图片来源：视觉中国 老对手欧莱雅集团拿下开云美妆后，雅诗兰黛坐不住了。 北京时间3月24日，美国美妆巨头雅诗兰黛集团（NYSE：EL）宣布，集团正就与西班牙香水美妆集团PUIG开展潜在业务合并事宜进行磋商。消 息迅速引发市场关注。 PUIG集团（BME:PUIG）成立于1914年，以香水业务为根基，于2024年登陆西班牙马德里证券交易所，是欧洲极具影响力的高端美妆与时尚集 团。其旗下拥有BYREDO、PENHALIGON'S（潘海利根）、L'Artisan Parfumeur（阿蒂仙之香）等知名高端香水品牌，Charlotte Tilbury等彩妆护肤 品牌，以及Dries Van Noten等时装品牌。其中，香水业务为其营收贡献超半壁江山。2025财年，该集团营收约50.42亿欧元（约合人民币402亿 元）。 消息公布后，截至当地时间3月23日收盘，雅诗兰黛股价跌7.72%至79.29美元/股，最新市值约287亿美元（约合人民币1979亿元）。而PUIG集团3 月23日股价报15.57欧元/股，总市值约88.5亿欧元（约合人民币706亿元）。若两家公司成功合并，市值将接近人民币2600亿元。 不过，雅诗兰黛 ...

中东正在打仗，但这里的生意没有停摆。 近年来，中东美妆市场增速非常亮眼。 根据欧睿国际数据，中东与北非地区（MENA）美容及个人护理市场规模已突破4 6 0亿美元； 麦肯锡则预计，2 0 1 5年至2 0 2 7年间，将是全球少数几个在香氛、染发、护发、护肤等主要美 妆细分领域都能保持两位数增长的市场之一。 过去几年，全球美妆市场的增长逻辑其实已经发生变化：欧美成熟市场趋于平稳，中国市场进 入更深的存量竞争，许多品牌都在寻找新的增长引擎。在这个节点上，中东年轻的人口结构、 持续升级的零售环境、高渗透的香氛与彩妆消费，再叠加相对稳定的高端消费能力，使它成为 少数可以同时承接"规模增长"与"品牌溢价"的区域。 | | | 国际美妆集团在中东的增速、市场划分与具体措施 | | | | --- | --- | --- | --- | --- | | 集团 | 区域市场 | 主要品牌 | 2025财年 | 具体动作 | | | | | 增长情况 | | | 欧莱雅 | SAPMENA地区 | L'Oréal Paris巴黎欧莱雅 | 增长10.9% | 在中东市场份额领先,在以 色列北部城市米格达勒埃梅 | | | | ...

一个月之内，两笔围绕印度美妆市场的交易接连被爆出。 近日，有外媒报道称，欧莱雅正在与印度本土美妆公司Innovist就收购其多数股权进行谈判，该交易对Innovist的估值约为3.5亿至4.5亿美元（约合人民币 24亿元-31亿元），最快可能于今年4月完成。 而就在本月初，雅诗兰黛也对外宣布收购印度高端护肤品牌Forest Essentials的剩余股权，实现对该品牌的完全控股。 如果单独来看，这只是两起彼此独立的集团战略动作；但将视角拉长至全球美妆头部阵营，可以看到一个更为清晰的信号——国际美妆巨头正在集体加码 印度美妆市场。 被收购公司估值高达31亿元 据外媒报道，欧莱雅正在与印度本土美妆公司Innovist进行谈判，计划收购其多数股权。外媒援引知情人士说法称，双方已接触约一年，目前谈判已进入 后期阶段，该交易对Innovist的估值约为3.5亿至4.5亿美元（约合人民币24亿元-31亿元），但具体交易规模尚未披露，最快可能于今年4月完成。 截自外媒报道 尽管该交易尚未最终落地，但Innovist的背景已清晰表明了欧莱雅关注的原因。 公开资料显示，Innovist成立于2018年，总部位于印度古尔冈，由R ...

