An updated edition of the Dec. 18, 2025, article.The U.S. beauty and cosmetics industry remains one of the more resilient segments within the consumer products space, offering a defensive growth profile even amid uneven economic cycles. Even during periods of softer spending, demand for skincare, fragrance and color cosmetics has shown stability. Consumers may moderate big-ticket purchases, but smaller indulgences in beauty tend to persist, providing companies with a relatively steady revenue base.Structura ...

Group 1 - The Estée Lauder Companies Inc. (NYSE:EL) has been downgraded to Hold from Buy by HSBC, with a price target adjustment to $106 from $105, citing "modest" organic sales growth that underwhelmed investor expectations [1] - B. Riley raised the price target for Estée Lauder to $105 from $100 while maintaining a Neutral rating, attributing the increase to stronger margin assumptions despite elevated expectations prior to the fiscal Q2 report [2] - Estée Lauder is a globally recognized manufacturer of hair care, skincare, makeup, and fragrance products, with a diverse portfolio including brands like Clinique, MAC, and La Mer, sold through various retail channels [3] Group 2 - The company is facing challenges in organic sales growth, particularly in fiscal Q3, with tougher conditions in China compared to easier comparisons in the U.S. expected to offset each other in the second half of the fiscal year [1] - Despite the potential of Estée Lauder as an investment, some analysts suggest that certain AI stocks may offer greater upside potential and less downside risk [4]

Vladimir Dimitrov, CFA is a former strategy consultant within the field of brand and intangible assets valuation. During his career in the City of London he has been working with some of the largest global brands within the technology, telecom and banking sectors. He graduated from the London School of Economics and is interested in finding reasonably priced businesses with sustainable long-term competitive advantages.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of ...

Key Takeaways EL lifted Q2 gross margin to 76.5%, up 40 bps despite tariffs and mix shifts. Estee Lauder credited PRGP savings, lower excess costs and sales leverage for gains. EL expects about $100M in FY26 tariff impacts and guides 9.8%-10.2% operating margin. The Estee Lauder Companies (EL) reported a gross margin of 76.5% in the second quarter of fiscal 2026, up from 76.1% in the prior-year period, reflecting a 40-basis-point increase. The expansion was achieved despite ongoing external pressures, inclu ...

you know a great momentum for AI glasses. I believe now uh this momentum uh in a way uh will continue uh throughout the following months because we're really building up a category. Uh we are expanding our distribution um across uh across the two channel in particular I would say on the B2B size.So it's it's a product that as I mentioned last time that you and I have spoken together. It's highly desirable by the consumer. It's well appreciated and now we have two brands as part of the uh wearable family.So ...

"我们全球最大的两个市场美国和中国，在下半年均实现强劲复苏，同时在新兴市场的拓展持续加快。通过聚焦效率提升，我们成功对冲了汇 率和关税的不利影响，再度创下毛利率和营业利润率双纪录。"在此次财报业绩会上，欧莱雅集团首席执行官叶鸿慕表示，中国市场的高端消 费正在恢复，这增强了欧莱雅的信心。 不仅如此，雅诗兰黛集团同样交出了一份亮眼的成绩单。在截至2025年12月31日的2026财年第二财季内，雅诗兰黛销售额同比增长6%至42.29 亿美元，高于市场预期；净利润录得1.62亿美元，较上年同期亏损5.90亿美元大幅改善127%。中国大陆市场净销售额连续第二个季度实现两位 数增长，增幅达到13%，成为业绩修复的重要支撑。 回暖殊为不易，一方面得益于消费信心的修复，另一面也反映出品牌在产品结构、渠道效率上的主动调整。两大巨头的复苏信号，不仅是美妆 行业的周期反转，更是中国消费市场韧性与潜力的直观体现。 消费需求提升 从欧莱雅四大板块的财报来看，高端化产品的表现尤为关键。 2025年，专业美发产品部表现最为突出，以7.5%的可比增长首次突破50亿欧元大关，领跑所有事业部；皮肤科学美容部紧随其后，增长5.5% 至72亿欧元； ...

2月13日，欧莱雅发布2025年财报，公司去年实现销售额440.5亿欧元（约合人民币超3600亿元），同比 增长4%。其中，中国市场所在的北亚区在2025年销售表现止跌企稳，同比增长0.5%，扭转了两年持续 下滑态势。 "我们全球最大的两个市场美国和中国，在下半年均实现强劲复苏，同时在新兴市场的拓展持续加快。 通过聚焦效率提升，我们成功对冲了汇率和关税的不利影响，再度创下毛利率和营业利润率双纪 录。"在此次财报业绩会上，欧莱雅集团首席执行官叶鸿慕表示，中国市场的高端消费正在恢复，这增 强了欧莱雅的信心。 不仅如此，雅诗兰黛集团同样交出了一份亮眼的成绩单。在截至2025年12月31日的2026财年第二财季 内，雅诗兰黛销售额同比增长6%至42.29亿美元，高于市场预期；净利润录得1.62亿美元，较上年同期 亏损5.90亿美元大幅改善127%。中国大陆市场净销售额连续第二个季度实现两位数增长，增幅达到 13%，成为业绩修复的重要支撑。 回暖殊为不易，一方面得益于消费信心的修复，另一面也反映出品牌在产品结构、渠道效率上的主动调 整。两大巨头的复苏信号，不仅是美妆行业的周期反转，更是中国消费市场韧性与潜力的直观体现。 ...

