欧莱雅们的“免税之困”

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].