Asia Pacific Retail Handbook

Report Introduction & Background

Report Structure

Currency exchange rates

Figure 1: Asia Pacific currencies against the US$, 2000-06

Figure 2: Asia Pacific currencies against the €, 2002-06

Summary

Figure 3: Asia Pacific region: Market attractiveness

Population

Figure 4: Europe, USA & Asia Pacific region; Population, 2005

Figure 5: Asia Pacific region: Population by country, 2001-05

Figure 6: Asia Pacific: Regional population by country, 2005

Figure 7: Asia Pacific: Population growth rates, 2001-05

GDP

Figure 8: Asia Pacific region: GDP by country, 2001-05

Figure 9: Asia Pacific region: GDP by country, 2001-05

Figure 10: Asia Pacific region: GDP growth, local currencies, 2001-05

Figure 11: Asia Pacific region: GDP per capita, 2001-05

Retail sales

Figure 12: Europe, USA and Asia Pacific: Estimated retail sales by region, 2005

Figure 13: Asia Pacific region: Retail sales by country, 2005

Figure 14: Selected countries: Retail sales growth in local currencies, 2001-05

Figure 15: Asia Pacific region: Retail sales per capita, 2005

Leading retailers

Figure 16: Asia Pacific region: Leading retailers, 2005

Australia

The Australian retail scene

Australia in figures

Population

Figure 17: Australia: Population trends, 1999-2006

Figure 18: Australia: Population by major age group, 2006 (p)

Figure 19: Australia: Households & families, 2001

Economy

Figure 20: Australia: GDP 2001-05

Figure 21: Australia: Consumer expenditure, 2001-05

Figure 22: Australia: Inflation, 2001-06

The Australian retail market

Figure 23: Australia: Retail sales, 2002-06

Figure 24: Australia: Retail employment, June 2005

Figure 25: Australia: Identified leading retailers, 2005/06 and 2006/07

Retailer mini-profiles

Woolworths

Figure 26: Woolworths Australia: Financial data, 2001/02-2005/06

Figure 27: Woolworths Australia: Outlet data, 2001/02-2005/06

Coles Group (formerly Coles Myer)

Figure 28: Coles Group: Sales data: 2000/01-2005/06

Figure 29: Coles Group: Sales data breakdown by retail division: 2004/05 and 2005/06

Figure 30: Coles Myer, Outlet data: 2003/04-2005/06

Harvey Norman

Figure 31: Harvey Norman: Financial data, 2001/02-2005/06

David Jones

Figure 32: David Jones: Financial data, 2001/02-2005/06

7-Eleven Stores Pty.

Specialty Fashion Group (SFG) (formerly Millers Retail)

Figure 33: Specialty Fashion Group: Financial and outlet data, 2001/02-2005/06

Figure 34: Specialty Fashion Group: Store numbers by fascia, end-June 2006

Bakers Delight

Colorado Group

Figure 35: Colorado Group: Financial data, 2002/03-2006/07

Figure 36: Colorado Group: Outlet data, 2004/05 and 2006/07

Rebel Sport

Figure 37: Rebel Sport: Sales and outlet data, 2001/02-2005/06

Fantastic Furniture (Fantastic Holdings)

Figure 38: Fantastic Holdings: Sales and outlet data, 2002/03-2005/06

Freedom Group (Steinhoff Asia Pacific)

China

The Chinese retail scene

China in figures

Population

Figure 39: China: Population trends, 1995-2005

Figure 40: China: Population by age group and gender, 2005

Economy

Figure 41: China: Gross domestic product, 2001-05

Figure 42: China: Household consumer expenditure, 2001-05

Figure 43: China: Inflation, 2001-06

The Chinese retail market

Figure 44: China: Wholesale and retail sales, 2001-06

Figure 45: China: Retail outlets and employees, 2005

Figure 46: China: Retail outlets by format, 2005

Figure 47: China: Retail data by region, 2005

Figure 48: China: Retail sales by type of outlet, 2005

Figure 49: Retail Sales by category of commodity, 2005

Figure 50: China: Top 100 retail chains, 2006

Figure 51: China: Leading retailers, 2005 and 2006

Food retailing is the most advanced sector…

Figure 52: China: Leading food retailers, 2006

…but electricals market hotting up

Figure 53: China: Leading electrical specialists, 2006

Foreign retailers building market share

Figure 54: China: Leading foreign retailers, 2006

Retailer mini-profiles

Bailian (Shanghai Brilliance Group)