3月的珠江畔，欧莱雅百库电商大楼的玻璃幕墙映照着广州的早春。 一间特别的教室里，汉服广袖与洛丽塔裙撑相映，机甲道具倚立墙角。4 0名女性学员围坐镜 前，专注记录的不再是传统新娘妆或日常通勤妆，而是如何用色彩与线条，精准还原一个二次 元 角 色 的 灵 魂 骨 架 —— 她 们 正 在 学 习 的 ， 是 随 着 漫 展 经 济 兴 起 而 快 速 职 业 化 的 新 工 种 ： " 妆 娘"。 这是欧莱雅中国"美丽事业，美好人生"（Be a u t y f o r a Be tt e r Lif e，下称BFBL）美妆美妆公 益培训项目广州特色班的开班现场。2 0 2 6年3月1 6日，这个已深耕中国十二年的公益项目，将 其 最 新 的 " 实 验 场 " 放 在 了 中 国 的 " 动 漫 之 都 " 广 州 ， 并 首 次 将 赛 道 精 准 锚 定 在 Co s p l a y （"Co st ume Pl a y "的缩写，意指扮演自己喜爱角色的艺术活动）妆造这一垂直领域。 "妆娘"现场为体验者打造妆容 与以往不同，此次开班同步揭幕了广州首个"美丽驿站"，并首次发布项目微纪录片。从一场简 单 的 技 ...

PARIS – Is L’Oréal poised to make a major deal in India? Media reports swirled Friday that the French beauty giant is in discussions to acquire a majority stake in Innovist, an Indian personal care company. It comes at a time when L’Oréal is looking to muscle up in the country. More from WWD Moneycontrol, an Indian financial and business portal, first published speculation that L’Oréal is nearing the purchase of Innovist, which is valued at 3,240 crore to 4,170 crore, or $350 million to $450 million. The ...

Events in the Middle East have bruised many stocks lately, and French cosmetics giant L'Oreal ( LRLCY )( LRLCF ) is no exception. The company's ADSs have fallen around 15% since the outbreak of hostilities last month, and while they've performed a little betterI like to take a long term, buy-and-hold approach to investing, with a bias toward stocks that can sustainably post high quality earnings. Mostly found in the dividend and income section. Blog about various US/Canadian stocks at 'The Compound Investor ...

将公益培训与地方产业深度融合。 南方财经记者伍素文 广州报道 在动漫星城、时尚天河等广州年轻人聚集的地方，Cosplay随处可见，琶洲一到漫展更是遍地Coser。蓬 勃发展的二次元文化背后，是供不应求的Cosplay妆造市场，催生出"妆娘""毛娘""C服定制师"等新职 业。 3月16日，欧莱雅中国"美丽事业，美好人生"美妆公益培训项目举行广州特色班级开班仪式暨美丽驿站 揭幕活动。聚焦Cosplay妆造这一垂直赛道，依托广州深厚的动漫文化、数字及美妆产业基础，特色班 将在传统美妆技能之外系统融入电商运营与人工智能课程，精准对接广州产业人才需求。 更重要的是，项目采取政企协同的模式，通过搭建生态加速就业，为困境女性开辟融入新兴文化经济的 职业通道，增强其就业竞争力。这也是当前"投资于人"导向下的微观体现。 欧莱雅北亚及中国公共事务总裁兰珍珍接受南方财经等媒体采访谈到："'美'的背后，能撬动很多资 源，改变很多人的人生。我们的初心就是让学员变得更自信，用手艺找到自己热爱的工作，拥有朝前蹦 的劲头。" 精准对接产业人才需求 "十五五"规划纲要提出，发展数字动漫、沉浸式展演、微短剧等新型文化业态。广州汇聚大量动漫创 作 ...

3月16日，欧莱雅中国"美丽事业，美好人生"美妆公益培训项目广州特色班级开班仪式暨美丽驿站揭幕 活动在广州举行。 广州是中国动漫游戏产业的重镇。 特色培训与地方产业需求相融合，成为企业开展公益项目的重要方式。 记者从欧莱雅了解到，该项目是"欧莱雅，为女性"公益计划的重要组成部分，此次广州班级精准对接国 家"十五五"文化产业规划方向，依托广州深厚的动漫文化产业基础，聚焦Cosplay（"Costume Play"的缩 写，意指扮演自己喜爱角色的艺术活动，下称Cosplay）妆造这一新兴职业赛道，并在传统美妆技能之 外，系统融入电商运营与人工智能课程，旨在为困境女性开辟融入新兴文化经济的职业通道，增强其就 业竞争力。 中国妇女发展基金会副理事长兼秘书长董葵表示："十余年来，基金会携手欧莱雅中国已为超1.46万名 城乡妇女点亮就业创业之路。此次广州特色美妆班紧扣国家发展战略与广州数字文创产业优势，将公益 培训与地方产业需求深度融合，聚焦新赛道并融入数智赋能培训，以'美丽驿站'深化服务模式，是对'政 策导向+产业对接+数智赋能'公益模式的创新升级。妇基会将继续发挥桥梁纽带作用，携手各方让公益 赋能与产业发展同频共振， ...

