The cosmetics industry manufactures’ products that help people to achieve a way of perfecting there flaws; while also, making a hefty profit. The top competitors in the beauty industry are L’Oreal, and Estee Lauder. Beauty products such as perfumes, toiletries cosmetics, and personal grooming products are manufactured by these top five companies worldwide. The cosmetics industry is a multibillion dollar industry. The small amount of companies in this particular industry makes for less completion; so these top four companies make billions and billions of dollars just from their beauty products alone. This industry is still flourishing with growth in the past 5 years and always will for the sole purpose that people are very particular about the way the look and express themselves.
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The L’Oreal Group is the world’s largest beauty and cosmetic industry. It’s over all net worth is about $100 billion. L’Oreal specializes in hair color, skin care, sun protection, facial make up, perfumes and hair care. The company was founded in Paris, France by Eugene Schueller in 1909. Eugene was young chemists who use to manufacture and sell his hair products to local hairdressers. He then started making profit, and developed his small business into a large corporation. In today’s day and age the CEO of L’Oreal is Jean Paul Agon. Agon joined the company in 1978. He has a vast knowledge for marketing and cosmetics. The successful entrepreneur worked his way up through the top by creating new ideas, tackling massive challenges and economic crises toward the business. He also created new cosmetic lines such as L’Oreal studio line, which is a commonly popular line of products. In 2006 Agon was appointed to become CEO of the company and still promotes L’Oreal’s successes today. Within the past year, L’Oreal’s sales have been booming. Jean Paul even quoted that L’Oreal has the means to buy out the famous Swiss chocolate company nestle by 2014. Since the company is at a $100 billion dollar shot, it is possible for this company to raise stock as much as 35 billion Euros. L’Oreal has come a long way, and will certainly keep soaring high if they invest smartly.
Estee Lauder was a company co founded by a woman named Josephine Esther Mentzer in 1906 with her husband Joseph Lauder. When Estee was growing up, she helped her uncle’s business; which was where she started selling beauty and skin care products to young women and friends. Lauder demonstrated and sold her different types of skin creams to local beauty parlors. Soon enough, Estee created her own co-founded company called “ Estee Lauder” and is now one of the leading cosmetic and beauty companies in the world. Estee Lauder products specialize specifically in makeup, nail care and skin care products. The current CEO of Estee Lauder is Frabrizio Freda, who has been the CEO since 2009 of Estee Lauder. The company has a net worth of $8 billion and has grown rapidly since the year 2011. The years 2011 profits were consisted of 42% skin care, Make up 38%, Perfumes 14% and hair care 5%. This year, Estée Lauder jumped up to 84% fiscal profit this year which shows that Estee lauder is still a very progressive company.
These two well respected company’s represent the cosmetic industry in a positive way. The growth from the past years seem to be progressing which shows how important the cosmetic industry is to the average person. I hypothesize that the beauty industry will forever be successful because of the changes it could make on people’s lives.