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  "documentTitle": "Kao Corporation (4452.JP)",
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  "presentationDate": "2024-04-25 00:00:00",
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  "notes": "Includes a quote from a former Unilever executive to validate the market attractiveness.",
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      "text": "Kao Brands and competitors: freeplus, Curél, Winona, Cetaphil, Dr.Jart+, CeraVe, Eucerin, La Roche-Posay, Dr.Yu, Neutrogena",
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      "text": "Derma-Cosmetics CAGR: 24.4%",
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      "text": "Kao’s Sleeping Giants: Many of Kao’s international peers compete in the derma-cosmetics space. L’Oréal leads the market with the CeraVe and La Roche-Posay brands, and Kao has an established presence through Curél and freeplus.",
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      "text": "Derma is a great place to be in... generally, you are going to be pricing higher than mass cosmetics so the margins are better... it's also one of those items that tends to be less susceptible to budget cutting in a recession",
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      "text": "“Derma is a great place to be in ... generally, you are going to be pricing higher than mass cosmetics so the margins are better, but very often you will be going through the same retail channels as mass so there a distribution overlaps if you are already playing in mass. Because it tends to occupy a middle ground between prestige and mass cosmetics it's also one of those items that tends to be less susceptible to budget cutting in a recession as well versus prestige cosmetics” — Former Unilever Prestige Cosmetics Division Brand Director, Oasis interview November 2023",
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      "text": "Kao anticipates a CAGR of 12.4% in Derma-Cosmetics between 2022 and 2027. Oasis views Curél and freeplus to be Kao’s “sleeping giants”.",
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      "text": "1. Untapped Potential – Curél + freeplus",
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