Investment Rating - The report does not explicitly provide an investment rating for the beauty industry Core Insights - The Chinese beauty market is expected to reach a scale of 1 trillion yuan, with domestic brands gaining significant market share, surpassing 57% for the first time [3][4][6] - The international beauty market faces challenges, with nearly half of the companies experiencing stagnant or declining performance, while local brands are rapidly increasing their presence [4][6] - The high-end beauty market in China shows signs of recovery, with significant sales growth reported by major brands like Estée Lauder and Shiseido [4][6] - The report highlights a shift in consumer behavior towards more rational and emotional purchasing, with a growing preference for domestic brands and innovative products [7][11] Industry Trends - The beauty consumption landscape has changed dramatically during the Spring Festival, with record-high travel and spending, leading to a surge in beauty product demand [7] - Domestic brands are facing a "10 billion scale trap," where reaching this revenue threshold brings increased scrutiny and operational challenges [7][8] - The children's cosmetics market is rapidly growing, with expectations to exceed 50 billion yuan by 2025, driven by the "refined parenting" concept [8] - The beauty industry is undergoing structural adjustments, with a focus on core technology and localized strategies to enhance competitiveness [6][8] Top Brand News - Fresh is struggling in the Chinese market, facing potential ownership changes due to stagnant growth and ineffective marketing strategies [12] - The new makeup brand LifeBlossom has secured significant angel funding and aims to combine makeup with skincare through innovative technology [12] - The brand HaiGuiBaBa has made headlines for its groundbreaking sunscreen technology, showcasing China's advancements in material science [13] - LVMH is considering divesting its makeup brand Make Up For Ever due to ongoing losses and misalignment with its luxury strategy [14] - Guerlain has introduced a new fragrance line that incorporates innovative water-based microbead technology, reflecting a commitment to sustainability [15] - Puig has achieved a record revenue of over 5 billion euros, driven by growth in its fragrance and fashion segments [15]

Core Viewpoint - The global beauty industry remains dominated by foreign giants, but in the Chinese market, local brands are rapidly gaining market share, indicating a shift in competitive dynamics [2][21]. Group 1: Global Market Overview - In 2025, L'Oréal leads the global beauty industry with revenue exceeding 356.36 billion RMB, significantly larger than its closest competitors, Unilever and Procter & Gamble, whose revenues are approximately 205.87 billion RMB and around 100 billion RMB respectively [5]. - The top ten companies in the beauty sector show a slowdown in growth, with nearly half experiencing revenue declines due to global consumption slowdowns and inventory adjustments [7]. - Puig and Galderma are notable exceptions, with Puig achieving a 5.3% growth and Galderma a remarkable 17.7% growth, highlighting the resilience of specialized beauty companies [9]. Group 2: Regional Insights - Japanese beauty companies are undergoing structural adjustments, with Shiseido focusing on core brands and improving profitability, while Kao is also seeing growth in its cosmetics business due to a recovery in the Chinese market [10][17]. - Korean beauty companies show a split performance; Amorepacific grew by 8.5% driven by emerging markets, while LG Household & Health recorded a 6.7% decline, reflecting challenges in the Greater China region [10][11]. Group 3: Chinese Market Dynamics - By 2025, domestic brands have captured 57.37% of the Chinese beauty market, a significant increase from less than 30% a decade ago, indicating a structural shift in market dynamics [2][21]. - International beauty companies are increasingly viewing the Chinese market as a critical battleground for testing organizational and innovative capabilities, rather than just a growth engine [23]. - L'Oréal's revenue in North Asia, including China, was approximately 100.75 billion euros, while Estée Lauder reported 27.41 billion USD in China, showing the competitive landscape between foreign and local brands [20]. Group 4: Strategic Adjustments - Estée Lauder has upgraded China to an independent reporting region, reflecting its strategic importance and allowing for more localized decision-making [23]. - Procter & Gamble has established a "Brand Growth Department" in China to enhance agility and responsiveness to market changes [25]. - Companies are adapting to the unique Chinese market ecosystem, with a focus on digital marketing and e-commerce channels, as seen with L'Oréal and SK-II's performance on platforms like Douyin [28].