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For Struggling Public Companies, Going Private Is No Panacea

April 12, 2024BruceDayne

On Sunday, Puig filed to go public in Spain, betting that an infusion of capital and the “checks and balances” of a listed company structure will unlock the next phase of growth at the fragrance and cosmetics giant.

In fashion, many brands and retailers are coming to the opposite conclusion.

This week also saw Macy’s end its proxy fight with a pair of activist investors, appointing two of their slate of nominees to the department store operator’s board. The new directors will sit on a committee to evaluate the activists’ $6.6 billion takeover bid.

Macy’s wasn’t the only company contemplating going private. Austrian billionaire Reinold Geiger is reportedly lining up potential lenders and investors, including the private equity giant Blackstone, to acquire L’Occitane (Geiger is already the beauty conglomerate’s controlling shareholder).

There’s more: The Nordstrom family is reportedly mulling taking its namesake department store chain private. Italian shoemaker Tod’s is planning to delist from the Italian stock exchange, eliciting the help of L Catterton, LVMH’s investment arm, which agreed to buy 36 percent of Tod’s shares in February. Struggling direct-to-consumer brands like Allbirds, which recently received a notice from Nasdaq that it would be delisted if it can’t raise its share price, are among other potential takeover targets.

The circumstances are different at each of these companies. But the motivation for going private is often the same: a belief that it will be easier to turn around a struggling business away from the scrutiny of the public market. Tod’s owners said in a statement in February that going private would grant the company “greater management and organisational flexibility, with faster decision-making and execution times.”

There’s some truth to that. Turning around a fashion business requires commitment, patience and finesse, qualities that few investors possess. For a public company, a couple disappointing quarters can derail a meticulously planned five-year strategy. Family-controlled companies think in terms of generations, not quarters (at least until the heirs get antsy for a payday). Rather than cashing out when the going gets tough, these owners have the type of vested interest in the long-term success of their companies necessary for gruelling, high-risk turnarounds.

The ultimate example of this line of thinking is Levi’s. The American denim brand went public in 1971, but during a challenging period in the mid-1980s was taken private again in a leveraged buyout that gave control back to the Haas family, descendants of founder Levi Strauss. As a private company, Levi’s steadily scaled, and three decades later, the Haas family were able to cash out their shares in an $8 billion IPO.

But there’s a reason we’re reaching back to the 1980s to find an unqualified success story. There are plenty of downsides to going private. Leveraged buyouts, by definition, saddle a company with a mountain of debt. Look at what happened to J.Crew and Neiman Marcus, both of which went through a lost decade after being acquired by private equity firms in the aughts and 2010s. Both filed for bankruptcy in 2020, though they seem to be on better footing today under the ownership of their former creditors.

A public company, by contrast, can be pressured into jettisoning bad management and operating at peak efficiency; Abercrombie & Fitch is one recent example.

Like Sears’ hedge fund owner, Eddie Lampert, Macy’s prospective buyers may not be interested in reviving a storied name at all. Its current pursuers, Arkhouse Management and Brigade Capital, have a history in real estate, not retail. It’s widely assumed that their priority is to monetise the company’s real estate; what that means for the current revamp under chief executive Tony Spring, who assumed the top role just two months ago, is unclear.

Ultimately, going private won’t solve the problems facing Macy’s, Nordstrom, Allbirds or L’Occitane. But for some at least, it may be the best chance they have.

THE NEWS IN BRIEF

FASHION, BUSINESS AND THE ECONOMY

Shopper in Macy's with three bags of shopping in red paper bags. — (Getty Images)

Macy’s appoints two new directors ending a proxy contest with Arkhouse. The appointments of Richard Clark and Richard Markee as independent directors also resulted in Arkhouse withdrawing its board nominees. They will join the board’s finance committee, which in addition to its existing responsibilities, will oversee the evaluation of the proposal from Arkhouse and Brigade.

Allbirds receives a six month notice to raise its stock price. The embattled sneaker must trade at more than $1 for at least 10 consecutive days or risk being delisted. Allbirds’ share price has plummeted more than 90 percent since its IPO in November 2021.

Chanel eyes NYC Fifth Avenue tower that LVMH is also targeting. Chanel is in discussions to buy 745 Fifth Ave, joining the competition among the world’s top retailers to snap up spots on New York’s iconic luxury shopping corridor. LVMH Moët Hennessy Louis Vuitton SE has also been in talks to acquire the building at the corner of 58th Street.

