L’Oréal has appointed Liliahn Majeed as the Chief Diversity, Equity, and Inclusion Officer for North America. Majeed will be reporting to David Greenberg, the CEO, of L’Oréal USA and President, of North America Zone. L’Oréal has named Liliahn Majeed as the new Chief Diversity, Equity, and Inclusion Officer for North America. Majeed will be reporting to David Greenberg, who holds the positions of CEO of L’Oréal USA and President of the North America Zone. Additionally, Majeed will become a member of the management committee of L’Oréal USA and will be part of the leadership team of Margaret Johnston-Clarke, who is L’Oréal’s global Diversity, Equity, and Inclusion Officer. Prior to joining L’Oréal, Liliahn Majeed worked for Universal Music Group (UMG), where she served as the first-ever Global Chief Diversity, Inclusion, and Belonging Officer. In this role, Majeed led a team that focused on enhancing representation, equity, inclusion, and belonging across UMG's global workplace and operations, spanning 60 countries, the marketplace, and the company's social impact initiatives. Before joining Universal Music Group in 2020, Liliahn Majeed spent 15 years working at the National Basketball Association (NBA). During her tenure there, she served as the Senior Vice President of Diversity and Inclusion, leading efforts to promote diversity and inclusion across the NBA, WNBA, and NBA G League. Among her notable achievements, Majeed launched the NBA's Women's Leadership Initiative and NBA Coaches Equality Initiative, which were responsible for organizing events such as the Women's Leadership Forum, NBA All-Star Women in Basketball Operations Forum, and NBA Coaches Summit. Liliahn Majeed said: “I am thrilled to be joining L’Oréal in this leadership role and have a hand in ensuring that our company and portfolio of brands are able to use their cultural power and positive influence to achieve a more inclusive vision and version of beauty,” “My mission is to be a leader of the global belonging movement where we all believe that we are more alike than we are different, and that even those differences could create tremendous value for the world.” Liliahn Majeed added.

Walgreens Boots Alliance reported a sales growth of 8.6% to $35.4 billion in FY23 Q3 with an operating loss of $0.5 billion in the reported period. On 27 Jun, Walgreens Boots Alliance released its FY23 Q3 results. The company reported sales of $35.4 billion with an increase of 8.6% and up 8.9% on a constant currency basis compared to the same period of last year. During the third quarter, the operating loss of Walgreens Boots Alliance amounted to $0.5 billion, which is higher than the loss of $0.3 billion reported in the same quarter of the previous year. While the net earnings amounted to $118 million, a decrease from $289 million in the same quarter of the previous year, mainly due to lower operating income. In the first nine months of fiscal 2023, sales for Walgreens Boots Alliance amounted to $103.7 billion, representing a 3.4% increase from the same period of the previous year. Adjusted for constant currency, the increase was 4.8%. However, the operating income for the first nine months of fiscal 2023 was a loss of $6.4 billion, which is a significant decrease from the operating income of $2.2 billion reported in the same period of the previous year. In terms of the segment's performance, the U.S. Retail Pharmacy segment recorded sales of $27.9 billion in Q3, representing a 4.4 percent increase from the sales reported in the same quarter of the previous year. The international segment reported sales of $5.6 billion, which is a 5% increase from the sales reported in the same quarter of the previous year. When adjusted for constant currency, the segment's sales increased by 6.9 percent, with Boots UK sales growing by 10.2% and the Germany wholesale business growing by 3.8%. The U.S. Healthcare segment reported sales of $2.0 billion in the third quarter, which is a substantial increase of $1.4 billion compared to the sales reported in the same quarter of the previous year. Walgreens Boots Alliance is a leading healthcare, pharmacy, and retail company based in Deerfield, Illinois. The company owns and operates the retail pharmacy chains Walgreens in the US and Boots in the UK, along with several pharmaceutical manufacturing and distribution companies. Walgreens Boots Alliance has a workforce of over 325,000 employees and operates in nine countries through its portfolio of consumer brands, including Walgreens, Boots, Duane Reade, the No7 Beauty Company, Benavides in Mexico, and Ahumada in Chile. The company owns 13,000 locations across the U.S., Europe, and Latin America. Moreover, the company holds a range of healthcare-focused investments located in various countries, such as China and the United States.

