在品牌投资方面，欧莱雅尤为关注具有东方美学叙事的本土高端品牌。就在今年11月，欧莱雅宣布对中 国纯净护肤品牌"LAN兰"进行少数股权投资。这个以"以油养肤"闻名的品牌，是欧莱雅旗下美次方公司 投资的首个中国本土护肤品牌。此前，美次方已投资了高端香水香氛品牌"闻献DOCUMENTS"和"观 夏"。更早之前，欧莱雅还曾以4.42亿元投资了本土美妆巨头自然堂，持有其6.67%的股份。 当全球奢侈品与美妆巨头在中国市场的传统增长路径遭遇挑战时，它们不约而同地选择了一种更轻巧、 更深入的方式继续加注。近日，中国高端黄金珠宝品牌"寶蘭"的母公司杭州宝兰黄金文化发展有限公司 宣布完成一轮超1亿元人民币的融资。这笔交易的特别之处在于其投资方阵容：领投方是本土消费领域 的明星推手挑战者创投，而跟投方中则赫然出现了法国奢侈品巨头开云集团与雷军旗下的顺为资本。 这并非国际巨头一时兴起的偶然之举。同样在近期，全球美妆巨头欧莱雅集团在中国市场也动作频频， 通过设立专项投资基金等方式，明确将投资中国本土创新品牌作为核心战略。两大国际巨头不约而同的 行动，标志着它们对中国市场的策略正在发生根本性转变——从过去的直接收购与控股经营，大举转向 ...

事实上，将时间拉长，在今年1-11月中，获得投融资的美妆企业/品牌也不足2成，大量的热钱均流向了美妆原料上游企业。这背后折射出怎样的行业变 化？ 美妆投融资，品牌商受冷 据青眼不完全统计，今年1-11月，国内化妆品相关领域共发生了71起投融资、收并购事件。而从被投资的品牌/企业的类型来看，数量最多的即是原料企 业，共有43起，占比超过60.6%。这充分说明，化妆品上游原料成为了资本市场争相加码的赛道。 美妆品牌不"香"了。 近日，欧莱雅集团对中国纯净护肤品牌LAN兰进行少数股权投资一事，在业内引发了广泛的关注。然而，这也是上月唯一一家已公开的美妆品牌融资案 例，其余获投企业均为上游原料公司，上周刚刚官宣获得A+轮投资的巨微生物，也是一家合成生物原料制造商。 与美妆上游企业备受资本青睐有所不同的是，今年以来，国内美妆品牌商获投的现象则稍显冷清。在上述梳理的71起投融资、收并购事件中，仅有14个美 妆品牌商，占比不足两成。 | 品牌/食物 | 轻次 | | Hose T | | --- | --- | --- | --- | | 2023年 롭溢 个护品牌 | 种子轮 | 100万元 | 未披露 | | 香夏 南 ...

11月6日，上海进博会6 . 1馆内人潮涌动。一袭鲜亮的绿色身影在穿梭的"黑白灰"商务装束中格 外醒目——Ba r b a r a LAVERNOS，这位掌舵欧莱雅集团全球研发、创新与科技的副首席执行 官，以她标志性的活力成为展馆中的焦点。 接 受 《 FBe a u t y 未 来 迹 》 专 访 前 ， 她 尽 管 刚 结 束 " 连 轴 转 " 的 多 场 高 强 度 议 程 ， 但 依 然 神 采 飞 扬，仿佛自带能量磁场，将欧莱雅人"步履不停、敢为人先"的精神具象化。 若细数她3 4年的欧莱雅职业生涯，好似一部企业内部的"跨界创新史"：从供应链采购专员起 步，到统领全球2 0座工厂的首席运营官；从操盘被誉为"第六大陆"的旅游零售，到主导数字化 转型的"美妆科技"推手， 可以说，她的每一步跨越，都在为这家百年巨头注入变革的血液。 2 0 2 1年，她肩负起更宏大的使命：以"创新总工程师"身份，执掌全球最大美妆集团的未来引 擎。如今，她调度着4 0 0 0余名科研精英与3 0 0 0位技术专家，决策年超1 3亿欧元（约合人民币 11 0亿元）的研发投入，驱动集团7大研发枢纽（中国、日本、印度、法国、美国 ...

