AVON PRODUCTS INC IN BEAUTY AND PERSONAL CARE (WORLD

)
January 2013

SCOPE OF THE REPORT

Scope
 All values expressed in this report are in US dollar terms, using a fixed exchange rate (2011).  All forecast data are expressed in constant terms; inflationary effects are discounted. Conversely, all historical data are expressed in current terms; inflationary effects are taken into account.
Disclaimer Much of the information in this briefing is of a statistical nature and, while every attempt has been made to ensure accuracy and reliability, Euromonitor International cannot be held responsible for omissions or errors. Figures in tables and analyses are calculated from unrounded data and may not sum. Analyses found in the briefings may not totally reflect the companies' opinions, reader discretion is advised. Avon Products Inc is the largest and best known of the world's direct sellers. However, in 2011 it began to encounter financial hardships. It has lost share in its cash cow Brazil, whose performance over the review period was still able to offset poor performances elsewhere, notably in China. The company needs to generate rapid investment to reverse these trends; this is certainly possible, as Avon is among the best-known BPC brands in the world.

Beauty and Personal Care US$425,840 million
Baby and Child-Specific Products US$13,636 million Bath and Shower US$37,245 million Colour Cosmetics US$52,091 million Deodorants US$20,354 million Depilatories US$4,483 million Fragrances US$43,892 million Hair Care US$73,686 million Men's Grooming US$32,734 million Skin Care US$96,485 million Sun Care US$9,258 million

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BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC

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STRATEGIC EVALUATION COMPETITIVE POSITIONING MARKET ASSESSMENT GEOGRAPHIC AND CATEGORY OPPORTUNITIES BRAND STRATEGY OPERATIONS RECOMMENDATIONS

STRATEGIC EVALUATION

Key company facts (1)
Avon Products Inc Headquarters: Regional involvement: New York, NY, USA Global Baby and child-specific products, bath and shower, colour cosmetics, deodorants, depilatories, fragrances, hair care, men's grooming, skin care, sun care  Avon Products Inc is a US-based manufacturer and direct seller, primarily of beauty and personal care (BPC) products. It is the leading direct selling company in the world, and ranked fifth in the global BPC market in 2011 with a 3.2% market share.  Avon also operates a chain of conventional retail outlets called Beauty Boutiques in China alongside a limited direct sales operation, as well as sales via catalogues and websites in selected markets.  The company is primarily a BPC retailer, although in some markets its BPC distributors also sell jewellery, clothing and home furnishings.  Like its BPC peers, the company has built share on emerging markets. In 2011, 49.9% of total BPC sales were generated in Latin America, where it ranked fourth in BPC in 2011 with a 8.6% share, up from 37.1% in 2006.  The company is predominantly a mass-market operator; 97.5% of its 2011 BPC sales were generated by mass cosmetics. Its core products are colour cosmetics (25.7% of 2011 value sales), skin care (24.8%) and fragrances (24.3%).

Category involvement:

World BPC value 3.2% share 2011: World BPC value 3.1% growth 2011:

© Euromonitor International

BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC

PASSPORT 4

 As a result. Avon Products Inc: Sales by Reported Geography 2011 (US$ million)  Avon has also sought to diversify its brand position in BPC. Avon Products launched a restructuring in 2009 in order to better reflect its international growth. General and Administrative expenses. operated by around 6. largely in Selling. Middle East & Africa Asia Pacific © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 5 . in order to focus on new territories. In December 2012. and announced in its third quarter earnings release that it looking to make cost savings of at least US$400 million by the end of 2015. Latin America North America Central & Eastern Europe Western Europe. it followed this with the announcement it will exit South Korea and Vietnam.4 million distributors. it acquired UK-based Liz Earle Beauty. Its domestic North American market is becoming less important to the company. primarily through acquisition. Avon Products reported sales and distribution operations in over 100 countries. In 2010. and the Tiny Tillia brand of bath and body care products for babies. a botanical skin care brand. This also lay behind its 2010 decision to pull out of the Japanese market in order to focus efforts on China. The company plans to shut plants in the US (Ohio) and Germany by 2013.STRATEGIC EVALUATION Key company facts (2)  In 2011. The company has performed poorly in 2012. as it seeks to develop its presence in more dynamic emerging markets.  This has involved widespread layoffs and streamlining global manufacturing.

after talks between the two companies about a possible Avon takeover of Coty failed. citing Avon's lack of decisiveness.  Coty made an initial bid of US$10 billion for Avon in March 2012. The company has found itself in difficulty after failing to deal quickly with poor results in important overseas markets. as well as distributor supply problems in Brazil. the company was subject to a US$10. falling distributor numbers and strengthening competitor offer means the company needs to rapidly evaluate strategy. It has limited working capital to improve the business at a time when the bloom appears to be coming off direct sales in many emerging markets. Avon rejected this. and is apparently no closer to resolving structural problems within its business. especially in its core Latin America markets. a far smaller BPC company. Coty counter-offered but finally walked away in May 2012.  The company is also facing a federal probe into allegations of bribery of officials in China and Latin America that has led to widespread investor dissatisfaction with CEO Andrea Jung. Avon has seen its stock fall.STRATEGIC EVALUATION Avon in trouble  Despite retail sales growth of 3.7 billion unsolicited takeover bid from fragrance specialist Coty Inc. This has been a characteristic of the company over the review period. Although the company enjoys high brand awareness. and the competitive environment is becoming far tougher. its key market. PASSPORT 6 © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC .  As a result of this failure. Coty's bid for Avon was based on its desire for access to the latter's dynamic Latin America markets.  Most surprisingly. Avon has undergone a chaotic 2012.1% in 2011. who agreed to step aside for new CEO Sheri McCoy.

