在全球美妆市场普遍放缓和地缘政治影响下，欧莱雅则以40亿欧元(人民币约328.2亿元)的天价，接盘开云集团旗下的顶级沙龙香品牌Creed，揭示了巨头 们对未来最笃定的押注方向。 除此之外，2025年还有LVMH入股BDK Parfums，以及雅诗兰黛首次在拉丁美洲投资墨西哥品牌XINÚ。 头部企业们密集布局的动作背后，一方面不仅改写了全球香水市场的竞争格局，更凸显了这一品类在消费浪潮中的强增长韧性。 另一方面，在企业的棋盘上，香水已从上添花的品类，升级为争夺市场的战略要塞，竞争逻辑正从存量博弈转向对新增量的开拓 增速放缓下，小众高端香下一个爆发点？ 当前，从原料商到品牌方的香水相关业务虽仍处于增长态势，但增速明显开始放缓。同时，值得注意的是，"高端化"成为抵御周期波动的关键引擎，在巨 头财报中贡献了最确定的增长。 如下图所示，相较于先前，香水业务能为其业绩带去助力的爱马仕和科蒂，在今年的第三季度分别同比下跌7.2%和6%，与2024年上涨9.3%形成鲜明对 比。与此同时，欧莱雅、puig等的香水业务增长也未超过3%，增长动能明显减弱。 即便如此，多家企业均表示旗下高端香水品牌实现了可观增长，成为业绩亮点。资生 ...

2 0 2 5年3月，刚满4 0岁的容德明（Dh imo y ROY）重返上海——这片曾开启他全球美妆科研征 程的起点。此时，他刚刚履新欧莱雅北亚研发与创新中心副总裁，而位于上海浦东、拥有4 0 0 多位科学家、端到端研发链路的欧莱雅中国研发中心，也正迎来成立2 0周年的里程碑。 将时间的指针拨回2 0 1 2年。2 6岁的容德明初抵中国，以洗护研究员身份加入欧莱雅。彼时， 中国的美妆市场正以每年超过2 0%的速度野蛮生长，"市场潜力" "消费升级"仍是行业热议的焦 点。 十三年风云激荡，如今的中国市场已突破万亿规模，不仅成为国际美妆巨头的战略要塞，更跃 升为全球科技创新的策源地。最新发布的《2 0 2 5自然指数—科研城市》显示，全球科研十强 城市中，中国独占六席；商务部数据更揭示，2 0 2 2至2 0 2 4年间，高技术产业新设外资企业从 1 0 0 1 9家跃升至1 5 2 1 2家，科研技术服务跻身外商投资三大主力方向。 当扎根中国二十载的研发中心，与历经五国科研工作淬炼的容德明再度交汇，一场以中国为核 心的"协同创新"远征就此启航。 " 我 回 到 的 是 一 个 全 新 的 中 国 ， 它 已 ...

