Sales drop was primarily caused by decreased prices, mainly in the Chemicals, Surface Technologies, and Materials segments. BASF, the world's largest chemical producer, released its latest financial report today, with sales of €17.3 billion ($19 billion), down 24.7% year-on-year, and projected to be in the range of €73 billion ($80 billion) to €76 billion ($83.3 billion) in 2023. Sales drop was primarily caused by decreased prices, mainly in the Chemicals, Surface Technologies, and Materials segments, while the Agricultural Solutions segment was able to raise prices. Weaker demand led to lower sales volumes across all segments, which negatively affected sales performance. Furthermore, currency fluctuations also had an adverse impact on sales. In terms of segments, in Q2 2023, sales in the Chemicals segment dropped by 38.4% to €2.7 billion ($2.96 billion) due to lower raw material prices and weaker demand, resulting in a 76.3% decline in EBIT before special items to €202 million ($221.4 million). Sales in the Materials segment declined by 25.8% to €3.6 billion ($3.9 billion), mainly due to lower prices and weak demand, leading to a 60.4% drop in EBIT before special items to €265 million ($290.4 million). The Industrial Solutions segment saw a 22.5% decline in sales to €2.1 billion ($2.3 billion), with a 61.6% decrease in EBIT before special items to €124 million ($135.9 million). Sales in the Surface Technologies segment were 22.4% lower at €4.2 billion ($4.6 billion) due to lower precious metal prices, but EBIT before special items increased by 1.5% to €230 million ($252 million). Sales in the Nutrition & Care segment dropped 17.4% to €1.7 billion ($1.86 billion) due to lower demand, resulting in an 84.8% decrease in EBIT before special items to €33 million ($36.2 million). In addition, BASF is taking several measures to enhance its competitiveness, including executing a cost savings program in Europe and adapting its Verbund structures in Germany. By the end of 2026, the company aims to reduce fixed costs by approximately €1 billion annually, with expected annual savings of over €300 million ($328.7 million) achieved by the end of 2023. Moreover, BASF is focusing on cash management, reducing inventory levels and avoiding discretionary costs wherever possible. While the inventories of chemical raw materials have decreased in customer industries, the company remains cautious about a possible slow recovery in global demand for consumer goods, which may lead to continued pressure on margins. BASF has adjusted its forecast for the 2023 business year based on the adjusted expectations for the second half of the year. The new forecast predicts sales of between €73 billion and €76 billion ($83.3 billion), significantly lower than the previous forecast of between €84 billion ($92 billion) and €87 billion ($95.3 billion). The EBIT before special items is expected to be between €4 billion ($4.4 billion) and €4.4 billion ($4.8 billion), down from the previous forecast of between €4.8 billion ($5.3 billion) and €5.4 billion ($5.9 billion). However, the company aims to reduce CO2 emissions to between 17.0 million metric tons and 17.6 million metric tons, lower than the previous forecast of between 18.1 million metric tons and 19.1 million metric tons. Despite the challenging market conditions, BASF remains committed to driving growth and innovation across its diverse portfolio of products and services to ensure long-term success.

The standards developed will determine the conditions under which cosmetics produced by French companies can be sold in China. Yesterday (July 27), France wants to discuss cooperation with China on common standards for cosmetics, Bloomberg news. The move is said to be due to EU concerns that Beijing's previous demands that companies such as L'Oréal and LVMH Group store information about their products in databases could end up revealing trade secrets under the guise of product safety. French Finance Minister Bruno Le Maire will travel to China on Friday to discuss economic and financial cooperation, including intellectual property rights in the luxury and cosmetics sectors. According to an official who asked not to be named, Le Maire's visit will discuss the creation of a joint structure to encourage the development of common standards for cosmetic efficacy claims and safety. These standards will determine the conditions under which cosmetics produced by French companies can be sold in China, the official added. It is reported that the development of the joint standards could be a response to China's request for cosmetic companies to provide data on everything from ingredients to details of the manufacturing process, sourcing of raw materials and the precise composition of formulations. And the European Union and the United States have long been concerned that certain Chinese policies and practices could lead to the leakage of technology and intellectual property.