The ban on animal testing on cosmetics was implemented after years of advocacy by animal welfare activists and industry leaders. Currently, more and more countries are becoming aware of the negative impact of animal experimentation on animal welfare and human health. Recently, Canada passed the Budget Implementation Act, which includes an amendment to the Food and Drug Act that bans the use of animals for cosmetic experiments in Canada and prohibits false and misleading labeling in relation to animal testing of cosmetics. In this regard, Jean-Yves Duclos, Minister of Health of the Government of Canada, said, "Testing cosmetics on animals is both cruel and unnecessary. That is why we are proud to move forward on our promise to ban cosmetic animal testing and trade." Gradual relaxation of policies in the Chinese market According to Humane Society International, 43 countries and regions, including the European Union, India, South Korea, Taiwan, New Zealand and Australia, have now enacted policies regarding the ban on animal testing. In North America, where Canada is located, Mexico is the leader in the implementation of this policy. Mexico was reportedly the first country in North America to ban animal testing when it passed a bill to ban animal testing in 2021. It is worth noting that the UK, which first announced a total ban on animal testing on cosmetics, announced in May that it wanted to reintroduce animal testing on cosmetics. In response to the move, more than 80 brands were "dismayed" by the government's stance, with a letter signed by the brands stating, "We want the UK to uphold its 1998 position as intended, with no new tests on animals allowed." However, the news was later officially denied. The presence of "zero-cruelty beauty" is growing in the international market. Chinese regulators are gradually embracing the international trend of "zero-cruelty" In China, regulations have been in place since 2014 that allows for animal testing to no longer be mandatory for general cosmetics manufactured and sold in China, but animal testing is still required for the filing and approval process for imported cosmetics and Chinese special cosmetics. This requirement made it impossible for a long time for many international cosmetic brands that insisted on rejecting animal testing, mostly through cross-border e-commerce to test the Chinese market, to land in China, especially in the offline market. However, things took a turn for the worse in 2018 when Cruelty-Free International (CFI) signed an agreement with the Chinese government and regulators to collaborate and reach a consensus with Shanghai-based certification and compliance body Knudsen & CRC, Shanghai Fengpu Industrial Park and Oriental Beauty Valley to license some international brands to be exempted from post-market animal testing by manufacturing in China. On January 14, 2021, the French Federation of Beauty Businesses issued a statement saying that the French National Agency for Safety of Medicines had launched a qualification platform that allows French manufacturers of generic cosmetics to apply for qualifications related to production quality management systems that comply with the Chinese authorities regulations. Then the French cosmetics manufacturers can export their generic cosmetics to China without having to undergo animal testing. Subsequently, on May 1, 2021, China launched a regulation that imported cosmetics was exempted from animal testing. As a result of the policy change, Aesop, which had previously been unable to open shops in mainland China, has finally completed its offline filing and will open two offline flagship shops in Shanghai by the end of 2022. (Credit: Aesop online shop in Shanghai China) The ban on animal testing for cosmetics has become a global consensus As technology and civilization improve, the rejection of animal testing is becoming a global trend, and cheaper and more effective alternatives are emerging. The EU Scientific Committee on Consumer Safety (SCCS) has introduced NAM (New Approach Method) as a new alternative to animal testing as part of its guidance on cosmetic ingredient testing and its safety assessment, which refers to a variety of new non-animal techniques, alternative strategies, ideal predictive models and a wealth of relevant data and information generated from chemical hazard and risk assessments. Compared to the traditional substitution of animal testing methods, NAM has a wider range of applications, covering computer simulation evaluation (in silico), in vitro testing methods (in vitro), and cross-referencing (read-across). The Regulations on the Administration of Registration Data for New Cosmetic