Industry Growth - The global beauty and personal care industry continues to show strong sales growth, with North America growing by 10%, Europe by 11%, and Latin America by 19%, leading to an overall global growth of 12%. Over the next decade, consumer demand for beauty is expected to drive a $300 billion increase, with a compound annual growth rate (CAGR) of 4.8% [1][4]. Consumer Behavior Changes - Consumer budgets are showing a bifurcation into "refined frugality" and "true luxury," indicating that while there is a trend towards spending less, consumers still prioritize high-end products. The demand for high-end products remains significant, and consumers are also purchasing larger packaging [1][5]. - There is a notable shift in usage scenarios, with increased demand for products related to parties and commuting. The largest share is attributed to party-related products, while commuting needs are growing the fastest [1][5]. Product Development Trends - Health and functionality are becoming key factors for consumers in the Asia-Pacific region when selecting beauty and personal care products. Chinese consumers particularly value moisturizing, anti-aging, and whitening effects, with a strong demand for multifunctional products. Men's skincare is also evolving towards more specialized formulations [2][4]. - The cosmetics store remains a crucial offline channel, while online social e-commerce platforms are seeing significant growth in skincare product sales. Brands need to leverage channel characteristics to meet consumer demands effectively [2][5]. Industry Development Direction - In the new normal, Chinese consumers are pursuing a quality lifestyle that offers value. The beauty and personal care industry should capitalize on channel opportunities, such as emphasizing cosmetics stores and social e-commerce platforms. It is essential to cater to diverse consumer value demands, balancing high-end and cost-effective products, while focusing on product quality and health functionality to adapt to market changes and achieve sustainable growth [2][4].

Core Viewpoint - Understanding and mastering AI is crucial for businesses in a recommendation algorithm-driven e-commerce platform, as it directly influences brand visibility and sales performance [1][4]. Group 1: Algorithm Understanding - The recommendation algorithm on platforms like Douyin (TikTok) determines the flow of traffic for brands, making it essential for practitioners to comprehend its mechanics [1][6]. - Algorithms do not categorize content or audiences in traditional ways; instead, they utilize vast features to describe individuals or content through vectorization [3][4]. Group 2: Content Strategy - Emphasizing "content is king" and diversifying selling points is aimed at providing more features for the algorithm, which is critical for effective strategy execution [4][5]. - A clear and quantifiable representation system for commercial content teams is necessary to enhance algorithm recognition and improve brand visibility [7][8]. Group 3: Brand Analysis Method - The article suggests a method for analyzing brand performance by leveraging AI to dissect successful advertising materials, focusing on various attributes such as category, format, duration, and emotional tone [12][13]. - AI can assist in identifying key features in successful content, allowing brands to refine their strategies and enhance their representation systems [20][21]. Group 4: Storytelling and Consumer Engagement - Storytelling in marketing, particularly through relatable scenarios, can effectively engage target consumers and enhance brand connection [10][11]. - The article provides a framework for creating engaging content that resonates with young female consumers, emphasizing the importance of relatable interpersonal dynamics [28][29]. Group 5: Continuous Improvement - Brands should continuously refine their content strategies by repeating key features to strengthen model recognition and avoid irrelevant representations that could lead to misalignment with target audiences [22][23]. - The use of AI in content creation can lead to innovative approaches, allowing brands to explore new narrative possibilities that resonate with their audience [33][34].

Core Insights - Unilever has announced the closure of its high-end beauty brand REN, marking the first brand shutdown under new CEO Fernando Fernandez [1][12] - The decision to close REN is attributed to internal complexities and external market pressures that have hindered the brand's profitability for an extended period [1][12] Brand Background - REN was established in 2000 and was acquired by Unilever in 2015, becoming the first brand in Unilever's Prestige beauty division [2][5] - The brand focused on high-end consumers and promoted a philosophy of using 100% natural ingredients without chemical or synthetic components [2] Financial Performance - By 2014, REN had entered 50 countries with sales revenue of approximately €40 million (around 330 million RMB) [5] - After its acquisition, REN's performance did not meet expectations, with reports in 2024 indicating that its annual revenue was below €5 million, failing to reach the threshold for "strong brands" [13] Strategic Shift - Unilever has been undergoing a series of business divestitures, including the sale of Elida Beauty and other non-core assets, as part of a broader strategic realignment [12][15] - The company aims to focus on 30 "strong brands," which include 14 billion-euro brands and 16 brands expected to reach that level, while non-core brands like REN are being phased out [12][15] Cost-Saving Measures - Unilever's "Productivity Plan" aims to streamline operations and reduce costs, with a target of saving €550 million by the end of 2025 [15] - The company has increased restructuring costs to 1.4% of revenue, with an annual investment of €1.5 billion (approximately 12.26 billion RMB) to optimize its product portfolio [15] Market Challenges - Unilever's beauty division, including REN, has faced sales declines, attributed to a general slowdown in the beauty market [17] - The company reported a 0.9% year-over-year decline in revenue for Q1 2025, with specific challenges in the Chinese market, where sales fell by a single-digit percentage [17][19] Future Outlook - Unilever plans to enhance its core brand innovation and focus on high-end product offerings while adjusting its marketing strategies in China [18][19] - The company is committed to improving investment quality over scale and aims to optimize its portfolio through divestitures and strategic acquisitions [19]

