Think of them as a 3M, but specialized in the adhesive materials for labels, graphic films, and apparel branding.

They are the 'Intel Inside' for product labels, clothing tags, and RFID tracking technology.

Like Corning provides specialized glass for electronics, Avery Dennison provides the specialized materials for product labels, apparel tags, and identification.

• Pressure-Sensitive Label Materials: Avery Dennison manufactures adhesive-backed films and papers used to create product labels for packaging in various industries like food, beverage, and personal care.
• Graphic Films: The company produces self-adhesive films for vehicle wraps, architectural graphics, promotional displays, and reflective materials for road signs.
• Apparel Branding and Information Solutions: These include woven labels, heat transfers, graphic tags, price tickets, and other embellishments for the apparel and footwear industry.
• RFID and Intelligent Labels: Avery Dennison provides radio-frequency identification (RFID) inlays, tags, and other digital identification technologies for inventory management, supply chain visibility, and brand authentication.
• Industrial and Healthcare Materials: This category encompasses performance tapes, fastening systems, and specialized materials for industrial bonding, assembly, and medical applications like wound care.

Avery Dennison (AVY) sells primarily to other companies (B2B).

Based on their public filings, Avery Dennison explicitly states that no single customer accounts for 10% or more of its net sales. Therefore, they do not disclose specific major customer companies by name. Instead, their diverse customer base spans various industries globally. Their major customers can be broadly categorized by the types of businesses they serve:

• Label Converters, Printers, and Graphic Applicators: These companies purchase Avery Dennison's pressure-sensitive label materials, graphic films, and specialty materials. They then convert, print, and apply these materials to create finished labels, packaging, and graphic solutions for a vast array of end-use industries, including food and beverage, home and personal care, pharmaceuticals, consumer durables, automotive, and logistics.
• Apparel and Footwear Manufacturers, Brand Owners, and Retailers: These customers utilize Avery Dennison's Retail Branding and Information Solutions (RBIS) for products such as woven and printed labels, heat transfers, graphic embellishments, tickets, tags, and RFID (Radio Frequency Identification) solutions, which are integral to branding, merchandising, and inventory management.
• Original Equipment Manufacturers (OEMs) and Industrial Converters: This category includes companies across various industrial sectors that purchase Avery Dennison's specialty tapes, films, and fasteners for applications in automotive, electronics, building and construction, and healthcare products and devices.

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Deon Stander, President and Chief Executive Officer

Deon Stander was appointed President and Chief Executive Officer of Avery Dennison in September 2023, after serving as Chief Operating Officer since March 2022. He is responsible for the company's global operations. Stander joined Avery Dennison in 2007 as part of the acquisition of Paxar, where he had worked since 2003. Prior to becoming COO, he was vice president and general manager of the Solutions Group (formerly RBIS) from 2015 to 2022, and vice president and general manager, Global Commercial and Innovation, RBIS from 2013 to 2014. He holds an MBA from Lancaster University, UK, and a Bachelor of Commerce in Business from the University of Port Elizabeth.

Danny G. Allouche, Senior Vice President and Interim Chief Financial Officer, Chief Strategy and Corporate Development Officer

Danny G. Allouche was appointed Senior Vice President and Interim Chief Financial Officer on November 15, 2024, following Gregory S. Lovins' medical leave of absence. He has been with Avery Dennison since August 2010 and has held various leadership roles, most recently serving as Senior Vice President and Chief Strategy and Corporate Development Officer since August 2022, a role he continues to hold.