Rent the Runway eyes record jump as earnings spark revival hope. The stock surged as much as 226 percent in intraday trading Thursday after the company reported fourth-quarter revenue and adjusted earnings that beat Wall Street expectations. The quarterly report was a breath of fresh air for the company after investors had mostly given up on it.

Nike pins hopes on Olympics to win back market share. Nike unveiled Olympic kits for the teams it sponsors on Thursday alongside athletes including Kenyan marathon star Eliud Kipchoge and British sprinter Dina Asher-Smith. The brand is hoping that Olympians breaking records in Nike gear could help push more shoppers to the label, which has seen slowed sales growth.

Korean fashion e-tailer Musinsa posts $733 million in annual revenue. EBITDA for the year surged 15.9 percent to $61.9 million from $53.4 million in 2022. Musinsa’s net profit reached $26.2 million from a net loss of $4.9 million in 2022.

Zara owner Inditex demands clarity from cotton certifiers accused of standard breaches. NGO Earthsight informed the retailer that producers with Better Cotton certifications were involved in land grabbing, illegal deforestation and violent acts against local communities. Inditex sent a letter dated April 8 to Better Cotton CEO Alan McClay asking for clarity on the certification process and progress on traceability practices.

Fashion Trust US announces second round of winners. The two-year-old organisation selected fashion designer Batsheva Hay of Batsheva for its sustainability work; Charles Harbison of Harbison Studio was awarded the ready-to-wear award and Ashley Harris of Don’t Let Disco won a prize for inclusivity. Winners received grants that totalled at nearly $500,000 across the six awards.

Rolex CEO says comparing watches to stocks is dangerous. Secondary market watch prices have fallen sharply in the past two years amid weaker economic growth and higher interest rates. Jean-Frédéric Dufour said the strong value of the Swiss franc against other currencies is also adding to pressures on the industry.

THE BUSINESS OF BEAUTY

Charlotte Tilbury and Byredo-owner Puig has rapidly diversified through an acquisition spree. — (Puig)

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. In 2023, Puig reported net revenues of €4.3 billion ($4.6 billion), up 19 percent, while net profit rose to €465 million ($503 million), up 16 percent on the previous year.

Blackstone nears buyout of skincare company L’Occitane. The world’s largest alternative asset manager may provide debt financing for the buyout. Trading of L’Occitane was suspended in Hong Kong on Tuesday, pending announcement related to takeover codes.

Neutrogena is closing its Los Angeles office and laying off staff. Closing the office is part of parent company Kenvue Inc.’s effort to boost growth and improve collaboration, according to a spokesperson for the company. The closure is resulting in 84 layoffs, 74 have been offered relocation and employment at other company locations.

Picky consumers jilting big brands are Unilever India’s new risk. India’s elite classes are becoming pickier consumers, fuelling the success of organic personal-care brands backed by slick social media marketing campaigns. The company’s challenges mirror those of other consumer-goods giants, such as Procter & Gamble Co., L’Oréal SA who have had to acquire the niche brands taking market share from their in-house businesses.

UK’s antitrust authority issues price-fixing warning to nail technicians. The Competition and Markets Authority has issued an open letter to nail technicians after a campaign called National Nail Tech Price Increase Day began to gain steam online. More than 5,000 technicians came together as part of the campaign to raise their prices on Monday.

CDC reportedly investigates several cases of illnesses from botox injections. Health officials in Tennessee and Illinois this week said they were investigating cases of botulism-like illnesses that appeared connected to Botox injections received in a non-medical setting. There were four patients in Tennessee who reported symptoms that aligned with botulism after receiving cosmetic injections and two were hospitalised.

PEOPLE

Louis Vuitton’s marketing chief Stefano Cantino is joining Kering flagship Gucci, effective May 2nd. — (Matthew Brookes)

Gucci hires deputy CEO to bolster turnaround efforts. Stefano Cantino joins from Louis Vuitton, where he held the role of marketing chief and oversaw the brand’s sprawling communications apparatus. The appointment comes at a pivotal moment for Gucci as Kering attempts to revamp the brand’s image.

