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KENVUE PRIVATE LABEL
4W 13W 52W
Source: NielsenIQ, J.P. Morgan
Figure 111: Digestive Aid - Volume Share
For Periods Ending 5/06/23, YOY (bps)
(322)
326
(332)
335
(199)
200
(400)
(300)
(200)
(100)
-
100
200
300
400
KENVUE PRIVATE LABEL
4W 13W 52W
Source: NielsenIQ, J.P. Morgan
Skin Health & Beauty
Our analysis of the tracked channel data for some of the major categories within the
Skin Health & Beauty segment are laid out below using Euromonitor to gauge how
KVUE is performing globally and NielsenIQ for U.S. performance.
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
70
Andrea Teixeira, CFA AC
(1-212) 622-6735
andrea.f.teixeira@jpmorgan.com
North America Equity Research
29 May 2023 J P M O R G A N
Face Care. Looking at the mass face care category on a worldwide basis, data from
Euromonitor shows that KVUE has market share of 4.1%, while L􀋖Oreal Groupe
(covered by Celine Pannuti) has the highest global market share of 12.5%. By brands,
Neutrogena has the fourth highest market share (2.7%), while Clean & Clear has a very
small global market share (0.7%).
Figure 112: Mass Face Care Global Market Share by Company
9.3%
12.5%
5.2% 5.6%
5.2% 5.1%
4.9% 5.0%
4.3% 4.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
L'Oréal Beiersdorf Unilever Procter & Gamble Kenvue
Source: Euromonitor, J.P. Morgan
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
71
Andrea Teixeira, CFA AC
(1-212) 622-6735
andrea.f.teixeira@jpmorgan.com
North America Equity Research
29 May 2023 J P M O R G A N
Figure 113: Mass Face Care Global Market Share by Brands
4.9%
4.8%
2.8%
2.7%
2.5%
0.7%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
L'Oréal Paris Olay CeraVe Neutrogena Nivea Clean & Clear
Source: Euromonitor, J.P. Morgan
Face care makes up the largest component within the Skin Health & Beauty segment,
specifically in the U.S. (as per category weight based on sales calculated using data
from NielsenIQ). The tracked channel data for the four-week period observed shows
that KVUE􀋖s dollar value share has improved, albeit negative, through the time line
considered, with value share loss of -197 bps for the four-week period ending 5/6/23
(vs. -266 bps as of PYE and -291 bps as of PY). We note that L􀋖Oreal (covered by
Celine Pannuti) has been a clear value share winner also in the U.S., gaining +426 bps
in the four-week period ending 5/6/23, +419 bps as of PYE and +183 bps as of PY. On a
volume share basis, KVUE lost -191 bps in the four-week period ending 5/6/23 (vs. -
194 bps as of PYE and -136 bps as of PY), while L􀋖Oreal gained +411 bps of volume
share in the same period (compares to +484 bps as of PYE and +318 bps as of PY).
Below we show how both value and volume share performed for the 4, 13, and 52
weeks ending 5/6/23 for KVUE and some of its competitors.
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
72
Andrea Teixeira, CFA AC