Savigny Partners Newsletter
04/02/2014
Opening to Cosmetics
We revisited our SLI to decide whether or not to include some cosmetics companies, a sector which we had largely ignored in previous years on the grounds that the category was essentially sold wholesale and was prone to discounting. We looked at a number of beauty groups but only three really stood out in terms of size and focus: L’Oréal, Coty and Estée Lauder.
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