Figure 55: Shanghai Brilliance Group: Sales and outlet data, 2003-06

Shanghai Yibai

Shanghai Hualian

Shanghai Friendship Group

Figure 56: Lianhua: Financial data, 2003-06

DaShang Group

Figure 57: DaShang Group: Sales and outlet data, 2003-06

Beijing Hualian Group

Figure 58: Beijing Hualian: Sales, 2003-06

GOME Electrical Appliances

Figure 59: GOME Electrical Appliances: Group financial performance, 2004-06

Figure 60: GOME Electrical Appliances: Sales breakdown, 2006

Figure 61: GOME Electrical Appliances: Sales growth by product category, 2005-06

Figure 62: GOME Electrical Appliances: Outlets, 2004-06

Figure 63: Shanghai Yongle: Sales, 2003-06

Shanghai NGS

Figure 64: Shanghai NGS: Sales, 2003-06

Carrefour

Figure 65: Carrefour China: Sales, 2002-06

Figure 66: Carrefour China: Outlet data, 2002-06

Suning Home Appliances

Figure 67: Suning Home Appliances: Group financial performance and outlet data, 2003-06

Figure 68: Suning Home Appliances: Sales breakdown by product, 2006

China Resources Enterprise

Figure 69: China Resources Enterprise: Financial and outlet data, 2001-06

Wal-Mart China

Figure 70: Wal-Mart China: Sales and outlet data: 2001-06

Wumart

Figure 71: Wumart: Sales data, 2001-06

Figure 72: Wumart: Outlet data, 2004-06

Hong Kong

The Hong Kong retail scene

Hong Kong in figures

Population

Figure 73: Hong Kong: Population by gender, 2002-06

Figure 74: Hong Kong: Population by age and gender, 2006

Figure 75: Hong Kong: Household statistics, 1996, 2001, 2006

Economy

Figure 76: Hong Kong: Gross domestic product, 1997-2006

Figure 77: Hong Kong: Consumer expenditure, 1997-2006

Figure 78: Hong Kong: Breakdown of household monthly expenditure 2000 & 2005

Figure 79: Hong Kong: Consumer prices, 1997-2006

The Hong Kong retail market

Figure 80: Hong Kong: Wholesale and retail trade, 2001-05

Figure 81: Hong Kong: Retail outlets and employment, 2001-05

Figure 82: Hong Kong: Identified leading retailers, 2004/05-2005/06

Retailer mini-profiles

A.S. Watson Group

Dairy Farm International

AEON Stores (Hong Kong) Co.

Broadway Photo Supply

Sa Sa International Holdings

Chow Sang Sang Holdings

Li & Fung Retailing

Convenience Retail Asia

Toys “R” Us Asia Ltd

Lane Crawford Joyce Group

Joyce Boutique Holdings

Figure 83: Joyce Boutique Holdings: Financial data, 2001/02-2005/06

Lane Crawford

China Resources Enterprise

Dickson Concepts (International)

Wing On

Figure 84: Wing On: Financial data, 2001-06

India

The Indian retail scene

India in figures

Population

Figure 85: India: Population by gender, 2001

Figure 86: India: Population, 2001-06

Figure 87: India: Population by age group, 2001-06

Figure 88: India: Number of households, 2001

Figure 89: India: Households by region, 2001

Economy

Figure 90: India: Gross domestic product, 2000-06

Figure 91: India: Consumer price index, 2001-06

Figure 92: India: Household expenditure, 1999-2004

The Indian retail market

Figure 93: India: Estimated retail sales, 2002-06

Figure 94: India: Modern retail sales by category, 2005

Figure 95: India: Leading identified retailers, 2005/06

Retailer mini-profiles

Pantaloon Retail

Figure 96: Pantaloon: Financial data, 2001/02-2005/06

Figure 97: Pantaloon: Turnover by segment, 2003/04-2005/06

Figure 98: Pantaloon: Outlet data, 2005/06

Bata

Shoppers Stop

Figure 99: Shoppers Stop: Financial data, 2001/02-2006/07

Figure 100: Shoppers Stop: Outlet data, 2002-07

Figure 101: Shoppers Stop: Outlets by format, March 2007

Figure 102: Shoppers Stop: Merchandise mix, 2006/07

Vishal Retail Ltd

Margin Free Markets (Consumer Protection & Guidance Society)

