Core Insights - L'Oréal reported Q1 2025 sales of €11.73 billion, a 4.4% year-on-year increase, marking the lowest growth rate in five years [1][2] - The "Dermatological Beauty" segment, which had previously shown strong performance, experienced a significant slowdown in growth during this quarter [1][4] Sales Performance - The sales figures for the past five years indicate a consistent increase in Q1 sales, but the growth rate has been declining, with 2025 showing the lowest increase of 4.4% compared to previous years [2] - The breakdown of sales by segment shows: - Mass Cosmetics: €4.279 billion, up 2.5% [3] - Premium Cosmetics: €4.093 billion, up 7.3% [3] - Professional Hair Products: €1.277 billion, up 2.7% [3] - Dermatological Beauty: €2.086 billion, up 3.5% [3] Regional Performance - The European market was a highlight for L'Oréal, with sales reaching €3.915 billion, a 4.9% increase [6] - North America faced a decline, with sales of €2.973 billion, down 1.4% [6] - North Asia showed recovery with sales of €2.953 billion, up 8.4%, despite previous declines [7] Market Challenges - The Chinese market has been a focal point, with L'Oréal experiencing its first negative growth in a decade in 2024, impacting overall performance [2][7] - The rise of domestic brands among Gen Z consumers poses a challenge to L'Oréal's market share, as evidenced by the strong performance of local brand Pechoin [8] - Recent reports indicate significant layoffs in the travel retail department, with claims of up to 50% workforce reduction, reflecting the need for strategic adjustments in response to market changes [9]

Core Viewpoint - L'Oréal reported a 3.5% year-on-year sales growth in Q1 2025, driven by an IT transformation project and a gradual recovery in the Chinese beauty market, outperforming the global beauty market [1] Group 1: Financial Performance - L'Oréal's Q1 sales reached €11.73 billion, with a consolidated growth of over 4.4% [1] - The North Asia region saw a sales increase of 6.9% year-on-year, with a consolidated growth of 8.4% [1] - The luxury cosmetics division, skin science beauty division, and professional hair products division continued to outperform the market, while the mass cosmetics division's growth was slightly below the market average [1][2] Group 2: Market Strategy - L'Oréal is actively participating in the China International Consumer Products Expo for the fifth consecutive year to strengthen its position in the travel retail market [2] - The company is undergoing a strategic transformation in its travel retail business to adapt to changing market conditions and consumer demands [2] - L'Oréal plans to invest in innovative retail experiences and sustainable growth solutions in collaboration with Hainan [2] Group 3: Future Initiatives - The "Beauty Stimulus Plan" for 2025 emphasizes investment in R&D and supply chain improvements, including the establishment of smart operation centers [3] - L'Oréal aims to enhance brand positioning and personalization to meet evolving consumer expectations, focusing on the unique identity of each brand [3][4] - The company plans to expand its presence in third- and fourth-tier cities and transform offline sales points into experiential locations [5]

Core Insights - The core issue facing international beauty brands in China is the significant decline in tourism retail performance, prompting major organizational adjustments and strategic shifts within companies like L'Oréal and Shiseido [1][2][4]. Group 1: Tourism Retail Performance - L'Oréal's China travel retail division is reportedly undergoing a large-scale organizational adjustment, with potential layoffs nearing 50% due to ongoing performance pressures in domestic tourism retail channels [1]. - Shiseido's travel retail business in Hainan saw a revenue drop of over 30% in the first nine months of 2024, contributing to a 4.6% decline in net sales in China [2]. - China Duty Free Group's revenue for 2024 was reported at 56.474 billion yuan, a year-on-year decrease of 16.38%, indicating a broader trend of declining performance in the tourism retail sector [1]. Group 2: Market Challenges - The tourism retail sector has faced challenges due to the pandemic, with international beauty brands struggling to recover despite a gradual return of offline economic activities [1]. - The competitive landscape has intensified, with domestic brands gaining market share; in 2023, local cosmetics captured 50.4% of the market, surpassing international brands for the first time [8][11]. - Factors contributing to the decline include the diversion of outbound tourism, loss of price advantages, and the rise of domestic alternatives [6][11]. Group 3: Strategic Responses - In response to declining tourism retail performance, companies are restructuring and appointing new leadership; for instance, Shiseido has integrated its China and travel retail businesses under unified management [9]. - L'Oréal is focusing on creating memorable shopping experiences tailored to the needs of millennial and Gen Z travelers, indicating a shift towards consumer-centric strategies [10]. - The beauty industry is witnessing a wave of executive changes, with at least eight significant appointments related to travel retail since last year, reflecting the urgency of addressing market challenges [9].

在第五届中国国际消费品博览会（以下简称"消博会"），美妆赛道又一次成为亮眼的存在。 据《中国经营报》记者不完全统计，包括雅诗兰黛、华熙生物、花西子、欧莱雅在内的多家美妆品牌亮 相。在现场，排队领小样、打卡拍照、产品体验等活动层出不穷，而美妆品类的站台也成为消博会现场 最热闹的地方之一。 实际上，在全球的免税市场中，化妆品的销售额占比一直都是名列前茅。本土品牌借消博会契机"秀肌 肉"，国际品牌也想要进一步"掘金"中国市场，而在海南召开的消博会则成为了品牌商们集中展示自己 的窗口。 国际美妆品牌"掘金"中国市场 实际上，此前中国市场一直被众多国际化妆品牌视为业绩增长引擎，尤其是高端化妆品市场一直被国际 品牌牢牢占据。但如今，随着国货品牌的崛起，消费者需求分化、渠道生态重构，在韩妆逐渐淡出中国 市场之后，其余国际美妆巨头或也面临着时代的挑战。 国际美妆品牌在中国市场的光环或正在削减的具体表现，就包括在华业绩下滑。如雅诗兰黛集团2025财 年第二季度（2024年9月30日至12月31日），包括中国市场在内的亚太市场的净销售额同比减少11%至 12.87亿美元；欧莱雅2024年全年销售额同比增长5.6%，而北亚地区销售 ...

