2013 Year Review: Part 2/2

Published: 10-Jan-2014

Last year companies began to regain confidence in the C&T market. This was marked by a flurry of acquisitions and expansion into emerging markets,

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After a year of hesitation and deliberation prompted by an unstable marketplace across the Big 5, cosmetics and toiletries companies appeared to largely shake off any cobwebs that had gathered in 2012 and spring back into action for 2013.

July: Recall woes

In July news broke that would dominate headlines for much of the rest of the year. Japanese beauty company Kanebo Cosmetics issued a voluntary product recall of 54 of its brightening skin care products, after consumers who had used products containing the quasi-drug ingredient rhododenol 4-(4-hydroxyphenyl)-2-butanol, reported the appearance of white marks on their skin.

Kanebo then came under further fire after it was revealed that it had continued to ship the products in question after the product recall had been issued, a delay that the company itself acknowledged.

By September, Kanebo began to show public remorse for the debacle and announced that ten of its executives would take voluntary pay cuts of between 10% and 50% for the next six months.

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