Galderma delivered net sales of $2 billion in 2023 H1, with an increase of 6.9% compared to 2022 H1 on a constant currency basis. Galderma, the Swiss-based producer of skin care products specifically for treating dermatological conditions, released its 2023H1 report. The company delivered net sales of $2 billion in 2023 H1, with an increase of 6.9% compared to 2022 H1 on a constant currency basis. Galderma achieved noteworthy expansion in its Core EBITDA margin during H1 2023. The company's Core EBITDA amounted to $450 million during this period, with a margin of 22.5%, whereas the margin for the full year of 2022 was 21.0%. Galderma stated that the company’s growth during the 2023 H1 period was mainly propelled by its Dermatological Skincare and Therapeutic Dermatology segments. The company's Injectable Aesthetics segment also experienced growth, despite a slowdown in the Filler market and a high comparative base from its post-COVID rebound in 2022. This growth was driven by double-digit performance in both Neuromodulators and Biostimulators. In terms of the business unit performance, Galderma's Injectable Aesthetics experienced single-digit growth on a constant currency basis during the period, due to the return to typical seasonality after the high rebound in 2022 following the COVID-19 crisis and softening demand for Fillers in some important markets. However, the company managed to gain market share across its Injectable Aesthetic product portfolio, with Neuromodulators and Biostimulators seeing double-digit constant currency growth during the period. Meanwhile, Galderma's Dermatological Skincare continued to grow, with Cetaphil® achieving double-digit growth in the international region and Alastin Skincare® expanding into Mexico. The Therapeutic Dermatology returned to growth after the loss of exclusivity events in the U.S. in 2022, thanks to successful yield improvement measures for key brands such as Oracea®, Aklief®, and Soolantra® in the U.S. and robust performance in the international market. In terms of geography, Galderma's net sales growth was mostly led by its larger region, International, during the 2023 H1 period. The company experienced particularly strong momentum in fast-growing markets like China, India, and Mexico, with double-digit growth in these regions. Moreover, in an earlier development in 2023, Galderma raised more than $1 billion through a private placement round for newly issued shares. The investment was made by a group comprising existing shareholders, new investors, and management. Galderma pointed out that the company’s plan to become the top dermatology company in the world is expected to involve an Initial Public Offering (IPO) as the next step. Flemming Ørnskov, M.D., MPH, the Chief Executive Officer of Galderma commented, “Galderma sustained its growth momentum in the first half of 2023 driven by a laser focus on commercial execution and by premium positioning in attractive, high growth markets. Galderma continues to demonstrate its commitment to bringing science-based premium products to consumers, patients, and healthcare professionals, with new FDA approvals and new product launches in the first half of 2023.”

