EM - Bulgaria - Deo, Bath and Shower Products Value

HAIR CARE IN BULGARIA
Euromonitor International
July 2015
HAIR CARE IN BULGARIA Passport I
LIST OF CONTENTS AND TABLES

Hair Care in Bulgaria - Category analysis..................................................................................... 1
Headlines ..................................................................................................................................... 1
Trends .......................................................................................................................................... 1
Competitive Landscape ................................................................................................................ 2
Prospects ..................................................................................................................................... 3
Category Data .............................................................................................................................. 3
Table 1 Sales of Hair Care by Category: Value 2009-2014 ...................................... 3
Table 2 Sales of Hair Care by Category: % Value Growth 2009-2014 ...................... 4
Table 3 Sales of Hair Care by Premium vs Mass: % Value 2009-2014 .................... 4
Table 4 Sales of Styling Agents by Type: % Value Breakdown 2009-2014 .............. 4
Table 5 NBO Company Shares of Hair Care: % Value 2010-2014 ........................... 5
Table 6 NBO Company Shares of Salon Hair Care: % Value 2010-2014 ................. 5
Table 7 LBN Brand Shares of Hair Care: % Value 2011-2014 .................................. 6
Table 8 LBN Brand Shares of Colourants: % Value 2011-2014 ................................ 6
Table 9 LBN Brand Shares of Salon Hair Care: % Value 2011-2014........................ 7
Table 10 LBN Brand Shares of Styling Agents: % Value 2011-2014 .......................... 8
Table 11 LBN Brand Shares of Premium Hair Care: % Value 2011-2014 .................. 8
Table 12 Forecast Sales of Hair Care by Category: Value 2014-2019........................ 9
Table 13 Forecast Sales of Hair Care by Category: % Value Growth 2014-2019 ....... 9
Table 14 Forecast Sales of Hair Care by Premium vs Mass: % Value 2014-
2019 ............................................................................................................. 9
Hair Care in Bulgaria - Company Profiles ................................................................................... 10
Aroma Ad in Beauty and Personal Care (bulgaria) ..................................................................... 10
Strategic Direction .................................................................................................................. 10
Key Facts ................................................................................................................................ 10
Summary 1 Aroma AD: Key Facts ................................................................................. 10
Summary 2 Aroma AD: Operational Indicators .............................................................. 10
Competitive Positioning .......................................................................................................... 10
Summary 3 Aroma AD: Competitive Position 2014 ....................................................... 11
Rubella Beauty Ad in Beauty and Personal Care (bulgaria) ....................................................... 12
Key Facts ................................................................................................................................ 12
Summary 4 Rubella Beauty AD: Key Facts ................................................................... 12
Summary 5 Rubella Beauty AD: Operational Indicators ................................................ 12
Summary 6 Rubella Beauty AD: Competitive Position 2014 ......................................... 13
Solvex Ood in Beauty and Personal Care (bulgaria) .................................................................. 13
Key Facts ................................................................................................................................ 14
Summary 7 Solvex OOD: Key Facts ............................................................................. 14
Summary 8 Solvex OOD: Operational Indicators .......................................................... 14
Summary 9 Solvex OOD: Competitive Position 2014 .................................................... 15
© Euromonitor International
HAIR CARE IN BULGARIA Passport II
Beauty and Personal Care in Bulgaria - Industry Overview ........................................................ 16

Executive Summary ................................................................................................................... 16
Slower Retail Volume and Value Growth in 2014 ................................................................... 16
Promotions Counter the Impact of the Banking Crisis ............................................................ 16
Leading Companies Consolidate Their Positions ................................................................... 16
Ingredients and Functionality Drive New Product Development ............................................. 16
Shrinking Population Undermines Growth Potential ............................................................... 16
Key Trends and Developments .................................................................................................. 17
Advertising Grows in Importance ............................................................................................ 17
Demography Is A Key Growth Inhibitor................................................................................... 17
Corporate Social Responsibility Gains Traction Gradually ..................................................... 18
Market Data ................................................................................................................................ 19
Table 15 Sales of Beauty and Personal Care by Category: Value 2009-2014 .......... 19
Table 16 Sales of Beauty and Personal Care by Category: % Value Growth
2009-2014 .................................................................................................. 20
Table 17 Sales of Premium Beauty and Personal Care by Category: Value
2009-2014 .................................................................................................. 20
Table 18 Sales of Premium Beauty and Personal Care by Category: % Value
Growth 2009-2014 ..................................................................................... 20
Table 19 GBO Company Shares of Beauty and Personal Care: % Value 2010-
2014 ........................................................................................................... 21
Table 20 NBO Company Shares of Beauty and Personal Care: % Value 2010-
2014 ........................................................................................................... 22
Table 21 LBN Brand Shares of Beauty and Personal Care: % Value 2011-2014 ..... 22
Table 22 Penetration of Private Label in Beauty and Personal Care by
Category: % Value 2009-2014 ................................................................... 23
Table 23 Distribution of Beauty and Personal Care by Format: % Value 2009-
2014 ........................................................................................................... 24
Table 24 Distribution of Beauty and Personal Care by Format and Category: %
Value 2014 ................................................................................................. 25
Table 25 Forecast Sales of Beauty and Personal Care by Category: Value
2014-2019 .................................................................................................. 27
Table 26 Forecast Sales of Beauty and Personal Care by Category: % Value
Growth 2014-2019 ..................................................................................... 27
Table 27 Forecast Sales of Premium Beauty and Personal Care by Category:
Value 2014-2019 ........................................................................................ 28
Table 28 Forecast Sales of Premium Beauty and Personal Care by Category:
% Value Growth 2014-2019 ....................................................................... 28
Sources ...................................................................................................................................... 29
Summary 10 Research Sources ...................................................................................... 29
HAIR CARE IN BULGARIA Passport 1
HAIR CARE IN BULGARIA -

CATEGORY ANALYSIS
HEADLINES
 Current value sales grow marginally in 2014 to reach BGN131 million

 Consumers’ desire for variety leads to higher sales of products in smaller packaging
 Hair loss treatments posts the fastest current value sales growth of 11% in 2014
 Average current unit prices rise modestly across hair care, except standard shampoos, in
2014
 The top advertisers lead hair care in terms of retail value sales in 2014
 A negative 1% value CAGR at constant 2014 prices is expected over the forecast period
TRENDS
 Hair care in Bulgaria is a mature category saturated with products. In 2014, retail volume
sales decreased modestly in most subcategories, while average unit prices increased slightly.
Unit price growth was an interesting development given general deflationary pressures as the
Consumer Price Index (CPI) turned negative for the first time since the start of the new
century. Higher unit prices reflected a trend among consumers to purchase smaller packages.
Consumers looked for variety as they purchase multiple products within each subcategory.
 In 2014, hair care current value sales increased by less than 1% to reach BGN131 million.
This was weaker than the 2% CAGR recorded over the review period, due to the combined
effects of demographic trends and deflation. The declining total population continued to
undermine retail volume in 2014. Moreover, deflation weakened retailers’ ability to prop up
value sales with price hikes. During the review period, deflation was visible for the first time in
2014.
 Medicated shampoos and hair loss treatments performed well in 2014. Medicated shampoos
posted a 2% increase in current value sales to reach BGN5 million while hair loss treatments
recorded the fastest growth of 11% to reach BGN1 million. Such growth reflected stronger
demand, as retail volume sales increased while unit prices were stable. The consumer base
for medicated shampoos remained relatively narrow. Research showed that conditions like
psoriasis and seborrhoea affected around 7% of the population. Both medicated shampoos
and hair loss treatments were sold at a moderate premium compared with standard
shampoos. Within hair loss treatments, there was a clear trend towards shampoo-based
products.
 Premium products continued to see low penetration in hair care, accounting for only a 2%
share of retail value sales in 2014. While premium penetration has trended upwards, this
occurred very slowly. The margins on premium hair care products were much higher
compared with mainstream products, although premium products find it difficult to justify such
a difference with claims and effects.
 In 2014, current value sales of styling agents increased by 1% to reach BGN13 million. This
result reflected stable retail volume sales and a modest rise in unit pricing. Styling agents had
moderate penetration, used mainly by the younger population – 1-in-3 teenagers, 1-in-4 20-
29-year-olds and 1-in-5 30-39-year-olds. The gel format was very popular with men, while
women showed a greater preference for mousses and sprays. In 2014, mousse-based styling
agents accounted for a 24% share of retail value sales, followed closely by spray (23%) and
gel (21%).
 In 2014, salon hair care posted current value sales growth of 1% to reach BGN1 million. This
modest performance was informed by unit price growth as retail volume sales dropped
slightly. In order to expand their consumer base, some cosmetic salons in Bulgaria have
launched online stores. Generally, the younger population is significantly more attracted to
salon treatments like curling and hair colouring, compared with the older population. This is
because salon treatments offer much greater variety in terms of options.
 In 2014, current value sales of conditioners grew by 1% to reach BGN17 million. According to
industry sources, growth was driven by the demand for products treating dry, thin or damaged
hair, while products for normal hair lost ground. In terms of product application, rinse-out
dominated sales, particularly products for damaged hair.
 Bulgarian consumers showed increasing interest in natural hair care products. This reflected a
general trend among consumers of rising interest in organic products. The solid consumer
interest in organic hair care products was illustrated by the often wide product offer in bio
stores (80-100 articles), covering the full range of hair care (colourants, shampoos, styling
agents, conditioners and perms).
COMPETITIVE LANDSCAPE
 L’Oréal, Procter & Gamble and Henkel lead hair care in 2014, with a combined retail value
share of 47% in 2014, an increase of one percentage point on 2013. L’Oréal and Henkel
posted above-average current value growth for the category, while Procter & Gamble stood
still as its performance was affected by a slowdown in standard shampoos, which generated
77% of company sales in hair care.
 Pierre Fabre Dermo-Cosmetique Bulgaria recorded the fastest current value sales increase of
22% in 2014 to reach BGN1 million. Growth was fuelled mainly by conditioners and its leading
brand Avène. The domestic manufacturer Ventoni Cosmetics saw a 15% decrease in current
value sales to reach BGN0.4 million. A lack of advertising negatively affected the henna-
based colourants of the company.
 International companies dominated hair care, but the retail value share of domestic brands
increased by one percentage point in 2014 to reach 16%.The key local manufacturer is
Aroma, which ranked fourth in the large colourants subcategory. More than one half of local
manufacturers were present in colourants.
 In late 2013, Aroma extended the product lines of its two colourants brands – Aroma Color
and Aroma Style. Aside from new formulas based on natural oils, Aroma increased the
packaging size to accommodate longer hair styles. The new products were well accepted by
customers and helped boost company sales of colourants, particularly in 2014.
 Hair care is reliant on advertising for growth. It is therefore not surprising that the top three
players in the category were the first-, second- and fifth-largest cosmetics advertisers in
Bulgaria, with budgets that amounted to almost one half of category expenditure on
advertising.
 Pricing and advertising shaped the competition between premium and mass brands in hair
care. Premium brands tended to be priced at comparable or even higher levels to Western
Europe and, as a result, had very narrow appeal in Bulgaria. More importantly, premium
brands were much less frequently advertised, relying on established brand recognition. As a
result, mass brands focused consumer attention and built an image as innovation leaders.
This was crucial in a category where customers purchased smaller packaging in search of
greater variety.
 Private label continued to see strong current value sales growth in 2014. Growth was
supported by the continued expansion of retailers’ outlet networks. Nonetheless private label’s
retail value share was only 1% in hair care at the end of the review period. This was largely
due to the solid position of domestic brands in the economy and mid-priced segments.
PROSPECTS
 Over the forecast period, a negative demographic trend is projected to have a dual effect on
hair care in Bulgaria. On the one hand, limiting the potential for growth in volume terms and,
on the other hand, increasing the demand for hair care products as the population ages
progressively. This is expected to be particularly beneficial to colourants and styling agents.
 A negative 1% value CAGR at constant 2014 prices is predicted for the forecast period. This
represents a weaker performance than the review period, which saw a marginally positive
value CAGR at constant 2014 prices. A crucial factor affecting growth is demographic
movement, with Bulgaria’s population set to shrink by 3% by 2020.
 Premium brands have limited potential for penetration in the medium term. Priced at levels
comparable or higher than in Western Europe, premium hair care products have a very
narrow consumer base, especially if not supported by advertising. By 2019, premium brands
are expected to hold a 3% share of retail value sales, only a slight increase on 2014.
 The competitive landscape is not expected to undergo serious transformation. Domestic
brands do not have the advertising and research and development resources necessary to
steal significant retail value shares from international brands. At the same time, private label
brands, despite strong current value sales growth over the review period, are unlikely to
significantly dent the shares of competing domestic branded manufacturers.
 In 2013, Henkel introduced Syoss Oleo Intense, a new colourant positioned above its
headline Palette brand. The new product boosted company sales in 2014 and is expected to
continue to perform well into 2015. The manufacturer also introduced high-end shampoo,
conditioner and mask products under Syoss Repair. These helped Henkel to grow its retail
value share in conditioners but failed to have a significant impact in shampoos. In 2015, these
products are likely to continue to grow sales in conditioners and shampoos.
CATEGORY DATA
Table 1 Sales of Hair Care by Category: Value 2009-2014
BGN million
2009 2010 2011 2012 2013 2014
2-in-1 Products 7.3 7.4 7.6 7.7 7.9 8.0

