法国化妆品品牌欧舒丹研究报告.pptVIP

11 15 15 18 Elsa Yang (852) 2800-8523 Asia Pacific Equity Research 17 March 2011 elsa.hy.yang@ Figure 28: Total self-operated stores by country 100% 80% 60% 40% 20% 0% 96 24 165 24 51 41 47 FY07 151 26 173 30 54 44 56 FY08 254 30 176 36 62 47 67 FY09 319 32 166 42 64 51 72 FY10 Japan Hong Kong Taiw an France UK US Brazil Other Countries Source: Company 1) Japan—The single biggest market for L’Occitane Japan increased its contribution to total sales to 24% in FY10 from 15% in FY07. Around half of the self-operated retail outlets in Japan are department store counters. In the department stores in which L’Occitane is present in Japan, it is a market share leader for cosmetics, accounting for 7.6% of those stores as of Nov-09. L’Occitane’s competitors in these stores include both domestic brands such as Shiseido, Kanebo and Rumiko, and foreign brands such as Chanel, Lanc?me, Christian Dior and MAC. According to Euromonitor, the shrinking population and trade-down due to recession led Japan’s skincare market to decline by 2% in 2009 and also resulted in changing the purchasing behavior. With an ageing population, sales of anti-ageing products have bucked the downward trend seen elsewhere in Japanese skin care, and product lines have been expanded to appeal to a wider age range of both older (over 40 years of age) and younger consumers (under 30 years of age), with the latter using the products as a form of prevention. As a result, value growth for premium-priced anti- age remained positive at 1% during 2008-2009. All these trends have explained the steady market share expansion of L’Occitane in the stagnant cosmetics markets over the years (Table 8). These trends also bode well for further penetration of the brand. L’Occitane recorded 33.2% and 9.9% SSS growth in FY08 and FY09, respectively. Although the number dropped to -4.2% in FY10 on weak economy, it rebounded into the positive territory