Core Insights - The article discusses the transformative impact of longevity science and AI on the beauty industry, emphasizing the shift in research and product development towards enhancing the quality of life rather than merely extending lifespan [5][6][10]. Group 1: Longevity Science in Beauty - Longevity science is redefining the foundational logic of beauty research, focusing on long-term skin health and preventive solutions rather than just immediate cosmetic needs [5][6]. - L'Oréal's integration of longevity science aims to transition from symptom treatment to root cause intervention, creating a comprehensive research framework that connects various aging markers to skin health [6][7]. - Companies are encouraged to develop their own longevity science theories based on their brand positioning, focusing on specific research areas like mitochondrial energy and chronic inflammation [8]. Group 2: AI's Role in Beauty Research - AI is significantly accelerating research processes in the beauty industry, with companies like L'Oréal and Unilever reporting dramatic increases in the number of molecules evaluated within shorter timeframes [11][14]. - The efficiency of AI in research is contingent upon the availability of high-quality data, necessitating the digitalization of research outcomes and the development of proprietary AI models [14]. - AI's application in ingredient discovery and development is becoming a competitive edge, with companies leveraging AI to enhance research accuracy and speed [11][14]. Group 3: PDRN and New Ingredient Trends - PDRN has emerged as a highly sought-after ingredient, with major brands like L'Oréal and Lancôme entering the market, indicating a potential surge in new product launches by 2026 [21][22]. - The development of PDRN is diversifying, with companies exploring various sources, including plant and microbial origins, to enhance efficacy and differentiate their products [22][23]. - Despite its popularity, PDRN's application in beauty products is still in its early stages, with concerns regarding its performance and safety yet to be fully validated [24]. Group 4: Advances in Peptide Technology - The beauty industry is witnessing a "technological iteration period" for recombinant collagen and functional proteins, focusing on precise structural design to address specific skin issues [25][26]. - Innovations in peptide technology include the development of multi-peptide matrices and targeted delivery systems, enhancing the effectiveness of these ingredients [26][35]. - The trend towards functionalized proteins reflects a broader industry consensus on the importance of efficacy-driven ingredient development [25][26]. Group 5: Integration of Aesthetic and Medical Approaches - The convergence of aesthetic and medical beauty is becoming a prominent trend, with brands increasingly seeking to provide scientifically validated, high-efficacy skincare solutions [30][32]. - This integration is reflected in the migration of medical-grade ingredients into consumer products, enhancing their appeal to consumers seeking immediate results [32][33]. - Brands are exploring new applications for established medical ingredients, such as PDRN and hyaluronic acid, in their product lines [32][33]. Group 6: Sensory Science and Consumer Experience - Sensory science is gaining traction in beauty research, focusing on the emotional and experiential aspects of product use, which are critical for consumer satisfaction [44][48]. - Companies are investing in technologies to quantify sensory experiences and their impact on consumer emotions, aiming to create products that resonate on a deeper level [47][48]. - The emphasis on sensory value in product development reflects a shift towards a more holistic understanding of consumer needs and preferences [44][48]. Group 7: Future Directions in Beauty Research - The article concludes that the beauty industry is entering a phase of unprecedented innovation driven by scientific advancements and consumer demand for effective, emotionally resonant products [56]. - Companies that successfully integrate rigorous scientific research with emotional engagement are likely to lead the market in the coming years [56].

伴随科学变美逐步成为求美者的核心诉求，美妆与医美的边界正不断被打破。从功效护肤品与医用敷料的概念交融，到美妆巨头直接入股医美企业，跨界 融合已从可选动作变为必答题。 而欧莱雅集团对高德美持续增持的动作，正是这场行业变革中代表性的缩影，其背后折射的不仅是一家企业的战略选择，或间接表达了整个行业的发展方 向。 2025年12月，美妆圈与医美圈的跨界版图再添猛料——欧莱雅集团高调宣布，从殷拓集团（EQT）牵头的财团手里再拿下专业皮肤学公司高德美（瑞士证 交所代码：GALD）10%的股权。 这波操作直接让欧莱雅的持股比例从2024年8月初次入局时的10%翻倍至20%，成为美妆巨头抢滩医美赛道的典型案例之一。 从行业视角看，这一动作具有鲜明的行业指向性——欧莱雅2014年从高德美抽身，2024年以战略投资者身份回归，如今又加码增持，十年间的战略调整， 在很大程度上反映出医美市场的强劲吸引力。 这次股权交易的卖家是Sunshine SwissCo GmbH，背后站着殷拓集团、阿布扎比投资局（ADIA）和Auba Investment Pte. Ltd. 三大资本。 虽然交易还得走常规监管流程，预计2026年一季度才能落定 ...

来源：美通社 兰州2025年12月18日 /美通社/ -- 近日，一场科技女生提问女科学家的主题活动在兰州市第五十九中学展 开，让"让她问，助她行"化为一场真实的科学对话，成为欧莱雅"科技女生赋能计划"系列活动在陇原大 地持续深化的生动注脚。学生们将好奇写进明信片，寄往科学家手中，由第十九届"中国青年女科学家 奖"获奖者中国科学院上海药物研究所黄敏研究员、中国科学院动物研究所曲静研究员写下饱含鼓励与 专业知识的回信，为充满好奇的科技女生搭建与科学思维直接对话的桥梁。同时，一批曾参与过上海临 港、兰州大学赋能营的女生也化身"科学信使"，在校园内与更多学生分享活动见闻与心得。 "一代耀一代"欧莱雅科技女生赋能计划——兰州市第五十九中学科技赋能活动 本次活动的成功开展，也是对《兰州市全民科学素质行动规划纲要(2022-2025年)》所倡导的"激发青少 年科学兴趣、培育创新精神、弘扬科学家精神"目标的生动实践与积极回应。欧莱雅"科技女生赋能计 划"催化了学校由校外活动"联动者"自主转型为校内科教活动"创造者"，形成了"项目引领、学校支持、 社会协同"的良性循环，为西部青少年的科学梦想搭建了坚实的阶梯。 缘与联：欧莱雅 ...

