Consumers in Brazil spend an average of $240 annually on beauty products, as much as shoppers in the U.S. and U.K., and sales are rising about four times as fast as in the US, according to consulting firm A.T. Kearney. "From a cultural standpoint, women in Brazil really take their looks seriously. Then you think about the Olympics, the income story, wage inflation and people getting more wealthy. It all bodes well," said UBS analyst Nik Modi.

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