Ingredients issued by the National Medical Products Administration in China have also stipulated that where animal substitution methods are used for toxicological safety evaluation, an appropriate integrated test and assessment method (IATA) should be selected to evaluate the toxicity of the new ingredient based on the structural characteristics of the ingredient and the specific toxicological endpoints. If the animal alternative test method used is not yet included in China's Technical Specification for Cosmetic Safety", the alternative test method should be one that has been included by an international authority for the validation of alternative methods and should be accompanied by information proving that the method can accurately predict the toxicological endpoint. In fact, more beauty giants such as L'Oréal and Estée Lauder have long applied animal testing alternatives. Back in 1997, L'Oréal acquired EpiSkin Biotech. By 2011, L'Oréal opened the Episkin Predictive Evaluation Centre in Lyon, France, to create human-like skin to curb animal testing of products. 2014 saw the establishment of Shanghai EpiSkin Biotechnology Ltd. by the L'Oréal Group, which was granted the right to operate in China's "Human skin reconstruction model" (Credit: L'Oreal is exploring the use of 3-D-printed skin to test products and reduce the controversial use of live animals. above, reconstructed human epidermis at the Lyon EpiSkin facility.) In 2019, Estée Lauder Cos. announced that it would join forces with the animal protection organisation Human Society International (HSI) to support the #BeCrueltyFree initiative. It stated that it would continue to test the safety of cosmetics using scientific tests that can replace animal testing and support the development of alternative testing methods. In general, the ban on animal testing has become an important issue for the global cosmetics industry. A growing number of countries and regions have taken action to ban animal testing, including Canada and the EU, while China is also moving forward with regulations. In addition, more and more beauty brands are adopting alternative methods in order to reduce their reliance on animals and promote a sustainable cosmetic industry.

Galderma, a Swiss skincare company, has disclosed plans to issue new shares through a private placement that is expected to raise approximately $1 billion. Galderma, a Switzerland-based dermatology company, has announced a private placement to issue new shares for raising approximately $1 billion. The placement will involve a group of investors, including current shareholders, new investors, and management. The private placement is expected to be finalized in the upcoming weeks. Galderma plans to utilize the funds raised through the placement to reinforce its balance sheet and boost its organic growth momentum, which is driven by its distinctive integrated dermatology strategy. Galderma is a Swiss pharmaceutical firm that specializes in skincare products and treatments for various dermatological conditions. Galderma was founded in 1981 as a joint venture between Nestlé and L'Oréal. In 2014, Nestlé acquired the remaining stakes in Galderma from L'Oréal. Later, in 2019, Nestlé sold Galderma for $10.2 billion to a consortium of investors, including the EQT VIII fund, Luxinva (a wholly owned subsidiary of Abu Dhabi Investment Authority), PSP Investments, and other institutional investors. Galderma's performance for 2022 exceeded its expectations, with net sales reaching $3.76 billion with a year-on-year growth of 13.9% on a constant currency basis. Additionally, the company's profitability in 2022 surpassed its guidance, achieving a year-on-year Core EBITDA growth of 14.5% on a constant currency basis, which amounted to $791 million. In early this March, EQT AB, the Swedish investment firm that owns Galderma, is reported to restart the IPO plan for Galderma. Galderma began preparations for an IPO over a year ago but had to delay its plans due to challenging equity markets in 2022. EQT could aim to raise up to €3 billion ($3.2 billion) through an IPO, which would be the largest IPO of 2023. Sources familiar with the matter stated that Galderma could have a valuation of up to 20 billion Swiss francs if a deal is made. While on 29 March, it is reported that EQT decided to delay the planned IPO of Galderma due to a crisis of confidence in the banking sector that has led to turbulence in global markets, according to a source with knowledge of the situation. Galderma stated that the company still hold its intention to move forward with the planned IPO but did not provide any specific details regarding the timing of the offering.

