-commerceshare.In2015,some 18.1% of all beauty and personal care product sales in China weremade online, according to Euromonitor. For comparison, the share ofbeautyandpersonalcareproductssoldonlinewas10.6%intheUK,7.7%intheUSand6.4%worldwidein2015.

China’se-commercematurity isshownalso inthecorebeautycategoryofcolor cosmetics, where fully 21.5% of Chinese sales were online in 2015,versusaglobalaverageof8.3%.

The online beautymarket is as complex and diverse as its counterpart inphysical stores. Illustrating this, we note three discrete pockets ofopportunityservingdifferentcustomersanddifferentneeds:

1) Subscription models, such as Birchbox, Dollar Shave Club andAmazon Subscribe & Save. These services cater both to beautyenthusiasts who want to be surprised and to those undertakingroutine replenishment shopping. In 2015, Birchbox had 1 millionsubscriberswhileDollarShaveClubhad3.2millionmembers.

2) Luxurybeautye-commerce.Theonlinechannelisabrightspotinasluggish luxury market. At current prices and current exchangerates, the total luxurymarket grew by 13% in 2015, while onlineluxurysalessurgedby40%.

3) Grocery(ormass-market,nonspecialist)retail.Inmanymarkets,e-commerce is the fastest-growing channel for grocery, and weexpect a boom in grocery e-commerce in the US asmajor chainssuchasWalmartpushintothechannel.Thisisrelevantforbeauty,as grocery retailers are a major channel for mass-market beautyproducts: the sector’s share of sales can reach almost 40%,dependingontheproductandtheregion.

Whilethee-commercechannelisbothsizeableandgrowingquickly,onlineshoppingisaboutmorethanjustmakingapurchase:itisdisproportionatelyabout browsing and research products. Browsing via smartphones, whichtendtoregisterlowconversionrates,isexacerbatingthistrend.

We see the search for online beauty information falling into two majorcamps:

1) Science-based information, such as color matching, deliveredthroughmobileapps.

2) subjective views (“human” information), communicated throughsocialmediaandespeciallyvideo.

In2015,some18.1%ofallbeautyandpersonalcareproductsalesinChinaweremadeonline.Forcomparison,thesharewas10.6%intheUK,7.7%intheUSand6.4%worldwidein2015.

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INTRODUCTIONThe global beauty e-commercemarket is substantial, diverse and growingrapidly. In 2015, consumers spent some $24 billion online on beauty andpersonalcareproducts.Inthisreport,weconsiderthefollowing:

• The scale and growth of the online beauty and personal caremarket.

• Thediversityoftheonlinebeautymarket;wetakeacloserlookatthesubscription,luxuryandgrocerysegments.

• Thedisproportionatelyprominent role theonline channelplays inshopperresearchandhowonlinebeautyisaboutmuchmorethane-commerce.

CHINALEADSTHEPACKINONLINEBEAUTYSALESTo start, we briefly offer some context on the scale of the global beautymarket. Despite being a huge, mature category, beauty is still showingstronggrowth.AccordingtoL’Oréal,theglobalcosmeticsmarketincreasedinvalueby3.9%in2015,atconstantexchangerates.

BasedonL’Oréal’sestimatedvalueoftheglobalmarketatwholesaleprices,weestimatethatretailcategorysalesreached$375billionin2015.

Figure1.EstimatedGlobalCosmeticsMarketSize(USDBil.,atConstantExchangeRates)

Marketsizeatretailsellingprices.Consistsofskincare,haircare,makeup,fragrancesandhygieneproducts.Excludessoaps,oralhygiene,razorsandblades.Source:L’Oréal/FungGlobalRetail&Technology

Worldwide, some $24.3 billion (excluding sales tax) was spent on beautyand personal care products online in 2015, according to EuromonitorInternational, up 14.4% year over year, stripping out currency effects.Euromonitor says Internet sales made up 6.4% of global beauty andpersonal care product sales last year.We estimate this share will rise toaround7.3%thisyear.Backin2010,theglobalonlinesharewasjust3.3%.

Ofthemajoreconomiesweexamined,Chinaisbyfartheleaderintermsofe-commerce share. In 2015, some 18.1% of all beauty and personal careproduct sales in China were made online, according to Euromonitor. We

$307 $321 $336 $349 $361 $375

2010 2011 2012 2013 2014 2015

Worldwide,consumersspentsome$24.3billiononlineonbeautyandpersonalcareproductsin2015.

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estimate this share will rise to 19.7% this year. Among major Westerneconomies,theUKleadsintermsofe-commerce’sshareofbeautysales.