In particular, L'Oréal Group noted that growth in Hong Kong, China remained strong, thanks to an increase in mainland Chinese tourists in the region. In the early morning of today (July 28), L'Oreal Group released its first-half 2023 performance report as scheduled. In the first half of the year, L'Oreal realized sales of 20.574 billion euros, up 13.3% like-for-like. Its operating profit of about 4.259 billion euros, an increase of 13.7%. It is worth mentioning that, according to the financial report, L'Oréal Group's overall performance in the first half of the year hit a record high for the same period in the past five years. All of its divisions, regions, categories and channels have grown. L'Oréal also highlighted that the recovery of the Chinese mainland market brought an outstanding contribution to its performance. Sales hit a five-year high According to the financial report, L'Oréal Group achieved double-digit growth in the first half of the year, both in terms of sales and operating profit, with second-quarter sales of 10.194 billion euros, up 13.7% like-for-like. Comparison of L'Oreal Group financial report for the first half of the last five years, in addition to the decline in 2020, since then all the way up. It has grown from 13.077 billion euros in 2020 to 20.574 billion euros in the H1 of this year. During the same period, operating profit has also continued to increase, maintaining a double-digit growth. It is obvious that in the first half of 2023, L'Oreal Group not only exceeded the 20 billion euro mark in sales, but also hit a record high performance in five years. However, it can also be seen that the growth rate of both sales and operating profit has slowed down in the last three years. From the point of view of operating costs, in the first half of 2023, L'Oreal Group cost of sales accounted for a decline compared to the same period last year, while R&I expenses accounted for an increase from 2.9% in the last year to 3% this year. The gross profit of 15.283 billion euros, accounting for the proportion of sales increased by 120 basis points compared to last year, reaching 74.3%. While advertising and promotional expenses, selling, general and administrative expenses accounted for the same of the total sales as the same period of last year. It is worth mentioning that L'Oreal Group advertising and promotional expenses amounted to 6.683 billion euro in H1 of 2023, accounting for 32.5% of total sales, slightly lower than the level of about 40% of the domestic beauty listed companies. Given L'Oréal Group's outstanding performance in the first half of the year, the group's CEO Nicolas Hieronimus also expressed optimism for the full year of 2023. He said in the financial report that "L’Oréal delivered a remarkable performance and further strengthened its global leadership in the first half." Mass Cosmetics Division Jumps to No. 1 Lack of growth in Luxe By division, in the first half of 2023, L'Oréal Group's Luxe, Consumer Products, Professional Products and Dermatological Beauty divisions all posted significant growth. In terms of the sales, Consumer Products Division, driven by both volume and value, increased sales by around €1 billion in the first half of the year, achieving a record performance of €7,687 million, up 15% year-on-year, its best-ever half-year performance. The Consumer Products division jumped to become the No. 1 division in the L'Oréal Group, and was the only division other than Dermatological Beauty to achieve double-digit growth. L'Oréal Group said that all the big brands in the division grew at double-digit rates, with Maybelline, L'Oréal Paris, NYX and Elvive brands making more significant contributions. In terms of growth, Dermatological Beauty division led the way with a 29% increase, achieving sales of 3.285 billion euros. L'Oréal Group said the division's excellent performance was due to its highly complementary brand portfolio and its continued pursuit of medical and prescription leadership. The division made significant progress in all regions, with a particularly strong performance in Emerging Markets and Europe. It significantly outperformed the broader market in Mainland China, where the market continues its gradual recovery. In addition, it is worth mentioning that L'Oréal's Luxe division and Professional division achieved a year-on-year growth rate of 7.6%, the lowest among the four divisions. And the Luxe division only achieved sales of 2.314 billion euros, the bottom of the four divisions. However, L'Oréal Group said, "The Premium Cosmetics division outperformed the market with growth in mainland China, India and the UK, and enjoyed sustained growth across all distribution channels." North Asia at the bottom of the growth rate Strong performance in China By region, Europe became the biggest contributor to the Group’s sales with 6.491 billion euros, followed by North Asia and North America, while SAPMENA-SSA (South Asia-Pacific, the Middle East, North Africa, Sub-Saharan Africa) and Latin America. Although their sales contribution was relatively small, both regions led the way with a 23.6% year-on-year growth rate to lead the way. It is worth mentioning that North Asia was at the bottom of the list with a growth rate of 3.9%, making it the only single-digit growth region among all L'Oréal Group regions. In response, L'Oréal Group said, "The Travel Retail business in the Region was affected by the base effect of last year’s anticipated invoicing7. In addition, sell-out was adversely impacted by Travel Retail operators’ wide-ranging refocus on a model with the individual traveller at its core." While overall growth in North Asia was not outstanding, L'Oréal Group's performance in China was notable. L'Oréal Group said the mainland Chinese market continued to recover in the second quarter, against a backdrop in which the group significantly outperformed the market, delivering strong growth across all channels and divisions in the second quarter. This was driven by the introduction of new brands such as Valentino, Prada and Takami, as well as channel innovation and gradual expansion into new cities. 