Retail sales can be a big revenue generator for a spa, but “selling” does not come easy to all spa professionals. Carol Phillips, keynote speaker on day three of the Face & Body Spa Conference and Expo Northern California, will teach attendees how to move past “I’m an artist, I don’t sell” to building the confidence to boost sales.
“We are in the business of beauty. While it is about doing a great facial, soothing massage or speedy waxing, it is still a business that offers these services and products,” said Phillips. “Yet many therapists and owners forget that you have to sell something and that it’s OK to make a profit.”
Phillips, who is known as “The Diva of Retail,” says businesses can underperform by 20% on average. During her keynote speech, Phillips will discuss several tips that everyone can put to work right away to increase sales.
“Face & Body always draws beauty professional who love to learn! One thing that I have experienced over the years as a keynote speaker is that the spa peeps that attend Face & Body are serious about their craft and their business,” Phillips said. “For the first time, Face & Body is offering attendees a keynote on Monday morning and I am thrilled to ‘take care of business’ with everyone there.”
The CEO and founder of BeauteeSmarts, Phillips offers full-service consulting, marketing, branding, service training and sales programs. She has trained and consulted for tops spas such as Miraval, Hilton, Waldorf Astoria, Encore, Wynn, Canyon Ranch Resorts, Sea Island and Elizabeth Arden Red Door Spas. Her unique perspective helps drive sales at every link in the beauty business—from product vendors, distributors, sales representatives, chains, five-star resorts, day spas, medical spas, salons, solopreneurs and schools.
– See more at: http://www.skininc.com/spabusiness/leaders/people/Retail-Diva-will-help-you-drive-sales-at-Face–Body-Northern-California-420402103.html#sthash.MRc6XMnH.dpuf
Original Post by my buddy Winn Claybaugh on his FaceBook Page
The Good Fortune documentary tells the inspirational life story of Paul Mitchell CEO, John Paul DeJoria. Learn how he has used business to make the world a better place while becoming one of America’s most celebrated entrepreneurs. The film is coming to select theaters this month. We can’t wait to experience it and encourage you to gather your friends and family to see it, too! #PMTS #GoodFortuneMovie
Watch the trailer here: https://www.youtube.com/watch?v=6oxT2rJXBaM
Find out if Good Fortune is coming to a city near you: http://bit.ly/2spE7zS
Carol Note: Go see this movie. I don’t care what brand of beauty products you have in your salon, we all need a mega dose of entrepreneurial spirit. XOXO Carol
As consumers, we like to think that we’re making a conscious decision when we buy from a certain brand, especially when it comes to something as personal as beauty products.
But it turns out that 182 beauty companies fall under the massive umbrellas of seven huge manufacturers.
Inspired by a similar graphic that shows all of the food brands owned by major corporations, INSIDER created our own infographic that illustrates all the major beauty brands and the parent companies that they fall under.
These seven mega-companies — Estée Lauder Companies, L’Oréal, Unilever, Procter and Gamble, Shiseido, Johnson and Johnson, and Coty — employ thousands of people around the world and make billions of dollars in revenue every year. They also are responsible for controlling advertising and the way we all think about beauty every day.
Each of these seven conglomerates has more than just the sub-brands we listed here, but for our purposes, INSIDER chose to stick with brands that are responsible for skin care (for both the body and face), hair care, perfume, and makeup. We did not include brands that only made products such as deodorant, toothpaste, suntan lotion, or baby lotion, but did count the sub-brands of relevant brands (i.e. Pantene and Pantene Pro-V).
What remains is a compelling look at who controls the beauty products we’re buying, from fan-favorites like CoverGirl to expensive and aspirational skincare lines like La Mer.
And it’s mind-boggling to see how interconnected consumer brands truly are.
Estée Lauder Companies was responsible for 24 of the beauty brands on this list. Some of their holdings include the makeup and fragrances by fashion brands such as Donna Karan, Michael Kors, Tom Ford, Tommy Hilfiger, and Tory Burch, each of which have their own cosmetics and/or toiletries lines.
They also have quite a few well-known beauty brands such as Aveda, Bobbi Brown, Clinique, La Mer, and MAC Cosmetics.
Estée Lauder as a whole made an estimated $11.3 billion in beauty sales in 2016, according to Beauty Packaging.
L’Oréal had the most brands on this list with a total of 39 beauty brands, including major staples like Lancôme, Maybelline, Urban Decay, Garner, Essie, and The Body Shop.
They also have very expensive skincare and haircare brands, including Pureology, La Roche-Posay, and SkinCeuticals.
In 2016, it was estimated they made $27.6 billion in beauty annual sales, according to Beauty Packaging.
Unilever has 38 total beauty sub-brands, and many of those are staples in drugstores in the US, including Nexxus, Ponds, TIGI, Dove, Vaseline, and Lever 2000.
