Core Viewpoint - The transaction between L'Oréal and Kering, valued at €4 billion, signifies a strategic alignment where Kering divests its beauty segment under financial pressure, while L'Oréal expands its market presence in the luxury beauty sector [1][2]. Group 1: Kering's Strategic Shift - Kering has sold its high-end fragrance brand Creed to L'Oréal, marking a significant move as Creed has a rich history of over 265 years and was previously acquired for €3.5 billion [3][5]. - The sale reflects Kering's need to address its financial challenges, with a debt of €9.5 billion and a 16% decline in total revenue in the first half of 2025 [6][7]. - Kering's new CEO, Luca de Meo, is implementing a strategy focused on simplifying and restructuring the brand portfolio, which includes delaying the acquisition of Valentino to prioritize financial health [6][7]. Group 2: L'Oréal's Growth Strategy - L'Oréal's acquisition of Kering's beauty division is seen as a strategic opportunity to enhance its luxury beauty portfolio, particularly with the potential of Gucci's beauty business, which is currently under Coty until 2028 [8][9]. - L'Oréal's CEO, Nicolas Hieronimus, expressed confidence in replicating the success of YSL beauty with Gucci, which has a market potential three times larger than YSL [11]. - The company has been actively investing in the high-end fragrance market, indicating a clear intent to strengthen its position in this lucrative segment [12][16]. Group 3: Market Dynamics and Future Outlook - The global high-end fragrance market is projected to reach $400 billion by 2025, with significant growth expected in the Chinese market, where high-end fragrances are gaining traction [15][18]. - Competitors like Estée Lauder and LVMH are also intensifying their efforts in the high-end fragrance space, indicating a competitive landscape that L'Oréal will need to navigate effectively [15][16]. - The integration of multiple luxury brands into L'Oréal's portfolio will test its ability to manage brand transitions and capitalize on market opportunities in the high-end beauty sector [14][18].

北京商报讯（记者 张君花）近日，欧莱雅发布2025年三季度财报称，2025年第三季度销售额达103.3亿 欧元，同比增长4.2%，显著高于第二季度的2.4%增速；2025年前三季度累计销售额为328.07亿欧元，同 比增长3.4%。 ...

Core Insights - The company has experienced growth across all divisions and regions, with North America and mainland China showing strong recovery momentum [1][4] - The hair care and fragrance categories continue to demonstrate robust growth, while the makeup category is showing improvement [1] - Online channels have achieved double-digit growth [1] By Division - Professional Products reported €1,233.0 million in sales, with a like-for-like growth of +9.3% and a reported growth of +6.1% [2] - Consumer Products achieved €3,763.4 million, with a like-for-like growth of +3.8% and a reported growth of +0.4% [2] - Luxe division saw €3,719.7 million in sales, with a like-for-like growth of +2.5% but a reported decline of -1.5% [2] - Dermatological Beauty reached €1,617.6 million, with a like-for-like growth of +5.1% and a reported growth of +1.1% [2] - Group total sales amounted to €10,333.7 million, with a like-for-like growth of +4.2% and a reported growth of +0.5% [2] By Region - Europe generated €3,572.9 million, with a like-for-like growth of +4.1% and a reported growth of +4.6% [2] - North America reported €2,972.4 million, with a like-for-like growth of +1.4% but a reported decline of -4.3% [2] - North Asia achieved €1,953.2 million, with a like-for-like growth of +4.7% and a reported decline of -0.1% [2] - SAPMENA-SSA® region saw €1,010.2 million, with a like-for-like growth of +12.2% and a reported growth of +5.7% [2] - Latin America reached €825.0 million, with a like-for-like growth of +4.4% but a reported decline of -3.0% [2] Market Trends - North Asia has recorded its first positive growth in two years, with mainland China showing low single-digit growth, surpassing the market's slight growth [4] - The recovery in the high-end cosmetics sector is attributed to innovative product lines and the "Beauty Leap Plan" [4] - The professional hair products division experienced mid-single-digit growth, driven by the Kérastase brand and e-commerce channel growth [4] Strategic Developments - The company announced a strategic alliance with Kering Group, acquiring Creed to lead in the niche fragrance market, while also capitalizing on the growth potential of beauty and fragrance licensing for high-end brands like Gucci and Balenciaga [5]

Core Insights - Kering's sale of its beauty business to L'Oreal will lead to a "net gain before tax" in Kering's annual results, as stated by COO Jean-Marc Duplaix during an analyst call [1] Group 1 - The transaction is expected to positively impact Kering's financial performance for the year [1]