Salomon president and CEO Franco Fogliato steps down. Fogliato will depart the brand effective immediately due to personal reasons. James Zheng, Amer Sports’ chief executive, will lead Salomon on an interim basis, the company confirmed.

Louis Vuitton taps Wieden+Kennedy veteran to lead communications. Advertising executive Blake Harrop is set to join Louis Vuitton as executive vice president, image and communications. In his new role, Harrop “will enable us to reach new heights, further contributing to strengthening the desirability of Louis Vuitton,” chief executive Pietro Beccari said.

MEDIA AND TECHNOLOGY

The news comes as luxury’s biggest players increasingly court the entertainment industry. — (Saint Laurent)

Three films produced by Saint Laurent selected for Cannes Film Festival. The three films are: “Emilia Perez,” by Jacques Audiard, starring Zoe Saldana and Selena Gomez; David Cronenberg’s “The Shrouds,” starring Vincent Cassel; and “Parthenope,” directed by Paolo Sorrentino. The deciding jury will be chaired by Greta Gerwig.

Compiled by Yola Mzizi.

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Fabric and Formality: What Makes a Suit “Casual?”

April 12, 2024BruceDayne

Nowadays, largely due to the prevalence of casualwear and the prioritization of comfort and simplicity, tailoring has become an increasingly rare sight. This trend can be recognized in all sorts of settings, even those where, not too long ago, suits were often considered mandatory. Or, at the very least, heavily encouraged.

Whether for a typical day at the office, or for an elegant evening out on the town, men used to don suits for all sorts of occasions.

But today, suits and tailoring tend to be thought of as wholly “formal.” Something you really only ever wear for very specific events, such as weddings. And even then, there are those who prefer weddings with an entirely casual dress code.

But this was not always the case. For much of the twentieth century, there existed the notion of the “casual suit.” This was more or less a middle-ground of sorts that existed between formalwear and casualwear.

Today, the concept of business casual often fills this gap. But instead of the drab khakis and cheap dress shirts found on sad discount store racks, casual suits still contain all of the depth and visual complexity of traditional tailoring!

Believe it or not, the concept of the “casual suit” was once well-accepted. In the past, men understood that not all tailored garments read as formalwear.

And today, many menswear enthusiasts hold by the same truths and standards, educating themselves about the history and context for the various fabrics, patterns, and colors that qualify some tailoring as timeless, casual styles.

Read on to discover it all for yourself!

The History of Casual Suiting

Like so many western menswear traditions, the origins of the casual suit (and suits in general, for that matter), can be traced to England. In this particular case, we can look to the lounge suit, born out of Scotland in the mid nineteenth century, and the arguable granddaddy of all suits.

Typically made from heavier wool fabrics, the lounge suit wasn’t actually intended for lounging. Instead, it was essentially the sportswear of that era. Used for hunting and other outdoor activities, the coats on these suits were shorter than the longer frock-style jackets worn in town for business matters. This shorter length would accommodate easier movement for sporting activities. It was all about performance!

men in Scottish hills wearing thick tweed suits and tweed caps

Of course, the construction of these garments, often seen in three-piece configurations, was still rather elegant, using rich, earthy tones and quality wool. As the 1800s progressed, and the 1900s began, the trends of the lounge suit eventually made their way from the English and Scottish countryside to dense, bustling cities.

The business suits frequently seen in the professional world kept their darker appearance and their finer, subtler wool fabrics, but adopted the shorter coat configuration of the sportier lounge suits. And thus, the modern blueprint for the suit was born.

In the United States, suits followed the trend timeline set by the British, as Brooks Brothers debuted their famous “sack suit” in 1895, in accordance to the rising popularity of shorter coats.

Frock and tailcoat demand was down! And Brooks Brothers was there to claim the opportunity. The sack suit quickly cemented itself in the American fashion vernacular, while carrying over the cultural associations of various fabrics born out of England.

Rougher, heavier wools such as tweed became a hallmark of academia and the American Ivy League, a setting in which the aforementioned “middle-ground” of formality thrived. Meanwhile, just like in England, business suits and formalwear retained their smoother, sleeker look.

You may be thinking, well, thanks for the history lesson. But how does this apply to the idea of casual tailoring today?

What History Teaches Us About Fabrics

The rich history of tailoring and the fabrics used for different occasions, locales, and eras, all point to modern contextual clues we can use to determine a suit’s formality.

