Press release - Kering and L'Oréal forge a beauty alliance - 20251019 PRESS RELEASE  KERING AND L’ORÉAL FORGE AN ALLIANCE IN BEAUTY AND WELLNESS Paris and Clichy, France. October 19, 2025 – Kering and L’Oréal announced today that they are entering a long-term strategic partnership in luxury beauty and wellness. This binding agreement encompasses the acquisition of the House of Creed by L’Oréal, the beauty and fragrance licenses of iconic Houses of Kering and an exclusive venture to explore business opportun ...

Investment Rating - The report does not explicitly state an investment rating for the beauty and personal care industry in China. Core Insights - The Chinese cosmetics market is projected to grow from RMB 531.1 billion in 2019 to RMB 688.6 billion in 2024, with a compound annual growth rate (CAGR) of 5.3% [7][8] - The skincare category dominates the market, accounting for over 60% of the total market share, while the fragrance category shows the fastest growth with a CAGR of 11.3% from 2019 to 2024 [11][12] - The rise of AI technology is reshaping the beauty and personal care value chain, enhancing user insights and brand upgrades [5][25] Market Overview - The Chinese cosmetics market is experiencing a recovery trend, driven by increased consumer confidence, technological advancements, and innovative product development [7][8] - The market is segmented into skincare, personal care, makeup, and fragrance, with skincare being the largest segment [9][11] - The market is expected to continue its growth trajectory, with a projected market size of RMB 688.6 billion by 2024 [7][8] Consumer Behavior - Consumers are becoming more rational and focused on efficacy, leading to a demand for precision skincare and personalized products [26][28] - The Z generation is driving the shift towards personalized and innovative products, with a significant preference for brands that offer customization [28][29] - There is a growing emphasis on natural and safe ingredients, with consumers increasingly favoring products that align with health and wellness trends [20][21] Technological Integration - AI is becoming a critical tool in the beauty industry, facilitating personalized recommendations and enhancing product development through data analysis [30][34] - The integration of AI in marketing and content generation is transforming how brands interact with consumers, making recommendations more tailored and effective [36][38] - AI-driven innovations, such as virtual try-ons and personalized skincare solutions, are enhancing consumer experiences and brand loyalty [37][39] Market Dynamics - The rise of plant-based ingredients is a significant trend, with an increasing focus on natural formulations and the use of AI to match individual skin needs [17][18] - The blending of fragrance with personal care products is gaining traction, as brands seek to create emotional connections with consumers through scent [20][21] - The beauty tech sector is expanding, with devices that combine skincare routines with AI capabilities for personalized care [23][24]

自疫情爆发以来，美妆个护行业的并购活动相比其他行业具有更强的韧性。 2024年美妆个护行业的并 购交易总数量达到了历史新高。 该行业的复苏能力得益于有利的宏观趋势，为其在未来实现可持续增 长以及扩大利润空间提供了支撑。 与X世代和婴儿潮一代相比，千禧一代、Z世代和阿尔法世代更加关注健康和幸福指数，这使得他们 对产品的使用率更高、购买量更大，并且更愿意为产品支付更高的价格，因而持续吸引着投资者的关 注。然而疫情也凸显出了消费者偏好的转变。虽然美妆个护市场的某些领域受到了广泛关注，但其他 领域却面临着挑战，这表明市场分化正在加剧。 对投资者来说未来12到18个月是一个难得的机遇期。 大型跨国公司正面临重新平衡其投资组合的压 力，资产剥离的情况将变得越来越普遍。与此同时，寻求回笼资金的私募股权投资者会处置那些持有 时间较长的资产，这将进一步增加市场上资产的供应。我们预计这将为投资者创造难得的机会，使其 能够以优惠的估值收购资产。 但随着优质资产日益稀缺，同时流动性得以恢复，来自企业和私募股权的竞争可能会引发竞价大战。 对于那些寻求投资组合转型、实现增长并在美妆个护市场占据领先地位的投资者来说，现在正是适合 采取行动 ...