8 of L'Oréal Group's 4 major divisions were in the top 20 during the 6.18 shopping festival. L'Oréal Paris and Lancôme ranked first and second respectively across all platforms and categories. In addition, L'Oréal Group highlighted that growth in Hong Kong, China remained strong, thanks to the increase in mainland Chinese tourists in the region. The strong performance of the Chinese market is closely related to L'Oréal Group's constant reinforcement and continuous cultivation. In February this year, L'Oreal China invested 130 million yuan to set up a wholly-owned subsidiary - Nantong L'Oreal Supply Chain Management Co., Ltd. to further deepen the localization of China. In the following month, L'Oreal China and Chongchuan Economic Development Zone Management Committee of Nantong City, Jiangsu Province signed a memorandum of cooperation in Shanghai, where the L'Oreal China Premium Cosmetics Intelligent Operation Center will be located in Chongchuan Economic Development Zone, which will help L'Oreal China's Luxe division to achieve online and offline sales synchronization in China market. In April, L'Oréal and Alibaba announced that they would jointly create the industry's first "Beauty Digital Circular Economy Model". In the same month, SkinCeuticals store in Shanghai IFC obtained the "on-site personalized service" cosmetic production license, which is the first license in China. In addition, L'ORÉAL's international investments, acquisitions, R&D and other initiatives will also empower the Chinese market. For example, shortly after L'Oreal acquired Aesop, the brand's Jingdong flagship store was officially launched. All of the above can be seen in the importance and confidence of L'Oréal Group in the Chinese region. For the whole year, in April this year, held in L'Oreal China 2023 development strategy communication meeting, L'Oreal Chief Executive Officer at L'Oréal China, Fabrice Megarbane, has said that the next stage of the business focus will be on beauty science and technology, expanding the brand matrix, adhere to the "global localization" and other aspects. At the same time, Fabergé also mentioned that by 2030, the group hopes to reach 200 million consumers in China. In an interview with the media shortly after the meeting, Fabrice made it clear that the Chinese beauty market is recovering, and Chinese consumers have become more rational after the epidemic, but they are still willing to pay for higher quality products. L'Oreal is eyeing expansion in the Chinese market through the launch of new brands, acquisitions and investments in the supply chain. From the first half of the year, L'Oréal China has also been practicing its commitment step by step, moving forward in the set direction to make beauty a lighthouse industry for consumption, and to make China a trend-setter and a source of inspiration for the global beauty market. Also as Nicolas Hieronimus said, "In an economic context that is still uncertain, we remain ambitious for the future, optimistic about the outlook for the beauty market, and confident in our ability to keep outperforming the market and achieve in 2023 another year of growth in sales and profits."

LG H&H seems to be ramping up its presence in other markets and reducing its dependence on the Chinese market in parallel. Today (July 27), LG Household & Health Care (LG H&H) released its Q2 and half-yearly financial results for 2023. In the first half of 2023, the group reported sales of nearly KRW3.5 trillion, down 0.5% year-on-year, and a net profit of KRW193 billion, down 19.6% year-on-year. In Q2 2023, LG H&H reported sales of KRW1.808 trillion, down 3% year on year, and net profit of KRW96 billion, down 23.5% year on year. By region, South Korea's local business posted sales of KRW2.466 trillion in the first half of the year, down 1.3 percent year-on-year, while both China and Japan declined, down 9.1% and 8.5% year-on-year, respectively. The North American business rose sharply, up 20.9% year-on-year. Earlier, Cha Suk-yong, former CEO of LG H&H, said, "To become a truly global beauty company, we must continue to expand our business in North America, the world's largest trendy market." By division, the Beauty division recorded sales of KRW78.1 billion in Q2 2023, down 8.5% year-on-year, and operating profit of KRW70 billion, down a whopping down 24.9% year-on-year. Regarding the decline in this segment, the group said it was dragged down by the single-digit decline in China after the recovery of Chinese consumption. In addition, the HDB (Home Care & Daily Beauty) division posted sales of KRW54.6 billion in the second quarter, up a modest 0.5% year-on-year, and operating profit of KRW28 billion, down a whopping 53.6% year-on-year. According to the group, which said that the decline in operating profit was mainly due to persistent cost headwinds and restructuring costs. LG H&H is said to have brands such as Whoo, Sum37°, Perioe, and Saffron. According to publicly available information,the group’s dependence on the China market (i.e., the share of China sales in the group's total sales) was at one point as high as 68% in the first quarter of 2021. the dependence also reached 50% in the same period of 2022. However, for the full year of 2022, the overall performance of the Chinese market declined. The financial report specifically mentions that the overall performance of the Beauty division, including commercial and travel retail within China, was significantly and negatively impacted by the rapid spread of the COVID-19 outbreak in China in the fourth quarter of 2022. Against this backdrop, LG H&H appears to be intentionally ramping up its efforts in other markets to synchronize and reduce its reliance on the Chinese market.