Korean beauty giant Amorepacific Group announced that it has signed a memorandum of understanding with A.S. Watson Group to entice customers around Asia with K-beauty. Malina Ngai (left), CEO of A.S. Watson (Asia & Europe), Sangmok Lee (right), President of Amorepacific Group A.S. Watson Group, the leading international health and beauty retailer, and South Korean beauty giant Amorepacific Group signed a memorandum of understanding to enhance their collaboration and attract Asian customers with K-beauty products. The partnership will entail the exchange of market and customer information, as well as joint efforts in developing brands, products, and marketing strategies. At present, Amorepacific Group presents its brands, including Innisfree, Etude, and Mise-en-scène, on Watson's global retail platform. With the recent memorandum of understanding, A.S. Watson Group and Amorepacific Group will work together to introduce more high-end skincare brands, including Illiyoon and Aestura, to A.S. Watson's customers in Asia and Europe. The goal of this collaboration is to increase the visibility of these brands and offer customers more advanced and effective skincare choices. A.S. Watson Group stated that the company operates 12 retail brands across 28 markets, with a total of over 16,100 stores. The company provides customers with the latest and most popular K-beauty products, making it a top choice for K-beauty enthusiasts. Its primary target audience consists of young women who are interested in the newest and most fashionable beauty products. Sangmok Lee, President of Amorepacific Group, said, “Through strengthening our partnership with A.S. Watson Group, we are poised to forge advantageous synergies between two industry leaders to effectively respond to the increasing diverse needs of customers in beauty care.” Malina Ngai, CEO of A.S. Watson (Asia & Europe) said: “Our strategic partnership with Amorepacific Group started in 2019 and we’re excited to take it to the next level.” In the year 2022, Amorepacific Group revenues slipped 15.6% to 45 trillion won ($3.46 billion) with net profit plunged 48.9% to 149.2 billion won ($114.7 million). While A.S. Watson Group’s total revenue last year reached HK$169.6 billion ($21.66 billion), down 23% year-on-year.

Oddity, a beauty and technology company based in Israel that created Il Makiage and Spoiled Child, is planning to go public with listing on the Nasdaq stock exchange. Oddity Tech Ltd (hereinafter referred to as Oddity), a beauty and technology company based in Israel that created Il Makiage and Spoiled Child, has submitted files to the US Securities and Exchange Commission (SEC) to conduct an initial public offering (IPO) and be listed on the Nasdaq stock exchange under the ticker symbol ODD. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Allen & Company LLC are acting as lead book-running managers for the proposed offering. Oddity was founded in 2018 by siblings Oran Holtzman and Shiran Holtzman-Erel. The company utilizes data and artificial intelligence to create brands and provide personalized product recommendations to customers. In 2018, Oddity re-launched the cosmetics brand Il Makiage after receiving a $29 million investment from the LVMH-backed private equity firm L Catterton, which had acquired a 35.8 percent stake in the company in 2017. Since 2019, Oddity has acquired two AI start-ups, Voyage81 and Neowize. In February 2022, Oddity launched Spoiled Child, which offers 17 refillable stock-keeping units comprising hair care and skin care products. Oddity aims to disrupt a market that has long been dominated by traditional retailers by utilizing AI and data-driven product recommendations, thereby replacing the in-store experience. For the year ending December 31, 2022, Oddity’s net revenue reached $324.5 million, which is a significant increase compared to $222.6 million in 2021 and $110.6 million in 2020, representing year-over-year growth of 46% and over 100%, respectively. For the first quarter of 2023, which ended on March 31, Oddity’s net revenue was $165.7 million, compared to $90.4 million for the same period in 2022. Oddity intends to utilize the funds raised from the IPO to create and introduce new brands. Additionally, the company will allocate the funds to support its working capital, cover general corporate expenses, and potentially pursue acquisitions as well as other investments.