美妆巨头的区域可持续发展负责人Kiri Trier博士，诠释了她如何推动改变客户习惯，将减少浪费、重复灌装与回收利用融入日常浴室 routines。 美妆品牌巨头欧莱雅拥有37个全球品牌、业务覆盖150个国家、年销售额达411.8亿欧元（457亿美元）。尽管其许多生产基地已实现碳中和，并被公认为 可持续发展领导者，但仍存在一个情感层面的难题。 该公司DACH地区可持续发展总经理Trier指出，欧莱雅最大的碳足迹并非来自生产或物流，而是源于消费者使用产品的方式：洗发冲洗、长时间淋浴和包 装丢弃构成的范围三排放，这些恰恰是最难控制的环节。 那么，欧莱雅如何让可持续选择既令人向往又便捷？如何让选择环保产品成为自豪且有意义的行为？这些关键问题的答案将决定公司能否在范围三排放净 零目标上取得重大进展。 但若没有消费者与公司产品互动方式的转变，所有这些努力的作用终究有限。 挑战：改变行为，而非仅改变运营 内部而言，欧莱雅已构建完善的可持续发展引擎：数千名研究人员提供支持，强大的科学碳目标框架保驾护航，全球450余名专职可持续发展专业人士持 续扩容。但若消费者与产品的互动方式不变，这些努力效果有限。 Trier清晰洞察症结 ...

Core Viewpoint - The PDRN anti-aging market is rapidly gaining traction, with major beauty brands like L'Oréal launching products centered around PDRN, indicating a significant shift in the skincare industry towards this ingredient [3][5][7]. Market Dynamics - L'Oréal's recent release of the "PDRN Skincare Application: Technology and Innovation White Paper (2025)" marks a strategic move to establish authority in the PDRN space, a rare occurrence for the company [5][13]. - The global PDRN market is projected to grow from approximately 180 million in 2023 to 3 billion by 2030, with a compound annual growth rate (CAGR) of 43% from 2024 to 2030, showcasing strong growth potential [7][10]. - PDRN is anticipated to become a benchmark skincare ingredient, similar to hyaluronic acid and collagen, due to its robust biological activity and high development ceiling [7][10]. Competitive Landscape - Numerous brands are entering the PDRN market, including domestic brands like Zhenmei and Huaxi Biology, as well as Unilever's AHC brand, which is targeting the medical beauty segment with new product launches [5][10][25]. - Zhenmei has established a first-mover advantage in the topical PDRN segment, utilizing proprietary technology to enhance skin penetration [17][19]. - Unilever's AHC brand has successfully launched products like the "B5 Star Mask," leveraging consumer demand for "water-light skin" effects while maintaining a strong medical beauty positioning [23][25]. Scientific and Technical Considerations - PDRN's entry into traditional beauty products is facilitated by its established efficacy and safety in the medical beauty sector, reducing the need for extensive consumer education [10][11]. - However, the scientific evidence supporting PDRN's efficacy in traditional skincare remains insufficient, necessitating further research to build consumer trust [14][15][16]. - The lack of standardized quality for PDRN raw materials poses challenges, as variations in source, preparation methods, and molecular weight can affect efficacy [15][31]. Future Outlook - The PDRN market is entering a phase of intensified competition, with brands focusing on research and development to establish technological barriers and enhance product efficacy [29][30]. - Companies are exploring diverse sources of PDRN, including plant and microbial origins, to differentiate their offerings and improve product stability [30][31]. - The potential applications of PDRN extend beyond facial care to include scalp health and eye care, indicating a broadening of its market scope [33].

摩根大通：将欧莱雅目标股价从350欧元上调至365欧元。 ...