Figure2.InternetSalesasEstimated%ofTotalBeautyandPersonalCareSales,2016

DefinitionofbeautyandpersonalcaremaydifferfromthatusedforL’Oréal’smarketsizeforcosmetics.Source:EuromonitorInternational/FungGlobalRetail&Technology

Asabenchmarktothisfigure,beautygiantL’Oréalestimatedthat6%ofitsworldwide product sales in the first half of fiscal 2017 were transactedonline(thefigureincludessalesmadethroughthird-partyretailwebsites).

In the graph below, we focus on the core beauty category of colorcosmetics. The graph shows the extent to which China is an outlier. InChina,e-commerce’sshareoftotalcolorcosmeticssalesincreasedby1,770basis points in the five years through 2015, compared with the globalaverageincreaseof300basispoints.However,theyear-over-yearincreasein share in China has been slowing dramatically. An extrapolation of thistrend suggests that e-commerce’s share of China’s total color cosmeticssalescouldplateauataround24%inthenextfewyears.

Figure3.InternetSalesasEstimated%ofTotalColorCosmeticsSales,2016

Source:EuromonitorInternational

6.4

18.1

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2015 2016E

World:8.3%

China:21.5%

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BeautygiantL’Oréalestimatedthat6%ofitsproductsalesinthefirsthalfoffiscal2017weretransactedonline.

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The color cosmetics category overindexes slightly online, relative to allbeauty and personal care products, with 8.3% of category sales madethrough e-commerce in 2015. By contrast, male grooming underindexesonline,with e-commerce accounting for just 4.8%of global sales in 2015,accordingtoEuromonitor.

These distinctions underline the diversity and variance within the beautyandpersonalcaremarketwhenitcomestoe-commerce:asweexplore inmoredetailbelow,thereisnosingleonlinebeautymarket.

PROFILINGTHREESEGMENTOPPORTUNITIESAswithanye-commercecategory,itcanbeeasytoslipintoviewing“onlinebeauty”asasinglemarket.Inreality,ofcourse,theonlinebeautymarketisas complex and diverse as its counterpart in physical stores. To illustratethat there is no single online beauty market, we profile three discretesegmentsinthefollowingsections:subscriptionmodels,luxuryandgrocery(ormass-market,nonspecialistretail).

TheSubscriptionSegment

Subscription services have established themselves online, offeringconsumers regular deliveries of products, and allowing companies theconsistencyofrecurringrevenue.

Inbeauty,subscriptionmodelsservicetwopolarizeddemands:

• Making buying routine categories more convenient. For instance,DollarShaveClubsavesmenthehassleofhavingtoremembertobuyrazorblades,anditdoessoatalowpricepoint.

• Allowingbeautyenthusiaststobesurprisedortotrynewproducts.For instance, Birchbox offers curation and experimentation withmonthlydeliveriesofbeautysamples.

DollarShaveClubhad3.2millionmembersandturnoverof$152millionin2015, according to Unilever, which acquired the subscription firm for $1billioninJuly2016.UnileverexpectsDollarShaveClubtoturnoverinexcessof$200millionin2016.

Birchboxhadreachedmorethan1millionsubscribersbySeptember2015,according to press reports. In April 2014, Forbes estimated that Birchboxwas turning over at least $125million per year, from a subscriber list of800,000.

One big unknown in beauty subscriptions is Amazon Subscribe & Save.Amazon was early into the recurring-purchase business, but we have norecent indicatorsofusernumbersorrevenues,either intotalor inbeautycategories.Wesuspect it isahighlypopularoption for routinepurchases,

Theonlinebeautymarketisascomplexanddiverseasitscounterpartinphysicalstores.

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given the incrementally increasing discount formultiple subscriptions andAmazon’sexcellentreputationforfulfillment.

WhenwecheckedinSeptember2016,Amazonwasoffering13,166beautyand personal care products through the Subscribe & Save service,representing12%ofthetotal106,277productsthatwereavailableforsalethroughtheservice.

Source:Amazon

TheLuxurySegment

E-commerce is abright spot in a tough luxurymarket. In2015, thegloballuxury market grew by just 1% once currency effects were stripped out,accordingtoBain&Company’sestimates,andtheslowdowncontinuedinto2016. But e-commerce has remained a high-growth channel: while atcurrentpricesandcurrentexchangerates,thetotalluxurymarketgrewby13% in 2015, online luxury sales surged by 40%. This took the Internet’sshare of global luxury sales to a little under 7%. Bain has noted that e-commercehascontinuedtorapidlygaingroundin2016.

