... periods, and differ widely in terms of production economics and distribution channels. A distinction was often made between “toiletries,” such as toothpaste and shampoo, and cosmetics and fragrances. ... Avon and Estée Lauder – and consumer products companies, especially P and G and Unilever, which belatedly developed the capacity to acquire and integrate businesses in skin and hair care and ... had become a cohesive and quite profitable cosmetics company.123 However cosmetics never exceeded 2 per cent of overall BAT revenues, and one per cent of the profits, and there was little...