Core Insights - Multinational beauty companies are increasingly seeking growth through minority stake investments in local brands, as exemplified by L'Oréal's investment in the Chinese skincare brand "LAN" and Estée Lauder's investment in the Mexican fragrance brand NINU [3][5] - This trend reflects a strategic shift from traditional acquisitions to strategic investments, allowing companies to tap into local market insights and consumer preferences more effectively [6][9] Investment Trends - L'Oréal's investment in LAN marks its first investment in a local skincare brand in China, with LAN being a leader in facial oil sales for two consecutive years [3] - Estée Lauder's investment in NINU represents its first foray into Latin American brands, showcasing a growing interest in regional market characteristics [3][5] - Unilever's investment in the Indian brand indē wild and L'Oréal's stake in the Omani brand Amouage further illustrate this trend of investing in culturally rich local brands [5] Market Dynamics - The shift towards minority investments allows multinational companies to gain access to local consumer insights and distribution channels without taking on the full risks associated with acquisitions [9] - Local brands are often better positioned to understand and respond to consumer preferences, enabling them to capture market trends more swiftly than their international counterparts [5][6] Historical Context - Historically, multinational companies entered the Chinese market through acquisitions, but many of these resulted in the marginalization of local brands [6][7] - Examples include Johnson & Johnson's acquisition of Dabao and L'Oréal's purchase of Little Nurse, both of which faced challenges in maintaining market share post-acquisition [6][7] Consumer Behavior - Post-pandemic, consumers have become more discerning, often opting for local brands that offer high-quality products at lower prices, which has led to increased competition for multinational companies [7][8] - The rise of local brands is characterized by their ability to create compelling brand narratives rooted in cultural heritage, resonating with younger consumers who seek personalized and unique products [7][8] Strategic Implications - Multinational companies are adapting to a changing market landscape where traditional growth strategies are no longer sufficient, necessitating a more nuanced approach to investment and brand management [9] - The collaboration between local brands and multinational companies can lead to mutual benefits, with local brands gaining access to resources and expertise while multinationals gain insights into local markets [9]

Core Insights - L'Oréal Group announced a minority stake investment in Chinese skincare brand LAN, marking its first investment in a local skincare brand since the establishment of its Chinese investment company, Meici Fang [1][2] - Meanwhile, Japanese brand Muji announced the closure of its Tmall flagship store, expected to officially close by December 11, 2025, highlighting a significant reshuffle in the Chinese beauty market [1][8] Investment Dynamics - The investment in LAN was supported by L'Oréal's strategic innovation risk investment fund, BOLD, and is seen as a key step in L'Oréal's deepening presence in China's beauty tech sector [2] - Meici Fang's investment history shows a focus on fragrance and raw material innovation, with LAN aligning perfectly with its investment criteria of digitalization, research, aesthetics, and originality [4] Brand Performance - Founded in 2019, LAN has achieved remarkable growth, reaching over 1 billion in annual sales within six years, driven by its "pure skincare" philosophy and innovative product concepts [5] - The brand has established a strong research foundation, with over 40 patents and plans to create China's first plant oil molecular database by 2025 [5] Market Challenges - Muji's exit from the Chinese market reflects the challenges faced by Japanese brands, which have struggled to adapt to the rapid shift in consumer preferences towards ingredient-focused and efficacy-driven skincare [8][11] - Since 2025, nine Japanese beauty brands, including Decorte and Sekkisei, have closed or exited the Chinese market, indicating a broader trend of international brands facing difficulties in the evolving landscape [12] Industry Trends - The simultaneous events of LAN's investment and Muji's exit illustrate a significant transformation in the Chinese beauty market, where local brands emphasizing technological innovation are rapidly rising [12] - The need for international brands to rethink their product development and marketing strategies is critical in order to regain consumer favor in an increasingly rational market [12]

