Leading European beauty retailer with No. 1 or strong No. 2 positions in all of its markets. Good degree of geographic diversification within Europe with operations in Germany--35% of total 2017 sales--as well as France, Spain, and Italy. Strong operating performance in France and Eastern Europe is balancing weak performance in Germany. Solid existing omni-channel capabilities support robust share of online sales of around 14% with above-market growth. Kirk Beauty may, however, need to invest further in systems, logistics, and distribution network to maintain the superior efficiency of its expanding online operations. Narrow product portfolio limited to the beauty segment with fierce competition from internet pure players and offline drug store chains expanding into the premium beauty segment and existing
