谁“拯救”了雅诗兰黛

Core Viewpoint - Estee Lauder has reported a return to growth in its organic sales, driven by a recovery in the Chinese mainland market and an increase in travel retail business, following five consecutive quarters of declining net sales [2][3]. Group 1: Financial Performance - In the first quarter of fiscal year 2026, Estee Lauder's net sales reached $3.48 billion, with organic net sales growing by 3%. The company reported a net profit of $47 million, a significant turnaround from a loss of $156 million in the same period last year [2]. - The Chinese mainland market emerged as the fastest-growing region for Estee Lauder, with net sales of $530 million, reflecting a year-on-year increase of 9% [5]. - The company's overall sales performance showed a positive trend, with the Americas region contributing the largest share at 33.7%, followed by the EUEM region at 25.9%, Asia-Pacific at 25%, and the Chinese mainland at approximately 15.4% [5]. Group 2: Market Dynamics - The growth in the Chinese mainland market is attributed to strong performance in the fragrance category and effective inventory optimization, with both online and offline channels showing positive results [6][9]. - Estee Lauder's CEO expressed satisfaction with the growth in market share across its entire brand portfolio, indicating that the growth is not limited to a few brands but is widespread [3]. - The company has implemented a significant operational transformation strategy called "Reimagining Beauty," aimed at restructuring, optimizing operations, and increasing investment to drive sales growth [3]. Group 3: Brand and Product Strategy - Estee Lauder's high-end beauty segment has seen positive retail sales growth, with seven brands achieving double-digit growth, particularly the high-end fragrance brand Le Labo, which has expanded its presence in the Chinese market [9][10]. - The sales of fragrances reached $721 million, marking a 14% year-on-year increase, the highest growth rate in nearly three fiscal years [9]. - The restructuring of the brand lineup in the Chinese mainland market has led to a focus on high-margin products, with a notable shift towards expanding the fragrance category [10]. Group 4: Future Outlook - The management anticipates positive sales performance in the first half of fiscal year 2026, driven by the recovery in global travel retail and the Chinese market [11]. - The company has observed a resurgence in consumer confidence, particularly in the travel retail sector, which is expected to contribute to sales growth during key shopping periods [11].