| | 3rd quarter 2025 | | | Nine mor | | --- | --- | --- | --- | --- | | | Growth | | | | | | €m Like-for-like | | Reported | €m Like-f | | By Division | | | | | | Professional Products | 1,233.0 | +9.3% | +6.1% | 3,779.6 | | Consumer Products | 3,763.4 | +3.8% | +0.4% | 12,176.4 | | Luxe | 3,719.7 | +2.5% | -1.5% | 11,377.6 | | Dermatological Beauty | 1,617.6 | +5.1% | +1.1% | 5,473.4 | | Group Total | 10,333.7 | +4.2% | +0.5% | 32,807.0 | | By Region | | | | | | Europe | 3,572.9 | +4.1% | +4.6% | 11,107.4 ...

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 ...

Core Insights - Kering Group and L'Oréal Group have announced a long-term strategic partnership in the high-end beauty and health sectors, with L'Oréal acquiring the luxury fragrance brand Creed for a total transaction value of €4 billion (approximately ¥33.23 billion) [2][5][10] Group 1: Strategic Partnership - The partnership allows Kering to focus on its core strengths, enhancing the creativity and appeal of its brands while Creed will benefit from L'Oréal's resources to accelerate its global market expansion [3][6] - The agreement includes a 50-year exclusive licensing deal for L'Oréal to develop, produce, and distribute Gucci fragrance and beauty products after the current agreement with Coty expires [5][6] Group 2: Financial Performance - Kering has experienced declining performance, with revenue dropping from €20.3 billion in 2022 to €17.2 billion in 2024, and net profit falling from €3.614 billion to €1.133 billion [10][11] - The beauty division of Kering reported an operational loss of €60 million in the first half of the year, indicating challenges in managing its beauty business [11] Group 3: Market Dynamics - The acquisition is seen as a strategic move for L'Oréal to enhance its brand portfolio and market share in the high-end beauty segment, leveraging Kering's luxury brand assets [8][9] - Experts suggest that the sale allows Kering to streamline its operations and focus on its core luxury goods business, which may improve its financial metrics [11][12]

Core Insights - L'Oréal Group's same-store sales growth for Q3 was 4.2%, marking the second consecutive quarter below analyst expectations [1] Summary by Category Sales Performance - The total sales for L'Oréal Group in Q3 increased by approximately 0.5% year-on-year, reversing the decline seen in Q2 [1] - Same-store sales in the North Asia region, which includes mainland China, achieved nearly 5% growth, recovering from a decline in Q2, driven by the revival of the high-end skincare market and new product innovations [1] - In North America, same-store sales growth slowed from over 8% in Q2 to 1.4%, significantly below the analyst forecast of 4.4%, potentially impacted by IT system adjustments and possible tariff effects [1]