Colourants 35.7 38.4 40.3 40.2 40.7 41.3
Conditioners 15.6 16.1 16.9 16.2 16.7 16.9
Hair Loss Treatments - - - 0.6 0.7 0.7
Perms and Relaxants 1.3 1.3 1.3 1.4 1.4 1.4
Salon Hair Care 1.2 1.2 1.2 1.2 1.2 1.2
Shampoos 44.6 46.2 48.7 49.6 49.3 48.7
- Medicated Shampoos 3.8 3.9 4.2 4.3 4.5 4.6
- Standard Shampoos 40.8 42.3 44.5 45.3 44.8 44.2

Styling Agents 11.1 11.6 12.2 12.5 12.7 12.8
Hair Care 116.8 122.1 128.1 129.3 130.6 131.1
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2 Sales of Hair Care by Category: % Value Growth 2009-2014
% current value growth

2013/14 2009-14 CAGR 2009/14 Total
2-in-1 Products 1.5 2.0 10.1

Colourants 1.3 2.9 15.4
Conditioners 1.2 1.6 8.5
Hair Loss Treatments 10.7 - -
Perms and Relaxants 0.9 1.6 8.5
Salon Hair Care 0.8 0.4 1.9
Shampoos -1.1 1.8 9.2
- Medicated Shampoos 2.0 3.8 20.7
- Standard Shampoos -1.4 1.6 8.2
Styling Agents 0.9 3.0 15.9
Hair Care 0.4 2.3 12.3
Table 3 Sales of Hair Care by Premium vs Mass: % Value 2009-2014
% retail value rsp

2009 2010 2011 2012 2013 2014
Premium 1.5 1.5 1.6 1.9 2.2 2.3

Mass 98.5 98.5 98.4 98.1 97.8 97.7
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 4 Sales of Styling Agents by Type: % Value Breakdown 2009-2014
% retail value rsp

2009 2010 2011 2012 2013 2014
Cream 5.3 4.8 5.0 5.1 5.2 5.3

Gel 24.8 25.0 24.5 22.9 21.6 21.4
Glaze 5.7 5.5 5.8 5.9 6.6 6.6
Molding cream 3.1 2.9 3.0 2.4 1.8 1.8
Mousse 20.5 21.3 20.0 23.4 24.3 24.4
Pomade 4.7 5.1 5.2 5.4 5.2 5.1
Spray 22.9 23.1 22.8 22.5 22.6 22.9
Spritz 6.7 6.5 6.7 6.3 6.1 6.1
Wax 4.0 3.4 4.5 4.2 4.7 4.8
Others 2.3 2.4 2.5 1.9 2.1 1.6
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 5 NBO Company Shares of Hair Care: % Value 2010-2014
% retail value rsp

Company 2010 2011 2012 2013 2014
L'Oréal Bulgaria EOOD 23.2 22.1 20.1 22.0 22.4

Procter & Gamble 14.7 14.4 14.3 14.4 14.3
Bulgaria EOOD
Henkel Bulgaria EOOD 7.6 8.0 8.8 9.6 10.0
Aroma AD 4.9 4.7 4.9 4.6 5.1
Beiersdorf Bulgaria EOOD 4.3 4.3 4.4 4.5 4.4
Unilever Bulgaria EOOD 4.2 4.4 4.3 4.3 4.1
Rosa Impex OOD 3.0 3.5 3.7 3.7 3.9
Wella AG 4.0 4.0 4.0 3.7 3.6
Avon Bulgaria EOOD 2.9 2.9 3.3 3.4 3.5
Johnson & Johnson 2.6 2.6 3.1 3.2 3.3
Bulgaria EOOD
Solvex OOD 1.4 1.8 2.2 2.4 2.7
Rubella Beauty AD 1.3 1.4 1.5 1.6 1.8
Ficosota Syntez OOD 1.0 1.0 1.1 1.2 1.2
Alberto-Culver Co 1.1 1.1 1.1 1.0 1.0
Colgate-Palmolive 1.0 0.9 1.0 1.0 0.9
Bulgaria OOD
Oriflame Bulgaria EOOD 1.1 1.2 1.1 0.9 0.8
Yves Rocher SA 0.7 0.8 0.8 0.7 0.7
Pierre Fabre Dermo- 0.1 0.2 0.4 0.5 0.7
Cosmetique Bulgaria EOOD
Londa Cosmetics SRL 1.0 0.9 0.8 0.6 0.6
Biopharma - 0.1 0.3 0.5 0.5
Clairol Inc 0.5 0.4 0.4 0.4 0.4
Capricorn Chemical Group 0.3 0.3 0.3 0.3 0.4
STS Cosmetics OOD 0.4 0.4 0.4 0.3 0.3
Bayer Bulgaria EOOD 0.3 0.3 0.3 0.3 0.3
Ventoni Cosmetics Ltd 0.6 0.5 0.5 0.4 0.3
dm Bulgaria EOOD 0.1 0.1 0.2 0.3 0.3
Landoll Srl 0.2 0.2 0.2 0.2 0.2
Lavena AD 0.3 0.3 0.3 0.2 0.2
Mary Kay Inc 0.1 0.2 0.2 0.2 0.2
Divine Skin EOOD - - 0.2 0.2 0.2
Alen Mak AD 1.6 1.5 0.5 - -
Rilken SA 0.5 0.5 - - -
Other Private Label 0.3 0.4 0.5 0.5 0.5
Others 14.5 14.6 15.1 12.9 11.2
Total 100.0 100.0 100.0 100.0 100.0
Table 6 NBO Company Shares of Salon Hair Care: % Value 2010-2014
% retail value rsp

Company 2010 2011 2012 2013 2014
Capricorn Chemical Group 35.1 35.8 36.3 37.4 38.4

Landoll Srl 20.9 22.8 24.8 25.7 26.7
Mary Kay Inc 14.1 17.9 20.1 21.2 22.4
Medio Castaño Instantáneo - - 2.1 1.3 -
Others 29.9 23.6 16.7 14.5 12.5
Total 100.0 100.0 100.0 100.0 100.0

