www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE56.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.GlobalResearch22May2020U.S.BeautyRetailUBSEvidenceLabinside:What'sHappeninginBeautyRetail,1Q'20Who'spositionedtogainfromJCPenneystoresclosure?WithJCPclosingnearly250stores,someretailersarewellpositionedtogainshare.OftheJCPstoreswithaSephora,80%haveonewithina10mindri...
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