欧莱雅在中国市场遭遇“滑铁卢”，反应慢了？

Core Insights - 2024 is expected to be a challenging year for L'Oréal, particularly in the Chinese market, which has become a significant concern for the company [2] Group 1: Financial Performance - L'Oréal achieved a record sales figure of €43.48 billion in 2024, representing a year-on-year growth of 5.1% [2] - The operating profit reached €8.688 billion, with a year-on-year increase of 6.7%, resulting in an operating margin of 20% [2] - The North Asia market, which includes China, reported a sales decline of €10.3 billion, down 3.2% year-on-year, making it the only region with negative growth among L'Oréal's five major markets [2] Group 2: Market Dynamics - The growth rate of L'Oréal in the Chinese market has been declining, with previous growth rates exceeding 20% from 2019 to 2021, but dropping to low single-digit growth from 2022 onwards [2] - The first quarter of 2024 showed decent performance, but the second quarter experienced negative growth, which continued into the third and fourth quarters [2] - Factors contributing to the negative growth in the North Asia market include weak selective channels and pressure on travel retail sales [2] Group 3: Competitive Landscape - L'Oréal's revenue in China is primarily driven by mass-market and premium cosmetics, with brands like L'Oréal Paris and Lancôme being significant contributors [3] - The mass-market segment faces intense competition from local skincare brands that are gaining popularity due to the "national trend" and high cost-performance ratios [3] - In the premium segment, consumers are becoming more discerning, often opting for "alternative" products instead of high-end offerings, which diminishes L'Oréal's previous pricing advantages [3][4] Group 4: Adaptability Challenges - Local brands are quicker to respond to market changes and consumer demands due to their advantages in channels and supply chains, putting L'Oréal at a disadvantage [4] - The beauty market's dynamics have shifted, requiring brands to adopt more agile and flexible strategies to keep pace with rapid changes [4] Group 5: Future Outlook - In the first three quarters of 2025, the North Asia market reported sales of €7.35 billion, with a slight year-on-year growth of 0.5%, indicating a low growth state [5] - The Chinese market remains a crucial revenue source for L'Oréal, necessitating a focus on market trends and consumer demand changes to potentially restore high growth in the future [5]