Table 7 LBN Brand Shares of Hair Care: % Value 2011-2014
% retail value rsp

Brand Company 2011 2012 2013 2014
Elsève L'Oréal Bulgaria EOOD 6.6 6.2 6.5 7.0

Wash & Go Procter & Gamble 5.5 5.6 5.5 5.5
Bulgaria EOOD
Pantene Procter & Gamble 4.5 4.6 4.8 4.8
Bulgaria EOOD
Schwarzkopf Palette Henkel Bulgaria EOOD 4.0 4.1 4.4 4.5
Nivea Hair Care Beiersdorf Bulgaria EOOD 4.3 4.4 4.5 4.4
Head & Shoulders Procter & Gamble 4.4 4.1 4.1 4.0
Bulgaria EOOD
Dove Unilever Bulgaria EOOD 2.6 2.5 3.4 3.3
Nizoral Johnson & Johnson 2.6 2.8 2.9 2.9
Bulgaria EOOD
Garnier Fructis L'Oréal Bulgaria EOOD 2.8 2.0 2.1 2.6
Avon Advance- Avon Bulgaria EOOD 2.0 2.3 2.5 2.6
Techniques
Garnier Nutrisse L'Oréal Bulgaria EOOD 2.4 2.3 2.6 2.4
Prestige Rosa Impex OOD 2.6 2.4 2.1 2.2
Aroma Style Aroma AD 1.7 1.7 2.0 2.1
L'Oréal Excellence L'Oréal Bulgaria EOOD 1.8 1.9 2.2 2.1
Garnier Olia L'Oréal Bulgaria EOOD - 1.5 1.9 1.8
Syoss Henkel Bulgaria EOOD 0.3 0.5 1.5 1.8
Aroma Color Aroma AD 1.2 1.2 1.5 1.8
Schauma Henkel Bulgaria EOOD 1.9 1.8 1.7 1.7
Miss Magic Solvex OOD 1.1 1.3 1.4 1.6
Garnier Color L'Oréal Bulgaria EOOD 1.4 1.3 1.7 1.6
Naturals
Wellaflex Wella AG 1.1 1.3 1.5 1.5
L'Oréal Casting L'Oréal Bulgaria EOOD 1.2 1.1 1.4 1.3
L'Oréal Récital L'Oréal Bulgaria EOOD 2.0 1.6 1.4 1.3
Taft Henkel Bulgaria EOOD 1.2 1.2 1.2 1.3
Teo Ficosota Syntez OOD 1.0 1.1 1.2 1.2
L'Oréal Féria L'Oréal Bulgaria EOOD 1.2 1.2 1.2 1.1
Elea Solvex OOD 0.7 0.9 0.9 1.1
Alberto VO5 Alberto-Culver Co 0.8 0.9 1.0 1.0
Rubella Rubella Beauty AD 0.7 0.7 0.9 1.0
Color Time Rosa Impex OOD 0.5 0.8 0.8 0.9
Impression Alen Mak AD 1.4 0.5 - -
Garnier Belle Color L'Oréal Bulgaria EOOD 1.7 - - -
Other Private Label 0.4 0.5 0.5 0.5
Others 32.3 33.6 28.7 27.2
Total 100.0 100.0 100.0 100.0
Table 8 LBN Brand Shares of Colourants: % Value 2011-2014
% retail value rsp

Brand Company 2011 2012 2013 2014
Palette Intensive Henkel Bulgaria EOOD 11.9 12.3 13.2 13.2

Garnier Nutrisse L'Oréal Bulgaria EOOD 7.8 7.6 8.3 7.6
Prestige Rosa Impex OOD 8.2 7.7 6.9 7.0
Aroma Style Aroma AD 5.4 5.6 6.3 6.6
L'Oréal Excellence L'Oréal Bulgaria EOOD 5.9 6.0 7.1 6.6
Garnier Olia L'Oréal Bulgaria EOOD - 5.0 6.2 5.7
Garnier Color L'Oréal Bulgaria EOOD 4.5 4.3 5.4 5.1
Naturals
Miss Magic Solvex OOD 2.9 3.7 3.9 4.4
L'Oréal Casting L'Oréal Bulgaria EOOD 3.8 3.6 4.5 4.2
L'Oréal Récital L'Oréal Bulgaria EOOD 6.2 5.2 4.5 4.2
Aroma Color Aroma AD 3.4 3.5 3.9 4.0
L'Oréal Féria L'Oréal Bulgaria EOOD 3.9 4.0 3.9 3.6
Elea Solvex OOD 2.4 2.7 2.9 3.5
Color Time Rosa Impex OOD 1.7 2.5 2.7 2.9
Syoss Henkel Bulgaria EOOD - - 2.7 2.9
Rubella Fashion Color Rubella Beauty AD 2.2 2.2 2.5 2.7
Regal Rosa Impex OOD 1.2 1.7 2.2 2.5
Wellaton Wella AG 2.3 2.4 2.2 2.1
Wella Color Wella AG 2.2 2.3 2.0 1.9
Aroma Color Henna Aroma AD 0.5 0.5 0.7 1.6
Londacolor Londa Cosmetics SRL 1.5 1.3 1.1 1.0
Avon Advance Avon Bulgaria EOOD 1.2 1.2 1.1 0.9
Techniques
MissSolvex Solvex OOD 0.4 0.5 0.7 0.8
Rubina Rubella Beauty AD 0.7 0.7 0.5 0.6
Londa Classics Londa Cosmetics SRL 0.9 0.8 0.6 0.6
Nefertiti Ventoni Cosmetics Ltd 0.8 0.8 0.6 0.5
Afrodita Ventoni Cosmetics Ltd 0.9 0.9 0.5 0.4
Rubella Femina Rubella Beauty AD 0.1 0.1 0.3 0.4
Oriflame Oriflame Bulgaria EOOD - - 0.5 0.4
Lady in Colour STS Cosmetics OOD 0.4 0.4 0.3 0.3
Color Mania Aroma AD 1.5 1.6 - -
Impression Alen Mak AD 3.2 1.0 - -
Fara Aroma AD 0.4 0.4 - -
Impression Silk Alen Mak AD 0.4 0.1 - -
Garnier Belle Color L'Oréal Bulgaria EOOD 5.3 - - -
Rilken Phytocolor Rilken SA 1.1 - - -
Rilken Silken Color Rilken SA 0.4 - - -
Others 4.3 7.1 1.6 1.8
Total 100.0 100.0 100.0 100.0
Table 9 LBN Brand Shares of Salon Hair Care: % Value 2011-2014
% retail value rsp

Brand Company 2011 2012 2013 2014
TIGI Capricorn Chemical Group 35.8 36.3 37.4 38.4

Nashi Landoll Srl 22.8 24.8 25.7 26.7
Kay Pro Mary Kay Inc 17.9 20.1 21.2 22.4
Castaño Medio Medio Castaño Instantáneo - 2.1 1.3 -
Others 23.6 16.7 14.5 12.5
Total 100.0 100.0 100.0 100.0
Table 10 LBN Brand Shares of Styling Agents: % Value 2011-2014
% retail value rsp

Brand Company 2011 2012 2013 2014
Wellaflex Wella AG 11.1 13.1 14.9 14.9

Taft Henkel Bulgaria EOOD 12.6 12.7 12.8 12.8
Alberto VO5 Alberto-Culver Co 4.3 3.6 3.5 3.6
L'Oréal Studio Line L'Oréal Bulgaria EOOD 2.8 2.6 2.3 2.6
Syoss Henkel Bulgaria EOOD 0.3 1.2 1.8 2.3
Donna Henkel Bulgaria EOOD 2.3 2.6 2.0 1.9
Avon Advance Avon Bulgaria EOOD 2.4 1.5 1.0 1.7
Techniques
Fara Aroma AD 1.6 1.6 1.3 1.3
Deva Rubella Beauty AD 1.1 1.1 1.2 1.2
Yves Rocher Yves Rocher SA 1.0 1.2 1.3 1.2
Sanara Wella AG 0.8 0.9 0.9 0.9
Oriflame Oriflame Bulgaria EOOD 1.2 1.4 0.9 0.8
Garnier Studio L'Oréal Bulgaria EOOD - 0.2 0.4 0.5
Balea dm Bulgaria EOOD 0.1 0.2 0.2 0.2
Cien Lidl Bulgaria EOOD & Co KD 0.1 0.1 0.2 0.2
Wella Design Wella AG 5.7 3.0 0.3 -
Others 40.2 41.0 43.3 42.0
Total 100.0 100.0 100.0 100.0
Table 11 LBN Brand Shares of Premium Hair Care: % Value 2011-2014
% retail value rsp

Brand Company 2011 2012 2013 2014
Avène Pierre Fabre Dermo- 13.3 17.4 23.9 27.1

TIGI Capricorn Chemical Group 20.7 17.3 15.8 15.0
Nashi Landoll Srl 13.2 11.8 10.9 10.5
Kay Pro Mary Kay Inc 10.4 9.6 8.9 8.8
Londa Professional Londa Cosmetics SRL 8.3 5.7 4.6 4.3
L'Occitane L'Occitane 11.8 6.5 3.9 3.4
International SA
Christian Dior Christian Dior SA, 0.7 1.0 1.8 1.8
Fahrenheit Parfums
Calvin Klein Calvin Klein Cosmetics Co 2.5 1.6 1.8 1.8
Obsession for Men
René Furterer Pierre Fabre Dermo- 2.5 1.6 1.6 1.5
Givenchy Blue Label Givenchy SA, Parfums 0.9 1.1 1.4 1.4
Davidoff Cool Water Lancaster Group 0.6 0.8 1.4 1.4
Game
Hugo Boss in Motion Hugo Boss Parfums 0.6 0.8 1.1 1.2
Versace Eros Gianni Versace SpA 0.5 0.7 1.1 1.2
Castaño Medio Medio Castaño Instantáneo - 1.0 0.5 -
Others 14.1 23.1 21.4 20.4
Total 100.0 100.0 100.0 100.0
Table 12 Forecast Sales of Hair Care by Category: Value 2014-2019
BGN million
2014 2015 2016 2017 2018 2019
2-in-1 Products 8.0 7.9 7.9 7.9 7.9 8.0

Colourants 41.3 40.8 40.6 40.7 40.9 41.2
Conditioners 16.9 16.7 16.7 16.7 16.8 16.9
Hair Loss Treatments 0.7 0.8 0.9 1.0 1.1 1.1
Perms and Relaxants 1.4 1.4 1.4 1.4 1.4 1.4
Salon Hair Care 1.2 1.2 1.2 1.2 1.2 1.2
Shampoos 48.7 47.3 46.3 45.5 44.9 44.5
- Medicated Shampoos 4.6 4.6 4.7 4.8 4.8 4.9
- Standard Shampoos 44.2 42.7 41.5 40.7 40.1 39.6
Styling Agents 12.8 12.8 12.8 12.8 13.0 13.2
Hair Care 131.1 128.9 127.6 127.1 127.1 127.5
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 13 Forecast Sales of Hair Care by Category: % Value Growth 2014-2019
% constant value growth