Francisco Melo, President, Intelligent Labels Technologies and Digital Solutions

Francisco Melo is the president of Intelligent Labels Technologies and Digital Solutions at Avery Dennison, a role he was appointed to in October 2025. In this position, he leads the company's intelligent labels initiatives and is responsible for enterprise intelligent labels' financial results, technology, investments, and resources. Melo joined Avery Dennison in 2010 and has held several key leadership roles, including president, Solutions Group, and senior vice president and general manager of Avery Dennison Smartrac. Before joining Avery Dennison, Francisco Melo was the co-founder and CEO of Creativesystems, an RFID systems integrator and software developer company. His earlier career includes international experience in management, consulting, and business development with Synectics Inc. and Altran, as well as market development and product development roles at Royal Philips Electronics. He holds a bachelor's degree in electronic engineering and a master's degree in instrument design and application from the University of Manchester in the United Kingdom. He also serves on the board of several tech start-ups.

Ryan Yost, President, Materials Group

Ryan Yost serves as the President of the Materials Group at Avery Dennison.

Gregory S. Lovins, Senior Vice President and Chief Financial Officer (currently on medical leave)

Gregory S. Lovins was the Senior Vice President and Chief Financial Officer of Avery Dennison Corporation, appointed to this position in July 2017. He commenced a medical leave of absence on November 14, 2024. In his role, he was responsible for the company's overall financial strategy and led the finance function. Lovins joined Avery Dennison in 1994 and has held various leadership roles of increasing responsibility, including vice president and treasurer, and vice president, global finance, Label and Graphic Materials. He earned an MBA from the Weatherhead School of Management at Case Western Reserve University and a bachelor's degree in finance from Miami University.

Accelerating global regulatory and brand-driven initiatives towards packaging reduction, reuse, and enhanced recyclability.

Avery Dennison (AVY) operates in several key markets, providing a wide range of labeling and functional materials, retail branding and information solutions, and specialty medical products. The addressable markets for their main product categories are as follows:

• Pressure-Sensitive Labels: The global pressure-sensitive labels market was valued at USD 46.04 billion in 2024 and is projected to reach USD 92.23 billion by 2035, growing at a compound annual growth rate (CAGR) of 6.52% from 2025 to 2035. Another estimate places the global pressure-sensitive labels market at USD 98.28 billion in 2024, expected to reach USD 162.41 billion by 2034 with a CAGR of 5.15%. The broader global label market size is estimated at USD 47 billion in 2025 and is forecast to climb to USD 61.5 billion by 2030, with a CAGR of 5.5%. The market for pressure-sensitive tapes and labels combined is estimated to reach USD 45.6 billion in 2025 and is projected to reach USD 72.2 billion by 2035, growing at a CAGR of 4.7%. The laminated labels market, a component of this category, is estimated to be valued at USD 95.08 billion in 2025 and is expected to reach USD 132.99 billion by 2032, with a CAGR of 4.9%.
• Graphic Films: The global graphic film market size was estimated at USD 32,205.8 million (USD 32.21 billion) in 2024 and is expected to grow at a CAGR of 6.7% from 2025 to 2030. Other reports indicate the global graphic film market was valued at USD 27.60 billion in 2023 and is expected to reach USD 40.70 billion by 2032, with a CAGR of 4.4%. Another projection for the global graphic film market size is USD 31.16 billion in 2024, expected to reach USD 73.50 billion by 2032 at a CAGR of 11.32%.
• Apparel Branding and Solutions (including RFID for retail): The global clothing label market, encompassing products like woven labels, printed labels, and hangtags, is a dynamic sector. A market size of USD 5 billion for 2025 has been assumed based on typical market sizes for similar industries. More specifically, the global Fashion and Apparels Print Label Market size was valued at USD 3,341.08 million (USD 3.34 billion) in 2024 and is projected to reach USD 4,289.25 million (USD 4.29 billion) by 2032, growing at a CAGR of 3.63% from 2026 to 2032. Another source estimates the Fashion and Apparels Print Label market to grow at a CAGR of 3.96% to reach USD 3,160.78 million (USD 3.16 billion) in 2028.
• Specialty Medical Products / Industrial and Healthcare Materials: null

Expected Drivers of Future Revenue Growth for Avery Dennison (AVY)