Source:Shutterstock

Thetotalluxurymarketgrewby13%in2015,whileonlineluxurysalessurgedby40%.

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Figure4.E-Commerce’s%ShareofGlobalLuxuryGoodsMarketandYoY%ChangeinE-CommerceSalesofLuxuryGoods

Source:Bain&Company/FungGlobalRetail&Technology

The data above are for all luxury goods, andwe expect the online luxurybeauty segment to outperform similarly. Moreover, we expect e-commerce’sshareoftotalsalestobesubstantiallyhigherinbeautythanintheoverallluxurymarketforanumberofreasons:

• Beautytendstobearepeatpurchase,andthereislittleneedfortheconsumer to see or try the product once she or he has alreadyboughtitonce.

• Beautyisatthelowerendoftheluxurypricespectrum,whichmeansthatconsumersarelikelymorewillingtobuyitonlineandthatitwilldrawinmoremass-marketshopperswhowillpurchaseonline.

• Withbeautypurchases, there isnoneedforadjustmentsor fittingsastheremaybeforcategoriessuchasapparelandjewelry.

TheGrocerySegment

Inmarkets suchas theUKand theUS,e-commerce is the fastest-growingchannel for grocery. This is relevant for beauty, as grocery retailers are amajorchannelformass-marketbeautyproducts:thesector’sshareofsalescanreachalmost40%,dependingontheproductandtheregion.So,whengrocery sales start migrating online, so, too, does a significant chunk ofbeautysales.

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Foranumberofreasons,weexpecte-commerce’sshareoftotalsalestobesubstantiallyhigherinbeautythanintheoverallluxurymarket.

Groceryretailersareamajorchannelformass-marketbeautyproducts.

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Figure5.GroceryRetailers’ShareofSales,SelectedBeautyCategories,2015

Source:EuromonitorInternational

In the US, online grocery is now growing fast from a very small base. In2015,Mintelfoundthat31%ofUSgroceryshoppershadboughtgroceriesonlineinthepastyear,upfrom19%in2014—representinga63%increaseinparticipation.

In the US, just 1.4% of all sales of fast-moving consumer goods (FMCGs),such as mass-market beauty products, were made online in June 2016,according to market-measurement service Kantar Worldpanel. This islargelybecauseAmericangroceryretailershavebeenslowtomoveonline.IntheUKandFrance,whereonlineisawell-establishedchannelforgroceryretailing, the share of FMCG sales doing through e-commerce is muchhigher.

Major US grocery retailers such asWalmart and Kroger are now pushingonline.Weexpectgrocerye-commercetoboomintheUSmarket,andthiswill incorporate the mass-market beauty brands often bought at grocerystores.

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ColorCosmeocs SkinCare Men'sGrooming

WesternEurope US

Source:Shutterstock

IntheUS,onlinegroceryisnowgrowingfastfromaverysmallbase.

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Figure6.E-Commerce’s%ShareofFMCGSales,SelectedCountries,June2016

Source:KantarWorldpanel/IRI

We expect beauty products to be overrepresented in online groceryshopping baskets. Within grocery, fresh foods tend to underindex onlinewhilepackaged,brandedproducts tendtooverindexonline:sincethere islittleneedforshopperstosee,feelortestpackagedproductsfromknownbrands, they are more likely to feel comfortable buying those productsonline.

E-commerce is the fastest-growinggrocery channel inmajormarkets suchas the US and the UK. For beauty brands, this indirect migration onlinemeans theywill need to consider how they are going to continueputtingtheir products in front of shoppers. And these brandswill find pure playssuch as AmazonFresh, Ocado (in the UK) and Chronodrive (in France) asourceofgrowth.

WHOARETHEWORLD’SBIGGESTONLINEBEAUTYRETAILERS?Pinningdown thebiggestonlinebeauty retailers isproblematic, given thefragmented global landscape and limiteddisclosure amongboth specialiststores that sell online and major pure plays that sell a range of goodsbeyondbeautyproducts.

In2015,theworld’sbiggeststore-basedbeautyspecialistretailerswere,indescending order, Sephora, Ulta and Bath & Body Works, according toEuromonitor. In the US, the top three were the same companies in adifferentorder:Ulta,SephoraandBath&BodyWorks.