欧莱雅美国存托凭证股价上涨5.3%，第一季度销售业绩超预期。 ...

4月16日，有消息指欧莱雅中国旅游零售部门裁员，比例或多达50%。对此，欧莱雅方面向 南都记者澄清，消息中指"欧莱雅中国旅游零售部门裁员"表述有误，欧莱雅中国没有旅游零 售部门，应为欧莱雅旅游零售部门。同时欧莱雅方面表示"此前报道有失真实"，但并未否认 计划裁员。 欧莱雅对南都记者回应："应对旅游零售市场的快速变化，欧莱雅旅游零售业务正积极推进转型，以加 速业务增长。我们进行此次转型，旨在提升我们对市场变化和消费者需求的响应速度，为消费者构建更 敏捷、高效的服务体系。我们始终致力于支持员工，并积极为受影响的员工寻求发展机遇。在此，我们 感谢您的问询，并且确认此前报道有失真实。我们对旅游零售美妆行业的未来发展满怀信心，新模式将 助力我们不断创新、突破零售局限，重塑消费者在美妆消费旅程中的体验。" 南都记者亦通过欧莱雅方面向其旅游零售部门求证，截至发稿前未收到该部门回复。 据南都此前报道，欧莱雅2月7日发布2024年年度财报，销售额增长5.1%至434.8亿欧元创历史新高，营 业利润率达到创纪录的20%，营业利润86.88亿欧元，同比增长6.7%。财报显示，除北亚区外所有市场 实现同比增长，北亚区销售额同比下降3 ...

亚洲市场的旅游零售渠道业绩下滑是各大国际美妆集团在财报中提及的问题。 雅诗兰黛集团2025财年第二季度财报称，其护肤业务受亚太地区整体零售环境和亚洲旅游零售业务的影 响，净销售额在其四大业务板块中下滑幅度最大。雅诗兰黛集团总裁兼首席执行官司泰峰称，就旅游零 售业务而言，该集团未来将更深入且紧密地与当地市场开展协同工作。此外，日本化妆品公司资生堂集 团将于2025年继续推进的全球结构性改革措施中，"强化中国及旅游零售一体化运营"被列为其改革措施 中的一环。 （原标题：欧莱雅中国正推进旅游零售业务转型） 有市场消息称，欧莱雅中国旅游零售部门将裁员，比例或达50%。针对这一传闻，欧莱雅中国于4月16 日回复经观察报称，该消息有失真实。但欧莱雅中国的确为应对旅游零售市场的快速变化，推进旗下旅 游零售业务的转型，以加速业务增长。 欧莱雅中国称，此次转型旨在提升欧莱雅中国对市场变化和消费者需求的响应速度，为消费者构建更敏 捷、高效的服务体系，"新模式将助力欧莱雅不断创新、突破零售局限，重塑消费者在美妆消费旅程中 的体验"。但针对新模式的具体情况及裁员细节，截至发稿，欧莱雅中国暂未作说明，只表示会为受影 响的员工积极寻求发 ...

近日，有媒体报道，欧莱雅中国旅游零售部门计划裁员，裁员比例或高达50%，主要原因系近两年中国 旅游零售渠道业绩不振。 针对上述消息，青眼号外第一时间向欧莱雅中国求证，对方表示："报道中提及的受影响员工的比例有 误。我们始终致力于支持员工，并积极为受影响的员工寻求内部机遇。" 被传裁员50%？欧莱雅回应：不实 据公开报道，两位接近欧莱雅中国旅游零售部门人士透露，该部门计划裁员，裁员比例或高达50%，主 要原因系近两年国内旅游零售渠道业绩不佳。 亚洲旅游零售下滑10%，海南市场系主因 不过，报道显示，另有接近欧莱雅人士透露，目前裁员尚未开始，部分被裁员工将被给予n+5（工作年 限加五个月）的工资补偿。 对于此次裁员的传闻，青眼号外第一时间向欧莱雅中国进行求证。欧莱雅中国方面回应表示，"报道中 提及受影响员工的比例有误。我们始终致力于支持员工，并积极为受影响的员工寻求内部机遇。" "欧莱雅旅游零售业务正积极推进转型，旨在加速业务增长，进一步巩固我们的市场领导地位。目前旅 游零售美妆市场变化迅速，旅行者数量大幅增加，人们对于旅行和美妆的需求也持续高涨。我们基于该 市场态势进行此次转型，旨在提升我们对市场变化和消费者需 ...

金十数据4月17日讯，近日，有媒体报道，欧莱雅中国旅游零售部门计划裁员，裁员比例或高达50%， 主要原因系近两年中国旅游零售渠道业绩不振。针对上述消息，欧莱雅中国表示："报道中提及的受影 响员工的比例有误。我们始终致力于支持员工，并积极为受影响的员工寻求内部机遇。欧莱雅旅游零售 业务正积极推进转型，旨在加速业务增长，进一步巩固我们的市场领导地位。目前旅游零售美妆市场变 化迅速，旅行者数量大幅增加，人们对于旅行和美妆的需求也持续高涨。我们基于该市场态势进行此次 转型，旨在提升我们对市场变化和消费者需求的响应速度，为消费者构建更敏捷、高效的服务体系。" （36氪） 部门裁员50%？欧莱雅回应：不实 ...