Group 1 - The core point of the article is that BERSHIHE, a domestic outdoor products company, is preparing for an IPO on the Hong Kong Stock Exchange, showcasing significant growth in revenue and profit [2][3]. - BERSHIHE's revenue from 2022 to 2024 is projected to grow from 379 million yuan to 1.766 billion yuan, with a compound annual growth rate (CAGR) of 241.27% for net profit [3]. - The company's main products are outdoor clothing, particularly jackets, with revenue from clothing products expected to increase from 305 million yuan in 2022 to 1.608 billion yuan in 2024, reflecting a CAGR of 129.5% [3]. Group 2 - BERSHIHE has capitalized on channel advantages, with direct-to-consumer (DTC) online sales growing from 331 million yuan to 1.351 billion yuan, achieving a CAGR of 102% [5]. - The founder of BERSHIHE, Liu Zhen, highlighted the importance of content marketing through platforms like Douyin, Xiaohongshu, and Bilibili, which has significantly reduced customer acquisition costs [5]. - BERSHIHE's product-centric approach includes offering a lifetime warranty, contributing to a repurchase rate of over 20% [5]. Group 3 - The overall analysis indicates that China's complete industrial chain and channel advantages are shaping new brand possibilities, contrasting with the operational pressures faced by established brands like Nike [6][7].

Core Viewpoint - The domestic beauty market shows a stark contrast, with Proya becoming the first domestic brand to exceed 10 billion yuan in revenue, while Shanghai Jahwa faces a significant decline in net profit, marking a challenging period for the company [1][2]. Financial Performance - Shanghai Jahwa reported a revenue of 5.679 billion yuan for 2024, a year-on-year decrease of 13.93% [1]. - The company experienced a net loss of 833 million yuan, a staggering decline of 266.6% compared to the previous year, marking the largest loss since the company began publishing annual reports [1][2]. - The overseas business revenue was 1.415 billion yuan, down 11.43% year-on-year, contributing to the overall decline in profit [2][3]. Strategic Adjustments - The new CEO, Lin Xiaohai, initiated significant organizational reforms aimed at shifting the business model from "channel-driven" to "brand-driven" [1][9]. - The company undertook strategic adjustments, including reducing inventory in department stores and transitioning from an agency model to a self-operated model for online distributors, which negatively impacted current revenue [2][3]. Goodwill Impairment - The company recorded a goodwill impairment of 610 million yuan related to the acquisition of the UK infant care brand "Tommee Tippee," which was purchased for nearly 2 billion yuan in 2017 [2][3]. - The impairment was attributed to factors such as low birth rates overseas, intensified competition in the infant product category, and reduced inventory by distributors [3]. Market Position - Shanghai Jahwa's revenue has significantly lagged behind Proya, which has seen its revenue gap widen to 5 billion yuan, with Proya achieving over 10 billion yuan in annual revenue [6]. - The beauty segment of Shanghai Jahwa has been particularly underperforming, with a revenue decline of 29.81%, while the personal care segment remains the largest contributor at 2.379 billion yuan, down 3.42% [6]. Online vs. Offline Sales - The company's online revenue for 2024 was 2.539 billion yuan, a decrease of 9.66%, while offline revenue was 3.136 billion yuan, down 16.97% [6]. - The online gross margin increased by 1.8 percentage points to 63.58%, compared to 52.78% for offline channels, indicating a more favorable cost structure for online sales [6][7]. Future Outlook - Despite the poor performance in 2024, the first quarter of 2025 showed signs of recovery, with total revenue of 1.704 billion yuan, a year-on-year decline of 10.59% but a quarter-on-quarter increase of 41.73% [12]. - The company aims to enhance its online capabilities and adapt to changing consumer behaviors by focusing on interest-based e-commerce and developing content-driven online operations [10].

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 ...

这是新消费智库第 2 6 2 0 期文章 新消费 新消费导读 1.统一重启小茗同学 2.PLAY COMME des GARÇONSxCONVERSE新联名发布 3.费列罗巧克力推出复活节系列 4.吾岛推出美拉德无蔗糖希腊酸奶 5.伊利推出尚补坊五黑酸奶&美呦酸奶两款新品 6.时尚二手平台Faume获800万欧元融资 7.爱敬集团将出售核心子公司爱敬工业 8.温氏股份等在海南投资成立饲料公司 9.星尘智能完成A轮及A+轮数亿元融资 10.印度DTC时尚品牌Out z idr成功融资350万美元 11.MLB推出2025夏季复古T恤系列 12.Cos tco正式上线同城配送服务 13.科丝美诗泰国新工厂开工 14.雪花啤酒与美团歪马送酒达成自营商品代工合作 15.Coach成为WNBA官方指定手袋 1. 统一重启小茗同学 近日 ，小茗同学的品牌概念实现全新升级，致力于打造一款同学专属的缤纷果味茶；如今时隔一年，小茗同学再次迎来 "大变身"， 从果味茶升级到果汁茶。 （食品板） 2. PLAY COMME des GARÇONSxCONVERSE 新联名发布 近日， PLAY COMME des GARÇONS ...

