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April 09, 2024BruceDayne

Blackstone Nears Buyout of Skincare Company L’Occitane

April 09, 2024BruceDayne

L’Occitane International SA’s billionaire owner Reinold Geiger and Blackstone Inc. are nearing a deal to take the skincare company private, people familiar with the matter said, potentially ending its 14-year run on Hong Kong’s stock exchange.

The world’s largest alternative asset manager may provide debt financing for the buyout, the people said, asking not to be identified as the information isn’t public. An announcement may come as soon as in the coming days, they said. Trading of L’Occitane was suspended in Hong Kong on Tuesday, pending announcement related to takeover codes.

While deliberations are at an advanced stage, they could still be delayed or even fall apart, the people said. A representative for Blackstone declined to comment, while L’Occitane didn’t immediately respond to a request for comment.

Blackstone has been considering a bid for L’Occitane and has conducted preliminary due diligence, Bloomberg News reported in February. The company has a market value of about HK$43.6 billion ($5.6 billion). A vehicle ultimately controlled by L’Occitane Chairman Geiger owns more than 70 percent of the company, exchange filings show.

L’Occitane was founded in 1976 by Frenchman Olivier Baussan, who started out making essential oils from plants like lavender in the Provence countryside and selling them at local markets. Geiger became a minority shareholder in 1994, but has said the company’s poor performance prompted him to start working there in a bid to safeguard his investment.

He expanded L’Occitane globally, saying he decided to move into Asia after being impressed by the region’s work ethic. Initially, the strategy went so badly that his auditor warned the poor results could put the whole company in jeopardy. The retailer was listed in Hong Kong in a 2010 initial public offering and now has eight brands and some 3,000 locations in 90 countries. Yet it earns only about one-third of its revenue in Asia, while the Americas is its fastest growing region.

L’Occitane is facing an increasingly challenging market in China, where global brands such as L’Oréal SA and Estée Lauder Cos. are rolling out frequent discounts to compete for a larger market share, and where domestic brands are rising on the back of nationalism.

While China was the brand’s top market by sales in financial years 2021 and 2022, it was surpassed by the US last year. The group has also seen declining profits in recent years. In the financial year through March 2023, L’Occitane’s profit plunged 51 percent from a year earlier, while in the six months through September, profit fell 38 percent.

By Ruth David, Vinicy Chan, and Dong Cao

Learn more:

Billionaire Geiger Shakes Up L’Occitane as Blackstone Eyes Firm

Billionaire Reinold Geiger is making a renewed push to take global cosmetics firm L’Occitane International SA private, the strongest indication yet that a succession plan is underway.

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Bloomberg, DMT.NEWS, DMT BeautySpot,

DMTBeautySpot featured Khareem Sudlow

China Uncertainty Clouds Outlook for Luxury Sector

April 09, 2024BruceDayne

Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand and comparisons with last year when the lifting of Covid curbs in mainland China boosted sales.

LVMH, the world’s biggest luxury group, is first to report on April 16, followed by rivals Kering, Prada and Hermès a week later. Burberry and Richemont follow in May.

A surprise warning from Kering last month that first quarter sales would be down by 10 percent rather than 3 percent expected by analysts has already cast a cloud over the reporting season.

The group blamed a slump in sales in Asia from its star label Gucci. But its poor performance prompted concern that other high end fashion labels might be also struggling in China.

“We’ve got a lasting crisis and we don’t know where things are heading,” said Olivier Abtan, consultant with AlixPartners.

“All growth engines have been off for number of quarters,” he said, describing the slump as unprecedented.

Chinese tourists in Hong Kong, Macau and Singapore also do not seem to be the “spending kind,” according to analysts at HSBC.

Kering’s problems in China are part of the reason why its valuation is lagging that of rivals. Its present 12 month forward price-to-earnings ratio of 16 compares with 24 for LVMH and 51 for Hermès, according to LSEG data.

Kering shares have lost 15 percent since its warning, with LVMH down 7 percent. Hermès, seen as less vulnerable than rivals thanks to its wealthier client base, is down 2 percent.

Uncertainty hangs over how much shoppers’ appetite for high end fashion will recover in the near term, even once comparative numbers become less challenging. Annual growth for global sales of luxury goods will slow to mid single percentage digits from nearly 9% last year and double digit growth in the previous two years, according to analysts at Barclays.

Faced with rising cost of living, shoppers have become more selective about high end merchandise, widening the gap between stronger performers, including top labels such as Louis Vuitton, Chanel and Hermès, and brands like Burberry, which is undergoing an overhaul.

