Unilever has released its financial report for the fiscal year 2023, demonstrating its continuous growth in the beauty sector. The company achieved a 7% increase in underlying sales for the full year, with positive volumes showing a slight rise of 0.2%. Although total turnover decreased by 0.8% to €59.6 billion, underlying operating profit saw a positive growth of 2.6% to €9.9 billion. In the fourth quarter, Unilever surpassed analysts’ expectations with an underlying sales growth of 4.7%.

Among its various business divisions, Beauty & Wellbeing and Personal Care were the key drivers of Unilever’s growth. Beauty & Wellbeing witnessed a 1.8% increase in turnover to reach €12.5 billion, but underlying growth was even more significant at 8.3%. On the other hand, Personal Care experienced a narrower increase in turnover at 1.4% to €13.8 billion, but saw stronger underlying growth at 8.9%.

Beauty & Wellbeing, which represents 21% of Unilever’s total turnover, focused on enhancing its core Hair Care and Skin Care brands to drive “premiumisation.” Unilever aims to expand its presence in the prestige beauty market through selective international expansion. In 2023, Beauty & Wellbeing achieved an underlying growth of 8.3%, with a 4.4% increase in volume and a 3.8% increase in price. The fourth quarter showed even stronger performance, with underlying turnover soaring by 7.9% to €3.2 billion, driven by a 6.3% volume growth and a 1.5% price growth. Notably, the Prestige Beauty and Health & Wellbeing segments performed exceptionally well, now accounting for a quarter of Beauty & Wellbeing’s turnover.

Personal Care, accounting for 23% of Unilever’s total turnover, prioritized science-led brands that offer superior products in Deodorants, Skin Cleansing, and Oral Care. The division achieved an underlying growth of 8.9%, with a 3.2% increase in volume and a 5.5% increase in price. In the fourth quarter, underlying turnover reached €3.4 billion, a 6.4% rise, with volume increases contributing 2.5% and price rises contributing 3.8%.

Unilever’s success in Personal Care can be attributed to its Power Brands and innovative products driven by scientific research, which provide functional benefits, enhanced health, hygiene, and superior skin cleansing. The company increased its marketing investment and secured strategic sponsorships, including their first-ever sponsorship deal with FIFA. Deodorants experienced significant growth, especially in Europe and Latin America, while Skin Cleansing achieved mid-single-digit growth with positive volumes. Sub-brand Lux achieved double-digit growth through its ProGlow technology, which offers elevated skincare benefits in soap bars. In the US market, Dove experienced mid-single-digit growth, supported by the relaunch of its Body Wash featuring new packaging and 24-hour renewing MicroMoisture technology.

Overall, Unilever’s strategic focus on beauty and personal care has proven successful, with the company’s growth being driven by the elevation of core brands, investments in the prestige beauty market, and innovation through science-backed products. With strong performances in both the Beauty & Wellbeing and Personal Care units, Unilever remains positive about its future prospects in the global beauty market.

For more information on Unilever’s financial results for FY23, visit Unilever’s Investor Relations page. To learn about Unilever’s beauty and personal care brands, visit Unilever’s Brand page.