and without restructuring.000 Genics in 2011.  However.000 0 2006 2007 2008 2009 2010 2011 200 0 Total revenue Operating profit © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 7 Operating profit (US$ million) . Most alarmingly for its investors. from US$10.1 billion in 2010-2011. where direct selling is an important sales model. and it is losing out to other direct sellers in distributor recruitment.000  However. this will be difficult to turn around. it is set to undertake restructuring. 8. Yet again. with innovations such as the successful 1. Most of this was driven by the company's success in Latin America.4% in 2011.000 1.9% in 2011.6 billion to US$5. most importantly distributor supply issues in Latin America that remain unresolved.9 billion to US$11. Central & Eastern Europe. operating profit dropped by 20. Avon still appears beset by structural problems.000 400 2.200 10.STRATEGIC EVALUATION Uncertainty for Avon  Avon Products Inc's recorded revenue grew by 3. The failure of the Coty bid and the lack of recapitalisation may cost Avon in the long term. and Asia Pacific.000 introduction of the skin care brand ANEW 1. Total revenue (US$ million) 800 6. revenues fell away in other regions including North America. 12. and Avon reported an increase in revenue for the region from US$4.400 Product development is part of this strategy. Avon Products Inc: Total Revenue vs  The company has stated that its most critical Operating Profit 2006-2011 priority is to rebuild top-line revenue growth. Avon continues to struggle make its hybrid direct sales/store model work in China.3 billion.000 600 4.

 Favourable foreign exchange rates also helped. the key regional market.000 15 12 % y-o-y growth 9 6 3 0 -3 -6 0 Latin America North America Central & Western Eastern Europe Europe. the company risks compromising the performance of its main region.000 3. Avon must address this if it is to remain credible in the struggle for new distributors. and in constant terms the 14% growth in sales in Mexico was very encouraging.  The direct sales market in Brazil and Latin America is becoming highly competitive. but also new local players such as Eudora (by O Boticário) and Jequiti. Sales representatives in Brazil.000 2. continued to suffer from poor supply.000 US$ million 4.000 5.  However.000 1. which the company blames on the implementation of an enterprise resource planning (ERP) system in the second half of the year. According to the company. not only with well-established local giants such as Natura Cosméticos. Middle East & Africa Total revenues 2010 Asia Pacific -9 Total revenues 2011 2010-2011 % growth © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 8 . Avon Products Inc: Total Revenues by Reported Geographic Segment and Growth 2010-2011 6.STRATEGIC EVALUATION Latin America keeping the company in growth  Latin America is the company's key geography and in 2011 was the main factor offsetting decline in revenues in three of its four other regions. sales growth in the region increased because of higher average orders and an increase in the number of active representatives. as well as international players such as Nu Skin.

where exchange rates drove 2. in April 2012. Avon continues to shed distributors. however. and reported y-o-y growth of 1%. Nonetheless. suggesting that the company's loudly trumpeted cost-saving programme has yet to have any affect. although the company cited higher employee compensation costs as the prime factor in this. The company finally appointed a new CEO. sales grew by 6%.500 50 Total revenues (US$ million)  Other regions have also performed weakly. 2. Sheri McCoy.STRATEGIC EVALUATION No turnaround in sight  Avon's 2012 performance has confirmed the negative trends that began to emerge in 2010. 2. and Active Representatives were down 1%. something Avon would appear to require. this may see a solidifying of strategic planning going forward.8 billion to US$2. however. the number 2.6 billion. Third quarter (the three months ending 30 September) total revenues dropped from US$2.  Net income fell by 81%. Avon Products Inc: Total Revenues and Net  Avon remained sustained to a certain extent Income Q3 2011-Q3 2012 by Latin America.800 200 a decline in total revenues of 6%.  The company cited unfavourable exchange rates as a key factor in this.600 100 from the region than the company is accustomed to seeing. in constant terms. this is a weaker performance 2.700 150 of units sold grew by 5% and the number of Active Representatives grew by 2%.400 0 Q3 2011 Total revenues Source: Company release Note: Q3 = three months ending September 30th Q3 2012 Net income © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 9 Net income (US$ million) . a yo-y decline of 8%.

Business outside Latin America  Avon is having problems outside its Latin American core as direct selling loses dynamism. THREATS OPPORTUNITIES Other Latin America Merger markets  Despite the company's  The failure of the Coty structural problems in deal may have been the region. This could be a threat to the global business. in particular positions. despite attempts resolve structural to develop new problems. and has price pressure of the become characterised mass position in by a lack of developed markets. Mexico. it continues inevitable. important global BPC and it is the largest direct selling market in direct selling BPC brand terms of scale and in the world. merger. dynamism. especially its markets such as Latin American footprint.  Avon remains a mass  Avon seems unable to brand. Too many cuts  Avon reduced expenditure on advertising spend and sales in 2012 in Latin America and saw sales slide. © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 10 . Growth in these could open the door for markets will offset capitalisation via a weakness elsewhere. but Avon's to enjoy growth in large assets. This leaves it supply lines in Latin exposed to the intense America. decisiveness. the most awareness for Avon.STRATEGIC EVALUATION SWOT: Avon Products Inc STRENGTHS WEAKNESSES Avon brand Brazil Mass-market position Structural problems  The company claims  Avon is a major player 90% consumer brand in Brazil. Lack of investment may compromise the brand.

The problem is with its hybrid sales model. as sales suffered a negative CAGR of 7. © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 11 .7% in a market that was otherwise dynamic. Avon took the bold step of bailing out of Avon Japan in 2010. Greater premium offer.8% in 2006 to 1. Softly. Avon needs to face this challenge carefully. if only because it appears to be unable to build the sales model it wants. either inside or outside the direct sales model. could help rebuild the top-line revenues and profit margins the company has made a key objective. it could consider doing the same in China. softly for restructure  The company's sales and profit problems have led to widespread cost cutting and structural reorganisation in an attempt to re-establish margins. as well as a stronger emphasis on community living.1% in 2011.STRATEGIC EVALUATION Key strategic objectives and challenges Resolving China  Avon has seen its share of the Chinese BPC market slide from 2. its reduction in advertising spend and seller incentives (called Representative Value Proposition or RVP by the company) in Latin America saw sales slow and rising distributor discontent. New markets  Avon's strength is based on share in emerging markets that are underdeveloped and have large populations with limited access to conventional channels or internet sales. and it could look at further acquisitions. Identifying more of these to grow global share is the company's number one strategic challenge. Looking at new positions  The company's 2010 acquisition of Liz Earle Beauty and Tiny Tillia indicate its desire to build a broader spectrum of brand positions.

