国际美妆巨头的潮水方向变了：LVMH被传“瘦身”二线品牌，韩妆借功效卷土重来，丝芙兰押注国潮抖音爆款

Core Insights - The Chinese beauty market is shifting from "incremental dividends" to "stock game," leading international giants to rethink their strategies as traditional high-entry tactics fail [1] - LVMH is reportedly planning to divest several brands, including Make Up For Ever, while Amorepacific is focusing on repeat purchases with its efficacy-driven brand Aestura [1][9] - Sephora is now featuring popular domestic brands that emerged from Douyin, indicating a significant shift in its product selection strategy [2][4] Group 1: Sephora's Strategy Shift - Sephora has introduced a "next hot product" section in stores, showcasing brands like Sanzi Tang and BABI, which previously gained popularity through Douyin [2] - The introduction of these brands is a response to declining sales, with Sephora China reporting a 12.3% revenue drop and a cumulative loss exceeding 1 billion yuan since 2022 [3] - The company is expanding its product range to include more affordable and effective brands, moving away from solely high-end offerings [4] Group 2: LVMH's Brand Management - LVMH is evaluating the sale of brands like Fresh and Make Up For Ever, which have been underperforming, with the latter experiencing eight consecutive years of losses [7][8] - The company aims to focus on core brands that can drive revenue, such as Dior and Guerlain, while divesting from those that do not meet performance expectations [8] - The shift reflects a broader industry trend where luxury brands are reassessing their portfolios and focusing on profitability rather than brand quantity [8] Group 3: Amorepacific's Market Entry - Amorepacific has introduced its efficacy-focused brand Aestura to the Chinese market, targeting the growing demand for post-medical skincare solutions [9][10] - The brand's strategy involves building trust through clinical data and leveraging its reputation in Korean hospitals, although it faces challenges in establishing credibility in China [9][10] - Aestura's success could signify a turning point for Korean beauty brands in China, emphasizing the need for efficacy and repeat purchases over mere brand recognition [10]