【美妆】瑞银-美股-零售行业-美国美妆零售：2019年Q4的现状如何_市场营销策划_美妆护肤市场研报.docxVIP

Table of Contents Key Takeaways Takeaway #1 – Cosmetics store sales decelerated in 4Q19 Takeaway #2 – Product overlap with ULTA remains stable Takeaway #3 – ULTA was more promotional in 4Q19 than last year Takeaway #4 – ULTAs like-for-like SKU pricing was lower than last year Takeaway #5 – ULTAs price distribution has been steady over the past year Takeaway #6 – ULTA has been adding fewer new products Takeaway #7 – ULTAs cannibalization has been stable Takeaway #8 – ULTAs overlap with Sephora has been steady Takeaway #9 – Beauty supply may be vulnerable to Covid-19 Monitoring the Pricing Envi