STRATEGIC EVALUATION COMPETITIVE POSITIONING MARKET ASSESSMENT GEOGRAPHIC AND CATEGORY OPPORTUNITIES BRAND STRATEGY OPERATIONS RECOMMENDATIONS .

in particular Asia Pacific.8 2. However. with the top five companies generating 36% of total sales in 2011.5 2. The L'Oréal Groupe Unilever Group Colgate-Palmolive Co Avon Products Inc Beiersdorf AG Estée Lauder Cos Inc Johnson & Johnson Inc Shiseido Co Ltd Kao Corp 2011 % share 11. Ideally. market leaders' share is built on global brands.1 2.1 2007 2008 2009 2010 2011  The global BPC market is concentrated. Latin America.COMPETITIVE POSITIONING Avon gains based on Latin America Beauty and Personal Care: Top Global Players by Value Share. 1 2 3 4 7 6 5 9 8 10 1 2 3 4 7 5 6 8 9 10 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10 © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 13 . ranking and share among leading global manufacturers has remained relatively static over the review period. Avon's share growth has been led by its performance in a single region. it would look to increase its footprint in other emerging markets. although consumer trends in emerging economies are beginning to affect the market.  Direct sellers such as Avon and Amway.8 3. Share Growth and Ranking 20072011 Company Procter & Gamble Co.2 3.  As a result. 24% of market leader Procter & Gamble's 2011 sales. were generated by the Gillette brand. for example. for example. have made gains as their sales model is more accepted by consumers in emerging markets.8 3.5 9. the strong global marketing of these brands still provides better equity and credibility than local producers.7 7. there has yet to emerge a top 10 player from an emerging market. Characteristically.  Unlike many other consumer goods categories.9 2. up from 34% in 2007.

where large rural populations.6 Amway Corp 19 19 18 18 19 Oriflame Cosmetics SA 24 23 22 22 23 © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 14 .  Conversely. thanks to improving retail networks. but specialisation is likely to prove a competitive strength in the long run. BPC is the largest part of the global direct selling market. large brand manufacturers may need years and massive investment to build market share under these conditions. less access to conventional BPC retail channels and the attraction of supplementary incomes in communities where employment opportunities for women may be limited have helped the model flourish. Avon has widened its product presence to include apparel and home furnishings.8 0. Avon's growth over the review period was based on its success in emerging markets. partly as a result of specialisation. some competitors such as Amway also deal in consumer health.2 2007 2008 2009 2010 2011  Like most other direct sellers. 7 7 5 5 5 14 14 14 13 13 1. Share Growth and Ranking 2007-2011 Company Avon Products Inc Natura Cosméticos SA Mary Kay Inc 2011 % share 3.  However.COMPETITIVE POSITIONING Avon direct sales model best suited to emerging markets Beauty and Personal Care: Top Direct Sellers by Value Share. at 4.9 0.  Amway was the largest direct seller in BPC in 2011. and simplicity and strong brand equity are the likeliest magnets for new distributors. While forecast growth for BPC direct sales remains solid.6 18 17 17 17 16 0. and more brand savvy.1% CAGR 2001-2016. and emerging markets are therefore fertile ground for direct sellers. consumers in many of these markets are becoming more sophisticated. especially early market entrants. Avon may want to consider developing more premium positions to meet this trend.

2% in Latin America offsets decline of 2. this is masking weakness in the rest of its global operations. driven by strong growth in Latin America. Declining values in these markets offset growth elsewhere. C (2011): Avon's failure to build sales in Asia Pacific.9% in North America as mature markets struggle to recover from recession.COMPETITIVE POSITIONING Avon's lack of development outside Latin America is a concern  Avon outperformed the global BPC market at the start of the review period 2007-2011. Avon Products Inc: Competitive Performance by Value vs Global BPC Market 2007-2011 12 10 % y-o-y growth 8 6 4 2 A B C 2008 World 2009 Avon Products Inc 2010 2011 0 2007 A (2008): Despite ongoing growth in emerging markets. However. the onset of the global economic crisis hits Avon's sales in the US and Western Europe. PASSPORT 15 BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC . © Euromonitor International B (2009): Exponential growth of 18. as well as ongoing weakness in its mature markets sees growth fall below global averages despite the ongoing strength of Latin America.

Avon has so far been unable to develop sales growth in Asia Pacific. This is enough to make it the second largest direct seller in the world. Each has seen the increasing maturity of domestic markets in Western Europe and North America offset by growth elsewhere.  The dynamism of emerging markets is underlined by the exponential growth shown by Brazilian operator Natura Cosméticos. as the value for money mega-trend in the mass market via retailers such as Target and Tesco has hurt value development for most BPC brands. However. which generated 92% of its 2011 sales in its dynamic domestic market. unlike these other players. and direct selling has lost credibility. Amway and Oriflame over 2006-2011.COMPETITIVE POSITIONING Emerging market strength competitive advantage  Avon saw a broadly similar growth pattern to Mary Kay. Avon: Value Sales Growth vs Other Top Five Direct Sellers 2006-2011 40 35 30 25 20 15 10 5 0 -5 -10 2006-07 2007-08 Avon Products Inc Amway Corp 2008-09 Natura Cosméticos SA Oriflame Cosmetics SA 2009-10 Mary Kay Inc Nu Skin Enterprises Inc 2010-11 © Euromonitor International % y-o-y growth BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 16 . and enabled it to maintain double-digit growth in 2009 across the review period while its peers experienced more fluctuating growth.

