有意出售城野医生，科赴急需新故事

Core Viewpoint - The company Kenvue is considering selling several beauty brands, including Dr.Ci:Labo, to focus on core brand development and drive performance growth [1][4]. Group 1: Brand Performance and Market Position - Dr.Ci:Labo, once a popular Japanese skincare brand, has been underperforming and is now seen as a liability for Kenvue [3][4]. - The brand was highly successful in Japan, achieving significant sales milestones, including being the top-selling toner in the Cosme awards and generating over 3.5 billion yuan in sales within six months of entering the Chinese market [3][4]. - After being acquired by Johnson & Johnson in 2019, Dr.Ci:Labo failed to maintain its growth trajectory and has since been a drag on Kenvue's performance [4][5]. Group 2: Financial Performance - Kenvue reported a net sales figure of $15.455 billion for 2024, with a slight year-on-year increase of 0.1%, but a significant net profit decline of 38% to $1.03 billion [5]. - The beauty and skin health division, which includes the brands being considered for sale, has been the most significant contributor to Kenvue's declining performance, with a 7.3% year-on-year drop in Q1 2025 [5][6]. Group 3: Market Challenges - The mid-to-low-end market positioning of Kenvue's brands, including Dr.Ci:Labo, faces intense competition from domestic brands in China and established brands in Western markets [4][6]. - The company is perceived to be struggling with a "has-been" label, as many of its brands lack strong competitive advantages in a rapidly evolving beauty market [6]. Group 4: Strategic Considerations - Analysts suggest that Kenvue needs to innovate its product offerings and enhance brand positioning to regain market competitiveness [5][6]. - The potential sale of underperforming brands is seen as a necessary step for Kenvue to mitigate losses and refocus on more promising opportunities [5][6].