2014/2015 2014-19 CAGR 2014/19 TOTAL
2-in-1 Products 0.8 -0.1 -0.5

Colourants 0.8 0.0 -0.1
Conditioners 0.5 0.0 0.0
Hair Loss Treatments 7.0 9.3 56.3
Perms and Relaxants 1.1 -0.2 -1.0
Salon Hair Care 1.6 0.6 2.8
Shampoos -0.9 -1.8 -8.7
- Medicated Shampoos 0.7 1.2 6.2
- Standard Shampoos -1.1 -2.1 -10.2
Styling Agents 1.4 0.5 2.5
Hair Care 0.3 -0.6 -2.7
trade sources
Table 14 Forecast Sales of Hair Care by Premium vs Mass: % Value 2014-2019
% retail value rsp

2014 2015 2016 2017 2018 2019
Premium 2.3 2.4 2.5 2.6 2.7 2.7

Mass 97.7 97.6 97.5 97.4 97.3 97.3
Total 100.0 100.0 100.0 100.0 100.0 100.0
trade sources
HAIR CARE IN BULGARIA - COMPANY

PROFILES
AROMA AD IN BEAUTY AND PERSONAL CARE (BULGARIA)
Strategic Direction
 As a large manufacturer of mass cosmetics, positioned at the low-end of the market, Aroma
sees future growth opportunities in exports and foreign private label orders. Thanks to a
significant investment in new equipment and anticipated improved product quality, the
company is likely to gain retail value share in beauty and personal care in Bulgaria. However,
this would likely be a consequence of its export-orientated strategy, rather than its key goal.
Key Facts
Summary 1 Aroma AD: Key Facts

Full name of company: Aroma AD
www: www.aroma.bg
Address: 12 Ciril Blagoev Str, 1271 Sofia, Bulgaria
Tel: +359 (2) 935 0304
Fax: +359 (2) 935 0320
Activities: Producer and retailer of cosmetic products
Ownership: Public – listed on the Bulgarian Stock
Exchange
Key shareholders: Harisson Management SA (offshore company
with 45% stake) and Mr Lukan Lukanov
(Bulgarian national with a 37% stake)
Key markets: Bulgaria (60%), export (40%)
Source: Euromonitor International from company reports, company research, trade press, trade sources
Summary 2 Aroma AD: Operational Indicators

Year end December 2012 2013 2014
Net sales BGN26.9 million BGN26.0 million BGN28.2 million
Net profit BGN1.0 million BGN1.3 million BGN1.5 million
Number of 266 250 230
employees
Competitive Positioning
 In 2014, Aroma ranks seventh in beauty and personal care, with a 4% share of retail value
sales.
 The company’s retail value share in the industry has been stable at 4%, with marginal
fluctuation, during the review period. This largely reflects its broad product portfolio, which
balances three strong categories (hair care, skin care and oral care), two significant
categories (bath and shower and men’s grooming) and several small categories (sets/kits,
colour cosmetics, deodorants, depilatories, baby and child-specific products and fragrances).
 The player is positioned within mature areas of the industry. Over the review period,
categories where the company has a strong or significant presence tended to grow at a
slightly slower value rate than the industry average. More importantly, Aroma has only a small
presence in fast-growing categories like fragrances and baby and child-specific products and
no presence in premium segments.
 Aroma markets a broad portfolio of around 350 products. The company develops four brands
– Aroma, Astera, Viking and Zdrave. Aroma is the main brand, with products spread across
most categories of beauty and personal care. Astera is a brand centred entirely on oral care;
Viking is focused on men’s grooming; while Zdrave products fall within skin care.
 The firm targets consumers with limited financial means and this determines its pricing policy.
In oral care, Astera’s products are positioned in the economy segment. In skin care, Zdrave is
positioned in the mid-priced range, among mass products. In men’s grooming, Viking is also
positioned in the economy segment. Finally, the Aroma brand is often positioned towards the
low-end of the price spectrum.
 Aroma is a large manufacturer of mass cosmetics and it follows market trends. In October
2013, the company opened a new production plant. The investment in the new facility was
valued at BGN14 million (BGN8 million of which went on new production equipment). The key
feature of the new plant is that it significantly expands Aroma’s overall production capacity.
For example, the lines for hair colorants have a total production capacity which exceeds by
several times the volume sales of the whole Bulgarian market. At the plant opening, Aroma’s
management announced that the investment boosts the company’s ability to handle foreign
private label orders, with the aim of increasing export’s share of total revenue to as much as
70%, up from 40% in 2014.
Summary 3 Aroma AD: Competitive Position 2014

Product type Value share Rank
Beauty and personal care 3.7% 7
Baby and child-specific 2.4% 10
products
Bath and shower 3.0% 7
Colour cosmetics 0.6% 18
Deodorants 1.7% 10
Depilatories 0.2% 14
Fragrances 0.0% 38
Hair care 5.1% 4
Men’s grooming 4.6% 5
Oral care 13.9% 3
Skin care 4.2% 5
Sets/kits 8.4% 5
Source: Euromonitor International from company reports, company research, trade press, trade sources, trade
interviews
RUBELLA BEAUTY AD IN BEAUTY AND PERSONAL CARE

(BULGARIA)
Strategic Direction
 As an export-orientated manufacturer, Rubella Beauty has modest ambitions for the domestic
market. The company is expected to maintain and enlarge its broad product portfolio and
improve product quality. It is also likely to increase its retail value share slightly. However,
these developments would chiefly represent fallout from its efforts to increase foreign private
label contracts rather than an emphasis on the domestic market.
Key Facts
Summary 4 Rubella Beauty AD: Key Facts

Full name of company: Rubella Beauty AD
www: www.rubella.eu/
Address: 20-22 Zlaten Rog Str, 1407 Sofia, Bulgaria
Tel: +359 (2) 962 7464
Fax: +359 (2) 962 7363
Activities: Production of cosmetic products
Ownership: Private, offshore
Summary 5 Rubella Beauty AD: Operational Indicators

Number of 246 255 260
employees
 In 2014, Rubella Beauty ranks 12th in beauty and personal care, with a 2% share of retail
value sales.
 The company’s retail value share has been stable at 2%, with marginal movement, during the
review period. This largely reflects the broad product portfolio of the company, which despite
some emphasis on oral care is generally well balanced.
 The player is positioned within mature areas of the industry. Over the review period,
categories where the company has a presence, such as oral care, hair care, skin care,
depilatories, men’s grooming and colour cosmetics, grew at similar value rates to the industry
overall. More importantly, Rubella Beauty is not present in fast-growing categories like
fragrances, baby and child-specific products or, generally, premium segments.
 The firm markets a broad product portfolio and develops three brands – Deva, Dental and Top
Ten. Deva is a female-centred brand with products in skin care, hair care, depilatories and
colour cosmetics. Dental’s products are focused on oral care while Top Ten is positioned in
men’s grooming.
 Rubella Beauty has positioned its brands at the low-end of the market. The Dental brand is
found in the mid-priced/economy segments, while Top Ten and Deva are economy brands.
 The company does not take risks when it comes to new product development; it introduces
cheaper alternatives to the best-selling products of international manufacturers. This strategy
predefines its lower-priced positioning.
 In 2012-2013, Rubella Beauty invested BGN4.1 million in equipment for laminated tubes.
Some 60% of the investment came from EU competitiveness funding. The investment
boosted the overall production capacity and improved the company’s ability to handle orders
for the manufacture of private label products.
Summary 6 Rubella Beauty AD: Competitive Position 2014

Colour cosmetics 0.8% 15
Depilatories 3.4% 4
Hair care 1.8% 12
Men’s grooming 1.5% 11
Oral care 6.5% 6
Skin care 2.4% 9
interviews
SOLVEX OOD IN BEAUTY AND PERSONAL CARE (BULGARIA)
Strategic Direction
 Solvex is an export-orientated company with no ambitions for significant a presence in the

domestic market. The company has made considerable investments in new equipment and
capacity expansion, primarily with the goal of handling larger and more complex orders for
private label products. The breadth of its portfolio and the quality of its products are likely to
improve. This should boost the player's retail value share slightly, albeit as a result of fallout
from its primary focus on private label.
Key Facts
Summary 7 Solvex OOD: Key Facts

Full name of company: Solvex OOD
www: www.solvexcp.com
Address: 50 Trakia Blvd, 4220 Krichim, Bulgaria
Tel: +359 (32) 605 460
Fax: +359 (32) 605 466
Activities: Producer of cosmetic products
Ownership: Private, Bulgarian
Summary 8 Solvex OOD: Operational Indicators

Number of 154 170 175
employees
 In 2014, Solvex held a 1% retail value share to rank 19th in beauty and personal care in
Bulgaria.
 The company’s retail value share has doubled over the review period. This growth reflected
significant investment in equipment upgrades and capacity expansion. Since 2008, Solvex
has invested BGN4.8 million in new machinery. In 2013, production capacity was expanded
by 30%. Over the forecast period, there are plans for further investments valued at BGN3
million, specifically for colourants, which accounted for over a 60% share of company revenue
at the end of the review period.
 The company is positioned within mature areas of the market – hair care (particularly
colourants), skin care (particularly facial care) and depilatories. Over the review period, these
categories performed roughly in line with the overall industry in current value growth terms. In
the forecast period, colourants and depilatories are expected to remain in line with industry
growth while skin care is likely to grow faster. Crucially, however, the value growth in skin
care is likely to come from premium products, where Solvex is not present.
 The player markets three brands – Elea, Miss Magic and Solvex. Elea and Miss Magic include
a large number of skin care products, depilatories and colourants.
 Generally, Solvex seeks to position itself at the low-end of the market. Both Elea and Miss
Magic target consumers with modest financial means, although Elea is priced slightly higher
than Miss Magic.
 Solvex is a small, conservative company. It follows market trends and is present mainly in
well-established product categories. This stance predefines the player’s positioning at the low-
end of the market in terms of pricing. The conservative business approach is also illustrated
by its advertising activity. In 2014, total advertising spending declined by 19%, amounting to
only 3% of total revenue.
 In the second half of 2014, the company introduced a new line of Miss Magic colourants (hair
cream) and a new line of Elea depilatories with Argan oil. The firm also actively sought export
opportunities, participating in industry fairs – Beauty Eurasia (Istanbul, Turkey) and
Cosmoprof (Bologna, Italy).
Summary 9 Solvex OOD: Competitive Position 2014