In the Scottish countryside, aristocrats donned heavy, three-piece tweeds to go hunting. It wasn’t really something they wore on their wedding day, per se. Or even to do business!

You may have heard the old phrase, “no brown in town” before. While this needn't be followed so stringently today, it did refer to the practice of brown tweed and tweed-adjacent suits being designated for countryside wear.

man in the English countryside wearing a brown tweed suit

But the lesson remains the same. A gentleman had tailoring for recreation. For casual affairs. At the same time, he also maintained a wardrobe for more formal occasions.

This path of thought can still be followed today to determine the modern-day implications for a tailored garment. Because clothing is so strongly informed by our culture, those associations are often already there whether we’re aware of it, or not.

The gentleman’s difference? He understands the association and the historical context of different garments – right down to the fabric and pattern itself.

Therefore, the casual suits of yesteryear can still read as casual today to the informed mind. Where some may still just see a suit and equate it to a fancy vibe, the casual suit teaches us that one can still be “put-together” without sacrificing a degree of elegance.

Because good tailoring is three-dimensional. It drapes. It creates interesting shapes to compliment your figure. But it can still be casual!

How to Identify Casual Suits

Now that you know the history, and how that history influences our cultural aesthetics, you’re ready to discover casual suiting for yourself! Here are some tips on how you can do this successfully.

1. Fabric Is King: This is arguably the most important aspect of determining the formality level of a suit. Fabrics like tweed, flannel wool, corduroy, cotton, linen, and seersucker are all examples of fabrics that typically “casualize” a piece of tailoring. More formal suits are usually made from smooth, worsted wool.

2. Pattern Matters, Too: Usually, the bigger and bolder the pattern on a tailored garment, the more casual it’s intended to be. Look for big, bold stripes, windowpane patterns, houndstooth (often found on tweeds), and more.

3. It’s a Colorful World: Light-tones suits in shades of white, cream, beige, and light gray are usually less formal. An exception to note would be the white dinner jacket, which is the most important component of white tie attire (very formal).

While you don’t need to take “no brown in town” too seriously, do know that most shades of brown are still considered fairly casual. Less conventional colors, and especially anything on the louder end of the spectrum, also deformalize the overall look.

Dark suits aren’t always casual, however, as you need to take into account other aspects mentioned on this list.

4. The Devil Is in the Details: It pays to look out for the small things, as well. A less structured suit, for example, such as one with minimal to no internal padding in the jacket, is inherently a bit less formal.

Fewer than three buttons on the sleeve cuff are also often a dead giveaway, and are sometimes found on suits similar to those worn in the English countryside. Cuffed pants can be very tasteful, but they are also traditionally more casual. So are patch pockets on a jacket. The little things go a long way in identifying if a suit reads as formal, or not.

man wearing a cotton suit with a relaxed shoulder

How You Can Style a Casual Suit Today

So, you’ve learned all there is to know about the history, why it matters, and how to determine if a suit is casual-coded. Good work! However, you may still be wondering how to style a casual suit.

Maybe you’ve already got yourself a corduroy two-piece you’re itching to rock out on the town, or even a cream-colored, cotton, double-breasted suit.
Regardless of what kind of casual suit speaks to you, here are a few style tips to avoid clashing your casual tailoring against pieces that might be too formal.

1. Oxford Cloth Button-Downs Are Your Best Friend: Ah, the oxford cloth button down. Or, to its friends, OCBD, for short. Much like the sack suit, this style of shirt was popularized by Brooks Brothers, and it pairs magically with nearly any casual style suit. Tweed, corduroy, cotton, flannel, linen, seersucker, you name it – the OCBD is almost guaranteed to go well.

This is because, much like the less sleek nature of most of these fabrics, oxford cloth is typically made from a slightly more textured cotton. While some dress shirts can go well with some casual suits, it takes a well-trained eye. OCBDs have a built-in history and cultural association that allows them to just work.

2. Avoid True Dress Shoes: Don’t pair your casual suit with black, closed-laced oxford shoes. Rather, consider something just a step down, like an open-laced derby shoe, leather boots, or loafers in a complimentary color.

wearing corduroy pants with brown oxford shoes

3. Appropriate Accessories: To really communicate that your outfit is casual, even to those who can’t quite distinguish the suiting formality scale, you can let your accessories do the talking.

