外资美妆“利润保卫战”

Core Insights - Foreign beauty companies are focusing on "profit first" strategies, with significant changes being implemented as they approach the 2025 mid-year report [2][8] - Companies like Shiseido, L'Oréal, and Estée Lauder are experiencing varying degrees of sales and profit fluctuations, indicating a collective shift towards profit recovery [2][10] Financial Performance - Shiseido's sales fell by 7.6% to 469.83 billion yen in the first half of 2025, but core operating profit rose by 21.3% to 23.37 billion yen [2] - L'Oréal reported a 3% increase in sales to 22.473 billion euros, with operating profit growing by 3.1% to approximately 4.74 billion euros, although both figures were lower than the previous year's growth rates [2] - Estée Lauder's net sales dropped by 10% to 3.55 billion USD in the first three months of the year, with net profit down by 52% to 159 million USD, although it managed to turn a profit compared to the previous quarter [2] Strategic Initiatives - Companies are implementing cost control and operational efficiency measures, with Estée Lauder announcing significant layoffs as part of its restructuring plan [3][6] - L'Oréal has focused on strict management of operating expenses, resulting in a record operating profit margin of 21.1% in the first half of 2025 [4] - Shiseido's action plan aims to restore profits through cost reductions and improved operational efficiency, targeting a core operating profit margin increase from 4.97% to 7% by 2026 [8][10] Product Strategy - Estée Lauder is expanding its high-margin product offerings, including a new perfume line in collaboration with luxury brand Balmain [6] - L'Oréal's CEO noted that high-end brands are experiencing stronger growth compared to mid-range brands, indicating a strategic shift towards premium products [6] Innovation and Technology - Companies are leveraging technology and innovation to drive growth, with L'Oréal adopting a "multi-polar model" and investing in local supply chains [7] - All three major beauty companies are embracing AI for various applications, including virtual try-ons and data insights [7] Market Challenges - The shift towards profit recovery reflects the increasing market competition and pressure on profit margins faced by these companies [8][12] - L'Oréal's sales in the Chinese market have shown signs of recovery, but overall performance remains challenged by declining consumer sentiment and competition [11][12] - Estée Lauder has faced multiple quarters of declining sales in the Asia-Pacific region, prompting a strategic pivot to reduce reliance on the Chinese market [12]