Baby and child-specific 0.0% 40
products
Depilatories 2.5% 8
Hair care 2.7% 11
Skin care 1.5% 10
interviews
BEAUTY AND PERSONAL CARE IN

BULGARIA - INDUSTRY OVERVIEW
EXECUTIVE SUMMARY
Slower Retail Volume and Value Growth in 2014

Beauty and personal care saw slower retail volume and value growth in 2014, compared with
the respective review period CAGRs. This reflected generally weak retail volume sales and
modest price increases. A strong Christmas and New Year season boosted sales of cosmetics,
while increasing concerns about product ingredients raised the demand for premium brands and
skin care. At the same time, poor summer weather conditions undermined sun care and
promotions stalled hair care sales.
Promotions Counter the Impact of the Banking Crisis

The crisis banking in Bulgaria in the second half of 2014 delivered an unexpected shock to
consumer confidence and prompted conservative purchasing behaviour. In order to mitigate the
impact on consumption, retailers responded by increasing the frequency and duration of
promotional activities. Retailer reaction was effective and helped the industry through a difficult
period, between June and early November, when the effects of the banking crisis dissipated.
Leading Companies Consolidate Their Positions

Advertising remained a key factor in shaping the competitive environment. International
brands dominated all product categories in 2014, while most domestic manufacturers steered
their core business towards the opportunities offered by private label exports and maintained a
modest presence in Bulgaria. L’Oréal, Avon and Procter & Gamble accounted for a combined
28% share of retail value sales in 2014, a slight increase on 2013. Despite registering strong
retail value sales growth, private label’s share remained small.
Ingredients and Functionality Drive New Product Development

Manufacturers introduced a host of new products in 2014. New developments focused on
both ingredients and functionality, particularly in skin care. Among the most promising releases
were snail mucus products, which are popular in Asia and South America. Following in the steps
of beauty balms, new colour correcting and daily defence creams hit the market. In colour
cosmetics the emphasis was on functionality, with products like multifunctional eyeliner that can
be used along the inner and outer lash lines; smudged onto eyelids or applied to the face for
colour.
Shrinking Population Undermines Growth Potential

Beauty and personal care is not projected to post strong retail volume or value sales growth
over the forecast period. Overall a weaker growth performance is anticipated, compared with the
review period. The key inhibitor to growth lies in negative demographic trends in the country,
which undermine retail volume sales. On the positive side, the predicted acceleration of the
economic recovery towards the end of the forecast period is likely to lift disposable incomes and
provide room for higher pricing. Sun care and skin care are expected to perform well, while hair
care and bath and shower are set to see sales declines.
KEY TRENDS AND DEVELOPMENTS
Advertising Grows in Importance

Over 200 manufacturers, offering thousands of products are active in beauty and personal
care in Bulgaria. In order to be successful in this highly fragmented and competitive landscape
companies seek to stand out and attract consumer attention. A key factor in this respect is
advertising.
Cosmetics was the third most advertised product type in the country, behind food and
telecommunication services. More importantly, the share of beauty and personal care products
in total advertising expenditure is growing. In 2013, such products accounted for a 14% of total
advertising spending, an increase of two percentage points on 2014. This upward trend is
expected to continue in 2014.
The correlation between advertising expenditure and competitive position in beauty and
personal care is very direct. In 2013, six of the top 10 beauty and personal care companies in
Bulgaria were among the top 20 largest advertisers. The leading player, L’Oréal Bulgaria has
the largest net advertising budget, spending around BGN13 million annually. The fourth-ranked
company, Beiersdorf Bulgaria, is a close second in terms of advertising, with an annual budget
of over BGN9 million. The third-ranked player, Procter & Gamble Bulgaria, is also third in terms
of advertising, with an annual budget of BGN6 million. Preliminary data for 2014 (TV advertising
only) shows that gross advertising expenditure (the value of advertising spending including
discounts) by L’Oréal and Beiersdorf has continued to climb, while Procter & Gamble has reined
in its spending.
Outlook
Given that beauty and personal care is expected to see slower retail sales growth in the
forecast period, advertising is likely to become an even more important competitive tool.
Companies running profitable operations or relying on strong financial backing from a
multinational parent will be well placed to dedicate more resources for advertising and gain a
competitive edge over smaller, particularly domestic, players. Some smaller players, which
maintain broad product portfolios, may be forced to reconsider their presence in categories
which are heavily dependent on advertising, such as hair care, oral care and facial care.
Demography Is A Key Growth Inhibitor

Demographic trends affect the performance of the beauty and personal care in Bulgaria. A
growing population creates additional demand, while a declining population weakens retail
volume sales. Similarly, changes in the mean age of the population leads to adjustments in the
products being demanded by consumers. While younger consumers spend more on baby and
child-specific products, fragrances and deodorants, older consumers spend more on hair care,
colour cosmetics and skin care.
Demographic data for Bulgaria covering the past 14 years shows significant changes in the
country. The population is both declining and ageing at a rapid pace. Between 2000 and 2013,
Bulgaria’s population declined by 9% to reach 7.2 million, while the mean age increased from 40
to 43 years. Meanwhile, the structure of the population has changed, with the 65+ population
increasing by 9% to reach 1.4 million, while the 15-64-year-old population declined by 11% to
reach 4.8 million and the 0-14-year-old population decreased by 22% to reach one million. As a
result, in 2013, 65-year-old-and-over consumers accounted for a 20% share of the total
population, compared with 16% in 2000. Meanwhile, the share of the 15-64-year-old population
dropped by one percentage point to reach 67%. The relative share of the 0-14-year-old
population also narrowed, by two percentage points, to reach 14% in 2013.
Researchers single out two main reasons for the negative trend in Bulgaria’s population – low
birth rates and immigration. According to analysis by the National Statistical Office, two thirds of
the population decline between 2001 and 2011 was related to a mortality rate that exceeded
birth rates while the remaining third was related to immigration.
Demographic trends shape the development of beauty and personal care in Bulgaria. The
declining population of working age consumers (15-64-year-olds) weakens total purchasing
power significantly, as fewer and fewer people are earning salaries. Unlike in developed
Western countries, where the elderly population is generally more affluent, the situation is
reversed in Bulgaria. In a recent parliamentary debate, the Minister of Labour and Social Affairs
announced that 1.2 million retirees in the country (or just over one half of total retirees) receive
pensions under the poverty threshold set at around BGN300 per month. At the same time, the
ceiling on the highest possible retirement benefit is BGN840, which is roughly equal to the
average wage.
Outlook
The demographic outlook for the forecast period is negative. According to the forecast of the
Statistical Office, Bulgaria’s total population is projected to reach seven million in 2020, down
3% on 2014. By 2020, the 65+ population is expected to reach 1.5 million, an increase of 7% on
2014, the 15-64-year-old population is predicted to decline by 7% to reach 4.5 million and 0-14-
year-old population is projected to drop by 2% to less than one million. As a result, the relative
share of the 65+ population is set to increase to 22%, the relative share of 15-64-year-old
population is estimated to narrow to 64% and the relative share of the 0-14 population is
expected to remain at 14%.
The declining population indicates that the demand in the forecast period will be soft and
depend entirely on gains in personal disposable income. Purchasing power is likely to remain
weak, as the number of wage earners dwindles and the number of people relying on retirement
benefits rises.
Corporate Social Responsibility Gains Traction Gradually

Corporate social responsibility (CSR) is on the agenda of many companies in Bulgaria. It is an
important tool which business entities use to build long-term consumer, employee and citizen
trust. However, CSR is barely visible among the leading players in beauty and personal care.
With the notable exception of Avon, it is chiefly on the agenda of small domestic players.
The Bulgarian Donors’ Forum is a non-profit organisation which supports and promotes CSR
in the country. Its research shows that Avon Bulgaria, Refan OOD and, to a lesser extent,
Aroma AD, are the main beauty and personal care companies actively implementing CSR
policies.
Avon Bulgaria is focused on supporting women’s issues in the country. The company has
campaigned against domestic violence and undertaken breast cancer initiatives. Refan is a
small domestic cosmetics manufacturer that compares with Avon in terms of involvement in
CSR activities. The company has a long history of supporting cultural and sports events and
causes from gymnastics to martial arts and from music concerts to monastery restoration.
The large cosmetics manufacturer Aroma is also involved in CSR, with an environmental
focus. The company supported an initiative of the World Wildlife Fund (WWF) to prevent
deforestation in Bulgaria. Aroma developed a special product line called Aroma Greenline and
donated a share of its proceeds towards the WWF programme. The firm is also considering a
joint initiative with the Bulgarian Tourist Union to highlight the deforestation issue in the country.
Outlook
Retail volume sales of beauty and personal care are projected to see limited growth as a
negative demographic trend undermines the consumer base. As a result, over the forecast
period, sales are expected to grow mainly through higher pricing. A key problem for the main
players in this period will be brand loyalty.
Brand loyalty is low in beauty and personal care in Bulgaria, mainly for financial reasons as
consumers often switch between brands if they can find cheaper alternatives. However,
consumers also switch easily because they believe that manufacturers’ product claims should
be treated with high degree of suspicion and that producers hide potentially important
information.
In this environment, companies that invest considerable resources in research and
development and attach increasing numbers of claims to their products are at a clear
disadvantage. All it takes for consumers to abandon their brand or product and turn to
alternatives is a small difference in pricing.
A key tool for solving the consumer loyalty problem in the industry is corporate social
responsibility. CSR has the potential to strengthen brand recognition and image and improve
corporate credibility. Major players like L’Oréal, Beiersdorf, Henkel, Aroma and Oriflame are
likely to put significantly more effort into CSR activities as the nature of competition transforms
into a zero-sum game.
MARKET DATA
Table 15 Sales of Beauty and Personal Care by Category: Value 2009-2014
BGN million
2009 2010 2011 2012 2013 2014
Baby and Child-specific 17.5 20.0 23.0 25.0 26.2 26.7

