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].

Core Insights - L'Oréal has made significant moves in the beauty industry, including a €4 billion acquisition of Kering's beauty business, which includes long-term beauty licenses for Gucci and Balenciaga, indicating a strategy to enhance its high-end beauty portfolio and secure luxury brand resources for the next 50 years [1][3] - The company aims to transition from a brand manager to an "ecosystem builder," exploring new growth opportunities through partnerships, particularly with Kering [2] - L'Oréal's Q3 2025 financial results show a total sales of €32.81 billion, with a like-for-like growth of 3.4%, driven by recovery in North America and mainland China [2][6] Acquisition Strategy - The acquisition of Kering's beauty business includes the buyout of the high-end niche fragrance brand Creed and long-term beauty licenses for Gucci, Bottega Veneta, and Balenciaga, which are expected to enhance L'Oréal's position in the luxury beauty market [3][4] - L'Oréal has also acquired professional hair care brand ColorWow and skincare brand Medik8, filling gaps in its high-end salon hair care and professional skincare segments [3] Market Performance - L'Oréal's sales growth in the North Asia region has turned positive for the first time in two years, with a 0.5% increase, attributed to the recovery of high-end cosmetics and innovative products from brands like Lancôme and Helena Rubinstein [6] - The professional products division led growth with a 7.4% increase, while the fragrance category continues to show strong performance [6] Competitive Landscape - The beauty industry is witnessing a shift towards brand matrix, channel innovation, and digital transformation, with L'Oréal's aggressive expansion in luxury beauty positioning it well against competitors like Estée Lauder [7][8] - Estée Lauder's recent acquisition of Tom Ford for $2.8 billion highlights a similar strategy in the luxury segment, despite facing challenges in organic sales growth [6][9] Future Outlook - L'Oréal's future collaboration with Kering is anticipated to unlock new growth avenues, particularly in the luxury beauty sector, as the company seeks to leverage its expertise in customer engagement and brand management [5][9]

未来，自然堂能重现毛戈平在资本市场上的辉煌吗？ 不过，自然堂的营收、利润增速，以及毛利率都远低于毛戈平。上半年，自然堂营收和利润为24.48亿 元和1.91亿元，分别同比增长6.4%和7.1%，毛利率达70.1%。相比之下，毛戈平同期营收和利润分别同 比增长31.28%和36.1%，毛利率更是高达84.2%。 此外，自然堂存在"重营销、轻研发"的问题。上半年，自然堂的销售及营收成本达13.5亿元，同比增长 5.5%，占营收的比例达55%。相比之下，同期研发开支仅4238.2万，同比下滑5.3%。 转自：贝壳财经 #自然堂三年砸近76亿营销#【自然堂冲击港股IPO：估值超71亿，95%收入依赖单一品牌】港股IPO如 火如荼，美妆企业也掀起了一波上市潮。9月29日，自然堂向港交所提交招股书，拟在主板挂牌上市。 最新一轮融资后，自然堂估值超过71亿元。 去年赴港上市的毛戈平备受资本市场追捧，为美妆企业上市打了一针强心针。今年来，毛戈平股价涨幅 接近70%，去年更是接近翻倍。 ...

（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 ...

当PDRN成分席卷美妆市场时，与之相关的14大衰老标志之一的「线粒体抗衰」却仍未迎来爆发时刻。这座掌控95%细胞能量的「生命工厂」，为何难以叩 开消费者的认知大门？但美妆巨头们的科研竞赛，正把战场推向细胞能量的最深处。 深度科普：线粒体功能障碍如何导致皮肤衰老？ 在微观的世界里，线粒体的"一呼一吸"对皮肤乃至整个人体的健康产生重要的影响。 早在2013年，《Cell》期刊便将"线粒体功能障碍"列为衰老的九大标志物之一，推动其研究从狭义的线粒体DNA（mtDNA）遗传病拓展至广义的与线粒体功 能障碍相关的疾病谱研究。线粒体作为皮肤细胞的能量工厂，为细胞活动提供95%的能量货币ATP，而皮肤抗氧化的核心——自由基（ROS）同样是能量生 产活动的副产物。 但想要入局线粒体抗老这一前沿技术赛道，首先要了解线粒体的工作和生存机制。 作为细胞呼吸的关键参与者和能量生产的"能量工厂"，双膜结构细胞器——线粒体对于维持细胞生存和发挥正常生理作用至关重要。 线粒体通过电子传递链（ETC）和三羧酸循环，将有机物质如葡萄糖等被氧化产生大量的三磷酸腺苷（Adenosine Triphosphate，ATP）[1]。 同时，线粒体还有 ...