Kering announced that its beauty division Kering Beauté has entered into an agreement to acquire the entire share capital of the high-end fragrance brand Creed. Kering announced that its beauty division Kering Beauté has entered into an agreement to acquire the entire share capital of high-end fragrance brand Creed from funds that are managed by BlackRock Long Term Private Capital Europe and the current Chairman, Javier Ferrán. The acquisition is an all-cash transaction and is anticipated to be completed in the second half of 2023. The completion of the transaction is subject to clearance by the relevant competition authorities. Founded in 1760 by James Henry Creed, Creed has an exclusive range of refined and classic perfumes, which includes the renowned Aventus fragrance. In a statement, Kering referred to Creed as the largest independent high-end fragrance maker worldwide. The brand produces its perfumes sustainably in its laboratory located in Fontainebleau, on the outskirts of Paris. Creed provides a personalized and sophisticated in-store experience through its 36 branded stores and high-quality distribution channels, which consist of approximately 1,400 doors worldwide. For the full year ended 31 March 2023, Creed generated revenue of more than €250 million. Kering stated that the acquisition of Creed represents a significant milestone for Kering Beauté, as it perfectly aligns with its portfolio of prestigious luxury brands. The acquisition provides Kering Beauté with the necessary scale, exceptional financial profile, and a platform to support the future development of other Kering Beauté fragrance franchises. This is made possible by leveraging Creed's global distribution network, which will help to expand Kering Beauté's reach in the fragrance market. Kering Beauté intends to preserve Creed's rich heritage and high-end brand image while unlocking its full potential across geographies, channels, and categories. This will include accelerating its development in China and Travel Retail, expanding its feminine fragrance portfolio, and introducing new products in the body and home categories. François-Henri Pinault, Chairman and Chief Executive Officer of Kering, commented: “The acquisition of Creed represents Kering Beauté’s first strategic initiative, and demonstrates our commitment to developing a strong position in the luxury beauty segment. I am thrilled that today our stories and values come together around this spirit of family entrepreneurship and excellence to accelerate our journey in beauty, and I am delighted that the brand is joining Kering’s collection of luxury Houses.” Kering announced this February that it will establish an in-house beauty division, called Kering Beauté, which will enable the company to manage its beauty business directly without relying on external distributors. Kering Beauté will concentrate on developing beauty lines for several of its existing brands, such as Bottega Veneta, Balenciaga, and Alexander McQueen.

L’Occitane announces the annual results of the Group for the year ended 31 March 2023. The Group’s net sales exceeded €2 billion ($2.18 billion) to reach €2,134.7 million ($2.33 billion) at reported rates in FY2023. L’Occitane has released its annual financial results for the fiscal year that ended on March 31st, 2023. The Group reported net sales of €2,134.7 million ($2.33 billion) at reported rates, surpassing the €2 billion ($2.18 billion) mark, which represents a growth rate of 19.8% at reported rates. L’Occitane stated that this growth was primarily due to the exceptional performance of Sol de Janeiro and the steady growth of ELEMIS. While the reported operating profit for FY2023 was €239.1 million ($261.24 million). However, this represents a decline of 23.0% compared to the previous year. As of March 31st, 2023, the Group owned 2,774 retail locations, which is 294 fewer than the previous year, representing a decrease of 9.6%. The number of retail stores owned by the Group decreased from 1,490 to 1,362 during the same period, a net decrease of 128 or 8.6%. The decline was primarily due to the sale of assets in Russia. In terms of performance by brand, L’OCCITANE en Provence experienced a slight decrease in sales of 0.5% at constant rates in FY2023. This decline was primarily attributed to the challenging market conditions in China which persisted throughout most of the year, as well as the divestment of assets in Russia. ELEMIS’s growth for FY2023 slowed down to 8.9%, primarily due to a strategic decision made in the second half of FY2023 in its biggest market, the UK. Sol de Janeiro had an exceptional performance in FY2023, surpassing management expectations and achieving a growth rate of 135.2% in local currency. This outstanding growth resulted in the brand becoming the Group’s second-largest, with sales of €267.0 million ($291.72 million). In terms of the performance by region, The Group’s sales were geographically well-distributed, with the Asia-Pacific (APAC) region being the largest, contributing 42.0% of net sales. The Americas were the second largest region, accounting for 32.6% of net sales, while EMEA accounted for the remaining 25.5% of sales. In terms of individual markets, the United States was the largest, accounting for 27.2% of the Group’s net sales, largely due to the strong performance of Sol de Janeiro and the presence of six of the Group’s eight brands in the US. China was the second largest market, representing 14.0% of the Group’s net sales, followed by Japan at 8.5%. In terms of performance by channel, In FY2023, online channels experienced a growth rate of 4.8% at constant rates. This growth was largely attributed to the exceptional performance of Sol de Janeiro. While retail sales in FY2023 decreased by 2.0%, primarily due to the divestiture of Russia and the store closures in China during COVID-19 outbreaks. However, if we exclude the Russia and China markets, retail sales increased by 7.2% at constant rates during the same period.

