谁在围剿雅诗兰黛？

Core Viewpoint - Estée Lauder is experiencing a paradoxical situation in 2026, marked by significant layoffs and restructuring alongside a recovery in performance driven by cost-cutting measures. Despite this, major Wall Street firms have raised their ratings and target prices for the company [5]. Group 1: Company Performance - Over the past five years, Estée Lauder's market value has decreased by $110 billion, but it managed to recover $21 billion last year. However, its stock performance has diverged sharply from that of competitors like L'Oréal [5]. - The main brand, Estée Lauder, saw its average price on the Taobao platform drop below ¥600, leading to questions about the brand's perceived value among consumers [7]. - In the fiscal year 2025, Estée Lauder reported a net sales increase of 4% year-over-year, but its operating profit margin fell to 7.3%, a decline of over 300 basis points [7][10]. Group 2: Market Challenges - The company has faced a continuous decline in operating profit for five consecutive years, with a projected loss of $11.33 billion in fiscal year 2025 [10]. - In 2023, Estée Lauder's sales dropped by 7% and net profit fell by 69%, attributed to a weak high-end beauty market in the Asia-Pacific region [12]. - The company launched a "Profit Recovery and Growth Plan" in November 2023, which was later expanded into a major operational transformation under new CEO Fabrizio Freda [12][14]. Group 3: Competitive Landscape - Estée Lauder's reliance on travel retail has become a liability, with a 45% decline in organic sales in this channel in Q1 2023, primarily due to reduced replenishment orders [20]. - The competitive landscape has shifted, with domestic brands like Perfect Diary gaining significant market share, leading to a decline in Estée Lauder's high-end market position [25][29]. - The company has struggled with internal conflicts between travel retail and local market teams, which has contributed to pricing issues and a fragmented market strategy [23][24]. Group 4: Strategic Adjustments - Estée Lauder is attempting to integrate its travel retail and conventional retail strategies to address pricing conflicts and improve overall performance [23]. - The company is also facing challenges from a saturated market where high-end brands are increasingly competing with affordable alternatives, making it difficult to maintain premium pricing [27][29]. - The shift in consumer preferences towards domestic brands and value-driven products has forced Estée Lauder to reconsider its market approach and product offerings [25][29].