Products
Bath and Shower 68.9 71.0 74.2 75.2 76.7 77.5
Colour Cosmetics 80.6 82.9 86.4 87.4 89.6 90.3
Deodorants 42.4 42.9 45.6 47.5 48.3 48.9
Depilatories 5.6 5.8 6.0 6.2 6.4 6.4
Fragrances 70.3 73.2 77.0 79.2 85.7 90.1
Hair Care 116.8 122.1 128.1 129.3 130.6 131.1
Men's Grooming 40.8 41.5 43.7 44.1 44.6 45.3
Oral Care 46.7 48.5 51.0 50.6 51.5 52.6
Oral Care Excl Power 46.0 47.6 50.0 49.3 50.2 51.2
Toothbrushes
Skin Care 112.6 113.8 117.5 119.8 123.5 127.1
Sun Care 12.1 12.3 13.0 13.4 13.7 13.4
Sets/Kits 4.4 5.1 5.7 5.9 6.3 6.6
Premium Beauty and 54.0 57.6 59.6 63.0 68.3 72.7
Personal Care
Mass Beauty and 471.5 485.6 510.9 519.5 532.3 538.8
Personal Care
Beauty and Personal Care 598.2 618.3 649.2 661.2 680.3 692.4
Note 1: Premium/mass beauty and personal care sales are additionally included within baby and child-specific
products, bath and shower, colour cosmetics, deodorants, fragrances, hair care, sets/kits, skin care and
sun care.
Note 2: Sum of categories is greater than market size because the four men’s toiletries categories are included
in men’s grooming as well as in bath and shower, deodorants, hair care and skin care.
Table 16 Sales of Beauty and Personal Care by Category: % Value Growth 2009-2014

2013/14 2009-14 CAGR 2009/14 Total
Baby and Child-specific Products 2.0 8.8 52.8

Bath and Shower 0.9 2.4 12.5
Colour Cosmetics 0.7 2.3 12.0
Deodorants 1.3 2.9 15.4
Depilatories -0.7 2.8 14.6
Fragrances 5.2 5.1 28.1
Hair Care 0.4 2.3 12.3
Men's Grooming 1.4 2.1 11.0
Oral Care 2.2 2.4 12.8
Oral Care Excl Power Toothbrushes 2.0 2.1 11.2
Skin Care 2.9 2.4 12.8
Sun Care -1.9 2.0 10.6
Sets/Kits 4.2 8.5 50.3
Premium Beauty and Personal Care 6.5 6.1 34.7
Mass Beauty and Personal Care 1.2 2.7 14.3
Beauty and Personal Care 1.8 3.0 15.7
sun care.
Table 17 Sales of Premium Beauty and Personal Care by Category: Value 2009-2014
BGN '000
2009 2010 2011 2012 2013 2014
Premium Baby and Child- 984.1 1,162.0 1,347.7 1,361.5 1,777.9 1,798.0
specific Products
Premium Bath and Shower 1,720.0 2,066.3 2,484.6 2,744.5 3,000.8 3,315.1
Premium Colour Cosmetics 3,153.9 4,289.7 3,404.5 4,264.4 4,637.8 5,677.2
Premium Deodorants 521.5 552.9 615.4 664.4 695.4 1,225.0
Premium Fragrances 31,674.5 32,729.2 33,882.3 35,290.8 38,338.2 39,350.7
Premium Hair Care 1,804.9 1,849.3 2,037.1 2,476.2 2,818.1 3,057.7
Premium Skin Care 12,563.0 13,163.0 13,724.7 14,016.6 14,870.8 16,103.7
Premium Sun Care 1,113.5 1,229.7 1,393.0 1,486.4 1,337.9 1,357.4
Premium Sets/Kits 447.8 606.9 696.1 727.1 805.6 847.1
Premium Beauty and 53,983.2 57,649.2 59,585.4 63,031.9 68,282.7 72,732.0
Personal Care
Note: Premium/mass beauty and personal care sales are additionally included within baby and child-specific
sun care.
Table 18 Sales of Premium Beauty and Personal Care by Category: % Value Growth
2009-2014

2013/14 2009-14 CAGR 2009/14 Total
Premium Baby and Child-specific Products 1.1 12.8 82.7

Premium Bath and Shower 10.5 14.0 92.7
Premium Colour Cosmetics 22.4 12.5 80.0
Premium Deodorants 76.1 18.6 134.9
Premium Fragrances 2.6 4.4 24.2
Premium Hair Care 8.5 11.1 69.4
Premium Skin Care 8.3 5.1 28.2
Premium Sun Care 1.5 4.0 21.9
Premium Sets/Kits 5.1 13.6 89.2
sun care.
Table 19 GBO Company Shares of Beauty and Personal Care: % Value 2010-2014
% retail value rsp

Company 2010 2011 2012 2013 2014
L'Oréal Groupe 12.4 12.2 11.3 11.5 11.2

Avon Products Inc 8.4 7.8 7.6 8.4 9.3
Procter & Gamble Co, The 8.7 8.6 8.6 8.5 8.5
Beiersdorf AG 5.8 5.5 5.4 5.1 5.1
Unilever Group 5.0 5.4 5.4 5.1 5.0
Henkel AG & Co KGaA 3.8 4.0 4.0 4.0 4.0
Aroma AD 3.9 3.8 3.8 3.6 3.7
Oriflame Cosmetics SA 4.5 4.4 4.1 3.5 3.3
Colgate-Palmolive Co 2.4 2.4 2.4 2.6 2.6
Coty Inc 1.3 1.3 1.4 1.6 1.6
Yves Rocher SA 1.6 1.6 1.7 1.6 1.5
Johnson & Johnson Inc 1.1 1.2 1.3 1.3 1.3
GlaxoSmithKline Plc 1.1 1.1 1.1 1.2 1.3
Pierre Fabre SA, 0.6 0.7 0.8 1.0 1.1
Laboratoires
Estée Lauder Cos Inc 0.8 0.7 1.0 1.0 1.1
Lavena AD 0.4 0.4 0.7 0.8 0.9
Rosa Impex OOD 0.7 0.8 0.8 0.8 0.8
Solvex OOD 0.4 0.5 0.6 0.6 0.8
Erkul Kozmetik San Ve 0.7 0.7 0.7 0.7 0.7
Tic AS
Sarantis SA, Group 0.6 0.6 0.7 0.7 0.7
Dr Theiss Naturwaren GmbH 0.1 0.1 0.1 0.6 0.6
Chanel SA 0.5 0.5 0.6 0.6 0.6
LVMH Moët Hennessy 0.4 0.4 0.5 0.5 0.6
Louis Vuitton SA
Agiva OOD 0.1 0.4 0.4 0.5 0.5
Cosnova GmbH 0.3 0.3 0.4 0.4 0.5
L'Occitane 0.4 0.4 0.5 0.5 0.5
International SA
Puig SL 0.3 0.3 0.3 0.4 0.4
SuperMax Corp 0.3 0.3 0.3 0.3 0.3
Private Label 0.1 0.5 0.7 1.1 1.3
Others 29.1 29.1 29.2 28.1 26.4
Total 100.0 100.0 100.0 100.0 100.0
Table 20 NBO Company Shares of Beauty and Personal Care: % Value 2010-2014
% retail value rsp

Company 2010 2011 2012 2013 2014
L'Oréal Bulgaria EOOD 12.1 11.9 10.9 11.2 10.9

Avon Bulgaria EOOD 8.4 7.8 7.6 8.4 9.3
Procter & Gamble 7.3 7.3 7.2 7.3 7.3
Bulgaria EOOD
Beiersdorf Bulgaria EOOD 5.8 5.4 5.3 5.1 5.1
Unilever Bulgaria EOOD 4.8 4.8 4.9 4.8 4.8
Henkel Bulgaria EOOD 3.7 3.8 4.0 4.0 3.9
Aroma AD 3.9 3.8 3.8 3.6 3.7
Oriflame Bulgaria EOOD 4.5 4.4 4.1 3.5 3.3
Colgate-Palmolive 2.4 2.4 2.4 2.6 2.6
Bulgaria OOD
Yves Rocher SA 1.6 1.6 1.7 1.6 1.5
GlaxoSmithKline Plc 1.2 1.2 1.1 1.2 1.2
Sarantis Bulgaria Ltd 1.0 1.1 1.2 1.2 1.2
Pierre Fabre Dermo- 0.6 0.7 0.8 1.0 1.1
Estée Lauder Cos Inc 0.8 0.7 1.0 1.0 1.1
Lavena AD 0.4 0.4 0.7 0.8 0.9
Rosa Impex OOD 0.7 0.8 0.8 0.8 0.8
Solvex OOD 0.4 0.5 0.6 0.6 0.8
Erkul Kozmetik San Ve 0.7 0.7 0.7 0.7 0.7
Tic AS
Wella AG 0.8 0.8 0.8 0.7 0.7
Naturprodukt Pharma GmbH 0.1 0.1 0.1 0.6 0.6
Bourjois SA 0.5 0.5 0.6 0.6 0.6
Manhattan Cosmetics 0.5 0.5 0.5 0.6 0.6
Johnson & Johnson 0.5 0.5 0.6 0.6 0.6
Bulgaria EOOD
Vista AWT AD 0.6 0.6 0.6 0.6 0.6
dm Bulgaria EOOD 0.0 0.2 0.3 0.4 0.5
Agiva OOD 0.1 0.4 0.4 0.5 0.5
Dodis International OOD 0.3 0.3 0.4 0.4 0.5
L'Occitane 0.4 0.4 0.5 0.5 0.5
International SA
Alen Mak AD 0.8 0.7 0.5 0.1 -
Other Private Label 0.1 0.2 0.2 0.2 0.2
Others 31.0 31.6 32.0 31.3 30.0
Total 100.0 100.0 100.0 100.0 100.0
Table 21 LBN Brand Shares of Beauty and Personal Care: % Value 2011-2014
% retail value rsp