On June 26, Uniasia released the latest prospectus, updating its 2022 financial data. The company reported operating revenue of 2.095 billion yuan ($289.64 million) in 2022, down 2.9% compared to 2021. Uniasia's Brands On June 26, Guangzhou Uniasia Cosmetic Technology Co., Ltd. (hereinafter referred to as Uniasia) released the latest prospectus, updating its 2022 financial data. The company is set to list on the ChiNext board of SZSE. According to the prospectus, Uniasia is a comprehensive cosmetics company integrating R&D, production, sales, and service. The company adheres to the development strategy of "multi-brand, multi-category, omnichannel, and global operation". After years of development, it has accumulated extensive market recognition and brand influence. The company owns four major brands: "MEIFUBAO", "FRANIC", "SEEYOUNG", and "SKYNFUTURE", as well as sub-brands such as "MOR", "KEEP·Y", "YOUYA", "GITTAMY", "VITALIXIR", and "MIOFURMI". Its product range covers daily necessities such as skin care, cleansing, hair care, and body care. From 2020 to 2022, Uniasia's revenue was 1.988 billion yuan ($274.88 million), 2.157 billion yuan ($298.31 million), and 2.095 billion yuan ($289.64 million), respectively. The net profits during the same period were 241 million yuan ($33.33 million), 187 million yuan ($25.86 million), and 228 million yuan ($31.53 million). In terms of channels, the company's online revenue for 2020-2022 was 802 million yuan ($110.91 million), 840 million yuan ($116.16 million), and 910 million yuan ($125.84 million), accounting for 40.99%, 39.09%, and 44.03% of total revenue, respectively. Uniasia plans to raise 607 million yuan ($83.94 million) through its listing, of which 405 million yuan ($56.01 million) will be used for brand building and promotion projects, 107 million yuan ($14.80 million) for intelligent manufacturing and information system upgrade projects, and 55.46 million yuan ($7.67 million) for R&D center upgrade projects. During the reporting period, the company's R&D expenses were 57.34 million yuan ($7.93 million), 64.89 million yuan ($8.97 million), and 66.05 million yuan ($9.13 million), accounting for 2.88%, 3.01%, and 3.15% of operating revenue, respectively. The company's R&D expenses for the past three years totaled 188.29 million yuan ($26.04 million).

Colin Walsh, the CEO of Ouai, has been named the new CEO of Procter & Gamble's Specialty Beauty division. Colin Walsh, who served as the CEO of hair care brand Ouai, has been appointed as the new CEO of P&G's Specialty Beauty division. Before joining Ouai, he was the CEO of Devacurl. He will be succeeding Chris Heiert, who is set to retire in the coming month after working with P&G for nearly 25 years. Chris Heiert has been the CEO of P&G's Specialty Beauty division since it was established in March 2022. The division was created to oversee P&G's brands that operate in specialty and/or prestige retail channels, including both brick-and-mortar and direct-to-consumer channels. Alex Keith, CEO of P&G Beauty said: “Chris’ decades-long contributions to P&G Beauty are simply remarkable, and I’m especially grateful for his leadership these past 18 months to successfully bring together our Specialty brands,” P&G's Specialty Beauty division includes several brands acquired by P&G in late 2021, including skin care lines Farmacy and Tula Skincare. Additionally, Ouai, a hair care business that was acquired by P&G in 2021, is also part of the Specialty Beauty division, as well as First Aid Beauty, which P&G acquired in 2018. As the new head of P&G's Specialty Beauty division, Colin Walsh will be responsible for driving the growth and development of all the brands within the division. He will work closely with the current CEOs of each brand, including Savannah Sachs of Tula, Mina Chae of Farmacy, and John Drake of First Aid Beauty, to oversee their progress. Despite taking on this new role, Walsh will continue to serve as the CEO of Ouai. In FY23 Q3, P&G delivered $20.1 billion in net sales and saw growth of 4%. with organic sales rising by 7%.