For example, a braided or embossed belt is often considered more laid-back than a sleeker, simpler one. Or try a western belt if you’re feeling like a cowboy!

When it comes to ties, sometimes silk works just fine in casual ensembles, but something with a bit more texture, like cotton, wool, or a knit can really finalize a classic, casual Ivy League look.

4. Consider a Denim Shirt: Going without a tie? With a more casual suit, that’s totally a valid option. But once you’re forging neckwear, you may as well lean into the playful nature of your outfit. A denim or chambray shirt can look brilliant under all sorts of casual suits. It works especially well with cotton, corduroy, linen, tweed, and seersucker.

man wearing a denim shirt paired with a tweed suit

5. Ditch The Pants: Well, provided you replace them with another pair of pants. The fun thing about many casual suits, is that unlike their more formal counterparts, they can be broken up into suit separates with ease.

Try combining a tweed jacket with some corduroy pants for an academic look. Or even the reverse! A cotton jacket is right at home with some linen or seersucker pants. Or perhaps pair a linen jacket with some cotton trousers!

There’s a world of possibility when it comes to casual tailoring. Experiment, and you might just find your new favorite outfit!

man wearing a tweed houndstooth jacket with corduroy pants

Well, that about concludes our deep-dive into the world of casual suits. We hope you found it informative!

There’s so much more to the deep and fascinating history of tailoring across all ends of the formality spectrum – this was really just a sneak peek!

But don’t forget, it’s the history of fashion that tells us how to best style our clothing – even in the modern day.

The post Fabric and Formality: What Makes a Suit “Casual?” appeared first on Real Men Real Style.

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The Business of Beauty Haul of Fame: Lisa Rinna Isn’t Going to Sit Down

April 12, 2024BruceDayne

Welcome back to Haul of Fame, the weekly beauty roundup of new products, new ideas and at least one Real Housewife.

Included in today’s issue: Beia, Byoma, Davines, Indeed Labs, Juliette Has a Gun, Hourglass Cosmetics, Killian Paris, Make Beauty, Ogee, Olive & June, Oscar de la Renta, PLA, R.E.M. Beauty, Smashbox Cosmetics, Solawave, Typology Paris, Urban Outfitters, Zizia Botanicals and strawberry soda.

But first…

Every few days, somebody tells Lisa Rinna to sit down. “They’d never say it to my face,” says the 60-year-old TV queen. “But I’ll get DMs and messages saying, ‘Why don’t you just let your daughters take over? Why are you still here?’ And the truth is, I’m here because my friends and I are the ones who have the money!” she exclaims. “We are still so viable. We feel great. And it’s a problem in the consumer marketplace that women over 40 aren’t being seen as sales drivers and trendsetters, even though we so often are.”

Rinna was a soap opera veteran for years, but the California native gained new fame as a Real Housewife in 2014. She launched her personal care brand, Rinna Beauty, in 2020. By 2021, it was reporting $10 million in sales, with a public investment by UTA Ventures, the celebrity-fuelled capital fund that also counts Chamberlain Coffee (by Emma Chamberlain) and Cameo as portfolio-mates. Rinna confirms her brand is still “proudly profitable, thank god,” and growing into new categories.

Example: This week, it drops Bright Eyes, a line of cooling under-eye patches. “I’ve used all the [other] brands,” Rinna says from her home in Los Angeles. “I was determined to create one that’s not slimy! It feels cool; it doesn’t slide down your face; it works.” Rinna tested six prototypes before settling on her version, which costs $28 and includes Erewhon-friendly ingredients like red algae and carob in the formula.

The launch is a toe-dip into skincare for Rinna, who isn’t shy about discussing her cosmetics procedures. “Actually,” she concedes, “I think they’re the greatest things ever. Joan Crawford and Bette Davis didn’t have this technology at their fingertips. It’s brilliant we now have a choice in how we age.” Still, she cautions younger women to be sparing with their medi-spa moments: “If I’d known then what I know now, I’d say be careful with the lasers, be careful with the acids and stuff. Do less than you think you need, because if you start doing [procedures] too young, you’ll actually look older!”