STRATEGIC EVALUATION COMPETITIVE POSITIONING MARKET ASSESSMENT GEOGRAPHIC AND CATEGORY OPPORTUNITIES BRAND STRATEGY OPERATIONS RECOMMENDATIONS .

however.000 60.000 40.000 120. skin care offers the clearest opportunity as the largest part of the global BPC market.000 100. Avon Products Inc: BPC Presence and Growth Prospects by Category 2011-2016 6 % CAGR 2011-2016 5 Opportunity Zone 4 3 2 1 0 -20. often with a clinical or scientific alignment. as fragrances and colour cosmetics emerged strongly for Avon.5% © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 18 . range displayed: 0. The most dynamic part of the global skin care market has been led by higher-priced functional products.000 Skin care Sun care Market size 2011 (US$ million rsp) Note: Bubble size indicates company share of category in 2011. three quarters of the company's sales are generated by three products colour cosmetics (26% of 2011 value sales).5-7. skin care (25%) and fragrances (24%).000 80.or celebrity-led position (most recently. the share of Avon's sales generated by these products dropped from 33% in 2006. New products from Avon such as ANEW are in line with this trend.  This is in part a reflection of the company's brand strategy. Of these. but the bulk of its offer is mass market and typically marketed with a glamour. This position could be change. the company has added Jon Bon Jovi and Paula Abdul to its roster).000 Baby and child-specific products Bath and shower Colour cosmetics Deodorants Depilatories Fragrances Hair care Men's grooming 0 20.MARKET ASSESSMENT Avon sees mass products build share  Despite a broad market presence.

000 100.6 billion. and where. It holds a 9% share in the regional market. in theory. and 50% of its 2011 value sales were generated here.MARKET ASSESSMENT Avon can build in other regions  Latin America is clearly the company's principal opportunity.  Only Asia Pacific is set to see stronger absolute value growth than Latin America going forward. the region is set to generate 34% of the total between 2011 and 2016. In truth the company needs to find resources to develop its share of this market. Direct sales is an important channel for these products in the region. generating 29. In 2011. The region is set to see the most dynamic growth in BPC sales over the forecast period. with a CAGR of 5.000 40.0% © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 19 . This is where the company lacks scale. and is forecast to generate 40% of global absolute value growth. it should have opportunity.000 140.1-9. In terms of global absolute value growth. which is still immature and well suited to its offer.000 120. Avon Products Inc: BPC Presence and Growth Prospects by Region 2011-2016 8 % CAGR 2011-2016 6 4 2 0 -2 0 20.1% share of the market.000 60. range displayed: 1.8% for the global market.000 Australasia Eastern Europe North America Western Europe Middle East and Africa Latin America Asia Pacific Market size 2011 (US$ million rsp) Note: Bubble size indicates company share of region in 2011.2% of total 2011 sales compared to a global average of 12%. it held a 1. but its failure to build sales in China and its withdrawal from Japan have seen this slide over the review period.2% compared to 2.000 80. equivalent to US$21.

STRATEGIC EVALUATION COMPETITIVE POSITIONING MARKET ASSESSMENT GEOGRAPHIC AND CATEGORY OPPORTUNITIES BRAND STRATEGY OPERATIONS RECOMMENDATIONS .

 At global level. BPC dominates direct selling.  The bulk of this will be generated in emerging markets. and Latin America 60%.  The key opportunities for Avon are clear: consolidate Latin America with investment and better distributor support. for example. The model offers significant growth opportunities. retail networks there often remain less developed.  There are a variety of reasons for this: consumers in these markets are generally more receptive to the concept of direct selling. and distributor recruitment may be easier as there may be fewer employment opportunities for women. these are never impulse or emergency purchases. BPC direct selling is set to post a CAGR of 4% over 2011-2016. generating 32% of total value sales in 2011.GEOGRAPHIC AND CATEGORY OPPORTUNITIES BPC direct sales model perfect for emerging markets  BPC products have traditionally done well in direct sales. there is less consumer cynicism about the model and consumers are more likely to be willing to find the time for the face-to-face experience at home. compared to 3% for global BPC. Distributor/consumer relationships are often based on friendships or family. Direct Selling: Global Value Breakdown by Leading Category 2011 Beauty and personal care Food and drink Consumer healthcare Clothing and footwear All other direct selling © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 21 . and try to find a way to make Asia Pacific work. unlike food and drink. Asia Pacific is set to generate 32% of total absolute value growth between 2011 and 2016.

CO=Colombia. AR=Argentina.000 Preserving share in Latin 10 3. PU=Peru. while 1. MX=Mexico. IN=India. however.  It has a limited and falling presence in China. of 10 countries.  The importance of Latin America to direct sales of BPC is shown by the rest of the list. high-growth markets. is the most important market for the company. VE=Venezuela © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC Absolute value growth (US$ billion) 2011/2016 PASSPORT 22 % CAGR 2011-2016 and company share . These two markets hold significantly more direct selling potential than any other. Regional strength rests in the widespread consumer acceptance of the sales model.  Clearly.000 14 direct sales of BPC. which is set to grow by a total of US$4. not only are they larger. It BR CN MX KR IN CO PU AR TR VE does. TR=Turkey. KR=South Korea.6 billion between 2011 and 2016. and Avon holds strong share in the total BPC market in each of them. resulting % CAGR 2011-2016 in Avon exiting Vietnam and Avon Products Inc % company share of BPC 2011 South Korea. Brazil.000 2 attempting to make its 0 0 business in China work.000 main priority over the 4 forecast period.000 8 America will clearly be the 6 2. two potentially Key: BR=Brazil. but they are forecast to deliver growth well above the anticipated global CAGR of 4% over 2011-2016.GEOGRAPHIC AND CATEGORY OPPORTUNITIES Avon well positioned in leading BPC direct selling markets  Avon is visibly present in eight of the 10 markets that are forecast to see strongest absolute value growth. still have Absolute value growth (US$ billion) 2011/2016 internal constraints. six are in this region. the company is in Most Dynamic BPC Direct Selling Markets 2011-2016 and an exceptionally strong Avon Company Share of BPC Market 2011 competitive position for 5. equivalent to 49% of total global growth. CN=China. 12 4.