The Canadian government has passed the Budget Implementation Act (Bill C-47), which officially bans cosmetics animal testing and trade in Canada. Recently, the Canadian government officially banned cosmetics animal testing and trade by passing the Budget Implementation Act (Bill C-47). Along with the ban on animal testing, the amendments also prohibit the sale of cosmetics that rely on new animal testing data to establish their safety, as well as false or misleading labeling related to animal testing. These changes align Canada with other countries and regions that have also banned animal testing for cosmetics and reflect a growing global trend towards ethical and cruelty-free practices in the beauty industry. Companies will need to find alternative methods to ensure that their cosmetic products are safe for human use without relying on animal testing. As reported earlier, the ban on animal testing for cosmetics in Canada comes after more than eight years of discussions on the topic, which has been criticized for the delay. The passing of Bill C-47 is a significant step toward promoting animal welfare and ethical practices in the beauty industry. With this new legislation, Canada joins a growing list of countries that have already banned or restricted cosmetics animal testing, including the European Union, United Kingdom, India, South Korea, New Zealand, Australia, Brazil, and 43 other countries. Jean-Yves Duclos, Minister of Health, Government of Canada, said: “Testing cosmetics on animals is both cruel and unnecessary. That is why we are proud to move forward on our promise to ban cosmetic animal testing and trade. Protecting animals now and in the future is something many Canadians have been advocating for and now, we can all be assured that cosmetics in Canada are cruelty-free, and we will continue to take all necessary measures to improve animal welfare.”

Advent International, the Boston-based private equity firm, has acquired a majority stake in the Sprecher Berrier Group of Companies, which owns the niche fragrance brands Parfums de Marly and Initio Parfums Privés. Advent International, a Boston-based private equity firm, has announced a partnership with Julien Sprecher, the founder of the Sprecher Berrier Group of Companies (the Group) that owns Parfums de Marly and INITIO Parfums Privés. The agreement involves Advent's investment in the company to support the worldwide expansion of the brands. As part of the partnership agreement, Advent International will acquire a controlling stake in the Group from its founder, Julien Sprecher. Sprecher will retain his position as Executive Chairman and Creative Director of the company and will continue to hold a minority share in the business. The financial details of the transaction have not been disclosed. Parfums de Marly was founded in 2009 by Julien Sprecher as a way to share his love for fragrance creation and the grandeur of the 18th century. In 2015, he launched INITIO Parfums Privés to revive the prestige of perfume and harness the emotive and practical potential of scent through unique and distinctive fragrances. Parfums de Marly and Initio have experienced significant growth in recent years, generating a combined retail sales figure of $366 million in the previous year. Ranjan Sen, Managing Partner, Advent International, said: “We are delighted to have acquired a majority shareholding in Parfums de Marly and INITIO Parfums Privés – two iconic and distinctive brands with creative, exciting fragrances at their heart. Under Julien Sprecher’s visionary guidance, the Group has established itself as a leader in niche luxury fragrance, and we see a considerable opportunity to accelerate its growth and penetration in key global markets.” Advent International has made significant investments in the beauty industry, including selective German perfumeries Douglas, and the creation of Orveon in 2021, which brings together cosmetics brands Laura Mercier, Buxom, and BareMinerals that were acquired from the Shiseido group. The US-based global leading PE firm also invested in Dufry, Orveon, and Olaplex.