Core Insights - L'Oréal has established a comprehensive and replicable sustainable value chain system in China, focusing on carbon reduction and green innovation as competitive advantages [1][2][3] - The company's commitment to sustainability is driven by internal strategic requirements rather than external pressures, integrating sustainability into its growth model [2][3] - L'Oréal's "L'Oréal for the Future" strategy includes ambitious carbon reduction targets, aiming for a 57% reduction in Scope 1 and 2 emissions and a 28% reduction in Scope 3 emissions by 2030, with a goal of achieving net-zero emissions across the entire value chain by 2050 [3][8] Sustainable Innovation Accelerator - In 2025, L'Oréal launched the "Sustainable Innovation Accelerator" with a budget of €100 million to promote low-carbon solutions and circular economy models [8] - The company employs open innovation to collaborate with agile small and medium-sized enterprises, creating a global "green incubation ecosystem" [8][9] - The "BIG BANG Beauty Tech Co-Creation Program" in China has incubated over 80 viable projects in five years, making sustainability a core objective rather than a supplementary criterion [8][9] Supply Chain Collaboration - L'Oréal's supply chain decarbonization initiative encompasses all stages, including raw materials, packaging, production, and logistics, with a focus on empowering suppliers through the STGV program [9][13] - The "Net Zero Together" initiative provides training and technical support to supply chain partners, helping them identify growth opportunities through emission reductions [9][13] - By 2024, all strategic suppliers in North Asia will have joined the CDP, indicating a mature capability to measure and improve their carbon emissions [13] Case Studies and Practical Applications - The collaboration with Qiaxing Packaging exemplifies how L'Oréal supports suppliers in energy optimization and cost reduction, transforming them into proactive innovators [15][16] - L'Oréal is also promoting the use of plant-based and renewable ingredients to reduce reliance on high-carbon footprint components [16][17] - The partnership with Yuan Yi Environmental Technology focuses on redefining waste value, turning discarded products into reusable materials, thus establishing a scalable circular business model [23][24] Industry Impact - L'Oréal's recognition in the 2025 Green Point China Sustainable Practice Annual Case highlights its role in activating industry collaboration for sustainability [24] - The company's approach transforms sustainability from a mere branding exercise into a replicable and scalable green system that encourages active innovation among suppliers and startups [24] - This shift signifies a broader industry capability to drive meaningful and sustained change towards sustainability [24]

Core Insights - The movement of top talents from Procter & Gamble (P&G) and L'Oréal serves as a barometer for changes in the beauty industry landscape [1][4] - L'Oréal has experienced significant internal executive turnover, with over ten changes since 2025, which is nearly three times that of P&G [1][4] - Former L'Oréal executives tend to pursue more stable career paths, often taking on key management roles in other multinational or leading domestic beauty companies [4][12] Group 1 - The trend shows that L'Oréal executives are more suited for corporate roles, while P&G alumni are more inclined to start their own businesses [4][12] - The beauty industry faces challenges in brand development and internationalization, making L'Oréal-trained executives valuable assets for companies seeking to navigate these complexities [6][36] - Recent appointments of former L'Oréal executives in domestic beauty companies like Perlay and Betaini highlight the ongoing trend of talent migration [8][10] Group 2 - The executive rotation mechanism at L'Oréal fosters a diverse skill set among its leaders, preparing them for high-level decision-making roles [18][22] - L'Oréal's systematic approach to talent development emphasizes cross-functional and cross-regional experiences, which enhances the adaptability of its executives [22][23] - The influx of L'Oréal executives into competitor companies is reshaping the power dynamics within the global beauty industry [17][36] Group 3 - Women hold a significant proportion of leadership roles within L'Oréal, with 58% of board members and 54% of leaders being female, reflecting a broader trend in the beauty industry [33][34] - The competition for top talent in the beauty sector is intensifying, with companies like Estée Lauder and Johnson & Johnson actively recruiting from L'Oréal [34][35] - The strategic hiring of L'Oréal executives by companies like Perlay and Kering underscores the demand for their expertise in brand management and global operations [36][37]