Core Viewpoint - The financial reports from major beauty groups indicate a recovery trend in China's high-end beauty market in the second half of 2025 [1] Group 1: Financial Performance and Market Trends - L'Oréal's sales growth in mainland China is projected to be 1% in the first half and 5% in the second half of 2025, contributing to growth in the North Asia region [2] - Estée Lauder and Shiseido have adjusted their financial reporting, with Estée Lauder separating mainland China from the Asia-Pacific market starting in Q2 2025, and Shiseido merging its China and travel retail businesses [2] - Estée Lauder's revenue growth in mainland China for Q2 to Q4 of 2025 is expected to be -2%, 9%, and 13% respectively, while Shiseido's comparable sales growth is projected at -14%, -7%, 8%, and 2% for the same quarters [2] - Bain & Company's report indicates that the beauty and personal care category will be the first to recover positive growth in 2025, while other luxury categories are still in a phase of decline [2] Group 2: Consumer Behavior and Market Dynamics - Increased consumer traffic in beauty sections of malls, particularly during the pre-Spring Festival period, indicates a rise in purchasing activity [3][4] - The beauty market is expected to rebound in 2025 after a slight decline in 2024, with a projected growth rate of 5.1% [7] - High-end brands are adjusting prices and inventory to facilitate recovery, with a notable shift of consumers from high-end to mass brands due to improved offerings and competitive pricing [11][17] Group 3: Product Innovation and Market Strategy - Major beauty brands are focusing on localized research and innovation in China, with L'Oréal, Estée Lauder, and Shiseido establishing R&D centers in Shanghai [19] - New product launches and collaborations, such as L'Oréal's partnership with Huashan Hospital and Shiseido's introduction of a new medical beauty brand, reflect a trend towards localized product development [20] - The market is shifting towards more specialized segments, such as scalp care and lip care, indicating a move from basic skincare to more refined personal care [12][13] Group 4: Long-term Market Outlook - The sustainability of current growth drivers, such as price reductions and niche market expansions, remains uncertain [14] - The beauty market is entering a phase of stock competition, with brands needing to enhance core competitiveness and adapt to changing consumer preferences [18] - The demand for high-end beauty products persists, but consumers are increasingly discerning, leading to a need for brands to align pricing with product value [17]

知名美妆护肤集团雅诗兰黛已向美国加州联邦法院提起诉讼，指控沃尔玛在其网站上销售假冒美容产 品，并且没有采取足够措施确保只向消费者提供授权和正品商品。 根据周一提交的诉讼文件，雅诗兰黛表示，其在Walmart.com上购买、检查或测试了多件标有Le Labo、 La Mer、Clinique、Aveda、Tom Ford和雅诗兰黛商标的产品，但经鉴定均为假货。 针对此次诉讼，沃尔玛发言人回应称，公司对假冒产品持零容忍态度，将在收到法院传票后依法作出适 当回应。 总部位于纽约的雅诗兰黛，其香水业务在Z世代消费者追捧，Le Labo、Tom Ford等品牌的背景下持续增 长，正是此诉讼中提及的主要品牌。2026财年第二季度雅诗兰黛集团整体业绩表现强劲，净销售额增长 6%，达到42亿美元，在本季度实现1.62亿美元盈利，较去年同期扭亏为盈。强势增长的背后，正是护 肤品和香水业务的核心支撑。护肤品业务在总销售额中占比最高。在La Mer、雅诗兰黛及 The Ordinary 品牌的拉动下，该品类有机净销售额增长6%。香水业务实现相近增幅，同样上涨6%，主要由Le Labo，Tom Ford等品牌带动。 假冒产品以低价在 ...

Core Viewpoint - Estée Lauder has filed a lawsuit against Walmart for selling counterfeit beauty products on its website, claiming trademark infringement after testing products that were not made by its brands [1] Group 1: Lawsuit Details - The lawsuit was filed in California federal court and includes accusations of extreme and fraudulent business practices by Walmart [1] - Estée Lauder's legal team argues that Walmart's actions were harmful and deserving of exemplary and punitive damages to deter future misconduct [1] Group 2: Products Involved - Specific products mentioned in the lawsuit include a fragrance from Le Labo, La Mer moisturizer, Clinique eye cream, an Aveda hair brush, and several Tom Ford fragrances [1] - Walmart's website continues to list products that are claimed to be "identical, substantially indistinguishable, or confusingly similar" to Estée Lauder's trademarks [1] Group 3: Price Discrepancies - An example cited is a 1-ounce jar of Crème de la Mer moisturizer, which retails for $200 on La Mer's website but is available on Walmart's site for as low as $146.35, raising concerns about the authenticity of the product [1]