RPG Retail

Figure 103: Spencers: Retail Formats, 2007

Figure 104: Music World: Retail formats, 2006

FoodWorld (Dairy Farm International)

Figure 105: Foodworld and Health & Glow: Outlet data, 2001-06

Lifestyle/Landmark

Subhiksha

Nilgiris (Nilgiri Dairy Farm)

Westside/Star India Bazaar (Trent)

Figure 106: Trent Ltd: Financial data, 2005 and 2006

Indonesia

The Indonesian retail scene

Indonesia in figures

Population

Figure 107: Indonesia: Population, 1971, 1980, 1990, 1995, 2000, 2002

Figure 108: Indonesia: Population by gender, 1995-2005

Economy

Figure 109: Indonesia: Gross domestic product, 2000-06

Figure 110: Indonesia: Inflation, 1995-2006

Figure 111: Indonesia: Consumer expenditure, 2000-06

The Indonesian retail market

Figure 112: Indonesia: Estimated retail sales, 2001-06

Figure 113: Indonesia: Identified leading retailers, 2005 and 2006

Retailer mini-profiles

Matahari

Figure 114: Matahari: Financial data, 2002-06

Carrefour Indonesia

Figure 115: Carrefour Indonesia: Financial data, 2002-06

Figure 116: Carrefour Indonesia: Outlet data, 2002-06

PT Hero

Figure 117: PT Hero: Financial data, 2001-06

Figure 118: PT Hero: Outlet data, 2002-06

Makro Indonesia

Figure 119: Makro: Outlet data, 2001-06

Ramayana Lestari Sentosa

Figure 120: Ramayana Lestari Sentosa: Financial data, 2001-06

Figure 121: Ramayana Lestari Sentosa: Sales breakdown by product category, 2006

Alfa Retailindo

Figure 122: Alfa Retailindo: Financial data, 2002-06

Indomarco Prismatama (Indomaret)

Figure 123: Indomaret: Outlet data, 2002-06

Pt Mitra Adiperkasa Tbk

Figure 124: Pt Mitra Adiperkasa: Financial data, 2003-06

Figure 125: Pt Mitra Adiperkasa: Outlet data, 2005 and 2006

Indo Grosir (PT Inti Cakrawala Citra)

Super Indo

Figure 126: Super Indo: Outlet data, 2001-06

Kimia Farma Apotek

Figure 127: Kimia Farma: Financial data, 2001-05

Japan

The Japanese retail scene

Japan in figures

Population

Figure 128: Japan: Population by gender, 2000-05

Figure 129: Japan: Population by gender & age, 2005

Figure 130: Japan: Population by prefecture, 2005

Figure 131: Japan: Households by household size, 1995, 2000 and 2005

Economy

Figure 132: Japan: GDP at current and constant prices, 1995-2006

Figure 133: Japan: Inflation, 2000-06

Figure 134: Japan: Consumer expenditure, 1995-2006

Figure 135: Japan: Consumer expenditure, detailed breakdown, 2004

The Japanese retail market

Figure 136: Japan: Retail outlets and employees, 1994, 1997, 1999, 2002 and 2004

Figure 137: Japan: Retail outlets by number of employees and sales area, 2002 and 2004

Figure 138: Japan: Retail sales by major category, 2004-06

Figure 139: Japan: Retail sales by department stores and supermarkets, 2004-06

Figure 140: Japan: Department stores outlets, sales and sales area, 1990-2005

Figure 141: Japan: Retail sales, employment and outlet data by sales channel, 2004

Figure 142: Japan: Identified leading retailers, 2005/06 and 2006/07

Retailer mini-profiles

Aeon

Figure 143: Aeon: Financial data, 2001/02-2006/07

Figure 144: Aeon: Outlet data, 2001/02-2005/06

Seven & I Holdings Co., Ltd

Figure 145: Seven & I Holdings: Financial performance, 2005/06 and 2006/07

Convenience operations

Superstore operations

Department store operations

Figure 146: Seven & I Holdings: Store network, 2005/06

Figure 147: Seven & I Holdings: Financial performance by division, 2001/02-2006/07