Is this a brilliant line of thought to sell topical skincare to 30- and 40-something fans of Rinna? It is. But it’s also the true observation of a woman with two Gen-Z daughters — Delilah Belle, 25, and Amelia Grey, 22 — who are stunning enough to be runway models, but still human beings caught in the impossible trap of modern fame, which demands expansive demonstrations of self-love and near-imperceptible attempts at self-promotion, often in the exact same TikTok frame.

Rinna has thoughts about that, too: “I think social media and [augmented reality] filters have really [messed] everybody up,” she says. “I feel very sorry for the kids that are growing up in this day and age and having to have phones and social media. It’s a double-edged sword that’s mostly very sharp and very cutting … but I understand that Instagram is also a tool, you know? It is what it is. I enjoy spreading joy on it, and I’m lucky I get to do that … I’m lucky I get to keep moving the needle and showing women that they can be amazing at 60 … But I have to be really clear-eyed about it, because it’s good and bad.”

As for being clear under-eyed, Rinna would point to her website. The new patches are available now.

What Else Is New?

Skincare

Would you put an LED light on your breasts? Solawave’s new Neck and Chest Rejuvenating Mask rolled out on Apr. 9, with “red and near-infrared light therapies to target the neck and decolletage, where wrinkles, creases and dark spots often appear.” Honesty, I would try it… once, anyway.

Indeed Labs has hit CVS in a big way, launching six products in 2700 doors. Their offerings include Nanoblur skin cream and Snoxin II, which is a topical “facial line fighter” they claim is on par with injectables. (I will stick with my injectables, but perhaps that’s because I secretly love needles. Another column, another therapy session, etc.)

If you’re one of those people who’s glued to your Ulta app, you may have noticed the stealth appearance of R.E.M. Beauty’s first under-eye balm on Apr. 3.

Do people take bubble baths anymore? Zizia Botanicals is thinking “sure” and they’ve released a Silky Forest formula with “therapeutic” atlas cedarwood, hinoki, and cypress extracts.

Beia released a Bikini + Body scrub on Apr. 11, which makes it easier to scrub away minor ingrown hairs and red bumps. It includes green tea extract, which is high in antioxidants. If you’re young and broke, I recommend taking a still-warm green tea bag and compressing it directly on your razor bumps instead; the rest of you can pay the $38.

Also on the green tea beat: On Apr. 11, Ogee introduced Clearganics, a green dropper serum for zits with the tea, plus 0.5 percent salicylic acid, raspberry and frankincense. (Can I make a “holy water” joke here, or are biblical resin gums not that funny? If you grew up going to church, please advise.)

Typology Paris made a new Anti-Redness Face Cream on Apr. 8 for rosacea and skin that’s prone to redness and irritation. It comes in an old-school metal tube like many French pharmacy ointments, but contains modern fixes like Niacinamide and Azelaic Acid.

Hair Care

Eco-sensitive Italian label Davines quietly rolled into Target on Apr. 6. This might be the first time the superstore has used the words “regenerative soil” and “shampoo” in the same blurb. I like it.

PLA’s Lash & Brow Rehydrate and Restore Serum hit shelves on Apr. 4. It claims to help regrow over-tweezed brows and thicken lashes; it also includes marshmallow serum, which is a calming agent.

Cosmetics

On Apr. 9, Laura Gellar gave us a reason to tell the truth about our age: Her site’s “OK Boomer” campaign with comedian Leanne Morgan includes a promo for anyone over 40. To celebrate, head to her site through Apr. 16 and get an age-based discount if you’re 40 or older. If you’re 50, you’ll get 50 percent off everything; if you’re 60, it’s 60 percent off. The discounts go all the way up to 80 percent for octogenarians, which means if Martha Stewart (82) needs new mascara, she’s in for a very good deal.

Make Beauty is going big with their first liquid eyeliner. It appeared on their site on Apr. 9 and came in 13 shades, including traditional black and grey, along with aqua, yellow, lilac and a deep maroon.

Brands are going to the matte. On Apr. 7, Smashbox Cosmetics debuted a version of its best-selling Photo Finish Resurface Primer with glycolic acid to “boost cell turnover” and (hopefully) brighten skin while it blurs pores. Also on Apr. 7, Hourglass Cosmetics launched its Vanish Airbrush Pressed Powder. It is “clinically shown to instantly reduce shine,” but all you need is a mirror and not a physics degree to decide for yourself.