Brand Company 2011 2012 2013 2014
Dove Unilever Bulgaria EOOD 3.0 3.1 3.2 3.2
Oriflame Oriflame Bulgaria EOOD 3.2 3.0 2.5 2.4

Fa Henkel Bulgaria EOOD 1.7 1.7 1.6 1.6
Nivea Beiersdorf Bulgaria EOOD 1.7 1.6 1.5 1.5
Yves Rocher Yves Rocher SA 1.6 1.7 1.6 1.5
Teo Ficosota Syntez OOD 1.6 1.5 1.5 1.5
Colgate Colgate-Palmolive 1.1 1.1 1.4 1.5
Bulgaria OOD
AVON Color Avon Bulgaria EOOD 1.3 1.2 1.3 1.3
Gillette Procter & Gamble 1.3 1.2 1.2 1.2
Bulgaria EOOD
Aquafresh GlaxoSmithKline Plc 1.0 1.0 1.1 1.1
Astera Aroma AD 1.4 1.3 1.1 1.1
Wash & Go Procter & Gamble 1.1 1.1 1.1 1.0
Bulgaria EOOD
Pantene Procter & Gamble 0.9 0.9 0.9 0.9
Bulgaria EOOD
Schwarzkopf Palette Henkel Bulgaria EOOD 0.8 0.8 0.8 0.8
Palmolive Colgate-Palmolive 0.8 0.8 0.8 0.8
Bulgaria OOD
Max Factor Procter & Gamble 0.8 0.7 0.8 0.8
Bulgaria EOOD
Maybelline L'Oréal Bulgaria EOOD 1.0 0.9 0.9 0.8
Head & Shoulders Procter & Gamble 0.9 0.8 0.8 0.8
Bulgaria EOOD
Aroma Aroma AD 0.6 0.7 0.7 0.7
L'Oréal Dermo- L'Oréal Bulgaria EOOD 1.0 0.9 0.8 0.7
Expertise
Vichy L'Oréal Bulgaria EOOD 0.8 0.7 0.7 0.7
Garnier L'Oréal Bulgaria EOOD 0.7 0.8 0.7 0.7
Galénic Pierre Fabre Dermo- 0.5 0.6 0.6 0.6
Lacalut Naturprodukt Pharma GmbH 0.1 0.1 0.6 0.6
Golden Rose Erkul Kozmetik San Ve 0.6 0.6 0.6 0.6
Tic AS
Nivea Bath Care Beiersdorf Bulgaria EOOD 0.7 0.7 0.6 0.6
Manhattan Manhattan Cosmetics 0.5 0.5 0.6 0.6
Avon Femme Avon Bulgaria EOOD - - - 0.6
Other Private Label 0.2 0.2 0.2 0.2
Others 66.8 67.8 67.6 67.3
Total 100.0 100.0 100.0 100.0
Table 22 Penetration of Private Label in Beauty and Personal Care by Category: %

Value 2009-2014
% retail value rsp

2009 2010 2011 2012 2013 2014
Baby and Child-specific - - 0.2 0.4 0.5 0.7
Products
Bath and Shower 0.3 0.6 1.3 2.0 2.7 2.9
Deodorants - - 0.7 1.0 1.4 1.6
Depilatories - - 0.1 0.2 0.5 1.0
Hair Care 0.2 0.3 0.6 0.8 1.0 1.1
Men's Grooming 0.0 0.1 0.5 0.7 1.2 1.6
Oral Care - - 0.4 0.7 1.4 2.1

Skin Care 0.1 0.0 0.5 0.8 1.6 2.2
Sun Care - - - - - -
Mass Beauty and 0.1 0.2 0.5 0.8 1.2 1.4
Personal Care
Table 23 Distribution of Beauty and Personal Care by Format: % Value 2009-2014
% retail value rsp

2009 2010 2011 2012 2013 2014
Store-Based Retailing 79.9 80.8 80.9 81.3 81.2 80.9

- Grocery Retailers 37.8 38.3 38.3 38.1 38.2 38.0
-- Modern Grocery 17.3 17.6 18.1 18.5 19.0 19.2
Retailers
--- Convenience Stores 1.7 1.8 1.9 2.0 2.1 2.1
--- Discounters 0.7 0.7 0.7 0.8 0.9 1.0
--- Forecourt Retailers - - - - - -
--- Hypermarkets 6.2 6.5 6.8 7.2 7.6 7.9
--- Supermarkets 8.7 8.5 8.6 8.4 8.4 8.3
-- Traditional Grocery 20.5 20.7 20.2 19.6 19.2 18.8
Retailers
--- Food/drink/tobacco - - - - - -
specialists
--- Independent Small 16.5 15.8 15.6 14.9 14.5 14.0
Grocers
--- Other Grocery 3.9 4.8 4.7 4.7 4.8 4.7
Retailers
- Non-Grocery Specialists 42.1 42.5 42.6 43.1 43.0 42.9
-- Apparel and Footwear 0.9 1.0 0.9 1.0 1.0 1.0
Specialist Retailers
-- Electronics and 0.0 0.0 0.0 0.0 0.0 0.0
Appliance Specialist
Retailers
-- Health and Beauty 39.4 40.0 40.1 40.7 40.6 40.6
--- Beauty Specialist 16.4 15.8 15.6 15.8 15.9 16.3
Retailers
--- Chemists/Pharmacies 10.4 10.3 10.2 10.2 10.0 10.0
--- Drugstores/ 3.1 4.0 4.6 4.9 5.6 5.7
parapharmacies
--- Other Health and 9.5 9.9 9.8 9.8 9.2 8.6
Beauty Specialist
retailers
-- Home and Garden - - - - - -
--- Homewares and Home - - - - - -
Furnishing Stores
-- Other Non-Grocery 1.8 1.6 1.5 1.4 1.4 1.3
Specialists
--- Outdoor Markets 1.8 1.6 1.5 1.4 1.4 1.3
--- Other BPC Non- - - - 0.0 - -
Grocery Specialists
-- Mixed Retailers - - - - - -
--- Department Stores - - - - - -
--- Mass Merchandisers - - - - - -
--- Variety Stores - - - - - -
--- Warehouse Clubs - - - - - -

Non-Store Retailing 19.9 19.0 18.9 18.6 18.6 18.9
- Direct Selling 18.4 16.4 15.4 14.6 14.4 14.4
- Homeshopping 0.3 0.6 0.7 1.0 1.0 1.1
- Internet Retailing 1.2 2.0 2.8 3.0 3.1 3.4
- Vending - - - - - -
Non-retail channels 0.2 0.2 0.2 0.2 0.2 0.2
- Hair Salons 0.2 0.2 0.2 0.2 0.2 0.2
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 24 Distribution of Beauty and Personal Care by Format and Category: % Value
2014
% retail value rsp

BC BS CC D DP F

-- Modern Grocery 33.9 21.4 18.5 17.9 15.0 8.8
Retailers
--- Discounters 1.8 1.5 0.4 0.9 0.7 0.1
--- Forecourt Retailers 0.0 0.0 0.0 0.0 0.0 0.0
--- Hypermarkets 10.8 7.7 8.2 7.2 7.7 4.4
--- Supermarkets 14.4 8.4 8.7 8.0 5.6 4.3
Retailers
--- Food/drink/tobacco 0.0 0.0 0.0 0.0 0.0 0.0
specialists
Grocers
--- Other Grocery 1.6 2.2 4.1 1.0 5.3 3.5
Retailers
-- Electronics and 0.0 0.0 0.0 0.0 1.4 0.0
Retailers
Retailers
--- Drugstores/ 3.7 9.9 11.3 4.0 6.3 3.1
parapharmacies
--- Other Health and 10.7 11.9 0.2 26.7 23.5 1.3
Beauty Specialist
retailers
-- Home and Garden 0.0 0.0 0.0 0.0 0.0 0.0
--- Homewares and Home 0.0 0.0 0.0 0.0 0.0 0.0
Furnishing Stores
Specialists
--- Outdoor Markets 1.5 1.2 1.0 1.6 1.1 0.8
--- Other BPC Non- 0.0 0.0 0.0 0.0 0.0 0.0
Grocery Specialists
-- Mixed Retailers 0.0 0.0 0.0 0.0 0.0 0.0
--- Department Stores 0.0 0.0 0.0 0.0 0.0 0.0
--- Mass Merchandisers 0.0 0.0 0.0 0.0 0.0 0.0
--- Variety Stores 0.0 0.0 0.0 0.0 0.0 0.0
--- Warehouse Clubs 0.0 0.0 0.0 0.0 0.0 0.0
- Direct Selling 3.3 9.5 22.7 12.9 4.2 39.2
- Homeshopping 0.7 3.0 2.4 0.7 0.4 1.1
- Vending 0.0 0.0 0.0 0.0 0.0 0.0
Non-retail channels - - - - - -
- Hair Salons - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
HC MG OC SC SU SK

-- Modern Grocery 23.1 21.9 27.6 15.1 18.3 19.0
Retailers
--- Discounters 1.4 1.0 1.6 0.8 1.1 0.1
--- Forecourt Retailers 0.0 0.0 0.0 0.0 0.0 0.0
--- Hypermarkets 9.5 8.8 12.2 6.1 6.5 9.0
--- Supermarkets 9.3 10.1 11.3 6.7 7.1 9.8
Retailers
--- Food/drink/tobacco 0.0 0.0 0.0 0.0 0.0 0.0
specialists
Grocers
--- Other Grocery 1.1 4.6 0.5 15.2 3.9 0.4
Retailers
-- Electronics and 0.0 0.0 0.2 0.0 0.0 0.0
Retailers
Retailers
--- Drugstores/ 8.2 2.7 0.9 3.0 1.7 1.3
parapharmacies
--- Other Health and 15.8 18.7 6.3 0.0 26.3 9.0
Beauty Specialist
retailers
-- Home and Garden 0.0 0.0 0.0 0.0 0.0 0.0
--- Homewares and Home 0.0 0.0 0.0 0.0 0.0 0.0
Furnishing Stores
Specialists
--- Outdoor Markets 1.4 2.1 0.9 1.1 6.2 1.1
--- Other BPC Non- 0.0 0.0 0.0 0.0 0.0 0.0
Grocery Specialists
-- Mixed Retailers 0.0 0.0 0.0 0.0 0.0 0.0
--- Department Stores 0.0 0.0 0.0 0.0 0.0 0.0
--- Mass Merchandisers 0.0 0.0 0.0 0.0 0.0 0.0