Unilever also has quite a few brands popular outside the US, including Fair & Lovely, a “fairness cream” that’s marketed in India as a skin-lightening lotion for women. It’s worth noting that it has received backlash for promoting one shade of skin as better than another.
Unilever made an estimated $58.2 billion in corporate sales last year, according to Beauty Packaging. $22.3 was from beauty sales.
Procter & Gamble has 9 total beauty brands, with an emphasis on big name brands, including Head & Shoulders, Herbal Essences, Olay, and Gillette.
The company made an estimated $76 billion from corporate sales in 2016, according to Beauty Packaging, $18 billion of which was for beauty sales. The corporation recently sold many of its beauty brands to Coty in 2016.
Speaking of Coty, it has come out as a new leader in the beauty industry with 33 total brands. After acquiring many brands from Procter & Gamble, Coty now owns numerous big name products, including OPI, Rimmel, Covergirl, and is behind celebrity toiletries like Katy Perry, David Beckham, and Beyoncé, among others.
In 2016, Coty made an estimated $4.3 billion in beauty sales, according got Beauty Packaging. After their 2016 acquisition, we expect this number to rise dramatically.
Shiseido — itself a well-known skincare brand — has about 30 other beauty brands underneath it. Some of those are also makeup brands, including bareMinerals, Nars, and Laura Mercier.
The vast majority are brands that might not be recognized in the US, including Japanese brands such as Majolica Majorca, Ettusais, Maquillage, and Aqua Label, which also claims to “whiten” skin.
The Japanese corporation made an estimated $6.3 billion in beauty sales in 2016, according to Beauty Packaging.
And finally, the last major brand we included on this list is on the smaller side with nine beauty brands, but what it lacks in quantity it makes up for in name recognition.
Johnson and Johnson is a bigger umbrella company that includes nine beauty brands, including Aveeno, Neutrogena, Clean and Clear, and RoC, in addition to a few others.
The company also made quite a bit of money in skincare — $7.1 billion in 2016 to be exact, according to Beauty Packaging.
Profund Advisors LLC lowered its position in shares of Ulta Beauty Inc (NASDAQ:ULTA) by 4.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,051 shares of the specialty retailer’s stock after selling 248 shares during the period. Profund Advisors LLC’s holdings in Ulta Beauty were worth $1,441,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jennison Associates LLC boosted its stake in Ulta Beauty by 83.6% in the third quarter. Jennison Associates LLC now owns 2,029,500 shares of the specialty retailer’s stock worth $482,980,000 after buying an additional 924,308 shares during the last quarter. Norges Bank acquired a new stake in Ulta Beauty during the fourth quarter worth $146,350,000. Scopus Asset Management L.P. acquired a new stake in Ulta Beauty during the third quarter worth $64,256,000. Putnam Investments LLC boosted its stake in Ulta Beauty by 13,876.6% in the fourth quarter. Putnam Investments LLC now owns 193,156 shares of the specialty retailer’s stock worth $49,243,000 after buying an additional 191,774 shares during the last quarter. Finally, Alkeon Capital Management LLC boosted its stake in Ulta Beauty by 80.8% in the fourth quarter. Alkeon Capital Management LLC now owns 361,625 shares of the specialty retailer’s stock worth $92,193,000 after buying an additional 161,625 shares during the last quarter. 86.21% of the stock is owned by institutional investors and hedge funds.
Shares of Ulta Beauty Inc (NASDAQ:ULTA) opened at 294.08 on Friday. The firm has a market capitalization of $18.27 billion, a price-to-earnings ratio of 45.10 and a beta of 0.65. The firm has a 50-day moving average of $287.40 and a 200 day moving average of $270.26. Ulta Beauty Inc has a 12-month low of $205.95 and a 12-month high of $301.40.
Ulta Beauty (NASDAQ:ULTA) last released its quarterly earnings results on Thursday, March 9th. The specialty retailer reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.11. The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Ulta Beauty had a net margin of 8.31% and a return on equity of 26.87%. The firm’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.69 earnings per share. On average, equities research analysts expect that Ulta Beauty Inc will post $8.09 earnings per share for the current year.
A number of research firms recently weighed in on ULTA. Robert W. Baird set a $315.00 target price on shares of Ulta Beauty and gave the company a “buy” rating in a research note on Saturday, March 11th. Royal Bank of Canada set a $285.00 price objective on shares of Ulta Beauty and gave the stock a “sector perform” rating in a research note on Saturday, March 11th. Zacks Investment Research cut shares of Ulta Beauty from a “buy” rating to a “hold” rating in a research note on Friday. Jefferies Group LLC set a $266.00 price objective on shares of Ulta Beauty and gave the stock a “hold” rating in a research note on Thursday, April 27th. Finally, Instinet reaffirmed a “buy” rating and set a $297.00 price objective (up from $294.00) on shares of Ulta Beauty in a research note on Saturday, March 11th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Ulta Beauty has an average rating of “Buy” and an average target price of $303.32.
