10.18.23
Bath & Body Works is #8 on our Top Global Beauty Companies 2023 Report.
Below is a look at the company's 2023 highlights, best-selling brands, and latest innovations.
A fiscal bright spot was international sales, which rose 20% to $339 million and accounted for approximately 4% of the company’s net sales in 2022.
As of January 2023, BBW merchandise was sold in 1,802 company-operated stores and e-commerce sites in the U.S. and Canada, and in 427 stores and e-commerce sites in more than 45 countries operating under franchise, license and wholesale agreements, with plans to open between 50 and 80 net new international stores in 2023.
Additionally, BBW expects to continue growing the digital components of its international businesses through web platforms tailored to local languages and preferences.
Endeavoring to better connect its stores and e-commerce platforms for a seamless customer experience, the company’s omnichannel initiatives were enhanced in 2022 with the rollout of buy online and pick up in store opportunities to over 800 company-owned stores. The company expected this number to rise to more than 1,300 stores by January 2023.
BBW also journeyed into new territories with the July launch of haircare products and an expanded Wellness collection that’s fine-tuned toward elevating customers’ daily wellness routines via curated products for the body and home. The brand also announced intentions to parlay its fragrance expertise into a new fabric care collection.
While working to establish its independent footing, BBW announced a flurry of personnel changes. In May 2022, Tom E. Mazurek was appointed chief supply chain officer tasked with managing all commercial product development, including R&D and engineering, and leading the company’s enterprise ESG strategies and initiatives.
In May 2022, Andrew Meslow stepped down as CEO due to unexpected health reasons. Gina Boswell, a former exec at Unilever, was formally installed as CEO in December 2022.
In April, Thilina Gunasinghe joined BBW in the newly created role of chief digital & technology officer to lead the company’s digital and technology strategy, digital operations, data and analytics and transformation. Maurice Cooper joined the company in May as chief customer officer.
And in July 2023, Wendy Arlin stepped down as CFO and was replaced by Eva C. Boratto, who previously served as CFO at Opentrons Labworks, a privately held life sciences company.
On the packaging front, the company is also testing recyclable aluminum soap vessels and has introduced the use of post-consumer recycled content in packaging across several of its product categories. This year it will be offering hand soap in large refill cartons.
Financially, the company said it expected ongoing macroeconomic uncertainty and customer price sensitivity in 2023. In line with company expectations, Q1 2023 sales slipped 4% to just under $1.4 billion.
Despite splitting from Victoria’s Secret, BBW continued to use the company’s IT systems, distributions and logistics capabilities. BBW has committed to devote approximately $300 million of its 2023 capital expenditures to investing in its own technology to separate its IT systems.
In Q2, BBW reported net sales of $1.559 billion, a decline of 3.6% compared to last year’s $1.618 billion in Q2. The company also said it expected fiscal 2023 net sales to fall 1.5-3.5% overall, with Q3 sales expected to dip 2.5%-4%.
See Next: Johnson & Johnson is #9 on our Top Global Beauty 2023 report.
Below is a look at the company's 2023 highlights, best-selling brands, and latest innovations.
Beauty/Personal Care Sales:
$7.6 billionKey Personnel:
- Gina R. Boswell, CEO
- Eva C. Boratto, CFO
- Tom E. Mazurek, chief supply chain officer
- Julie B. Rosen, president, retail
- Thilina Gunasinghe, chief digital & technology officer
Major Products/Brands:
The Bath & Body Works and White Barn brands include: fine fragrances, aromatherapy products, body care soaps, lotions, liquid hand soaps, hand sanitizer products, personal care sprays, men's grooming products, home fragrances, candles, and scent diffusers.New Products:
- Daily Face Wash
- Exfoliating Face Wash
- Daily Face Lotion
- Hydrating Face Cream
- Beard & Face Wash
- Beard Oil
- Beard & Scruff Cream
- Hero antiperspirant
Bath & Body Works Establishes Its Independence
Blazing your own trail isn’t always easy and Bath & Body Works (BBW) found that out firsthand in 2022. After having formally separated from Victoria’s Secret & Co, the first full year of independence for BBW saw sales take a bumpy 4% dip to $7.5 billion, in-store sales fall 4% to nearly $5.5 billion and online sales fall 8% to $1.7 billion.A fiscal bright spot was international sales, which rose 20% to $339 million and accounted for approximately 4% of the company’s net sales in 2022.
As of January 2023, BBW merchandise was sold in 1,802 company-operated stores and e-commerce sites in the U.S. and Canada, and in 427 stores and e-commerce sites in more than 45 countries operating under franchise, license and wholesale agreements, with plans to open between 50 and 80 net new international stores in 2023.
Additionally, BBW expects to continue growing the digital components of its international businesses through web platforms tailored to local languages and preferences.
Endeavoring to better connect its stores and e-commerce platforms for a seamless customer experience, the company’s omnichannel initiatives were enhanced in 2022 with the rollout of buy online and pick up in store opportunities to over 800 company-owned stores. The company expected this number to rise to more than 1,300 stores by January 2023.
Market Report: BBW's 2022-2023 Highlights
BBW is known for keeping its product portfolio fresh with a pipeline of cross-category fragrances launched about every 4-6 weeks. BBW’s men’s segment served up the company’s fastest growing product category in 2022, having grown nearly 50% in the past three years due to continued product evolution and assortment expansion, including new skincare and beard collections.BBW also journeyed into new territories with the July launch of haircare products and an expanded Wellness collection that’s fine-tuned toward elevating customers’ daily wellness routines via curated products for the body and home. The brand also announced intentions to parlay its fragrance expertise into a new fabric care collection.
While working to establish its independent footing, BBW announced a flurry of personnel changes. In May 2022, Tom E. Mazurek was appointed chief supply chain officer tasked with managing all commercial product development, including R&D and engineering, and leading the company’s enterprise ESG strategies and initiatives.
In May 2022, Andrew Meslow stepped down as CEO due to unexpected health reasons. Gina Boswell, a former exec at Unilever, was formally installed as CEO in December 2022.
In April, Thilina Gunasinghe joined BBW in the newly created role of chief digital & technology officer to lead the company’s digital and technology strategy, digital operations, data and analytics and transformation. Maurice Cooper joined the company in May as chief customer officer.
And in July 2023, Wendy Arlin stepped down as CFO and was replaced by Eva C. Boratto, who previously served as CFO at Opentrons Labworks, a privately held life sciences company.
Looking Ahead
BBW has turned its focus toward developing products with customer ingredient preferences; by the end of 2023, the company anticipates that more than half of its products will be formulated without parabens, sulfates and dyes.On the packaging front, the company is also testing recyclable aluminum soap vessels and has introduced the use of post-consumer recycled content in packaging across several of its product categories. This year it will be offering hand soap in large refill cartons.
Financially, the company said it expected ongoing macroeconomic uncertainty and customer price sensitivity in 2023. In line with company expectations, Q1 2023 sales slipped 4% to just under $1.4 billion.
Despite splitting from Victoria’s Secret, BBW continued to use the company’s IT systems, distributions and logistics capabilities. BBW has committed to devote approximately $300 million of its 2023 capital expenditures to investing in its own technology to separate its IT systems.
In Q2, BBW reported net sales of $1.559 billion, a decline of 3.6% compared to last year’s $1.618 billion in Q2. The company also said it expected fiscal 2023 net sales to fall 1.5-3.5% overall, with Q3 sales expected to dip 2.5%-4%.
See Next: Johnson & Johnson is #9 on our Top Global Beauty 2023 report.