Revenue of Perfumes and Cosmetics at LVMH grew 16% organically in the second quarter to €1.913 billion ($2.1 billion). On July 25, LVMH released its 2023 semi-annual financial results. In the three months ended June 30, the group achieved revenues of €42.2 billion ($46.7 billion), up 15% year-on-year. Organic revenues were up 17% compared to the same period in 2022. Bernard Arnault, Chairman and Chief Executive Officer at LVMH, said: "LVMH achieved outstanding results during a six-month period of ongoing economic and geopolitical uncertainty. Thanks to the desirability of our brands, we approach the second half of the year with confidence and optimism but will remain vigilant within the current environment and count on the agility and talent of our teams to further strengthen our global leadership position in luxury goods in 2023." In addition, LVMH achieved double-digit organic revenue growth in the first half of 2023 in all of its business units, except for Wines & Spirits. Profit from the main businesses increased by 13% to €11.574 billion ($12.8 billion). The operating margin reached 27.4% of revenues and the Group's net profit rose 30% year-on-year to €8.481 billion ($9.38 billion). (Credit: from the LVMH financial report) In terms of specific segments, the Perfumes & Cosmetics reported organic revenue growth of 16% to €1.913 billion ($2.1 billion) in the second quarter and 13% to €4.028 million ($4.45 billion) in the first half of the year, while recurring profit rose by 15%, thanks to the strong momentum of innovative products and the success of the highly selective distribution policy. (Credit: from the LVMH financial report) Among them, the performance of the Dior is also impressive. In addition to the classic perfume Sauvage, J'adore released the first alcohol-free long-lasting perfume J'adore d'Ea, and Miss Dior launched in the first half of the year Miss Dior Blooming Bouguet. Both of them have further consolidated the performance of the brand's perfume and its skincare products and foundations have a strong performance. In addition, Guerlain and Givenchy launched new or limited edition products in the first half of the year, which also boosted overall performance. In terms of selective retail, LVMH's selective retail business grew organic revenue by 26% and recurring business profit by 100% in the first half of 2023. (Credit: from LVMH's financial results) Sephora performed well, with an expanding distribution network and particularly strong growth in North America, Europe and the Middle East, while DFS benefited from a gradual recovery in international tourism, particularly in Hong Kong and Macau, China. LVMH said it will continue to enhance the appeal of its brands in the second half of the year, relying on its superior product quality and distribution channels to gain incremental performance, in order to consolidate LVMH's global leadership in the luxury sector, given the current unstable geopolitical environment.