In 2015, the world’s three biggest online retailers or marketplaces wereAmazon,AlibabaGroupandeBay,according toEuromonitor.WeestimatethatAmazon’s global grossmerchandise volume (orGMV, thevalueof allgoods sold) was approximately $168 billion in the year ended December2015.AlibabaGroup’sretailGMVwas$485billionintheyearendedMarch2016. On eBay’s marketplaces, GMV was $78.1 billion in the year endedDecember2015.

0.4%

1.2% 1.4%1.7% 1.7%

5.3%

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Italy Germany US Spain Netherlands France UK

Weexpectbeautyproductstobeoverrepresentedinonlinegroceryshoppingbaskets.

In2015,theworld’sthreebiggestonlineretailersormarketplaceswereAmazon,AlibabaGroupandeBay.

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None of these companies provides a detailed product split, but we canmakenominal,ballparkestimates.Ifbeautycontributedanestimated1%ofGMVateachofthesesites,thencategorysaleswouldbe:

• $4.85billionatAlibabaGroupintheyearendedMarch2016.

• $1.7billionatAmazonintheyearendedDecember2015.

• $781millionateBayintheyearendedDecember2015.

Toputthesenominalestimatesincontext,in2015,$24.3billionofbeautyand personal care products were sold online (as we noted earlier).Meanwhile,Sephora,theworld’sbiggestbeautyspecialistretailer,sawtotalsales(offlineandonline)of$6billionin2015,accordingtoEuromonitor.

E-COMMERCEISASMALLPARTOFTHEDIGITALEXPERIENCEWhilethee-commercechannelisbothsizeableandgrowingquickly,onlineis aboutmore than justmaking a purchase: it is disproportionately aboutresearch and browsing—with an average of only three in every 100 sitevisits converting to a purchase. And on smartphones, conversion ismuchlower thanaverage.Weattribute this principally to “downtimebrowsing”onsmartphones:consumersoftenturntotheirphonesjusttofillthetime,withlittleornointentionofpurchasing.

Figure7.Global:AverageConversionRatesOnline,byDevice,1Q16

Source:Monetate

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Source:Shutterstock

Onlineisaboutmorethanjustmakingapurchase:itisdisproportionatelyaboutresearchandbrowsing

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As smartphones garner an ever-greater share of website visits, averageonlineconversionratesarelikelytofallevenlower.So,forconsumers,theonline channel will become even more about getting information andresearchingproductsorpurchasesratherthanbuying.

Figure8.Global:WebsiteVisitsviaSmartphoneas%ofAllWebsiteVisits

Source:Monetate

ShoppersWantInformation-RichOnlineExperiences

We see the search for online beauty information falling into two majorcamps:

• Science-based information, such as color matching, deliveredthroughmobileapps.

• Subjective views (“human” information), communicated throughsocialmedia.

“Scientific”Information:TheSmartphoneasaBeautyTool

The smartphone is now a tool for personalized beauty advice andrecommendations.Amongthesurfeitofbeautyapps,twoprominenttypesarethosethatallowtheusertocolormatchandthosethatallowtheusertovirtuallytryonmakeup(viaaugmentedreality).Herearesomesignificantappsandappproviders:

• Launched in2016, Feelunique’sMakeupLiveappusesnewcolor-matching“spectrophotometer”technologytoenableuserstofindtheperfectcolormatch.Userscanvirtuallytryonmakeupproductsandpurchasethemthroughtheapp.

• Coty-ownedRimmelLondon’s2016appofferscolordetectionandcolor matching, as well as augmented-reality features that allowuserstovirtuallytryonmakeup.Ithasbeenbilledas“Shazamforbeauty.”

• Sephora’sPocketContourappusesfacialcontouranalysistoguideusers on sculpting with makeup products such as bronzer andhighlighter.

• L’Oréal’sMakeupGeniusprovidesamagicmirror–typeexperience,allowinguserstotestbeforebuyingbyvirtuallyapplyingmakeup.

23.2525.94

28.7332.63 32.85

1Q15 2Q15 3Q15 4Q15 1Q16

Assmartphonesgarneranever-greatershareofwebsitevisits,averageonlineconversionratesarelikelytofallevenlower.

Thesmartphoneisnowatoolforpersonalizedbeautyadviceandrecommendations.

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• Sephora+PantoneColorIQscanstheuser’sskintoassignitaColorIQnumber,andofferslip,foundationandconcealermatches.

• IMANCosmeticsdeterminesauser’s“colorsignature”aftertakingaheadshotinordertosuggestthemostsuitablefoundationcolorsfortheuser.

• ShadeScout matches the Pantone shade of colors from photos,then searches thousands of products to find cosmetics in thatparticularshade.

