伴随科学变美逐步成为求美者的核心诉求，美妆与医美的边界正不断被打破。从功效护肤品与医用敷料的概念交融，到美妆巨头直接入股医美企业，跨界 融合已从可选动作变为必答题。 而欧莱雅集团对高德美持续增持的动作，正是这场行业变革中代表性的缩影，其背后折射的不仅是一家企业的战略选择，或间接表达了整个行业的发展方 向。 2025年12月，美妆圈与医美圈的跨界版图再添猛料——欧莱雅集团高调宣布，从殷拓集团（EQT）牵头的财团手里再拿下专业皮肤学公司高德美（瑞士证 交所代码：GALD）10%的股权。 这波操作直接让欧莱雅的持股比例从2024年8月初次入局时的10%翻倍至20%，成为美妆巨头抢滩医美赛道的典型案例之一。 从行业视角看，这一动作具有鲜明的行业指向性——欧莱雅2014年从高德美抽身，2024年以战略投资者身份回归，如今又加码增持，十年间的战略调整， 在很大程度上反映出医美市场的强劲吸引力。 这次股权交易的卖家是Sunshine SwissCo GmbH，背后站着殷拓集团、阿布扎比投资局（ADIA）和Auba Investment Pte. Ltd. 三大资本。 虽然交易还得走常规监管流程，预计2026年一季度才能落定 ...

Core Insights - The beauty industry is transitioning from a phase of "easy growth" to a "complex new stage" globally, with significant challenges ahead [2][5] - The McKinsey report predicts a global beauty market size of $441 billion in 2024, with a growth rate of 7% from 2022 to 2024, but a decline to 5% from 2024 to 2030 [3][4] - The Chinese beauty market is projected to account for 15% of the global market in 2024, with a compound annual growth rate (CAGR) of 3% from 2019 to 2024, but a significant drop to -3% from 2021 to 2024 [7][10] Regional Analysis - The Chinese beauty market has lost $6.33 billion (approximately 454 billion yuan) over four years, indicating a downturn post-pandemic [7] - The beauty giants are now looking for growth opportunities in emerging markets, particularly in the Middle East, Africa, and India, which are showing higher growth rates [11][12] - In 2024, major companies like L'Oréal and Unilever are increasing investments in emerging regions, with Unilever investing in seven Indian brands [13][14] Category Opportunities - Skincare remains the largest category in the beauty market, accounting for 41%, followed by haircare (21%), color cosmetics (19%), and fragrance (19%) [17] - Fragrance has shown the highest growth rate of 8% from 2019 to 2024, and is expected to continue leading with a growth rate of 4-6% from 2024 to 2030 [18][20] - The demand for health, sun protection, and personal care products is rising, indicating a shift in consumer preferences towards efficacy and certainty [22][24] Growth Drivers - Future growth in the beauty industry will primarily come from volume rather than price increases, as consumers are increasingly focused on the real value of products [26][30] - Price increases have been met with consumer resistance, as seen with Estée Lauder and L'Oréal, indicating a need for brands to focus on product quality and differentiation [28][31] - The beauty market is being segmented into five price tiers, and brands must compete on product strength or pricing rather than simply lowering prices [30][32] Consumer Trends - There is a noticeable shift in consumer spending towards emotional and experiential purchases, as evidenced by high-value art sales and changing preferences in the beauty sector [33][34] - The focus on value, differentiation, and individuality will be key opportunities in the current market landscape [34]