Top 50 beauty brands 2023: Which country’s brands are booming?

Published: 2-May-2023

Which country’s brands gained in value in 2023 and which brands joined or fell off Brand Finance’s beauty league table this year?

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Part three of Cosmetics Business’ analysis of Brand Finance’s top 50 most valuable cosmetics brands of 2023 looks at the table’s comings and goings – and whether there are any general patterns in the ranking.  

“The clearest trends seem to be by geography,” Annie Brown, General Manager of Brand Finance, explains. 

“We’ve seen that markets like China and France have seen consistent rises – all their brands have grown in brand value year-on-year – whereas Germany and South Korea, they both lost value,” she adds.


Brands like Lancôme [are] changing their strategic focus to the US and trying to be the number one brand there

“South Korea is interesting, because it’s been a market that we’ve talked about quite a lot over the last couple of years. It’s quite an exciting market. It’s bringing quite a lot of new innovation. And in the way the French cosmetics industry is inextricably linked with the soft power of France, the same thing could be said of the South Korean cosmetics industry. 

“We don’t have a lot of South Korean brands in the ranking, so it’s a small sample to base, but it seems like the slowdown in consumption in China has impacted both of them and that's been a really important export market for Sulwhasoo [33] and The History of Whoo [34].

“That might just be a short term impact and, hopefully, we can see in future years that recovery.”


About Brand Finance

Brand Finance is the world’s leading independent brand valuation and strategy consultancy. It is a specialist consultancy dedicated to the better understanding of marketing finances, founded in 1996 with the aim of ‘bridging the gap between marketing and finance’. Brand Finance offers a highly professional approach to marketing accountability and brand evaluation. For more than 20 years Brand Finance has helped companies to connect their brands to the bottom line, building robust business cases for brand decisions, strategies and investments. The company has helped finance people to evaluate marketing programmes and marketing people to present their case in the boardroom. To find out more, visit or contact

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