Group 1 - Aesop, a high-end personal care and fragrance brand under L'Oréal, will close its first store in mainland China located in Shanghai due to the expiration of the lease, despite the overall growth in L'Oréal's fragrance sales [1][2] - L'Oréal's Q1 report indicates a total sales growth of 4.4%, with fragrance sales experiencing a significant increase of 15% to 17%, highlighting the fragrance business as a key growth driver for the company [3][6] - Aesop's online sales show potential for growth, with individual product prices ranging from 300 to 1000 yuan, but its sales volume lags behind competitors like Jo Malone and Dior, which exceed 10,000 units sold monthly [2][3] Group 2 - The global fragrance market is projected to reach between $57 billion and $61 billion in 2024, with an expected compound annual growth rate of 14.73% in the Chinese market, indicating substantial growth potential [6] - L'Oréal has made significant investments in various fragrance brands, including a lead investment in the Korean brand BORNTOSTANDOUT and acquiring a minority stake in the Middle Eastern brand Amouage, aiming to expand its presence in both European and American markets [4][5] - The Chinese fragrance market, currently representing only 6% of the global market, is anticipated to experience explosive growth, as it is still in its early stages compared to skincare, which holds a 27% market share [6]