Core Insights - 2024 is expected to be a challenging year for L'Oréal, particularly in the Chinese market, which has become a significant concern for the company [2] Group 1: Financial Performance - L'Oréal achieved a record sales figure of €43.48 billion in 2024, representing a year-on-year growth of 5.1% [2] - The operating profit reached €8.688 billion, with a year-on-year increase of 6.7%, resulting in an operating margin of 20% [2] - The North Asia market, which includes China, reported a sales decline of €10.3 billion, down 3.2% year-on-year, making it the only region with negative growth among L'Oréal's five major markets [2] Group 2: Market Dynamics - The growth rate of L'Oréal in the Chinese market has been declining, with previous growth rates exceeding 20% from 2019 to 2021, but dropping to low single-digit growth from 2022 onwards [2] - The first quarter of 2024 showed decent performance, but the second quarter experienced negative growth, which continued into the third and fourth quarters [2] - Factors contributing to the negative growth in the North Asia market include weak selective channels and pressure on travel retail sales [2] Group 3: Competitive Landscape - L'Oréal's revenue in China is primarily driven by mass-market and premium cosmetics, with brands like L'Oréal Paris and Lancôme being significant contributors [3] - The mass-market segment faces intense competition from local skincare brands that are gaining popularity due to the "national trend" and high cost-performance ratios [3] - In the premium segment, consumers are becoming more discerning, often opting for "alternative" products instead of high-end offerings, which diminishes L'Oréal's previous pricing advantages [3][4] Group 4: Adaptability Challenges - Local brands are quicker to respond to market changes and consumer demands due to their advantages in channels and supply chains, putting L'Oréal at a disadvantage [4] - The beauty market's dynamics have shifted, requiring brands to adopt more agile and flexible strategies to keep pace with rapid changes [4] Group 5: Future Outlook - In the first three quarters of 2025, the North Asia market reported sales of €7.35 billion, with a slight year-on-year growth of 0.5%, indicating a low growth state [5] - The Chinese market remains a crucial revenue source for L'Oréal, necessitating a focus on market trends and consumer demand changes to potentially restore high growth in the future [5]

Core Insights - Shanghai is recognized as a major beauty city in China, with leading cosmetic brands and nearly one-third of the national retail sales of cosmetics coming from the city [1] - The two key districts in Shanghai's cosmetic industry are Fengxian, known for its production capabilities, and Jing'an, which serves as a hub for global cosmetic headquarters and innovation [2][4] Group 1: Industry Overview - Fengxian has established itself as a significant production base, housing nearly 40% of the city's cosmetic companies and is projected to account for 50% of the city's cosmetic output value by 2024 [2] - Jing'an is home to numerous high-profile beauty and skincare companies, including L'Oréal and Perfect Diary, and has launched the "Beauty Innovation Zone" initiative to create a comprehensive beauty economy ecosystem [2][5] Group 2: Collaborative Advantages - The collaboration between Fengxian and Jing'an aims to leverage their respective strengths: Jing'an's innovation and research capabilities with Fengxian's manufacturing prowess [4][7] - Fengxian's production facilities include a range of enterprises from major OEMs to flexible custom manufacturers, while Jing'an boasts top-tier medical resources and innovation centers [4][5] Group 3: Strategic Initiatives - The recent meeting between the two districts focused on developing a coordinated approach to enhance the beauty economy, emphasizing the importance of matching resources and capabilities [3][9] - The proposed model includes a closed-loop mechanism for innovation incubation and industrial transformation, aiming to create a nurturing environment for both emerging and established brands [7][9] Group 4: Market Dynamics - The synergy between the two districts is expected to reduce costs and enhance value across the entire supply chain, allowing companies to focus on core competencies while benefiting from established production capabilities [9][10] - This collaborative approach reflects a broader shift in Shanghai's industrial strategy, moving from competition to cooperation among districts to optimize resource allocation [9][10]