这是新消费智库第 2 6 1 8 期文章 新消费导读 1. 明治上新多巴胺棒冰 新消费 1. 明治上新多巴胺棒冰 近日，明治官宣推出多巴胺冰纷夏日果汁棒冰。 新品共有四种口味，分别为葡萄、白桃、菠萝和椰子，均添加有真实果汁，含量 ≥ 20% ， 其中菠萝果汁棒冰还添加有浓缩苹果汁，原果汁含量为 10% 。 （ FBIF 食品饮料创新） 2. 果子熟了推出年度春日限定新品 2. 果子熟了推出年度春日限定新品 3. Rimowa 与 My k ita 推出首个联名眼镜系列 4. 棒约翰新品法式酥底金边比萨即将上市 5. 优益 C 上新益多优 6. The Hut Group 获得 1.16 亿美元战略投资 7. 元鼎智能宣布完成近 10 亿元融资 8. 安踏体育拟以 2.9 亿美元收购德国户外品牌狼爪 9. 分众传媒拟收购新潮传媒 10. 杭州云象机器人获得 1500 万元 B 轮投资 11. 武商集团将与合资推出全国首家市内免税店 12. IFF 概念配方系列 Xeles tia 将亮相 13. 滴滴将重启巴西外卖业务 14. 京东自营零售业务 joybuy 在伦敦上线 15. PUMA 将于伦敦开设首家欧洲旗 ...

文 | 娱乐资本论 Mia 春日消费旺季与三八购物节的叠加，让 2025 年 Q1 的美妆个护市场提前进入白热化。 消费者的购物车开始为防晒、护肤、洗护等品类腾挪空间，品牌们也带着真金白银的营销预算跑步入场 。 艺恩数据显示，美妆护肤品类以超 20% 的占比稳居 Q1 全行业代言人市场第一，远超食品饮料、3C 数 码等赛道，领跑代言市场。明星代言依旧稳坐美妆品牌营销的头把交椅。 花西子、雅诗兰黛、娇兰、珀莱雅、理肤泉等品牌纷纷官宣新代言人，积极利用明星效应强化品牌背 书；大批量个护品牌也开始通过高频曝光强化品牌认知，发起流量围剿之战。 第一季度，孟子义以 10 个代言领跑，覆盖娇兰、膜法世家、蜜丝婷等品牌，成为 "妆护一体" 的高频曝 光符号；祝绪丹 3 月连宣 7 个代言，从 urban decay 到蕉下，将个人风格与品牌调性深度绑定；李昀锐 也高频官宣 7 个代言，植村秀到宝格丽、路虎，实现 "美妆 + 高端品牌" 的渗透；"质感派" 代表宋佳也 加入战局，将诺瓦咖啡、圣罗兰、花西子等品牌收入囊中。 蝉妈妈数据显示，Q1 美妆个护品牌直播间平均观看量同比增长 45%，其中明星空降场次的转化率达普 通场次 ...

Core Insights - The personal care market in China is experiencing robust growth, with a compound annual growth rate (CAGR) of 3.4%, surpassing the global average of 3% [1] - The Asia-Pacific region holds a 39.4% share of the global personal care market, with China alone accounting for 43% of that, indicating its dominant position [3] - The market is undergoing a transformation from mere expansion to deeper ecological restructuring, with a notable concentration of revenue among top-tier brands [3] Market Dynamics - The number of companies in the 1 billion to 3 billion revenue range has decreased by nearly 20%, highlighting a pronounced "Matthew Effect" [3] - The skincare market remains fragmented, while the sunscreen market is characterized by rapid brand turnover, reflecting evolving consumer demands [3] - Online channels, including e-commerce and social media platforms, are emerging as significant growth drivers, with a clear trend towards online-offline integration [4] Strategic Shifts - Multinational companies are adopting a dual strategy to address the unique needs of the Chinese market, balancing scale solutions with highly customized approaches [4] - Research and development (R&D) competition is becoming a focal point, with companies like Lubrizol committing 5% of revenue to R&D [5] - The speed of product development has dramatically increased, with complex combinations now being tested in a fraction of the time previously required [5] Technological Advancements - AI is reshaping the competitive landscape, with companies leveraging technology for product innovation and efficiency [6][7] - Major brands, including Procter & Gamble and Estée Lauder, are integrating AI into their product development processes, indicating a shift from traditional marketing to tech-driven solutions [7] - The use of AI is not just a trend but a necessity for brands to remain competitive in the evolving market [7]