Core Insights - L'Oréal is aggressively reshaping the beauty industry landscape through significant capital operations, including a €4 billion acquisition of Kering's beauty business and securing a 50-year beauty license for Gucci, Balenciaga, and Bottega Veneta [1][2] - The CEO has indicated readiness to negotiate the acquisition of the Armani brand, signaling a dual strategy of "licensing + acquisition" to intensify competition against rivals like Estée Lauder [1][4] Group 1: Strategic Acquisition - The €4 billion deal with Kering includes the outright purchase of the high-end niche fragrance brand Creed and a 50-year beauty license for Gucci, Bottega Veneta, and Balenciaga, alongside exploring new opportunities in health and longevity sciences [2] - The transaction is expected to be completed in the first half of 2026, with L'Oréal also required to pay royalties to Kering, positioning L'Oréal to lead in the high-growth niche fragrance market [2] Group 2: Financial Performance - L'Oréal's recent financial report shows a sales figure of €32.8 billion for the first three quarters of 2025, reflecting a year-on-year growth of 3.4%, with a notable acceleration to 4.9% in the third quarter [3] - The North Asia region has achieved its first positive growth in two years, with the Chinese mainland market showing single-digit growth in the third quarter, driven by the recovery of premium cosmetics and innovative products from brands like Lancôme and Helena Rubinstein [3] Group 3: Competitive Strategy - L'Oréal's strategic moves clearly demonstrate its ambition to compete with Estée Lauder, particularly in light of Estée Lauder's $2.8 billion acquisition of Tom Ford's entire business [4] - L'Oréal employs a flexible long-term licensing model for luxury brands like Gucci, allowing it to leverage their influence without the operational burden of fashion business management [4] Group 4: Industry Expansion - The collaboration between L'Oréal and Kering signifies a broader competitive landscape in the beauty industry, extending beyond traditional cosmetics into the health and longevity sectors [5] - L'Oréal's latest financial report highlights double-digit growth in online channels and strong performance in hair care and fragrance categories, indicating a focus on high-growth segments and digital channels [7] - The competition among beauty giants is evolving beyond product offerings to encompass brand matrices, channel innovation, and future technologies, intensifying the battle for market positioning [7]

Core Insights - Kering Group and L'Oréal Group have announced a long-term strategic partnership in the high-end beauty and health sectors [1][4] Group 1: Transaction Details - Kering Group will sell its beauty business, including the Creed salon fragrance brand, to L'Oréal Group [4] - L'Oréal will gain exclusive rights to Gucci brand fragrances and beauty products for 50 years after the expiration of the existing licensing agreement with Coty Group [4] - Kering will also grant L'Oréal exclusive rights for 50 years for the development, production, and distribution of fragrances and beauty products for Balenciaga and Bottega Veneta brands [4] - The total value of the transaction is €4 billion, to be paid in cash upon completion, which is expected in the first half of 2026 [4] Group 2: Strategic Initiatives - A strategic committee will be established to coordinate the collaboration between Kering's brands and L'Oréal Group [4] - Beyond beauty, Kering and L'Oréal will explore business opportunities in the high-end, health, and longevity sectors, planning to form a joint venture with equal equity stakes [4] Group 3: Business Performance - Kering Group's beauty division generated revenue of €150 million in the first half of 2025, reflecting a 9% year-on-year growth, primarily driven by the strong performance of the Creed brand [4] - The sale of the beauty division may be part of a significant restructuring initiative by Kering's new CEO [5]