--- Variety Stores 0.0 0.0 0.0 0.0 0.0 0.0
--- Warehouse Clubs 0.0 0.0 0.0 0.0 0.0 0.0
- Direct Selling 5.0 7.1 0.6 14.9 6.4 29.5
- Homeshopping 0.3 1.0 0.3 0.2 0.4 0.3
- Vending 0.0 0.0 0.0 0.0 0.0 0.0
Non-retail channels 0.9 - - - - -
- Hair Salons 0.9 - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Key: BC = baby and child-specific products; BS = bath and shower; CC = colour cosmetics; D = deodorants;
DP = depilatories; F = fragrances; HC = hair care; MG = men’s grooming; OC = oral care; SC = skin
care; SU = sun care; SK = sets/kits
Table 25 Forecast Sales of Beauty and Personal Care by Category: Value 2014-2019
BGN million
2014 2015 2016 2017 2018 2019
Baby and Child-specific 26.7 26.7 26.7 26.7 26.7 26.8

Products
Bath and Shower 77.5 76.0 75.2 75.0 75.2 75.7
Colour Cosmetics 90.3 89.3 89.1 89.3 90.0 90.8
Deodorants 48.9 48.1 47.4 47.0 46.9 46.9
Depilatories 6.4 6.3 6.3 6.3 6.4 6.5
Fragrances 90.1 89.2 88.4 88.1 88.4 88.9
Hair Care 131.1 128.9 127.6 127.1 127.1 127.5
Men's Grooming 45.3 45.0 44.9 45.1 45.5 46.0
Oral Care 52.6 52.4 52.3 52.3 52.8 53.5
Oral Care Excl Power 51.2 50.9 50.7 50.6 51.1 51.7
Toothbrushes
Skin Care 127.1 127.3 127.8 128.7 130.1 131.8
Sun Care 13.4 13.3 13.4 13.6 13.9 14.3
Sets/Kits 6.6 6.7 6.7 6.8 6.8 6.9
Premium Beauty and 72.7 73.5 74.7 76.2 77.9 79.3
Personal Care
Mass Beauty and 538.8 532.0 527.5 526.2 527.3 530.3
Personal Care
trade sources
sun care.
Table 26 Forecast Sales of Beauty and Personal Care by Category: % Value Growth
2014-2019

2014/2015 2014-19 CAGR 2014/19 TOTAL
Baby and Child-specific Products 0.4 0.1 0.3
Bath and Shower 0.7 -0.5 -2.3

Colour Cosmetics 0.9 0.1 0.6
Deodorants 0.0 -0.9 -4.2
Depilatories 1.9 0.3 1.6
Fragrances 0.6 -0.3 -1.3
Hair Care 0.3 -0.6 -2.7
Men's Grooming 1.1 0.3 1.6
Oral Care 1.3 0.3 1.7
Oral Care Excl Power Toothbrushes 1.2 0.2 1.1
Skin Care 1.3 0.7 3.8
Sun Care 2.7 1.3 6.8
Sets/Kits 1.5 1.0 5.2
Mass Beauty and Personal Care 0.6 -0.3 -1.6
Beauty and Personal Care 0.8 -0.1 -0.3
trade sources
sun care.
Table 27 Forecast Sales of Premium Beauty and Personal Care by Category: Value
2014-2019
BGN '000
2014 2015 2016 2017 2018 2019
Premium Baby and Child- 1,798.0 1,874.1 2,033.6 2,129.5 2,203.4 2,221.0
specific Products
Premium Bath and Shower 3,315.1 3,428.4 3,596.2 3,697.7 3,813.0 3,860.8
Premium Colour Cosmetics 5,677.2 5,844.9 5,899.7 6,010.1 6,169.2 6,235.7
Premium Deodorants 1,225.0 1,237.3 1,236.1 1,240.9 1,260.3 1,291.5
Premium Fragrances 39,350.7 39,050.1 39,194.9 39,554.6 40,013.2 40,484.0
Premium Hair Care 3,057.7 3,118.0 3,160.3 3,291.1 3,393.6 3,505.2
Premium Skin Care 16,103.7 16,760.4 17,323.4 17,928.9 18,571.5 19,204.3
Premium Sun Care 1,357.4 1,363.1 1,404.3 1,454.2 1,518.3 1,571.9
Premium Sets/Kits 847.1 862.8 878.2 897.8 918.5 937.1
Premium Beauty and 72,732.0 73,539.1 74,726.7 76,204.8 77,861.0 79,311.5
Personal Care
trade sources
sun care.
Table 28 Forecast Sales of Premium Beauty and Personal Care by Category: % Value
Growth 2014-2019

2014/2015 2014-19 CAGR 2014/19 TOTAL
Premium Baby and Child-specific Products 0.8 4.3 23.5

Premium Bath and Shower 1.3 3.1 16.5
Premium Colour Cosmetics 1.1 1.9 9.8
Premium Deodorants 2.5 1.1 5.4
Premium Fragrances 1.2 0.6 2.9
Premium Hair Care 3.3 2.8 14.6

Premium Skin Care 3.4 3.6 19.3
Premium Sun Care 3.5 3.0 15.8
Premium Sets/Kits 2.0 2.0 10.6
trade sources
sun care.
SOURCES
Sources used during the research included the following:
Summary 10 Research Sources

Official Sources National Statistics Institute
Trade Associations Association of Essential Oils, Cosmetics &
Perfumery
Trade Press Beauty Business News
Capital
Cosmade.com
Cosmetique News
Dnevnik
Elle
European Cosmetic Markets
Financial Times
Forbes
Happi Magazine
International Cosmetique News
Kosa Magazine
Pari Daily
Soap Perfumery & Cosmetics
Source: Euromonitor International

EM - Bulgaria - Deo, Bath and Shower Products Value

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HAIR CARE IN BULGARIA

LIST OF CONTENTS AND TABLES

Beauty and Personal Care in Bulgaria - Industry Overview ........................................................ 16

HAIR CARE IN BULGARIA -

 Current value sales grow marginally in 2014 to reach BGN131 million

2-in-1 Products 7.3 7.4 7.6 7.7 7.9 8.0

- Standard Shampoos 40.8 42.3 44.5 45.3 44.8 44.2

Table 2 Sales of Hair Care by Category: % Value Growth 2009-2014

% current value growth

2-in-1 Products 1.5 2.0 10.1

Table 3 Sales of Hair Care by Premium vs Mass: % Value 2009-2014

% retail value rsp

Premium 1.5 1.5 1.6 1.9 2.2 2.3

Table 4 Sales of Styling Agents by Type: % Value Breakdown 2009-2014

% retail value rsp

Cream 5.3 4.8 5.0 5.1 5.2 5.3

Table 5 NBO Company Shares of Hair Care: % Value 2010-2014

% retail value rsp

L'Oréal Bulgaria EOOD 23.2 22.1 20.1 22.0 22.4

Table 6 NBO Company Shares of Salon Hair Care: % Value 2010-2014

% retail value rsp

Capricorn Chemical Group 35.1 35.8 36.3 37.4 38.4

Total 100.0 100.0 100.0 100.0 100.0

Table 7 LBN Brand Shares of Hair Care: % Value 2011-2014

% retail value rsp

Elsève L'Oréal Bulgaria EOOD 6.6 6.2 6.5 7.0

Table 8 LBN Brand Shares of Colourants: % Value 2011-2014

% retail value rsp

Palette Intensive Henkel Bulgaria EOOD 11.9 12.3 13.2 13.2

Table 9 LBN Brand Shares of Salon Hair Care: % Value 2011-2014

% retail value rsp

TIGI Capricorn Chemical Group 35.8 36.3 37.4 38.4

Table 10 LBN Brand Shares of Styling Agents: % Value 2011-2014

% retail value rsp

Wellaflex Wella AG 11.1 13.1 14.9 14.9

Table 11 LBN Brand Shares of Premium Hair Care: % Value 2011-2014

% retail value rsp

Avène Pierre Fabre Dermo- 13.3 17.4 23.9 27.1

Table 12 Forecast Sales of Hair Care by Category: Value 2014-2019

2-in-1 Products 8.0 7.9 7.9 7.9 7.9 8.0

Table 13 Forecast Sales of Hair Care by Category: % Value Growth 2014-2019

% constant value growth

2-in-1 Products 0.8 -0.1 -0.5

Table 14 Forecast Sales of Hair Care by Premium vs Mass: % Value 2014-2019

% retail value rsp

Premium 2.3 2.4 2.5 2.6 2.7 2.7

HAIR CARE IN BULGARIA - COMPANY

Summary 1 Aroma AD: Key Facts

Summary 2 Aroma AD: Operational Indicators

Summary 3 Aroma AD: Competitive Position 2014

RUBELLA BEAUTY AD IN BEAUTY AND PERSONAL CARE

Summary 4 Rubella Beauty AD: Key Facts

Summary 5 Rubella Beauty AD: Operational Indicators

Summary 6 Rubella Beauty AD: Competitive Position 2014

SOLVEX OOD IN BEAUTY AND PERSONAL CARE (BULGARIA)

 Solvex is an export-orientated company with no ambitions for significant a presence in the

Summary 7 Solvex OOD: Key Facts

Summary 8 Solvex OOD: Operational Indicators

Summary 9 Solvex OOD: Competitive Position 2014

BEAUTY AND PERSONAL CARE IN

Slower Retail Volume and Value Growth in 2014

Promotions Counter the Impact of the Banking Crisis

Leading Companies Consolidate Their Positions