Core Viewpoint - L'Oréal is transitioning from a growth myth back to operational reality, reflecting a slowdown in the global beauty market, with two consecutive quarters of underperformance against expectations [1] Financial Performance - In Q3, L'Oréal reported sales of €10.33 billion, a 0.5% year-on-year increase, reversing a 1.3% decline in the previous quarter, but still below analyst expectations of €10.44 billion [1] - Same-store sales grew by 4.2%, an improvement from 2.4% in Q2, yet it marked the second consecutive quarter below market expectations of 4.85% [2] Market Reactions - Following the earnings report, L'Oréal's stock initially rose by 2% but quickly fell, with intraday losses reaching up to 6% [3] - Investor concerns are rising regarding the quality of L'Oréal's growth, indicating that the recovery is uneven [4] Regional Performance - North Asia emerged as a significant highlight, with Q3 same-store sales achieving a 4.7% growth, significantly surpassing analyst expectations of 3.2%, following a decline of over 11% in Q2 [5] - The Chinese market recorded moderate single-digit growth, marking the first positive growth in Q3 over two years, driven by a recovery in the high-end skincare market [6] - In contrast, North America experienced a notable slowdown, with Q3 sales down 4.3% and same-store sales only increasing by 1.4%, far below the expected 4.4% [7] Business Segment Performance - The mass cosmetics division saw a sales increase of 0.4%, with same-store sales growing by 3.8%, slightly above the previous quarter's performance [9] - The high-end cosmetics division experienced a 1.5% decline, but the drop was more than halved compared to Q2, indicating signs of recovery in high-end consumption [10] - The professional hair products division reported a same-store sales growth of 5.1%, while the skin science and beauty segment remained the fastest-growing, with sales up 6.1% and same-store sales growth of 9.3% [11] Market Outlook - Despite the recovery signals in North Asia, market reactions suggest that L'Oréal's revival has not met confidence expectations [12] - Analysts view Q3 performance as a signal of recovery from recession rather than a transition to prosperity, highlighting structural fatigue in the global cosmetics giant [14]

不过，尽管第三季度营收增速较前一季度明显提升，但仍略低于市场预期。加拿大皇家银行此前预计增 速为4.7%，金融数据平台Visible Alpha的综合预期为4.9%。 杰富瑞分析师指出，北美和拉美市场表现不及预期（增幅分别低于预估的3.1%和9.3%），是导致整体 营收略逊市场预期的主要原因。加拿大皇家银行则认为，除专业产品部门外，其他三大业务部门业绩均 低于预期，北亚地区复苏尚不足以抵消美洲市场疲软。 受业绩影响，截至发稿，欧莱雅股价下跌6.38%，报372.6欧元。 （文章来源：新华财经） 新华财经巴黎10月22日电 法国欧莱雅集团10月21日发布财报显示，2025年第三季度销售额达103.3亿欧 元，同比增长4.2%，显著高于第二季度的2.4%增速；2025年前三季度累计销售额为328.07亿欧元，同比 增长3.4%。 从地区来看，欧洲市场依然稳健，销售额同比增长4.1%至35.7亿欧元；北美市场增速放缓，仅增长1.4% 至29.7亿欧元。北亚市场重回增长轨道，同比上升5.8%至19.5亿欧元。南亚太、中东、北非及撒哈拉以 南非洲地区表现强劲，合计增长12.2%，拉美地区则增长4.4%。 分业务板块看， ...

Core Viewpoint - L'Oreal shares experienced a decline due to the CEO's lack of confidence regarding future sales performance [1] Company Summary - The CEO of L'Oreal did not express strong optimism about upcoming sales, which contributed to the drop in share prices [1] Industry Summary - The cosmetics industry may face challenges if leading companies like L'Oreal show uncertainty in sales forecasts, potentially impacting investor sentiment [1]

Core Insights - The cosmetics company reported third-quarter sales of $11.98 billion, which fell short of expectations [1] Financial Performance - Third-quarter sales amounted to $11.98 billion, indicating a performance that did not meet market expectations [1]

格隆汇10月22日丨欧莱雅在法兰克福市场股价较泛欧交易所收盘价下跌约6%，此前该公司销售额未达 预期。 ...

为应对这些挑战，欧莱雅多措并举：一方面基于绿色科学与初创企业共同推进生物技术研发，打造可持 续产品；并与生态圈伙伴紧密合作，基于3R原则（Replace、Reduce、Recycle）打造可持续包装体系。 此外，欧莱雅集团持续与京东、天猫等电商平台深化合作，精准开展消费者沟通与教育，积极推广替换 芯及绿色物流解决方案。 欧莱雅北亚及中国首席可持续发展官朴智鲜受邀出席主题对话 欧莱雅北亚及中国首席可持续发展官朴智鲜分享 上海2025年10月22日-- 10月16日，2025可持续全球领导者大会于上海世博园区正式开幕。以"携手应对 挑战：全球行动、创新与可持续增长"为主题，大会聚焦能源与双碳、绿色金融、可持续消费等核心领 域，汇聚全球政商学界领袖，共同探索可持续发展的现实路径。欧莱雅北亚及中国首席可持续发展官朴 智鲜受邀出席，并在17日下午的主题对话"推动可持续消费从理念迈向共同行动"中，分享了欧莱雅对可 持续消费的深刻洞察与创新实践。 欧莱雅北亚及中国首席可持续发展官朴智鲜首先指出："可持续发展早已深度融入欧莱雅的价值观中。 早在2019年，欧莱雅中国便率先实现所有运营场所100%使用可再生能源，领先集团目标6 ...