Daiei

Figure 148: Daiei: Financial data, 2000/01-2005/06

Figure 149: Daiei: Outlet data, 2001-05

Lawson

Figure 150: Lawson: Financial data, 2001/02-2006/07

Figure 151: Lawson: Sales by product category, 2007

Figure 152: Lawson: Outlet data, 2001/02-2006/07

Yamada-Denki Co. Ltd

Figure 153: Yamada-Denki: Financial data, 2001/02-2006/07

Figure 154: Yamada-Denki: Outlet data, 2001/02-2005/06

Figure 155: Yamada-Denki: Sales breakdown, 2006

Uny

Figure 156: Uny: Financial data, 2001/02-2006/07

Figure 157: Uny: Sales breakdown by format, 2006/07

FamilyMart

Figure 158: FamilyMart: Financial data, 2001/02-2006/07

Figure 159: FamilyMart: Outlet data, 2001/02-2006/07

Seiyu

Figure 160: Seiyu: Financial data, 2001/02-2006

Figure 161: Seiyu: Sales by category, 2006

Figure 162: Seiyu: Outlet data, 2002/03-2006

Takashimaya

Figure 163: Takashimaya: Financial data, 2000/01-2006/07

Figure 164: Takashimaya: Outlet data, 2001/02-2006/07

Figure 165: Takashimaya: Sales by product category, 2006

Mitsukoshi

Figure 166: Mitsukoshi: Financial data, 2000/01-2005/06

Figure 167: Mitsukoshi: Outlet data, 2000/01-2005/06

Daimaru

Figure 168: Daimaru: Financial data, 2001/02-2005/06

Figure 169: Daimaru: Sales by category, 2005/06

Figure 170: Daimaru: Outlet data, 2000/01-2005/06

Malaysia

The Malaysian retail scene

Malaysia in figures

Population

Figure 171: Malaysia: Population by gender, 1995-2006

Figure 172: Malaysia: Population by age group, 2002-06

Economy

Figure 173: Malaysia: Gross domestic product, 2000-06

Figure 174: Malaysia: Consumer expenditure, 1995-2004

Figure 175: Malaysia: Consumer expenditure, by major product category, 2000-04

Figure 176: Malaysia: Inflation 1995-2006

The Malaysian retail market

Figure 177: Malaysia: Estimated retail sales, 1999-2006

Figure 178: Malaysia: Identified leading retailers, 2005-06

Retailer mini-profiles

Dairy Farm International

Figure 179: Dairy Farm Malaysia: Estimated retail sales 2002-06

Figure 180: Dairy Farm: Outlet trends, 2000-06

Aeon Co. (M) Bhd

Figure 181: Aeon Co. (M) Bhd: Financial data, 2003-06

The Store Corporation Bhd

Parkson Corporation Sdn Bhd

Tesco Stores

Figure 182: Tesco Malaysia: Financial data, 2004/05-2006/07

Carrefour Malaysia

Figure 183: Carrefour Malaysia: Financial data, 2002-06

Courts Mammoth

Figure 184: Courts Mammoth: Financial data, 2001-06

Senheng Electric

Figure 185: Senheng Electric: Financial data, 2004-06

Poh Kong Jewellers Group

Figure 186: Poh Kong Jewellers: Financial data, 2004-06

Metrojaya

Figure 187: Metrojaya: Financial data, 2001/02-2005/06

Ayamas

New Zealand

The New Zealand retail scene

New Zealand in figures

Population

Figure 188: New Zealand: Population trends, 2002-06

Figure 189: New Zealand: Population, by age group and gender, 2005 and 2006

Figure 190: New Zealand: Population by major regions, 2004-06

Economy

Figure 191: New Zealand: Gross domestic product, 2001-06

Figure 192: New Zealand: Detailed breakdown of consumer expenditure, 1998, 2001 and 2004

Figure 193: New Zealand: Inflation, 2002-06

The New Zealand retail market

Figure 194: New Zealand: Retail enterprises and outlets by sector, 2004-06

Figure 195: New Zealand: Retail employment by sector, 2004-06

Figure 196: New Zealand: Retail sales, 2003-07

Figure 197: New Zealand: Identified leading retailers, 2005/06 and 2006/07

Retailer mini-profiles

Foodstuffs

Progressive Enterprises

Figure 198: Progressive Enterprises: Financial data, 2002/03-2005/06

The Warehouse

Figure 199: The Warehouse NZ: Financial data, 2001/02-2005/06

Figure 200: The Warehouse NZ: Outlet data, 2001/02-2005/06

Farmers Trading Co.