LYS Beauty dropped two new shades of their No Limits Cream Bronzer Stick on Apr. 10, bringing the total hue count up to seven … and the total TikTok view count up to about five million.

Do we need a separate “gloss roundup” in every issue now? Fine: Byoma unveiled a Lip Tide lip oil on Apr. 12 with a “glossy flush” formula exclusive to Ulta.com. R.E.M. Beauty’s new Essential Drip Glossy Balm debuted on Apr. 9, with six colours including two — cherry cola and strawberry soda — named for fizzy drinks. Somebody get Ari an Aarke machine!

Fragrance

Killian Paris embraced their Sunkissed Goddess scent on Apr. 2. The fragrance includes monoi oil, a Tahitian gardenia extract that’s both aromatic and nourishing for dry or sunburned skin. So many perfumes are touting mental health benefits right now; it’s neat to see one that’s more focused on a physical ailment.

Juliette Has a Gun introduced a new Eau de Parfum on Apr. 6 that’s heavy on dark cherry and Cashmeran notes. It’s simply called Juliette, which is kind of a relief, because although the fragrances themselves are gorgeous, the word “gun” is no longer an edgy joke amongst American girls.

On Apr. 9, Oscar de la Renta dropped three new scents in their Alibi collection: Eau So Charming, Eau So Chic, and Eau So Lucky. Each boasts a mix of cheery floral notes, and the packaging is super-cute. The thing is, ODLR creative directors Laura Kim and Fernando Garcia aren’t cute, they’re cool, and so are their clothes. I wonder what kind of magic a fragrance that directly connects with their own vibes would bring.

Nails

On Apr. 4, Olive & June dropped three topcoats, including iridescent and gold shimmer and one sparkly flake called “Fairy.” Clearly, I must own this at all costs. Fortunately, the actual cost is $7.50.

And Finally

I know we said that sex care could be the new skincare. Still, your reproductive areas do not need a sheet mask, even if it’s packaged perfectly and you can grab it along with your Polaroid film at Urban Outfitters.

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Why Puig’s IPO Timing Couldn’t Be Better

April 12, 2024BruceDayne

It’s Puig’s time.

After months of speculation, the 110-year-old, family-owned conglomerate on Monday announced its plans for an initial public offering on the Spanish stock exchange. The company hopes to raise €1.25 billion ($1.3 billion), followed by a larger share sale that would bring the total fundraising north of €2.5 billion ($2.7 billion). It reportedly expects a valuation of €8 ($8.5 billion) to €10 billion ($10.7 billion), which would put it in the same range as Coty and Shiseido.

For Puig, the timing to go public couldn’t be better. In March, the company reported 2023 results of €4.3 billion ($4.6 billion), all but ensuring it is on track to hit its goal of €4.5 billion ($4.8 billion) in annual sales by 2025 well ahead of schedule. Earnings before interest, taxes, depreciation, and amortisation rose 33 percent to €849 million ($925 million).

“Puig is on the right side of the luxury reset after the pandemic, and the appetite for profitable growth stories is very strong in Europe even more than the US,” said Navina Rajan, senior private capital analyst for the Europe, the Middle East and Africa markets at PitchBook.

The Spanish conglomerate has been one of the most exciting firms to watch over the last several years, transforming itself from being known primarily for licensing fragrances from luxury brands, to a diversified portfolio that includes cosmetics and skincare. Puig has made the right bets on some of the buzziest lines in market today from Charlotte Tilbury (2020) and Byredo (2022) to Kama Ayurveda (also 2022) and the recently acquired Dr. Barbara Sturm. And that M&A activity is not expected to slow. Today, the company’s portfolio includes 14 owned brands.

Though fashion and fragrance remains a high point for Puig — growing by 17 percent in annual results thanks to the success of best sellers like Rabanne’s 1 Million fragrance and Carolina Herrera’s Good Girl perfume — skincare is the firm’s fastest growing segment and makeup continues to perform due to Charlotte Tilbury.

Makeup and skincare will be key focus areas for Puig to build out. Following the success of the Rabanne fashion line and 1 Million, the company made an ambitious bet last August with a cosmetics launch, complete with lipsticks, glitter sprays and metallic serums that smartly tie back to its space age luxury arm. And Charlotte Tilbury has been a stealth winner in skincare as well thanks to hybrid hero products like its Water Cream.