0% of 2011 values. Forecast Growth in BPC Direct Sales vs BPC Market by Region 2011-2016 % value CAGR 2011-2016 8 6 4 2 0 -2 World Asia Pacific Australasia Eastern Europe Latin America Middle East and Africa North America Western Europe BPC direct selling BPC total market © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 23 .0% for mass products.7%) than beauty specialist retailers (6. premium cosmetics is forecast a CAGR of 2. means that this sales model will become more important in the long term.2%. however. at regional level.  This is an increase on the 10.2% of BPC sales in 2011. North America and Western Europe. direct selling is a significant part of the global BPC market.6% generated in 2006. Middle East and Africa. and Latin America with 29. The dynamism of markets in Asia Pacific. and the development of a more segmented offer may make strategic sense if Avon seeks to rebuild sales in these markets.8% over 2011-2016 compared to 3.GEOGRAPHIC AND CATEGORY OPPORTUNITIES Global opportunity for BPC direct sales. with a 4% CAGR versus a CAGR of just under 3%. admittedly. Its mass positioning is in line with forecast global trends. globally. This growth.5%). where direct selling generated 12. generating 12. is from a lower base. However. premium is set to outperform mass in Eastern Europe. direct selling in 2011 generated more BPC value (7. Even in Avon's domestic US market.  Avon's Latin American strength is clearly a competitive advantage. but more nuance needed  BPC direct selling is forecast to outstrip growth in BPC in value terms over 2011-2016.

It is expected to be the most dynamic BPC market over the forecast period.000 40. range displayed: 6. Prospects in Leading Latin America Markets 2011-2016 direct selling is a wholly 9 credible sales channel in the 8 Ecuador region.000 20. 50% of Avon's sales were generated there in 2011.4% income remain low. Market size 2011 (US$ million rsp) average levels of disposable Note: Bubble size indicates company share of market in 2011. Although Brazilian direct selling giant Natura Cosméticos SA has stronger regional share and ranked third in 2011 compared to Avon's fourth. Brazil 1 as despite the strong 0 economic growth seen in -10.1% from Brazil alone.  Avon is exceptionally well positioned to develop more share in the regional market.000 30. © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC % CAGR 2011-2016 PASSPORT 24 .2% in 2011.000 many regional markets.9% of value in Colombia 5 2006 to 29. with a CAGR of 5.GEOGRAPHIC AND CATEGORY OPPORTUNITIES Latin America prime focus for the company  Latin America is Avon's core geographic opportunity.2% compared to a global average of 2.000 0 10.8%. Venezuela 4 Avon's mass alignment and Argentina 3 glamour-led marketing is also Mexico 2 in tune with regional trends.92% of Natura's sales are generated in Brazil .0-17.and although Brazil is clearly the most important regional market. other countries remain immature and may offer strong long-term opportunities. BPC sales via this 7 Peru model have grown from 6 generating 27. and 28.000 50. Avon Products Inc: BPC Presence and Growth  Most importantly for Avon. Avon has a broader footprint .

These products are affordable and make a demonstrable difference to appearance.500 Baby care Bath and shower Colour cosmetics Deodorants Depilatories Fragrances Hair care Men's grooming Skin care Sun care Market size 2011 (US$ million rsp) Note: Bubble size shows company share of category in 2010. The median age of the consumer base is 27.9% of total market sales compared to the global average of 5. reflecting regional consumer preference for lighter. with a forecast CAGR of 5.  The company's mix of fragrances (26% of regional sales) colour cosmetics (25%) and skin care (21%) is well in line with this demographic base. and its mass positioning is a particular advantage here.000 12.500 5.9% compared to 5. 39.7 in Western Europe. for example.6%.GEOGRAPHIC AND CATEGORY OPPORTUNITIES Mass position suits Latin American demographics  Avon's mass offer is well suited to Latin America.9 compared to.5% © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 25 .2% for total BPC. Avon Products Inc in Latin America: Presence and Growth Prospects by Category 2011-2016 % CAGR 2011-2016 10 8 6 4 2 0 -2. hair care.000 17.500 15.3-24. compared to a global average of 46%. There is also less demand for the functional products that have driven growth elsewhere.000 7.  Fragrances is also set above-market growth over the forecast period with a CAGR of 5. and anti-agers generated 2. Colour cosmetics is set to be the most dynamic of these categories. and disposable incomes are weaker.500 10.500 0 2. Avon's 15% market share leaves it well positioned for growth.2%. not skin care. range displayed: 1. mass fragrances generated 86% of regional fragrance sales in 2011. floral products. is the largest market category.

ongoing legal cases.000 16.  More importantly direct sales generated 28. BPC in Brazil is forecast a CAGR of 6.6% of local BPC distribution in 2011. Avon.  60% of Latin American sales were generated there in 2011.000 6. and its marketing cost cuts have further alienated distributors. compared to a global CAGR of 2.000 8. Avon needs to make sure it does not lose ground to other direct sellers.000 12. is nonetheless perfectly positioned to exploit some of the strongest growth in the global market. Given that the market is smoothing cracks elsewhere.000 10. which is only the second largest direct seller of BPC in the market. the potential is vast.GEOGRAPHIC AND CATEGORY OPPORTUNITIES Brazil the company's life raft  Avon's multiple problems . mass-market price pressure in mature territories and falling demand for direct sales – are all offset by one thing – Brazil. underpinning its 9% share of the regional market. Avon lost share of total BPC in 2011. For a competent operator.8%. US$ million Forecast Direct Selling of BPC in Avon's Five Largest Markets 2011-2016 18.000 0 2011 2012 2013 2014 2015 US Mexico 2016 Brazil Russia Venezuela © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 26 . declining market share in Russia. failure to build sales China.000 2. falling sales in its domestic US market.  This. after failing to correct problems with distributor supply. unfortunately. with a share of 8.000 14.6% over 2011-2016.000 4.8% after Natura Cosméticos SA. may be a problem.