“Some brands will benefit more than others — we have started to see that very clearly in the past two years,” said Caroline Reyl, head of premium brands at Pictet Asset Management.

Sales growth is expected to slow even for faster growing companies, such as Prada, whose label Miu Miu has become a hit with younger Chinese shoppers. Jefferies forecasts first quarter retail sales for Prada globally up 9.3 percent.

JPMorgan forecasts LVMH will report flat overall sales in the first quarter, with 2 percent growth in its fashion and leather goods division, home to Louis Vuitton and Dior. The division, which sells small Lady Dior handbags priced at €5,400 ($5,860)and roomy Louis Vuitton Speedy bags for €10,000, grew by 9 percent year-on-year, in the previous quarter.

Consensus expectations are for 3 percent organic sales growth from LVMH for the three months ending in March, 1 percent growth from Richemont, a 10 percent decline from Burberry and 13 percent growth from Hermès, according to figures cited by UBS.

By Mimosa Spencer; Editors: Matt Scuffham and Tomasz Janowski

Learn more:

China’s Luxury Market Set for Moderate Growth

Despite the country’s protracted property crisis, deflationary pressures and other economic headwinds, its domestic luxury market is expected to grow 4 to 6 percent in 2024, outpacing Europe and the US.

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Reuters, DMT.NEWS, DMT BeautySpot,

Bloomberg DMTBeautySpot featured

Op-Ed | Puig is Betting We Haven’t Reached Peak Beauty

April 09, 2024BruceDayne

Puig Brands SA is betting on the Fragrance Index for its multibillion-euro initial public offering. But the owner of Charlotte Tilbury, Jean Paul Gaultier and Nina Ricci will have to pass the smell test to convince investors to buy into it. After three years of stellar growth, we may be past peak perfume.

Puig generated €4.3 billion ($4.7 billion) in revenue in 2023, up 19 percent from 2022, and earnings before interest, tax, depreciation and amortisation of €863 million. With borrowings manageable — net debt at the end of 2023 was €1.2 billion — the up to €2.5 billion proceeds of the IPO would be used to support future growth. The Puig family will retain a majority stake.

Puig’s biggest markets are Europe and the US, with Asia-Pacific accounting for just 10 percent of revenue in 2023. So there is scope to expand in the Asian beauty market, which is dominated by skincare and cosmetics but where fragrance is getting more popular.

Putting Puig’s 2023 Ebitda on a combination of L’Oréal SA and Coty Inc.’s multiples would imply an enterprise value of €17 billion. But this may prove ambitious for several reasons.

Some 72 percent of Puig’s revenue came from its fragrance and fashion business in 2023. Assuming the latter is a small part of the division, then the majority of the unit’s revenue is generated by perfume.

Fragrance sales have surged since the pandemic. Cooped up at home, consumers experimented with scent as a way to make themselves feel good. Demand only accelerated as economies reopened and we stocked up on our favourite perfumes to go back to the office and social events. This sparked talk of a Fragrance Index, with Coty, Estée Lauder Cos Inc. and L’Oréal all seeing strong demand. This is a variation on the Lipstick Index, first observed by Leonard Lauder during the 2001 recession, which described how women facing an uncertain economic environment splurged on more affordable treats.

In this sense, Puig has more in common with Galderma Group SA, which offers dermatological products, another fast-growing category, than Germany’s answer to beauty behemoth Sephora, Douglas AG. While Galderma shares soared 21 percent in its market debut last month, Douglas slumped 11 percent.

There is a question mark over whether Puig’s perfume brands are sought after by Gen-Z buyers. Its overall portfolio is clearly premium, and it has some niche scents, such as Penhaligon’s, L’Artisan Parfumeur, Dries Van Noten and Byredo. What’s more, fully or majority-owned brands account for more than 90 percent of revenue, making it less at risk than some rivals of luxury houses taking control of their beauty offerings and delivering higher margins. Puig had an Ebitda margin of 20 percent in 2023, compared with the almost 18 percent expected for Coty in the year to June.

Puig’s biggest brand is Rabanne, which reached €1 billion of revenue last year, with Carolina Herrera also approaching this level of sales. These are mainstream fragrances, and Puig will need to work hard to ensure these brands appeal to discerning buyers by adding more premium artisanal lines.

Cosmetics and skincare remain smaller parts of the business. The company is building its presence in these markets, for example buying dermatological skincare brand Dr. Barbara Sturm in January. The appeal of Charlotte Tilbury shows no sign of diminishing, with this brand also approaching €1 billion of revenue. But Puig will need to continue to invest in makeup and skincare, particularly to tap Asia. And when it comes to buying either niche fragrance names or beauty brands, prices can be high.

