Core Viewpoint - L'Oréal is aggressively expanding its high-end beauty portfolio through significant acquisitions, including a €4 billion deal for Kering's beauty business, aiming to enhance its luxury brand matrix and secure long-term growth opportunities in a challenging market environment [1][4]. Group 1: Recent Acquisitions and Strategic Moves - L'Oréal announced the acquisition of Kering's beauty business for €4 billion, gaining 50-year beauty licenses for brands like Gucci and Balenciaga [1]. - The company has also acquired niche luxury fragrance brand Creed and secured long-term minority stakes in other high-end brands, filling gaps in its premium beauty offerings [6]. - L'Oréal's CEO indicated plans to discuss potential collaborations with the Armani Group, reflecting a strategy to leverage high-end brand partnerships for growth [1][4]. Group 2: Financial Performance - L'Oréal reported a sales revenue of €32.81 billion for the first nine months of 2025, with a like-for-like growth of 3.4% [3]. - The North Asia region achieved its first comparable growth in two years, with a 0.5% increase, driven by the recovery of high-end cosmetics [10]. - The professional products division led growth with a 7.4% increase, while the luxury segment saw a modest 2.2% growth [3]. Group 3: Market Positioning and Future Strategy - L'Oréal aims to transition from a brand manager to an "ecosystem builder," seeking to create synergies with Kering to explore new growth avenues [4]. - The company is focusing on enhancing its capabilities in customer engagement and digital innovation, which are critical in the current competitive landscape [8][11]. - The luxury beauty market is experiencing rapid growth, particularly in niche high-end fragrances, which L'Oréal is now better positioned to capitalize on with its recent acquisitions [6][12].

（原标题：欧莱雅豪赌高端化：向"全奢美妆"巨头迈进丨美妆变局） 21世纪经济报道记者 陶力 上海报道 过去的一周，美妆巨头欧莱雅动作频频。 继10月20日宣布以40亿欧元（约合332亿元人民币）收购开云集团旗下美妆业务，获得古驰、巴黎世家 等三大品牌50年美妆授权后，欧莱雅CEO叶鸿慕紧接着在10月21日接受媒体采访时释放明确信号：集团 准备根据阿玛尼先生的遗嘱考虑与阿玛尼集团进行讨论。 如此密集的投资布局，其逆周期加速扩张的野心显露无遗。一方面，欧莱雅通过"抄底"收购其他品牌快 速填补高端美妆矩阵短板，特别是在增长放缓背景下，急需古驰、阿玛尼等超级品牌注入增长新动能。 另一方面，在美妆市场分化加剧之时，抢先锁定未来50年核心奢侈品牌资源，构建授权壁垒。 这不仅是简单的规模扩张，更是在行业转型期的卡位之举。10月22日，欧莱雅披露了公司前三季度的业 绩，其销售额达到328.07亿欧元，按可比口径和相同汇率增长3.4%，调整后增长3.7%。随着北美和中国 大陆市场持续复苏，欧莱雅各事业部和区域也均实现增长。财报指出，北亚地区在陷入连续两年的增长 停滞之后，首次实现可比增长转正，前九个月增长0.5%。 未来，欧莱 ...