5% to 8.5%.3-30. and the premiumisation and functional trends of other markets are not yet as strong in Brazil. however.8% over 2010-2011.GEOGRAPHIC AND CATEGORY OPPORTUNITIES Avon runs risk with golden goose  Avon's mass position is perfectly in line with Brazilian trends.000 6.  Some 30% of Avon's sales come from colour cosmetics. There is consumer preference for a lighter. from 31. which is forecast a CAGR of 8% over the forecast period compared to 3% for the global market.  This was partly lost to conventional brand producers such as L'Oréal and other large international brand producers spending aggressively to build share. and is in fact Skin care 2 undertaking more cost Fragrances 0 cuts.000 0 2. it has Men's grooming failed to address this 4 Deodorants fully.000 10.5% in 2010. Note: Bubble size shows company share of category in 2011. where despite a booming economy.  The company's failure to Avon Products Inc in Brazil: Presence and Growth Prospects improve the RVP for by Category 2011-2016 Depilatories 12 distributors and problems Sun care with supply lines are the 10 Colour cosmetics main reasons for its loss 8 Bath and shower of share. This saw total BPC share from 9. but Avon also saw share fall in other products such as fragrances.000 8. Avon has a market.000 4. but lost share again. range displayed: 0. It may risk rapid Hair care -2. more natural look that is in line with mass products.000 decline in share in what Market size 2011 (US$ million rsp) is becoming an extremely competitive market. pricesensitivity is high and disposable incomes low for most people.5% © Euromonitor International % CAGR 2011-2016 BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 27 . Baby and child-specific products 6 Despite promises.leading 30. Almost 99% of its 2011 sales in Brazil were mass positioned.

9% in 2011.GEOGRAPHIC AND CATEGORY OPPORTUNITIES China development may be harder to achieve  The company's commitment to China has involved withdrawing from Japan to focus on the market. and investing in in its R&D facility in Shanghai. Over the review period. Avon Products Inc: China BPC Presence and  Avon's mass positioning may be part Growth Prospects by Category 2011-20156 of the problem.  However.5% for Sun care 14 premium.0% over the review period.3% in 2006 to 1. Its largest share is in the small deodorants market.000 by no means certain in its current incarnation – it needs to develop a Market size 2011 (US$ million rsp) higher brand position. it has lost share in every category.000 12. Avon is not in an especially strong market position to work from.7% in Latin 10 America.000 6. compared to 4.  Unfortunately. Mass products are 18 forecast to see a CAGR of 7. consumer uncertainty around the sales model and distributor dissatisfaction have affected sales. Note: Bubble size shows company share of category in 2010. Direct selling competitors Hair care 8 Deodorants like Amway are developing more premium positions for the market.4-8. If Avon remains in the country – 0 -4.7% to 8. range displayed: 0.0% © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC % CAGR 2011-2016 PASSPORT 28 .000 8.3% 16 2011-2016 compared to 13.4% of total value 12 Colour cosmetics in 2011. where shares lid from 20.000 -2. The premium market in Skin care Fragrances China generated 21.000 0 2. 6 Bath and which may be reflection of the relation shower 4 between foreign brands and 2 aspiration in the Chinese consumer base.000 4. China to help develop products to meet market specific' needs. Its share in the key skin care market fell from 6.000 10.

its difficulties in Russia are a result of poorly incentivised representatives. as conventional retail networks improve and the consumer base becomes more sophisticated.  According to Avon. there is little evidence that its distributors have become any happier. In 2010 it announced that it was introducing a compensation plan to increase the earnings potential of its sales leaders by 25%. its problems seem to be structural.1% of total BPC global values in 2011. However. Its main competitor Oriflame. this had slipped to 19. and ranking slid from 2nd to 4th 2006-2011. and Avon needs to move quickly if it is to maintain its top five BPC position. and its is struggling to correct them.GEOGRAPHIC AND CATEGORY OPPORTUNITIES Direct sales decline in Russia impacts Avon  Russia is the company's third largest market. share declined from a high of 7. However. generating 7. direct sales generated 21. . by 2011. Russia: BPC Direct Selling vs BPC Total Sales 2006-2011 (y-o-y % growth) 30 % y-o-y growth. the company's principal difficulty may be that consumer interest in direct sales is sliding.  However.7% in 2009. US$ fixed exchange rate 25 20 15 10 5 0 -5 2006-2007 2007-2008 2008-2009 2009-2010 Total sales 2010-2011 Direct selling © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 29 . In the long term the competitive environment may harden. also lost share in 2011 as a result of this.0%. which was breathing down Avon's neck.  The company has identified Russia as one of its two key developing markets alongside Brazil. In 2009. Like Brazil.5% of Russian BPC sales.