Harvey Norman

Figure 201: Harvey Norman NZ: Financial and outlet data, 2002/03-2005/06

Briscoe Group

Figure 202: Briscoe Group: Financial data, 2002/03-2006/07

Figure 203: Briscoe Group: Outlet data, 2002/03-2006/07

Smiths City

Figure 204: Smiths City: Financial data, 2001/02-2005/06

Hallenstein Glasson Holdings

Figure 205: Hallenstein Glasson Holdings NZ: Financial and outlet data, 2001/02-2005/06

The Philippines

The Philippines retail scene

The Philippines in figures

Figure 206: Philippines: Population trends, 2002-07

Figure 207: Philippines: Population by age and gender, 2005

Figure 208: Philippines: Population by major region, 2006(p)

Economy

Figure 209: Philippines: Gross domestic product, 2001-06

Figure 210: Philippines: Consumer expenditure, 1999-2006

Figure 211: Philippines: Inflation, 2004-06

The Philippines retail market

Figure 212: Philippines: Retail enterprises, 2001-05

Figure 213: Philippines: Retail employment, 2001-05

Figure 214: Philippines: Estimated retail sales, 2002-06

Figure 215: Philippines: Leading identified retailers, 2005-06

Retailer mini-profiles

SM Shoemart

Performance

Domestic and overseas outlets

Expansion programme

Joint-ventures

Mercury Drug

Figure 216: Mercury Drug: Sales data, 2002-06

Robinsons Retail Group

Figure 217: Robinsons Retail Group: Outlet data, 2006

Rustan Group

Figure 218: Rustan Group: Outlet data, 2006

Gaisano

Benison Group

The Landmark Corporation

National Bookstore

Grand Union

Semicon

Singapore

The Singaporean retail scene

Singapore in figures

Population

Figure 219: Singapore: Population by gender, 1996-2006

Figure 220: Singapore: Population of Singapore residents by age and gender, 2006

Economy

Figure 221: Singapore: Gross domestic product, 2000-06

Figure 222: Singapore: Consumer spending, 2002-06

Figure 223: Singapore: Consumer expenditure breakdown, current prices, 2002-06

Figure 224: Singapore: Inflation, 2002-06

The Singaporean retail market

Figure 225: Singapore: Retail sales, 2002-06

Figure 226: Singapore: Retail businesses and employees, 2003 and 2004

Figure 227: Singapore: Identified leading retailers, 2005-06

Retailer mini-profiles

Dairy Farm

Figure 228: Dairy Farm: Outlet data, 2002-06

NTUC FairPrice Co-operative

Takashimaya

Pertama Holdings (Harvey Norman)

Figure 229: Pertama Holdings, Financial data, 2003-06

Robinsons

Figure 230: Robinsons: Financial data: 2002-06

Isetan

Figure 231: Isetan Singapore: Financial data, 2003-06

Best Denki

Courts

Figure 232: Courts Singapore: Financial data: 2003-07

Carrefour

CK Tang

Figure 233: CK Tang: Financial data, 2002-06

Metro

Figure 234: Metro Holdings: Financial data: 2002-06

South Korea

The South Korean retail scene

Population

Figure 235: South Korea: Population trends, 1995-2005

Figure 236: South Korea: Population by age group, 2000-05

Economy

Figure 237: South Korea: Gross domestic product, 1995-2006

Figure 238: South Korea: Consumer expenditure, current and constant prices, 1995-2006

Figure 239: South Korea: Consumer expenditure by category, 2001-06

Figure 240: South Korea: Inflation, 1995-2006

The South Korean retail market

Figure 241: South Korea: Retail enterprises, 1999-2004

Figure 242: South Korea: Retail employment, 1999-2004

Figure 243: South Korea: Wholesale and retail sales, 2000-06

Figure 244: South Korea: Retail sales indices by retail business type, 2000-06

Figure 245: South Korea: Identified leading retailers, 2005 and 2006

Retailer mini-profiles

Lotte Shopping (Lotte Group)

Figure 246: Lotte Shopping: Financial data, 2001-06

Figure 247: Lotte Shopping: Outlet data, 2002-06

Shinsegae

Figure 248: Shinsegae: Financial data, 2002-06

Homeplus (Tesco)

Figure 249: Tesco Homeplus: Financial data, 2001-06

Figure 250: Tesco Homeplus: Outlet data, 2001-06

GS Retail

Figure 251: GS Retail: Financial data, 2002-06

Hi Mart

Figure 252: Hi Mart: Financial data, 2002-04

Hyundai Department Stores

Figure 253: Hyundai: Financial data, 2003-06

Hanaro Club

Hanwha Stores Co.