“They’re extremely disciplined, extremely targeted, and they have a very deliberate strategy,” said Elsa Berry, founder and managing director of Vendome Global Partners, which advised on Dries Van Noten’s sale to Puig in 2018. “They have brands that are highly complementary across the prestige, premium beauty space, and none of them cannibalise the other.”

Because of its diversification, I, too, think Puig will fare better than many of the other fashion and beauty companies that have gone public in recent years. Often they were built around a single brand, some great (Birkenstock, Olaplex) and others less so (The Honest Company). Going public with a portfolio of brands is a far superior move to being a monobrand company when consumer and market preferences change (the exception being E.l.f. Beauty, which has also pursued a house of brands strategy as of late). Though conglomerates with successful mass and masstige lines or strong niche fragrances have been faring better today, beauty remains cyclical.

My one question for Puig is around succession. The company has been family-owned and run for over a century. Chief executive and chairman Marc Puig Guasch is the third generation to lead the company, and clearly, the firm values founders in its acquisition strategy — Tilbury, Sturm and Byredo’s Ben Gorham have all stayed with their brands post purchase. But with the recent news of fashion designer Dries Van Noten leaving his namesake label after his menswear show in June, (Puig purchased the brand six years ago), it is something to consider as it charts its next phase of growth.

“Typically, you don’t see family owned businesses be as bold, but Puig has been very clear with the plan they have in mind and it continues to work in their favour,” said Ariel Ohana, managing partner at investment bank Ohana & Co.

An IPO enables Puig to better compete globally with other big beauty houses like L’Oréal and the Estée Lauder Companies. And with the latter’s M&A ambitions seemingly stalled, Puig becomes the next obvious acquirer in many cases.

There are some fears that luxury firms’ are slowing down post pandemic and beauty stocks aren’t as resilient as they once were. Ulta Beauty scared the market with its grim outlook, even causing E.l.f.’s stock to pause its seemingly never-ending climb. But even with negative market signals, beauty stocks have fared well in good times, been resilient in bad times and preserved their margins — and Puig’s financial profile is one that’s outperforming the category. With €2.5 billion in capital, the company can only realise its lofty beauty ambitions even faster.

Here are my top picks from our insight and analysis on beauty and wellness this week:

1. The Death of the Detox

A collage of vegetables. — For brands, therein lies a perplexing problem. How do you sell wellness to those with such contradictory beliefs? (Getty)

Gen-Z are not into all-or-nothing health practices — the hallmarks of wellness that have become cornerstones. What’s left is something far more subversive.

2. Beauty Reviews Were Already Suspect. Then Came Generative AI.

Technology is making it easier than ever to create fake reviews faster, better and at greater scale. (Shutterstock)

The technology is making it easier than ever to create fake reviews, creating more risk of shoppers being taken in by bogus testimonials.

3. Estée Lauder’s Big New Skincare Bet Is Like The Ordinary – at Six Times the Price

skincare products — Deciem went all-in on The Ordinary after it took off in 2017, eventually shutting down all but two other lines. (Courtesy)

Deciem’s other skincare brand, NIOD, also sells serums with names straight out of a lab, but with more complex formulations and higher-spec packaging. A decade into the science-backed skincare craze, the company believes its consumers are ready to move upmarket.

THE BUSINESS OF BEAUTY NEWS IN BRIEF

Blackstone nears buyout of skincare company L’Occitane. The world’s largest alternative asset manager may provide debt financing for the buyout. Trading of L’Occitane was suspended in Hong Kong on Tuesday, pending announcement related to takeover codes.

Neutrogena is closing its Los Angeles office and laying off staff. Closing the office is part of parent company Kenvue Inc.’s effort to boost growth and improve collaboration, according to a spokesperson for the company. The closure is resulting in 84 layoffs, 74 have been offered relocation and employment at other company locations.

UK’s antitrust authority issues price-fixing warning to nail technicians. Competition and Markets Authority, has issued an open letter to nail technicians after a campaign called National Nail Tech Price Increase Day began to gain steam online. More than 5,000 technicians came together as part of the campaign to raise their prices on Monday.

DMTBeautySpot

via https://dmtbeautyspot.com

Priya Rao, DMT.NEWS, DMT BeautySpot,

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