Amore Pacific mentioned that half of its Asian business sales came from China, mainly due to the launch of new products from Sulwhasoo and Laneige. Today (July 27), Amore Pacific Group (hereinafter referred to as: Amore Pacific) released the second quarter of 2023 financial results. In the second quarter, Amore Pacific recorded sales of KRW 1,030.8 billion, up 0.4% year-on-year, and operating profit of KRW 1.17 billion, turned into profit. On a brand-by-brand basis, Innisfree's sales declined 6.2% year-on-year to KRW67.5 billion in the second quarter of this year, but the brand lost KRW0.8 billion in operating profit, mainly due to the reorganization of product sales channels and the growth of marketing investment to enhance product competitiveness. Thanks to effective cost saving measures, Etude's sales reached KRW29.2billion in the quarter, up 7.7% year-on-year. It is worth mentioning that Etude previously officially announced that it would withdraw from the Hong Kong market from April 24, 2023 onwards. By region, Amore Pacific's sales in its domestic business in South Korea fell 12% to KRW555billion in the second quarter, while operating profit rose 0.4% to KRW368.8billion. I its domestic business in South Korea, the performance of its high-end beauty business, mid-range and high-end beauty brands and toiletries brands all declined, with high-end beauty declining by 24%. Overseas sales rose 27% to KRW372.3 billion, with Asia up 14% and China up 20%. Amore mentioned that half of the sales in Asia came from China, mainly due to the launch of new products from Sulwhasoo and Laneige. The North American business was up a whopping 105%, with 123% in EMEA. Earlier, Amore Pacific had announced that it would acquire Natural Alchemy LLC, the parent company of U.S.-based luxury beauty brand Tata Harper, in a bet on the North American market.

Degree, a brand of Unilever, used the phrase "Not Done Yet" in taglines and campaigns and communicated values similar to those of the Foundation, to the detriment of fundraising. On July 25, Unilever was sued by the charitable foundation I'm Not Done Yet, Reuters news. In the suit, the charitable organization says that Unilever violated its trademark rights by using the phrase "Not Done Yet" in an advertisement for deodorant of Degree. The I'm Not Done Yet Foundation has allegedly been using the name since 2018 and owns the federal trademarks (Federal Trademarks) "I'm Not Done Yet" and "Not Done Yet". Unilever, on the other hand, only applied to register its own "Not Done Yet" trademark in 2021 for deodorant, shampoo, body wash and other products. The charity said in the suit that Degree, a brand of Unilever, uses the phrase "Not Done Yet" in its advertising slogans and campaigns and conveys values similar to those of the foundation, which tends to confuse consumers about the relationship between the two and is detrimental to its fundraising efforts. Finally, the "I'm Not Done Yet" Foundation applied to the court to prohibit Unilever from using the phrase and to claim monetary damages.

It is worth noting that THE LAUNDRESS also released the first batch of fully domestically produced six refreshed products, including classic laundry detergent, underwear laundry detergent, softener and so on. On July 25, Unilever's high-end clothes and care brand THE LAUNDRESS Asia Research Center was unveiled in Tianjin. Relying on the localized supply chain and leading technology of intelligent manufacturing, the center will lead the Chinese and even Asian markets in the research and innovation of high-end laundry while better meeting the needs of Chinese consumers. It is reported that the brand's Asia Research Center is located in the Tianjin Port Free Trade Zone Airport Economic Zone, and invested ten million yuan to build a sanitary production line, with no dead-end line design and sanitary material application, so that the production process is safer. At the same time, relying on China's leading technology, the center of the new production line filling speed significantly increased, transport efficiency increased by 90%. "Since the brand's launch in China in 2019, we have seen market feedback and demand exceeding expectations," said the brand's director. "The newly established center reinforces our commitment to promoting localized innovation in China and meeting the needs of local Chinese consumers through customized products." Notably, THE LAUNDRESS also released the first batch of six refreshed products fully localized in China, including Classic Laundry Detergent, Lingerie Laundry Detergent and Softener. (Credit: THE LAUNDRESS product) Shen Jun, Vice President of Unilever China North Asia Research Center and Head of Home Care Category Research of Unilever North Asia said that the upgraded new products have gathered the resources of Unilever's six global R&D centers and a team of experts with 30 years of experience in laundry and care formulas, and have gone through hundreds of formulas adjustments and multiple enzyme blends to comply with the upgraded demand for local laundry and care.