Perhaps the biggest risk is from a cooling in the red-hot beauty market.

Ulta Beauty Inc. chief executive officer Dave Kimbell said last week that the retailer had seen both the mass-market and luxury segments slow “meaningfully” since the beginning of February. He said the deceleration had been “a bit earlier and a bit bigger” than expected.

It’s not immediately clear whether this is a good or bad sign for the broader consumer economy.

A positive reading would be that if women aren’t buying lipstick and premium haircare, perhaps they are splashing out on handbags or getting their hair done at salons. A more worrying scenario is that consumers are pulling back from smaller purchases because of rising prices or because they bought enough moisturiser and mascara over the past three years. Kimbell blamed higher credit-card debt and the return late last year of student loan repayments for the retrenchment.

Either way, the development is an unhelpful one for a beauty business that’s coming to market. Against this backdrop, Puig must put its best face — or fragrance — forward.

By Andrea Felsted

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Puig Aims to Raise €2.5 Billion in IPO

The family-owned premium beauty conglomerate has confirmed it will float shares on the Spanish stock exchange while retaining majority control, following months of speculation.

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Bloomberg, DMT.NEWS, DMT BeautySpot,

Antonio Centeno DMTBeautySpot featured

Top 10 Black Men’s Beard Styles 2024

April 09, 2024BruceDayne

When it comes to beard styles for black men, there are many options available that reflect cultural importance, the latest trends, and self-grooming. They are the result of the combination of both modern influences and traditional elements.

With the passage of time, beard styles have become more creative and eye-catching.

Choosing a right style for you might be confusing though.

But rest assured, you're in the right place. We're here to guide you towards the perfect beard styles that not only complement your personality but also ensure you stand out in any crowd.

These styles are designed to elevate your appearance and boost confidence in your look.

Top Black Men's Beard Styles For 2024

1. Full Beard Style

A full beard style is the most common and classic beard style for African-American men. The hair grows freely on the cheeks, jawline, and chin in full beard style, making dense hair coverage.

This style enhances the virile and masculine look of black men. This sleek style suits all facial shapes, particularly diamond-shaped or heart-shaped faces.

You must be patient to attain the full beard style to the desired length. A well-groomed full beard style enhances your confidence as it can be styled into various looks, from professional to untamed appearance.

2. The Five O'clock Beard

The Five O'clock beard gives black men a classy, simple, and natural look and is characterized by a 1-2 millimeters subtle appearance after several hours of shaving.

This type of beard style gives your face a shady look. It is given the name “five o'clock” so that if you shave in the morning, it will appear at 5 o'clock in the evening.

A man with a five-o'clock beard style looks attractive and young. This style requires you to let your beard hair grow freely for a few days; after that, you must trim it.

You can maintain this style easily by a regular subtle trimming on your face, generally after every three days.

3. The Goatee Beard Style

It is one of the most trending and elegant beard styles for black men now. It holds significant esteem, particularly in professional environments, where it's highly regarded.

There is only a beard at the chin's level, and it is named because it looks like hairs on a goat's chin. To bring out the goatee, the rest of the face must be shaved, requiring a lot of attention.

It's a traditional look popular among movie stars and has long been popular among black males. It is ideal for a face with a square jaw and short hair. The fact that these black men's beard styles focus on the mouth sets them apart.

4. The Carved Beard

Black men frequently adopt this beard style because it allows them to convey their sophisticated personalities more effectively.

This style elaborates patterns paired with a precisely sculpted contour. Perfecting the shape and contours takes dedication, artistic talent, and some barbering skills.

Use a razor or precision trimmer to shape the cheekbones, goatee, neck, and mustache. This is the perfect look for black males with thick facial hair. You must work on this look every day to keep it that way.

5. The Moustache

The facial features of the mustache and beard involve the growth of hair on the chin and upper lip, respectively. It provides the face with a very subtle, clean appearance.

Depending on the wearer's preference, the finish of the mustache can be either thick or thin. It's best to shave clean and maintain a clean face to keep that air fresh.

This style draws attention to the longer hairs in the beard that stop at the mustache. You trim your mustache less frequently to give it more density to get this effect. If you have holes and uneven hairiness, this is perfect for you. It is because the mustache deflects attention, making the holes in the beard less noticeable.

6. The Circular Beard

This form of beard for black guys are based on the concept of creating a thin and short beard strip along the beard. Beginning from the ears, it travels across the jawline and ends at the goatee. To become the focus point, the goatee can grow a little longer.