Core Insights - The beauty industry is increasingly focusing on the fragrance business as a key growth area, with major brands like Estée Lauder and L'Oréal ramping up investments in this sector [2][3][7] - The fragrance market is seen as a new opportunity for beauty brands to break through current market challenges, with the "fragrance economy" emerging as a significant trend [2][5] Investment and Strategic Moves - L'Oréal announced a €60 million investment to double the production capacity at its historic Gossy factory in France, which serves luxury brands [3] - Kering Group has entered a long-term strategic partnership with L'Oréal, allowing L'Oréal to acquire the high-end fragrance brand Creed and gain 50-year licenses for several iconic brands [3] - Estée Lauder made a minority investment in the Mexican high-end fragrance brand XINÚ through its New Incubation Ventures [3][4] Market Trends and Consumer Behavior - The fragrance category is evolving from a secondary role in beauty to a primary emotional driver for consumers, with a growing willingness to spend on emotional value [5][6] - According to a report, the primary reasons for purchasing fragrances include self-pleasure and enhancing emotional value, with social gifting being secondary [5][6] Market Potential and Growth - The fragrance market in China is still in a "blue ocean" phase, with low penetration rates compared to mature international markets, presenting significant growth opportunities [6][7] - Data shows that fragrance imports in China surpassed body care products for the first time in Q1 2025, with a 20.5% year-on-year growth in the first half of 2025, reaching $600 million [6][7] Financial Performance - L'Oréal's fragrance business now accounts for 40% of its luxury division's revenue, with a compound annual growth rate of 20% over the past five years, projected to exceed €6 billion by 2025 [7] - Estée Lauder reported a 14% year-on-year increase in fragrance revenue, reaching $721 million in Q1 of the 2026 fiscal year [7][8] Competitive Landscape - The fragrance category offers high margins and a longer product lifecycle compared to other beauty products, making it an attractive segment for brands [8] - As the market becomes more competitive, brands must find unique positioning and storytelling to connect emotionally with consumers, whether through high-end or niche fragrances [8]

Group 1 - L'Oréal Group announced the acquisition of an additional 10% stake in Galderma, increasing its ownership from 10% to 20%, indicating a strategic focus on the aesthetic and medical beauty market [1][2] - The acquisition is expected to be completed in the first quarter of 2026, with plans to nominate two non-independent directors from L'Oréal to Galderma's board [2] - L'Oréal's recent investments include a €4 billion acquisition of luxury beauty licenses from Kering Group, reflecting a strong recovery in its performance, particularly in the North Asia region [3] Group 2 - Unilever is undergoing a restructuring process, focusing on core businesses by divesting non-core brands, including the planned spin-off of its ice cream business [4][5] - Unilever's CEO emphasized that the spin-off aims to create a more streamlined company, concentrating on beauty and personal care sectors for higher profit margins [5] - The contrasting strategies of L'Oréal's acquisitions and Unilever's divestitures reflect a broader industry trend of resource concentration on core business areas [5][6] Group 3 - Estee Lauder is also considering divesting its Korean beauty brand Dr. Jart+ and has previously planned to sell Too Faced and Smashbox, indicating a trend of brand portfolio optimization among major beauty companies [6] - Domestic brands are also pursuing acquisitions to build their brand portfolios, as seen with Perfect Diary's parent company acquiring high-end skincare brands [6] - An ideal brand matrix in the beauty industry should exhibit strategic synergy, growth gradient, and profit orientation to withstand market fluctuations [7]

Core Views - The article discusses the contrasting strategies of two major beauty groups, L'Oréal and Unilever, highlighting L'Oréal's aggressive acquisition approach and Unilever's focus on divesting non-core assets [2][8]. Group 1: L'Oréal's Acquisition Strategy - L'Oréal announced the acquisition of an additional 10% stake in Galderma, increasing its ownership from 10% to 20%, with plans to explore further scientific research collaborations [1][6]. - The acquisition is part of L'Oréal's ambition to penetrate the rapidly growing medical aesthetics market, alongside its investments in high-end and clean beauty segments [6][8]. - In October, L'Oréal made a significant investment of €4 billion to acquire beauty licenses from Kering Group, indicating a strong recovery in its performance, particularly in the North Asia region [6][7]. Group 2: Unilever's Divestment Strategy - Unilever is undergoing a restructuring process, focusing on core businesses by divesting over 20 non-core beauty and personal care brands, including the planned spin-off of its ice cream business [1][7]. - The CEO of Unilever emphasized that the spin-off aims to create a more streamlined company focused on higher profit margins in beauty and personal care sectors [7][8]. - Unilever's recent quarterly results showed improvement in sales growth after excluding the ice cream business, indicating a positive trend in its core operations [7][8]. Group 3: Industry Trends and Brand Matrix - The contrasting strategies of L'Oréal and Unilever reflect a broader industry trend where companies are either expanding their brand portfolios or optimizing them by shedding non-core assets [8][9]. - The ideal brand matrix should exhibit strategic synergy, growth gradient, and profit orientation, allowing companies to withstand market fluctuations [10]. - Other beauty brands, including Estée Lauder, are also reviewing their brand portfolios, indicating a shift towards optimizing brand performance and profitability [9].