and in absolute value terms will generate 13. to wed a consumer to the product.7% over the forecast period. and generated 48. and these products grew from generating 22.000 8.000 18. Fashion trends like the growth of nail bars has also supported category development.7% by 2011.  As such Avon is very well positioned to expand on its global share of 6. for example. Avon Products Inc in Global Colour Cosmetics: Presence by Category and Growth Prospects 2010-2015 8 Middle East and Africa % CAGR 2011-2016 6 4 2 Eastern Europe 4. which is forecast to be the most dynamic.000 6.  The difficulty with these products is the maintenance of consumer loyalty – there is not enough proprietary technology in a lipstick.9% of Avon's sales in 2006 to 25.0% of value over the forecast period. range displayed: 2.000 Market size 2011 (US$ million rsp) Note: Bubble size shows company share of category. and demand is high in emerging markets where the consumer base is younger.  These products remain an affordable luxury for consumers when disposable incomes drop or are low. compared to 2.000 0 0 2.000 Latin America North America Asia Pacific Australasia Western Europe 14.0% 2011-2106.000 12.8% for the whole global market.000 10. It leads the Latin American market with a 24.000 16.  Although there is a limited amount of possible product development.GEOGRAPHIC AND CATEGORY OPPORTUNITIES Colour cosmetics' affordability supports global demand  Global sales of colour cosmetics are forecast to generate a CAGR of 3.0-24. consumer awareness of the Avon brand makes it an attractive proposition for potential distributors.8% of product values there in 2011.5% © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 30 .5% market share.

This was helped by solid marketing spend over the review period. long-time "brand ambassador" Reese Witherspoon launched three new fragrances under the Expressions umbrella.  Almost 100% of this is mass-positioned product and the company ranked fourth in the global fragrances market in 2011.or celebrity-led fragrance marketing.3% over 2006-2011. In 2011. and the premiumisation trends that have affected other markets have been much less important here.4% of product sales in 2011.  Unsurprisingly. Avon's celebrity fragrance launches for 2012  The company increasingly looks to add value to a fragrance with a celebrity face such as Fergie. Recent launches in 2012 included Viva by Fergie.  Development strategy for fragrances is to keep producing a steady stream of new products for distributors.  These trends reflect the underlying trends in the global market for fashion.9% of total absolute value growth over 2006-2011. and revenues generated by fragrances rose from 20. © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 31 . However. which generated 53. and are an effective way to add value to the products.GEOGRAPHIC AND CATEGORY OPPORTUNITIES Mass fragrance push backed by endorsement  Fragrances was the company's best performer over the review period. preferring lighter floral products.  Brazil is key to this share. generating 34. consumers there are heavy users of mass-positioned fragrances. the company may want to consider recruiting more market-specific faces. growth has been strongest in Latin America.5% to 24. and Unplugged by Jon Bon Jovi.

STRATEGIC EVALUATION COMPETITIVE POSITIONING MARKET ASSESSMENT GEOGRAPHIC AND CATEGORY OPPORTUNITIES BRAND STRATEGY OPERATIONS RECOMMENDATIONS .

These factors drive distributor recruitment. which is an attractive. As a percentage of its BPC sales.  Avon's brand position is straightforward. The company claims that this is because of increased investment in RVP. investment in these factors faded in 2011. including Oscar-winning actress Reese Witherspoon. © Euromonitor International  The company is clearly undercapitalised. In short. fashion-led brand than its peers.  The company also uses high-profile "faces". easy sell to new distributors. Avon cut investment in advertising by 22%. its investment in advertising has set it apart from them. and the failure of the Coty bid may come to be seen as a mistake. its current tagline is "the company for women". in 2011. the Avon brand is far more visible than most of its direct selling BPC peers. but most importantly to make the business proposition as attractive as possible to potential distributors. However. Historically.  The brand itself is a glamour-led. as a result of credible product development and marketing spend. rather than making great leaps forward.  However.BRAND STRATEGY Cost cuts risk compromising Avon brand and recruitment  Direct sellers such as Avon need to develop very clear brand positions to differentiate between themselves and other players in the channel. mass-market proposition. It is the oldest and best known of all the direct sellers. however. Avon has developed a position as a more glamorous. this "investment" is more a case of making RVP investment acceptable to distributors and quelling unrest. Historically. This has helped maintain brand profile. and has always presented itself as a business opportunity for women. PASSPORT 33 BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC . and has reflected its larger scale. its visibility has been high in the fashion press.  In terms of consumer branding. This is partly to drive consumer interest. investment in advertising fell by 24% compared to 2010.

© Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 34 . but in the long term consumer habits here may come into line with developed markets. lie in its status as a direct seller. the mass position is difficult for the company to evolve from. This has become problematic in more developed markets. Product development including botanicals and antiageing products that can be described as functional allow distributors to justify superior price positions.  The company has sought to add value to the brand. and Care.  Nonetheless. It has also spent heavily on marketing.BRAND STRATEGY Mass position may be vulnerable in the long term  Avon is an umbrella brand across almost all of the company's BPC portfolio. in particular as its direct selling competitors look to develop more premium products. Silpada and Liz Earle are not currently marketed under the Avon umbrella. This makes the recruitment of distributors easier.  Many of its positional problems. it has also sought to buy into the brand equity of designers such as Christian Lacroix. but in the long term it is likely to have to spend more on making it an attractive proposition for distributors as the competitive environment toughens. at least in these markets. The Avon brand and its massive consumer recognition is the company's key strength. including ANEW. Despite the positive reviews its products receive in the fashion press. rather than with the products themselves. This is clearly not the case in developing markets.  Avon has historically been a mass brand and remains so. and still recruits celebrities. despite the large amounts spent on product development and marketing. The question for Avon is whether this strategy can be sustained into the long term. where Avon is competing with mass merchandisers. the company has maintained momentum for the brand by developing new geographies where its status as a direct seller is less of an issue. where direct sellers are viewed more positively. Clearskin. and has started to acquire more upmarket propositions for its developed markets. The company has trimmed much of its portfolio over the review period (cutting 25% of lines in 2006) in order to focus on core products. In the past.

