Premium Beauty and Personal Care in Greece

PROSPECTS

Slow but positive growth for premium beauty and personal care

Since the onset of the recession, sales of premium brands have been drastically downsized, as financially strapped Greek consumers have massively traded down to mass brands. To restrain further volume losses, manufacturers and retailers have engaged in extended price wars.

Premium colour cosmetics and fragrances back on track

Premium colour cosmetics and premium fragrances are two characteristic categories consisting of non-essential, luxury items that consumers abandoned en masse after the outbreak of the recession. The current stabilisation of the economy, its (however slow) positive outlook and the subsequent increase of consumer confidence caused value sales to increase in 2018, and they should remain on a positive track over the forecast period.

Premium skin care remains under pressure, but premium sun care performs well

Sales of premium skin care, the biggest category within premium beauty and personal care, remained under pressure in 2018, facing intense competition by mass brands. The rising popularity of e-pharmacies that offer extended discounts was also taking a toll on value sales, which will, however, start to increase over the forecast period.

COMPETITIVE LANDSCAPE

L’Oréal Hellas and Estée Lauder Cosmetics lead

L’Oréal Hellas led premium beauty and personal care in 2018. L’Oréal led skin care with its Vichy brand, whilst its La Roche-Posay brand continued to record significant gains in 2018.

Strong performance of domestic brands

Current trends favour premium pharma and non-pharma brands sold in chemists/pharmacies, due to their “medical” or “natural” status. Dermocosmetics brands, recommended by dermatologists, are very strong players in pharmacies, domestic Frezyderm brand being the most successful example, whilst Korres and Apivita are well-established “natural” players.

Performance of niche launches reflects consumer confidence

The launch of niche brands across various categories in 2018 reflected the rising consumer confidence and willingness for spending in premium products, mainly by better-off Greek consumers and tourists. Within fragrances, such launches included Kilian, Memo Paris, Starck and Maison Francis Kurkdjian as well as exclusive lines by fashion house brands like Louis Vuitton, Prada and Hermès.

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