近日，云南白药微信公众号发文，官宣推出采之汲"南诏花影"系列红花口红。 一方面美妆市场竞争激烈，不仅品牌数量众多而且不乏知名品牌，很多都建立在科研、技术等实力支撑之上；另一方面云南白药推出采之汲的时间并不算很 短，但是现在依旧处于不温不火的状态，可能也在一定程度上反映美妆市场没有那么好做。 当下药企"跨界"并不少见，只是需要注意的是，药品和美妆无论在产品打造、渠道布局还是营销逻辑上都存在显著区别。对于云南白药来说，要抢占美妆市 场份额、做大美妆业务仍然存在很多挑战。 2011年，云南白药就推出了药植光损修护品牌采之汲，此品牌曾推出过面膜、精华水、医用辅料等产品。 不过从云南白药2025年上半年业绩报告来看，云南白药提到自身以药品、健康品、中药资源、云南省医药公司四大事业群为生产经营核心，并未对采之汲品 牌以及护肤业务明确提及，或许也反映了这一业务对营收的贡献仍不明显。 虽然云南白药具备一定的品牌知名度，同时凭借在药品领域的专业优势能够为产品提供背书，但是就当下的美妆市场而言，这些优势能否转化为销量仍然需 要市场的检验。 提起云南白药，可能大多数人最先想到的是气雾剂、创可贴、牙膏等产品，其实云南白药早已涉足美妆 ...

值得注意的是，自2023年上市以来，敷尔佳即面临"增收不增利"的问题，2023-2024年尚且营收规模平 稳增长，仅净利润有所下滑，进入2025年，公司业绩恶化，营收与净利润开始双双走低。 对于公司困境，分析人士认为，公司品牌和品类较为单一，在美妆行业下行阶段，过于依赖"敷尔佳"品 牌以及面膜品类。不久前，公众号"化妆品观察"曾发文称，面膜品类正深陷"低价螺旋"的困局之中，从 2025年1-6月抖音面膜GMV TOP10品牌榜来看，过半品牌的明星面膜单片价格跌至个位数。伴随面膜价 格跳水，美妆公司推新品的积极性明显降低，2024年开始面膜备案明显降温，全年新品数量罕见的以个 位数下滑，今年形势仍未有好转，且降幅还在扩大。 面膜赛道的降温只是美妆行业进入下行期的一个缩影，智通财经记者获悉，近两年，为穿越行业低谷， 多家美妆上市公司纷纷启动外延式并购，试图通过打造多品牌美妆集团提升竞争力，在此背景下，市场 也期待敷尔佳能在品牌或品类拓展上有所表现。 "面膜第一股"敷尔佳（301371.SZ）的业绩表现仍在恶化，Q3净利润同比下滑近45%，较前两个季度降 幅进一步加大。 公司今日晚间发布公告，前三个季度，公司实现营 ...

一笔高达40亿欧元的交易，再次将全球美妆巨头欧莱雅与法国奢侈品巨头开云集团紧密联结。 10月20日，两大集团正式达成协议：开云集团以40亿欧元的价格，将其美妆板块业务出售给欧莱雅。交易内容不仅包括高端香水品牌Creed的股权，更涵 盖了Gucci、Bottega Veneta、Balenciaga等核心奢侈品牌未来50年开发美妆与香水产品的独家授权。欧莱雅将在交易完成后每年向开云支付特许权使用费， 双方还将成立合资公司，共同探索奢侈品与健康长寿科学的前沿机遇。预计此次深度合作将于2026年上半年完成交割。 事实上，双方在美妆领域的合作早有渊源。早在2008年，欧莱雅就曾收购圣罗兰（YSL）美妆的运营权。在近日欧莱雅的三季报电话会议中，CEO叶鸿慕 特别指出，YSL美妆业务的净销售额已接近30亿欧元，并跻身全球高端美妆品牌前五。基于这一成功经验，他对Gucci美妆的未来寄予厚望，认为其有望 复刻YSL的成长路径，甚至实现规模上的超越。 梅奥于2025年9月15日正式接管开云集团。这位曾经在汽车行业深耕多年的职业经理人，以推行"Renaulution"重组计划、聚焦核心业务与成本控制见长。 上任前后，他已明确表示 ...