BW Confidential - Issue #8 - October/December 2011 - (Page 5)

Comment 4 avenue de la Marne 92600 Asnières sur Seine France Tel: +33 (0)1 74 63 49 60 Fax: +33 (0)1 53 01 09 79 contact@bwconfidential.com www.bwconfidential.com Subscribe on page 67 Publisher Nicolas Grob Editorial Director Oonagh Phillips ophillips@bwconfidential.com Deputy Editor Alissa Demorest ademorest@bwconfidential.com Travel Retail Editor Kevin Rozario Contributors Tina Clark, Louise Dury, Claire Duffy, Laëtitia Bonnet-Mundschau, Alex Wynne, Corinne Blanché, Renata Ashcar, Yana Krupenina Art Direction APSC Design Cover art direction: Kaïs Brahmi Marketing Director Nicolas Leclerc nleclerc@bwconfidential.com Subscriptions 1 year: €499/US$699 Price per issue: €125/US$175 subscribe@bwconfidential.com BW Confidential is published by Noon Media 513 746 297 RCS Paris Printed in France by Imprimerie de Champagne Copyright © 2011 All rights reserved. Reproduction in whole or in part without permission is strictly prohibited. Cover image credit: istock Caution ahead hank goodness for the duty-free sector, Chinese travelers and emerging markets. Company bosses continue to talk up the growth from these three areas and are shifting more investment in their direction. And the talk shows no sign of abating given the state of affairs in the West. The turmoil in financial markets this summer, which raised fears of a doubledip recession and led to questions over consumer confidence and spending, has seen the ceos of some of the major multinationals take an increasingly cautious stance on Europe and the US. Unilever’s ceo Paul Polman predicts recovery in the West will be “long and drawn out”, while P&G’s Bob McDonald said that he expects to see no overall growth on a volume basis in developed markets. It’s obvious that companies will go where the growth is, and it’s certain that there is a wealth of opportunity in emerging markets. But doing a good business in developing markets is not all that easy either. Analysts point to rising inflation in markets such as China, increasing labor costs and more intensive competition. And as our report on Russia in this issue shows, many of the major hubs in these markets have become saturated (in Russia, this is now the case with Moscow and St Petersburg), and branching out to secondary cities can present a string of difficulties, from finding new retail partners to catering to a very different type of consumer. All this has some industry watchers asking whether companies need to add a bigger dose of the caution so associated with the West to their emerging-market strategy. T BW Confidential est édité par Noon Media SARL 4 avenue de la Marne 92600 Asnières sur Seine Directeur de la publication : Oonagh Phillips Imprimeur : Imprimerie de Champagne ZI Les Franchises 52200 Langres ISSN 2109-3350 Abonnement annuel (4 n°) : 499 € / 699 US$ Prix de vente au numéro : 125 € / 175 US$ Dépôt légal à parution BW Confidential magazine n°8 octobre-décembre 2011 n° CPPAP 0512 T 90373 Oonagh Phillips Editor in Chief ophillips@bwconfidential.com October-December 2011 - N°8 - BW Confidential 5 http://www.bwconfidential.com http://www.bwconfidential.com

Table of Contents for the Digital Edition of BW Confidential - Issue #8 - October/December 2011

Cover
Comment
Contents
Update
- Brand & retail news recap
- Companies on the move
Take note
- Market facts, figures & trends
Best of BW
- Highlights from our e-publication
Launches
- The latest in fragrance, skincare & make-up
Interview
- Estée Lauder Companies group president international Cédric Prouvé
Insight: Fragrance
- Category overview
- Retailer roundtable
- Retailing strategies
- Rare fragrance brands
- Launch roundup
Wellness
- Spa chains
- Spa case studies
Retail
- E-commerce
- Store concepts
Travel retail
- Sector analysis
- Hainan & China Duty Free Group
- Retail concepts
- Passenger habits
Digital
- Industry experts on harnassing the power of social networks
Radar
- Six up-and-coming beauty brands
Market watch: Russia
- Country overview
- Prestige retailing
- Industry viewpoint
Packaging
- Market outlook
- Sustainabilty
- Trends
Last word
- Buyology Inc president & co-founder Donna Sturgess

BW Confidential - Issue #8 - October/December 2011