Underlying sales of Unilever's Beauty & Wellbeing division rose 9.1% in H1 2023. Unilever's sales surged in the first half of 2023, driven by higher prices and demand for premium beauty brands. €1-billion brands accounted for 55% of the group's turnover, with underlying sales up 10.8%, led by strong performances from Rexona, Hellmann's, OMO, Sunsilk and Lux. On July 25, Unilever's overall first-half turnover rose 2.7% to €30.4 billion ($33.6 billion), while underlying operating profit was €5.2 billion ($5.7 billion), up 3.3% from the previous year, according to the company's financial report. According to Unilever, the 9.1% growth was driven by prices, which rose by 9.4%, and growth in the Beauty & Wellbeing division was also a key driver, with underlying sales in the category up 9.1% and volumes up 3.8%. Unilever said, "As underlying price growth has sequentially moderated from 13.3% in the fourth quarter of 2022, volumes were virtually flat with a stepup in performance in Beauty & Wellbeing and Personal Care offsetting volume declines elsewhere." Overall, Unilever Beauty & Wellbeing, which accounts for 20% of total group turnover, also reported a 10.8% increase in underlying sales in Unilever Personal Care, driven by price growth of 7.3% and volume growth of 3.2%. Well-known brands such as Paula's Choice and Hourglass saw "strong" sales with new product launches "backed by cutting-edge scientific technology". These included skincare brand Dermalogica's best-selling Phyto Nature Oxygen Cream. Personal Care accounted for 23% of Unilever's total turnover. Unilever's Hair Care category also saw high single-digit growth, with 'positive' sales growth driven by the Americas. The Sunsilk and TRESemmé were among the leaders, achieving double-digit growth thanks to the relaunch of formulas and packaging. Deodorant revenue topped the list with a double-digit spike. Dove delivered double-digit growth, as did the Rexona brand with double-digit sales growth based on a new model with Rexona 72-hour technology. Men's fragrance brand Axe also reported sales growth due to the launch of its Fine Fragrance range, which combines odor protection with premium fragrances. Unilever also reported mid-single digit sales growth in its core skincare products, with Vaseline performing strongly after expanding its Gluta-Hya range into the pro-age market. Sales of skin cleansing products also showed high single-digit growth, with strong growth in Latin America and South Asia. Unilever CEO Hein Schumacher said, “Unilever’s performance in the first half highlights the qualities that attracted me to the business: an unmatched global footprint, a portfolio of great brands and a team of talented people. Leveraging our core strengths to drive improved performance and competitiveness is our absolute priority." Hein Schumacher, Chief Executive Officer at Unilever, stated that The task ahead is to leverage these core strengths – supported by our simplified operating model – to drive improved performance and competitiveness. This is our absolute priority and it will mean bringing greater focus and sharper execution, with science-backed innovations and investment behind our brands. According to Unilever's second quarter results, revenue in Q2 was better than expected at €15.7 billion ($17.3 billion), with underlying sales up 7.9% year-on-year. By business, Beauty & Wellbeing revenue was €3.1 billion ($3.4 billion), with underlying sales up 8.8% year-over-year. Personal Care revenue was €3.5 billion ($3.9 billion), with underlying sales up 9.0% year-over-year. Home Care revenue was €3 billion ($3.3 billion), with underlying sales up 6.7% year-over-year. Nutrition revenue was €3.3 billion ($3.6 billion), with underlying sales up 8.9% year-over-year. And Ice Cream revenue was 2.8 billion ($3 billion), with underlying sales up 5.6% year-on-year. The second quarter is Unilever the first financial results after changing its leader. Investors are carefully evaluating Unilever CEO Hein Schumacher's first results since he took office, looking for clues to his strategy to revitalize Unilever's sluggish performance. The new chief executive slightly raised his full-year forecast, predicting revenue growth of more than 5% this year. That guidance may be conservative, as analysts are forecasting 6.1%.

