欧舒丹拟赴美IPO：估值500亿的洗护巨无霸要来了？

Core Viewpoint - L'Occitane is shifting its IPO focus from Hong Kong to the US market, aiming for a higher valuation amidst a competitive beauty industry landscape [2][5][11] Group 1: IPO Details - L'Occitane was privatized in 2024 with a valuation of €6 billion (approximately ¥48.82 billion) after 14 years on the Hong Kong Stock Exchange [4] - The company is exploring the possibility of an IPO in the US as early as this year, having engaged JPMorgan and Morgan Stanley for the process, although specific details are still under discussion [4] - For the fiscal year 2025, L'Occitane reported revenues of €2.8 billion, an increase of approximately 11.7% from €2.5419 billion in the previous year, driven by its brand portfolio [4] Group 2: Market Valuation and Preferences - L'Occitane's decision to pursue a US IPO rather than returning to Hong Kong or entering the European market is primarily driven by the desire to enhance its valuation [5] - The valuation logic for beauty brands differs significantly between Hong Kong and the US, with Hong Kong beauty companies like Shiseido and Maogeping having an average P/E ratio exceeding 30, while leading A-share beauty brand Proya has a P/E ratio of about 21 [5] - The US market shows a higher recognition for natural and organic beauty products, which aligns well with L'Occitane's business focus [8] Group 3: Business Performance and Growth Drivers - L'Occitane's core focus on natural skincare and organic cosmetics has led to significant growth, with its body care brand Sol de Janeiro contributing 31.6% to group revenue in fiscal year 2025, a 460 basis point increase, and revenue reaching €884.8 million, up 29% year-on-year [8] - The brand's fragrance line is highly competitive in the North American market, with its Cheirosa mini body spray ranking first in Ulta's beauty sales, generating over $15 million in sales for a single $26 product [8] - The global cosmetics market is projected to reach $32.805 billion in 2025, with the US market expected to grow to $9.571 billion, reflecting a compound annual growth rate of 6.19% [11] Group 4: Competitive Landscape and Strategic Considerations - The beauty market is becoming increasingly competitive, with major players like L'Oréal dominating through comprehensive product lines and channel advantages, while domestic brands are expanding internationally [17] - L'Occitane's shift to the US market provides a new reference for beauty brands with global operations, emphasizing the importance of aligning capital market choices with business focus [17] - The upcoming IPO is not only a strategy for L'Occitane to secure a higher valuation but also serves as a case study for capital operations in the global beauty industry [18]