11月17日，美妆巨头欧莱雅集团宣布对中国纯净护肤品牌LAN兰进行少数股权投资，标志着其中国投资公司美次方成立以来首次投资本土护肤品牌。与 此同时，日本乐敦制药旗下品牌肌本科发布天猫旗舰店终止经营公告，预计将于2025年12月11日正式关闭。这一进一退之间，清晰映射出中国美妆市场正 在经历的重大洗牌：具备科技创新能力的本土品牌正赢得国际认可，而部分反应迟缓的国际品牌则面临严峻挑战。 欧莱雅为何选中LAN兰？ 美次方此次投资LAN兰，获得了欧莱雅集团战略创新风险投资基金BOLD的全力支持。虽然具体投资金额未公开，但这次合作被视为欧莱雅深化在中国美 妆科技领域布局的关键一步。欧莱雅北亚总裁兼中国首席执行官博万尚直言，此次投资充分体现了中国市场在集团全球战略中的核心地位，双方在"美与 科学"追求上的高度契合为合作奠定了坚实基础。 从美次方的投资轨迹来看，这一选择绝非偶然。自成立以来，美次方在中国的投资多集中在香氛、原料创新等领域，先后投资了高端香氛品牌"闻献""观 夏"以及生物材料企业"杉海创新""未名拾光"。数字化、研发、美学、原创始终是其投资的关键词，而LAN兰恰好精准匹配了这一标准。 六年成长，年销破10亿的 ...

2025年11月17日，码荟成员护肤品牌「LAN兰」获得欧莱雅集团少数股权投资。本次投资由欧莱雅中国旗下上海美次方投资有限公司(以下简称"美次方") 进行，并得到了欧莱雅集团战略创新风险投资基金公司BOLD (Business Opportunities for L'Oréal Development)的支持。这也是美次方投资的首个中国本土 护肤品牌。 「LAN兰」于2019年创立于杭州，是中国纯净护肤品牌。凭借兼具高效与愉悦体验的差异化产品，以及极具辨识度的自然极简美学，品牌精准触达了消 费人群对功效、疗愈的养肤诉求。依托"分子油萃""植物愈伤"等前沿生物科技，品牌成功推出时光兰花、凤凰美白等融合东方智慧与精简护肤理念的明星 系列，如今已实现全线产品100%自主研发。2023至2024年，「LAN兰」连续两年蝉联全国面部精华油销量第一，真正实现了从"以油养肤"赛道创新者到 行业领航者的全面跨越。 [LAN兰]时光兰花系列（左）精华油全系列(右） 「LAN兰」品牌创始人丁小兰表示："在东方文化中，兰被誉为高洁的隐士，象征着向内探寻、安静生长的力量。我们始终以兰为名、以兰为志，专注内 心沉淀，致力于为每一位用户 ...

Core Insights - The total number of cosmetic registrations surged by 52.87% in April 2025 compared to March, reaching 38,261, with domestic non-special cosmetics dominating the market at 94.97% [1] - The implementation of the "Cosmetic Safety Assessment Technical Guidelines" has led to longer registration processes and increased costs, causing a structural decline in the number of registrations for various efficacy categories [1] - The market for functional skincare products is undergoing a structural adjustment, with a notable shift towards gentle ingredients and innovative raw materials [4][6] Market Dynamics - The market for efficacy-based skincare products in China expanded from 10.2 billion to 37 billion yuan from 2017 to 2022, with projections to reach 62.3 billion yuan by 2026 [2] - The registration of lip care products increased significantly, with a rise from 0.6% to 1.6% of total registrations, indicating a growing consumer demand for specific benefits such as wrinkle reduction and sensitivity relief [3] Ingredient Trends - Sodium hyaluronate (hyaluronic acid) led the active ingredient market with 16,400 registrations, benefiting from technological advancements that enhance its efficacy [4] - Traditional active ingredients like allantoin and Sophora flavescens extract saw a decline in demand, while natural oils like squalane and jojoba oil remained resilient [4] - The non-active ingredient market experienced a downward trend, with all ingredient registrations declining by 15.82% to 53.17% [4] Regulatory Environment - Local governments are exploring efficient service models to address the complexities of the registration process, with initiatives in Qingdao and Anhui aimed at reducing registration times and costs [6] - National policies are being released to support innovation in cosmetic ingredients, including provisions for simultaneous application of new ingredients and associated products [6] Innovation and Consumer Demand - The dual pressures of stringent regulations and rising costs are pushing the beauty industry towards "micro-innovation" rather than major overhauls, focusing on formula optimization and process upgrades [1][6] - There is a strong consumer demand for innovative and effective ingredients, indicating a shift in market dynamics where new raw materials are beginning to challenge traditional ingredients [4][6]

Core Viewpoint - The company Drunk Elephant will completely exit the Japanese market by June 30, 2024, including both online channels and six physical stores, less than four years after its introduction to Japan [2][3]. Group 1: Company Performance and Strategy - Drunk Elephant was acquired by Shiseido in 2019 for $845 million, with the expectation that it would become a key growth driver for the group [3][4]. - Initially, Drunk Elephant showed strong performance, contributing positively to Shiseido's financial results, with a 14% year-on-year growth in Q1 2020 despite declines in other brands [5][6]. - However, sales began to decline significantly, with a 25% drop in 2024 and a staggering 65% decline in Q1 2025, particularly in the Americas and Europe [5][7]. Group 2: Market Dynamics and Challenges - The clean skincare market has become increasingly competitive, making it difficult for Drunk Elephant to maintain its market share [6][8]. - Shiseido has faced overall performance challenges, with a net sales figure of 990.586 billion yen in 2024, a 1.8% increase, but a significant drop in operating profit by 73.1% [7]. - The shift in consumer preference towards efficacy-driven skincare over clean skincare has further complicated Drunk Elephant's position in the market [8]. Group 3: Future Outlook - The exit from Japan is viewed as a strategic adjustment for Shiseido, allowing the company to focus resources on markets with better growth potential [7][8]. - There is uncertainty regarding whether Drunk Elephant will exit other markets, as Shiseido has not provided specific responses to these questions [8].