In other news, CEO Mary Dillon sold 33,955 shares of the business’s stock in a transaction on Monday, March 20th. The shares were sold at an average price of $286.05, for a total transaction of $9,712,827.75. Following the sale, the chief executive officer now owns 72,622 shares in the company, valued at approximately $20,773,523.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Scott M. Settersten sold 11,519 shares of the business’s stock in a transaction on Wednesday, March 29th. The shares were sold at an average price of $282.80, for a total transaction of $3,257,573.20. Following the sale, the chief financial officer now owns 15,222 shares in the company, valued at approximately $4,304,781.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 150,534 shares of company stock worth $42,979,662. 6.90% of the stock is currently owned by company insiders.
Ulta Beauty Company Profile
Ulta Beauty, Inc is a holding company for the Ulta Beauty group of companies. The Company is a beauty retailer. The Company offers cosmetics, fragrance, skin, hair care products and salon services. The Company offers approximately 20,000 products from over 500 beauty brands across all categories, including the Company’s own private label.
The More You Learn… The More You Earn$$
Every time you turn on the news, open the newspaper, log onto your favorite web browser the majority of what faces you is all about the doom and gloom… the financial recession. While there are very valid concerns about the economy, I am more frightened about the global mental depression plaguing the beauty businesses.
The esthetic and spa movement was born in North America in the mid 70’s. At the time there was virtually no spa education. There were no trade shows, no trade magazines (like you are holding in your hands today). There were no websites or webinars. Those of us stepping into the great unknown of beauty and wellness were literally jumping off the cliff without a parachute. We loved skin. We loved make up. We loved making shoppers look and feel beautiful. Nevertheless, we had to rely on good old-fashioned ingenuity to learn the technical side and equally as important the business side of beauty.
Today’s beauty and wellness business was birthed, launched and nurtured through the power of education. There was a small band of passionate, eager, hard-working beauty professionals who made the commitment to share what they knew about treatments, protocols, and business. Industry icons, such as Robert Diemer and Erica Miller willingly shared their heart and soul. We have grown into a multi-billion-dollar industry that changes the lives of every consumer we touch through the power of education. You would not be in the spa business today if it were not for the power of great education over the years.
“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.” ~Alvin Toffler
One thing that has troubled me greatly over the past 5 years is the decline in trade show attendance and general apathy toward education. Show attendance is down. Students sitting in the classrooms are dwindling. Except for a few, the general attitude is ‘been there – done that. Is it a coincidence that we are also seeing a decline in spa sales and beauty business struggling or closing? The only way, we as an industry, are going to survive long-term, is to rekindle the passion and commitment for education.
“Learning is not attained by chance. It must be sought for with ardor and attended to with diligence.” ~Abigail Adams
If you are reading this and are the owner or manager, what is your commitment to your team’s education? What is currently scheduled on your corporate calendar to inspire your team? One thing to consider is that if you expect 30-40 percent of your sales to be in retail, have you allocated the suitable time for sales education.
Part of your curriculum will need to be: people skills, treatment skills, product knowledge, how to walk, how to talk, if you have a younger staff it will be critical to teach them appropriate communication skills. You will need to give them selling skills. Your long-term success depends on how consistently the team can execute your branding message. Before you are allowed to turn on the fancy coffee machine at Starbucks, a barista wanna-be undergoes 100 hours of Starbucks corporate training.’
Vendor product knowledge is typically taught by a kindergarten “show and tell” model. The trainer stands up and chats about the bottle of goop and goo, then passes it around for everyone to touch and smell. It’s impossible to learn product knowledge this way. It literally goes in one ear and straight out the other.
“When you’re through improving yourself… your through.” ~ Carol Phillips
Psychologically, it’s hard to overcome the inertia, the mental recession-depression, but without conscious and deliberate effort, inertia always wins. What will you do today to overcome the inertia? You give of yourself every day in the spa and salon. How do you recharge your battery? Heed the warning you need to put on your oxygen mask first before you can save anyone else on the plane. Your career, your business may be in some serious need of oxygen.
I have a sign in my office that says “when you’re through improving yourself …you are through.” Take a class. Read a book. Finish this trade magazine cover to cover. Take time to attend a trade show.
Take the pledge to inspire yourself and those around you daily. Take a stand. Sign up online. Don’t just think it… ink it. Share with me what action steps you will be taking today to improve your beauty business. http://tinyurl.com/BeauteeSmartsAction