Over the next 2-3 years, Avery Dennison (AVY) anticipates several key drivers to fuel its revenue growth:

1. Expansion of Intelligent Labels (RFID Solutions): Avery Dennison projects accelerating growth in its high-value categories, particularly Intelligent Labels (RFID solutions), targeting a 10-15% growth rate in this segment for 2025. This growth is driven by increasing demand for enhanced supply chain visibility, improved efficiency, and sustainability across various sectors, including retail, logistics, food safety, and healthcare. Strategic partnerships, such as the collaboration with Walmart for RFID deployment in fresh food segments, are instrumental in this expansion. Furthermore, the introduction of innovative products like IML (In-Mold Labeling) intelligent labels in July 2025 is expected to contribute to growth by offering durable RFID performance and supporting circularity in plastic items.
2. Growth in High-Value Categories and Differentiated Products: Beyond core RFID, Avery Dennison is focusing on a broader range of high-value categories, which constituted nearly half of its portfolio in 2024. This includes growth in specialized durable labels, adhesives, and embellishments, with the latter seeing significant gains partly due to major events like the upcoming World Cup. The company is also observing continued growth in its differentiated films volumes, which positively impacts its product mix.
3. Sustainability-Driven Innovations and Circular Economy Initiatives: Sustainability is a core strategic pillar, with Avery Dennison aiming for 70% of its revenues to come from sustainability-driven products by 2025, and 100% of its core product categories to meet its Sustainable ADvantage™ standard by 2030. Innovations such as AD CleanFlake technology, which facilitates rigid plastic recycling, and the introduction of new label materials with higher post-consumer waste (PCW) content, are meeting growing consumer and regulatory demands for eco-friendly packaging. The company's efforts to enable packaging circularity through pressure-sensitive labels also align with global consumer packaged goods (CPG) brands' goals for 100% recyclable packaging by 2030.
4. International Market Expansion and Penetration of Emerging Markets: Avery Dennison's extensive global presence, with approximately 70% of its 2024 net sales from international operations and about 40% from emerging markets, positions it for continued expansion. While some established markets may face headwinds from trade policy uncertainties, the company is actively capitalizing on growth opportunities in regions like Asia-Pacific and Latin America, which are contributing to its overall revenue.
5. Strategic Acquisitions and Digital Transformation: Strategic acquisitions, such as Taylor Adhesives, are anticipated to contribute to reported sales growth in the near term, with an expected impact on Q4 2025 earnings. Furthermore, the company's ongoing digital transformation initiatives, incorporating technologies like Artificial Intelligence (AI), the Internet of Things (IoT), and cloud-based platforms such as atma.io, are crucial for meeting evolving customer needs, enhancing supply chain efficiency, and driving innovation across its product and service offerings.

Share Repurchases

• In April 2025, Avery Dennison's Board authorized a new stock repurchase program for up to $750 million.
• The company returned approximately $454 million to shareholders through stock repurchases year-to-date in 2025 (as of October 22, 2025).
• In 2022, the company repurchased 2.2 million shares at an aggregate cost of $380 million.

Outbound Investments

• In August 2025, Avery Dennison acquired the flooring adhesives business of Meridian Adhesives Group for $390 million.
• The company made a Series B funding investment in Addionics, a manufacturer of 3D Current Collectors, in April 2025 to support scaling their production process.
• In 2023, Avery Dennison completed multiple strategic acquisitions, including Silver Crystal Group, with an aggregate purchase consideration of approximately $231 million.

Capital Expenditures

• Capital expenditures for the last 12 months (as of October 2025) amounted to -$171.40 million.
• Avery Dennison committed over €60 million (announced May 2022) for capacity expansion and manufacturing efficiency in Europe, including a €45 million expansion in Champ-sur-Drac, France, and a €15 million project in Luxembourg.
• The company's investment in research and development, estimated at around $180 million in 2024, focuses on innovation in material science, digital ID technologies, and sustainable solutions.