has invested heavily to develop market-specific products for its offer. potential distributors need to believe they can sell a brand locally. for example. These were made to augment the RVP for its distributors in these developed markets. this is as much about improving RVP as satisfying consumer demand.  At the same time.BRAND STRATEGY Wider range of brand positions for global market  In 2010. Again. it announced ongoing investment in its R&D facility in China. in order to develop more market-specific products. In 2011. Avon made a number of acquisitions including UK-based Liz Earle. China and India. the overall portfolio has been broadly similar between countries. including stand-alone brands for Brazil. Avon's 2010 acquisitions aimed to help distributors in developed markets improve their margins and grow sales © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 35 . most notably with ongoing layoffs as well as its willingness to adapt its sales model in China. a botanical skin care brand. is fronted by singer Pevitsa Valeria. and the US-based Tiny Tillia brand of bath and body care products for babies. the company also announced the launch of Avon Care. a value line of skin care products targeted at developing markets. its ANEW brand in Russia. Amway. the second largest BPC direct seller in the world.  Although there has always been a certain amount of flexibility at the company. as Avon's mass position there has come under increasing threat from large chained retailers such as Carrefour and Wal-Mart.  This attempt to increase segmentation is in line with global trends for the direct selling of BPC. It has also started to adopt more region-specific marketing strategies.

STRATEGIC EVALUATION COMPETITIVE POSITIONING MARKET ASSESSMENT GEOGRAPHIC AND CATEGORY OPPORTUNITIES BRAND STRATEGY OPERATIONS RECOMMENDATIONS .

IL and Springdale. Almost all of its BPC products are produced and packaged by the company. BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 37 © Euromonitor International . with distribution centres in Atlanta. GA. OH. Avon manufactures most of its offer. Zanesville. The company's principal R&D facility is in Suffern. Its domestic manufacturing sites are located in Morton Grove. OH and Pasadena. although apparel and home furnishings are outsourced to third party manufacturers. CA. NY.OPERATIONS US still the base for Avon Key: Manufacturing sites Distribution centres R&D Silpada Designs  Unlike many direct sellers.

and the above listing is based on primary usage.  Three manufacturing facilities in Europe. primarily servicing Eastern Europe. distribution and administration. both in 2011. Middle East and Africa. Avon announced plans to realign certain Latin America distribution and manufacturing operations. Many are used for a combination of manufacturing. 14 distribution centres and two administrative offices in Latin America.  In July 2009. and Western Europe. Avon announced plans to realign manufacturing operations in North America and Europe. and one administrative office in Asia Pacific.  In January 2008. It built a new distribution centre in São Paulo.  Five distribution centres and three administrative offices in Central and Eastern Europe. Brazil and opened a new distribution centre in Colombia.OPERATIONS Avon facilities globally widespread International operations  Avon also has substantial international facilities outside the US. and the sale and leaseback of the manufacturing facility in Germany in 2011. This included the closing of manufacturing facilities in Springdale. eight distribution centres. © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 38 . These include:  Four manufacturing facilities.  Eight distribution centres and three administrative offices in Western Europe. OH in 2012. 35 are owned and the remaining 37 are leased.  Five manufacturing facilities. Restructure  Of all the properties listed above. Middle East and Africa.

Brazil. Mexico. A brochure introducing a new sales campaign is usually generated every two weeks in the US and every two to four weeks for most markets outside the US. Additionally. Outspoken Intense by Fergie Fragrance. Generally. Solutions Youth Minerals Restorative Night Cream. China. Poland and South Africa. key product launches included SuperShock Max Mascara.4 million Avon Representatives serving more than 300 million customers in over 100 countries. © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 39 . ANEW Genics Treatment Cream. and ExtraLasting Make-Up. New products  In 2011. Step Into Fragrance. this is as much to facilitate recruitment of distributors as to build consumer demand. ANEW Solar Advance Sunscreen Face Lotion SPF 45.  These Representatives market the products via the Avon brochure. the Representative forwards an order for a campaign to the company. which the company claims is the largest publication of any type in the world. This order is processed and the products are assembled at a distribution centre and then delivered to the Representative. Moisture Seduction Lipstick.  The company's global research and development facility is in Suffern. there are satellite research facilities located in Argentina. Avon needs to focus on new technology and product development that provide visible consumer benefits. R&D  To increase brand competitiveness. Super Enchant Mascara.OPERATIONS More investment in R&D to boost consumer demand Distributors  Avon claims to have 6. NY. selling four lipsticks every second.

STRATEGIC EVALUATION COMPETITIVE POSITIONING MARKET ASSESSMENT GEOGRAPHIC AND CATEGORY OPPORTUNITIES BRAND STRATEGY OPERATIONS RECOMMENDATIONS .

the company lost share there in 2011. including China. Developing new positions  The company's mass position is ideal for developing new markets. or a clear enough local brand strategy. However.RECOMMENDATIONS Time to reassert decisiveness and invest Protect Brazil  Brazil is by far the company's most important market. premium cosmetics is set to outperform mass in many surprising markets. If the company can build in China as it has built in Brazil. Deal with China  Avon is the only leading direct seller not to be building sales in China. It may lack investment. It has invested in the market but cannot yet make its hybrid sales model work. it will have a very strong competitive position. Further acquisition would be ideal for this. Moving forward quickly  During the last few years. this is another part of its business that the new management will hopefully resolve quickly. where consumer bases are younger with less disposable income. whatever the issue. It must resolve these issues (and its protracted legal battles over bribery) in order to focus on rebuilding the brand. and it must resolve these issues quickly. Avon was unable to hit analysts' estimates or to fix operational problems. and continues to generate revenues that have offset very poor performance in other parts of Avon's global business. However. and the company could develop more premium offers. © Euromonitor International BEAUTY AND PERSONAL CARE: AVON PRODUCTS INC PASSPORT 41 . It is imperative that the company does not lose credibility in the market. and appears to be doing the same in 2012 thanks to cost cutting and an inability to sort out supply issues. and the failed Coty acquisition has also cost the company in credibility.

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