Taiwan

The Taiwanese retail scene

Taiwan in figures

Population

Figure 254: Taiwan: Population by gender, 1999-2006

Figure 255: Taiwan: Population by age group, 2006

Figure 256: Taiwan: Households, 1999-2006

Economy

Figure 257: Taiwan: Gross domestic product, 2001-05

Figure 258: Taiwan: Consumer expenditure, 1997-2005

Figure 259: Taiwan: Private final consumption expenditure, 2000-05

Figure 260: Taiwan: Inflation, 1995-2006

The Taiwanese retail market

Figure 261: Taiwan: Retail sales by major category, 2001-06

Figure 262: Taiwan: Identified leading retailers, 2005-06

Retailer mini profiles

President Chain Store Corporation

Figure 263: PCSC: Financial data, 2004-06

Far Eastern Group

Shin Kong Mitsukoshi Department Store Co. Ltd

Presicarre Corp

Figure 264: Presicarre Corp.: Financial data, 2002-06

RT-Mart International Ltd

Tsann Kuen Enterprise Co Ltd

Taiwan FamilyMart Co., Ltd

Figure 265: Taiwan Family Mart: Financial data, 2002-06

Figure 266: Taiwan Family Mart: Sales breakdown by product category, 2006

Hi-Life International Co Ltd

Figure 267: Hi-Life: Financial data, 2002-06

Dairy Farm International

AS Watson

Thailand

The Thai retail scene

Thailand in figures

Population

Figure 268: Thailand: Population by gender, 2001-06

Figure 269: Thailand: Population breakdown by major regions, 2003

Figure 270: Thailand: Population by age and gender, 2005

Economy

Figure 271: Thailand, Gross domestic product, 1999-2006

Figure 272: Thailand: Consumer expenditure, 1999-2005

Figure 273: Thailand: Detailed breakdown of private consumer expenditure, 2001-05

Figure 274: Thailand: Inflation, 2002-06

The Thai retail market

Figure 275: Thailand: Retail sales, 2003 and 2004

Figure 276: Thailand: Retail outlets and employment, 1999 and 2001

Figure 277: Thailand: Retail units, 2006

Figure 278: Thailand: Foreign-owned retail outlets by type, 2004 and 2005

Figure 279: Thailand: Identified leading retailers, 2005

Retailer mini-profiles

Tesco Lotus

Figure 280: Tesco Lotus: Financial data, 2002-06

Figure 281: Tesco Lotus: Outlet data, 2002-06

Figure 282: Tesco Lotus: Outlets by format, 2006

Central Retail Group

Figure 283: Central Retail Group: Financial data, 2001-05

Central Department Stores

Robinsons

TOPS Supermarkets

Other retail activities

7-Eleven

Figure 284: C.P. Seven-Eleven: Financial data, 2002-06

Figure 285: C.P. Seven-Eleven: Outlet data, 2002-06

Big C

Figure 286: Big C: Financial data, 2001-06

Figure 287: Big C: Sales by product category, 2006

Figure 288: Big C: Outlet data, 2001-06

Siam Makro

Figure 289: Siam Makro: Financial data, 2002-05

Figure 290: Siam Makro: Outlet data, 2002-06

The Mall Group

CenCar (Carrefour)

Figure 291: Carrefour: Financial data, 2002-06

Figure 292: Carrefour: Outlet data, 2002-06

A.S. Watson

FamilyMart

Figure 293: FamilyMart: Financial data, 2005 and 2006

Figure 294: FamilyMart: Outlet data, 2002/03-2006/07

Jiffy

Boots

Figure 295: Boots Thailand: Outlet data, 2000/01-2005/06

Siam Jusco

Foodland

Guardian Health & Beauty