Starting from the mustache, everything will be rounded up to the chin beard, and then it will be rounded up towards the ear.

Black males who wish to maintain a sense of mystique while displaying a sense of maturity are the ideal candidates for this sophisticated style.

7. Bushy Beard

The bushy beard style gives a bold and classy look that suits any black man. It involves thick beard hair with v-shaped corners and a distinct mustache. The beard can be trimmed to balance your looks because it covers up the lower portion of your face. It also gives you a strong jawline, which lengthens the appearance of your face.

This beard style provides more mature and sophisticated look. To maintain its shape, comb the brush in the direction of the hair you want to grow.

8. The Stubble Beard

Another fantastic beard style for people who are just starting or who want to avoid sports with an 8-inch beard is a stubble beard.

This is one of the beard styles that creates a lovely and carefree look for black men. All it needs from you – is a few days a week to keep it in shape and manageable texture. In addition, the touch-ups must be completed while the Adam's apple is at its tallest.

Any facial shape, whether oval, round, square, or elongated, looks good with a stubble beard.

9. The Sculpted Beard

It is a style of beard prevalent among people of younger age. The features of this beard are drawn crisply and precisely, and it is of a short length.

To achieve this kind of look, it is essential to determine the contours using a manual razor or a precision trimmer. In addition, it should be maintained daily.

This type of beard's clean and sophisticated appearance is one reason it is so popular among women.

10. HOLLYWOODIAN Beard Style

Because Leonardo DiCaprio and Christian Bale have both been seen wearing a low cheek line appearance similar to this one, the Hollywoodian got its name from them. Although specific sources will tell you that a Hollywood beard does not link to the sideburns, we believe you should allow it to connect if you can have it do so.

When the cheek lines are lowered, it helps create a more apparent jawline. When you cut the neckline, keep it high; otherwise, you will start creeping into chinstrap territory, which is only where you want to be if you are a rapper from the early 2000s.

Not only is this style designated for performers, but anybody can use it. This is not the only time that LeBron James has been seen wearing the Hollywood chinstrap.

Factors for Selecting the Right Beard Style:

Here are some distinct factors that you have to consider before selecting an ideal beard style for you.

Face Shape

Your facial shape is one aspect that immediately influences your decision. Though not everyone has this genetic trait, an oval face shape is the perfect canvas for a beard.

Beards that round off the edges of square faces are better for them than those that add length and angles to circles.

Less is more for longer faces.

By matching your beard style to your face shape, facial hair can enhance and balance your features.

Face Features

You should also take into account the peculiarities of your face. Beards are great tools for drawing attention to or concealing particular features:

Robust Jawline: A well-defined goatee or a trim beard can draw attention to a strong jawline.

Sharp Cheekbones: You can accentuate sharp facial features with a boxed or traditional full beard.

Beard Growth Patterns

Individuals differ in how their hair develops; some men's beards grow even, while others may have patches. Depending on your natural growth pattern, some beard styles might not be possible, so set realistic expectations.

For instance, a goatee can suit someone with uneven growth, but a full beard requires a consistent growth pattern.

Knowing your development pattern will help you choose a style for your beard that is simple to manage and style.

Personal Style and Preference

The most important consideration when selecting a beard style is your personal preferences and style.

Would you instead look polished and modern?

Would an innovative, edgy look suit you better?

Are you willing to invest more time in grooming, or is low maintenance more your style?

When you wear a beard, it should reflect your personality and bring you joy.

The post Top 10 Black Men’s Beard Styles 2024 appeared first on Real Men Real Style.

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Antonio Centeno, DMT.NEWS, DMT BeautySpot,

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MARKED | Our Identity in Christ (with Blair Linne)

April 08, 2024BruceDayne

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Blackstone Nears Buyout of Skincare Company L’Occitane

China Uncertainty Clouds Outlook for Luxury Sector

Op-Ed | Puig is Betting We Haven’t Reached Peak Beauty

Top 10 Black Men’s Beard Styles 2024

Top Black Men's Beard Styles For 2024

1. Full Beard Style

2. The Five O'clock Beard

3. The Goatee Beard Style

4. The Carved Beard

5. The Moustache

6. The Circular Beard

7. Bushy Beard

8. The Stubble Beard

9. The Sculpted Beard

10. HOLLYWOODIAN Beard Style

Factors for Selecting the Right Beard Style:

Face Shape

Face Features

Beard Growth Patterns

Personal Style and Preference

MARKED | Our Identity in Christ (with Blair Linne)

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