Inter Parfums expects a more optimistic market in China in 2024. Recently, perfume maker Inter Parfums Inc. released its financial results for the second quarter ended June 30, 2023 . Inter Parfums Inc. said net sales for the second quarter increased 26% to $309 million from $245 million in the second quarter of 2022. On a comparable foreign currency basis, second quarter net sales increased 25 percent compared to the second quarter of 2022, an all-time high By region, Inter Parfums Europe grew 19% to $198 million, driven by its three largest brands, Coach, Jimmy Choo and Montblanc, which increased sales by 28%, 21% and 16%, respectively. The business in U.S. achieved solid growth of 42% in the second quarter, with strong performance across most major brands in the portfolio. Guess fragrances grew 30%, driven by sales of Seductive Blue and Uomo Acqua fragrances, while Ferragamo by Inter Parfums was strong and Oscar de la Renta had a strong quarter. In addition, Van Cleef & Arpels, Boucheron, and fashion labels Rochas and Kate Spade also contributed to sales growth. Guess fragrances continued to be successful, with a "very good" quarter across all regions, compared to 2022. Looking ahead, Jean Madar, CEO of Inter Parfums, noted: "Once again, gift sets will play an important role in our consolidated third quarter sales. We expect to release several extensions with a strong emphasis on the Donna Karan/DKNY, Ferragamo and GUESS brands for U.S. based operations." “For European based operations, we have a pipeline of releases, including new entries for the Karl Lagerfeld Les Parfums Matières collection and the debut of a new member of the Van Cleef & Arpels Collection Extraordinaire. Additionally, we will begin distributing the very popular fragrance, Abercrombie & Fitch Fierce in select markets." “As planned, the Chinese market has not yet recovered its vitality and remains slow, however, the overall impact is marginal, and factored into our second half forecast. We expect a more upbeat market in 2024 for China," He added.

The Dettol declined by single digits year-over-year due to mixed performance across markets. Today (July 26), Dettol's parent company, Reckitt, announced its second quarter and half-year financial results in 2023. The results show that its net income was £3.529 billion ($4.55 billion) in second quarter, up 4.1% year-on-year, while net income of half year was £7.446 million ($9.61 million), up 6% year-on-year. In the first half of the year, Reckitt achieved year-on-year growth across all of its business units and sales regions. Reckitt said the business segments and profitability models delivered a strong performance in the first half, with the Group delivering year-on-year net growth of 6.0% as ongoing investment delivered returns, driving gross margin growth and increasing brand investment (c.£100m) on the back of its innovation program. Specifically, the Hygiene segment achieved first half net sales of £3.057 billion ($3.9 billion), up 3.6% year-on-year. According to Reckitt, the launch of its innovative Ultimate Plus All-in-One product in Europe has been a good initial success. Other brands Lysol, Air Wick, and Vanish brands all contributed to growth. In the Health segment, net sales in the first half of the year were £3.073 billion ($4 billion), up 8.8% year-on-year. The Dettol declined by single digits year-on-year due to mixed performance across markets. However, some market shares increased due to the launch of Dettol's Cool range of long-lasting anti-bacterial drops. Some Asian markets declined due to category weakness and specific market challenges. However, Reckitt expects performance to improve in the second half of the year. By region, the business in Europe grew the most, up 9.7% year-on-year, with net sales of £2.464 billion ($3.2 billion). The performance in North America grew 6.5% year-on-year, with net sales of £2.5 billion ($3.2 billion) and other developing regions grew 2.2% year-on-year, with net sales of £2.482 million ($3.2 billion). Reckitt said, "The strong first-half performance gives us confidence in our full year targets, despite some tough comparatives in our OTC portfolio and an expected tougher competitive environment in US Nutrition in H2. We look to the future with confidence under Kris Licht’s leadership. Amidst a backdrop of challenging market conditions and uncertainty, the business has strong momentum, yet with an opportunity to further strengthen our execution, optimise our cost base, and deliver improved returns to shareholders."