欧莱雅告别高增长

Core Viewpoint - L'Oréal is experiencing a slowdown in its previously high growth model, with sales growth and net profit declining, particularly impacted by increased competition in the Chinese market and market saturation [1][3]. Sales Performance - In 2025, L'Oréal's sales reached €44.05 billion, a year-on-year increase of 1.3%, while net profit was €6.13 billion, down 4.4% [3]. - The sales figures for previous years show a gradual decline in growth: €43.48 billion in 2024 (5.1% growth) and €41.18 billion in 2023 (11% growth) [3]. - L'Oréal emphasizes a "recovery" narrative, highlighting strong performance in North America and China in the latter half of the year [3]. Market Challenges - The North Asia market, including China, saw a reported sales decline of 2.2% in 2025, but a year-on-year growth of 0.5% [4]. - The competitive landscape is intensifying, with local brands gaining market share and the overall beauty market in China facing saturation [4][9]. - The Chinese beauty market is projected to reach ¥1.104245 trillion in 2025, growing by 2.83% year-on-year, maintaining its position as the largest cosmetics market globally [8]. Strategic Initiatives - L'Oréal is actively seeking growth through strategic acquisitions, such as increasing its stake in Galderma to 20% to enhance its presence in the aesthetic market [6][7]. - The company is also expanding its high-end beauty brand portfolio, including a long-term strategic partnership with Kering Group for luxury beauty and fragrance brands [7]. Competitive Landscape - Competitors like Estée Lauder are also focusing on the Chinese market, reporting a 13% organic net sales growth in the second quarter of 2026 [8]. - Domestic brands are gaining a significant market share, with local brands holding 57.37% of the market, posing challenges for L'Oréal in the mid-to-low-end segments [9].