• AllureSkinBetterappliesdermatologist-gradescanningtechnologyto identify skin issues. The tool then suggests specific productsbasedontheuser’sskinprofile.

• ModiFace,aToronto-basedcompanywithabackgroundinbuilding2Dand3Dfacialsimulations,offersmultipleappsthatallowuserstovirtuallytryonproducts.

• Visada analyzes skin lines and spots from a selfie, then providespersonalizedmakeuprecommendations.

• PlumPerfectdeterminesskintone,hairtypeandeyecolorinordertomakeindividualizedproductrecommendations.

Itisrapidlybecomingcommonplaceformajorbrands(suchasL’OréalandRimmel London) and retailers (such as Sephora and Feelunique) to offerfunction-filledapps.Theseserveadualpurposeofaffirmingthebrandorretailerasabeautyexpertwhileboosting shoppers’ confidence that theyarechoosingtherightproducts—whichcanbeespecially importantwhenpurchasingonline.

Source:Shutterstock

Itisrapidlybecomingcommonplaceformajorbrandsandretailerstoofferfunction-filledapps.

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HumanInformation:SocialMedia

Social media, and especially video on YouTube, provides a humancounterpart to the science-based advice offered by beauty apps. Beautyshoppersregularlysharetheir“hauls”(i.e.,purchases)onYouTube,andthesite has made stars of many beauty-themed vloggers, including EnglishfashionandbeautyvloggerZoella.

Source:YouTube

Research shows that YouTube is a significant source of information formanyshoppers.Google,YouTube’sparentcompany,foundina2012studythat50%ofallbeautyshopperswatchbeautyvideosonYouTubewhiletheyareshoppingforproducts.

Meanwhile, research firm Pixability found the following in its April 2015studyofbeautyonYouTube:

• Thesitehas123milliontotalbeautysubscriberships.

• Thereare1.8milliontotalbeautyvideosonYouTube.

• Mature beauty and male grooming are high-growth areas onYouTube.

As the data below show, brand-owned beauty videos accounted for lessthan 5% of the total beauty video views on YouTube by April 2015—suggestingthatconsumersareinterestedprimarilyinseekingoutauthentic,authoritativeorimpartialvideos,andthatitisnoteasyforbeautybrandstomuscleinononlinevideo.

Figure9.YouTube:BeautyVideoViewsThroughApril2015

TotalBeautyVideoViews(Bil.) 45.3

Brand-OwnedBeautyVideoViews(Bil.) 2.1

Brand-OwnedViewsas%ofTotal 4.6

Source:Pixability/FungGlobalRetail&Technology

Socialmedia,andespeciallyvideoonYouTube,providesahumancounterparttothescience-basedadviceofferedbybeautyapps.

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Consumers’ apparent indifference to branded content has not stoppedmajor beauty firms from venturing into video and other forms of socialmedia content. For instance, in 2016, L’Oréal launched an “authentic,”unbranded, content-sharing site called Fab Beauty, and partnered withYouTubetoprovideanonlinevloggingschool.

KEYTAKEAWAYSWithsome$24billionspentonbeautyandpersonalcarecategoriesonlinein2015,e-commerceisalreadyasubstantialchannel—anditisstillgrowingquickly. But there is no single online beauty market: the channel is acollection of subcategories and subchannels. Different subcategories aremigratingonlineatdifferentspeedsandInternetsalesaresplinteringofftoonline retailers that range from luxury goods brands to online groceryretailers.

Moreover, theonlinechannel isdisproportionatelyabout research, adviceandbrowsing.Theincreasingpenetrationofsmartphonesisamplifyingthis,andsodrivingdownonlineconversionrates,asmanypeopleturntotheirphones for downtime browsing when they have little or no intention ofpurchasing.

In response, brands and retailers are offering a growing suite of science-based advice through smartphones. A complement to this is the humanelement of social media, especially video—but the majority of beauty-relatedvideocontentisgeneratedbyusersratherthanbybrands.

Theonlinechannelisdisproportionatelyaboutresearch,adviceandbrowsing.

Source:Shutterstock

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DeborahWeinswig,CPAManagingDirectorFungGlobalRetail&TechnologyNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comJohnMercerSeniorAnalyst

HONGKONG:8thFloor,LiFungTower888CheungShaWanRoad,KowloonHongKongTel:85223004406LONDON:242-246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988NEWYORK:1359Broadway,9thFloorNewYork,NY10018Tel:6468397017

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global beauty e-commerce report october 4 2016 the e-commerce channel is both sizeable and growing...

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