Today at CEW, Amy Errett, CEO and Founder of Madison Reed, offers brands sound advice based on the success of the brand she created that disrupted the home hair color market 11 years ago. With a background in venture capital, Errett is well placed to give advice on what it takes to raise funds and find investors. “There are a lot more beauty investors and female VCs out there today than there were 10 years ago. The market has changed dramatically,” Errett told reporter Genevieve Monsma.

L’Oréal has announced its Q2 sales, reaching 10.88 billion euros ($11.75 billion). This represents a rise of 5.3% on a like-for-like basis from last year, but is below the 5.9% growth seen in Visible Alpha’s consensus forecast. Meanwhile, Procter & Gamble has shared its results for the third quarter of fiscal 2023. Net sales rose 4% year on year (organic sales by 7%), reaching $20.1 billion. The company reported diluted net earnings of $1.37 per share, which is an increase of 3% on the previous year. In other market news, the private equity firm CORE Industrial Partners (CORE) has announced its majority investment in Winky Lux, the clean beauty brand.

Chanel has announced that Anne Kirby, President of Chanel Fragrance and Beauty, will leave the company at the year-end, after 35 years with the company. “Under her leadership, the Fragrance and Beauty business has achieved strong business performance, while reinforcing a culture of creation and innovation, particularly through the development of product offerings and distribution around the world,” Chanel said in a statement.  

In beauty tech, Nu Skin has been ranked the world’s number one company for beauty and wellness systems, based on research by Euromonitor during April 2024 and May 2024. “We continue to be thrilled by the growth of our connected device community and how it elevates Nu Skin as the leader in the rapidly growing at-home beauty and wellness device market,” commented Steve Hatchett, the brand’s executive vice president and chief product officer. 

Read more on these and other stories at the links below.

5 Minutes with Amy Errett. The CEO and Founder of at-home hair color brand Madison Reed talks business with reporter Genevieve Monsma. (CEW)

L’Oréal Reports Q2 Sales Rise. Sales reached 10.88 billion euros ($11.75 billion), an increase of 5.3% on a like-for-like basis from a year earlier. (BUSINESS OF FASHION)

P&G Announces Q3 Sales. Procter & Gamble has shared its results for the third quarter of fiscal 2023. Net sales rose percent year over year, (organic sales by 7%) hitting $20.1 billion. (GLOBAL COSMETICS NEWS)

Anne Kirby To Leave Chanel At Year-End. The President of Chanel Fragrance and Beauty has been with Chanel for 35 years. (WWD)

Winky Lux Gets Majority Investment. CORE Industrial Partners (CORE), a private equity firm, has announced its partnership with the clean beauty brand. (BUSINESS WIRE)

Urban Decay Brings Back The Naked Palette. The brand is bringing back an updated version of the iconic OG palette on August 4, at Ulta and from the brand’s website.  (BYRDIE)

Nu Skin Named World’s No 1 Device Brand. The company has been ranked in the global top spot, based on research by Euromonitor during April 2024 and May 2024. (HAPPI)

Arielle Shoshana Opens Washington D.C. Store. The perfumer is opening her first, niche fragrance boutique. (BEAUTY INDEPENDENT)

Pacifica Drops Haircare. The brand is launching five product collections. (BEAUTY PACKAGING)