In 2021, Unilever's prestige beauty business achieved €1 billion in turnover, in part via the acquisition of Paula's choice; the company is now poised to triple those results by focusing on three key areas:
- digitization, which is critical given that more than 50% of the prestige sector's turnover comes from online sales;
- innovation;
- and purpose; as an official company profile reports, "While every prestige brand has a distinct identity, one thing they all have in common is a clear, meaningful purpose."
The division's brands fall under three general categories, according to Vasiliki Petrou, executive vice president and group CEO, Unilever Prestige: derma cosmetics, such as Dermalogica and Murad; clean and clinical, including REN and Garancia; and high performance, including Hourglass and Living Proof.
The sector's efforts are also highly concentrated. According to Petrou,, "Just 10 markets around the world make up 70% of our sales in prestige."
The executive notes that these factors combined will allow the division to achieve the €3 billion goal.
