2024年对于欧莱雅来说应该是倍感压力的一年，特别是在中国市场。 从2024年全年业绩报告来看，欧莱雅实现销售额434.8亿欧元，同比增长5.1%，创下销售额新高；实现营业利润86.88亿欧元，同比增长6.7%，营业利润率则 达到了20%。 实际上从最近几年来看，欧莱雅在中国市场的地位逐渐被撼动，业绩增速也呈现放缓趋势。在2019年-2021年，欧莱雅中国市场增速在20%以上，但是从 2022年开始出现断崖式下滑，2022年-2023年仅实现低个位数增长。 到了2024年，第一季度表现尚可，第二季度便开始呈现负增长状态，接下来的第三季度、第四季度也无法扭转颓势。财报中将北亚市场中国大陆美容市场增 长为负归因为受选择性渠道疲软、旅游零售销售压力等因素影响。 就欧莱雅在中国市场的业务布局来看，主要是大众化妆品和高端化妆品贡献大部分营收。其中，大众化妆品以巴黎欧莱雅品牌为代表，高端化妆品则包括兰 蔻、赫莲娜、YSL、理肤泉、修丽可等。 近些年来欧莱雅在中国市场表现不佳，也要归因为大众化妆品的增长缓慢以及高端化妆品的消费乏力。 首先就大众化妆品而言，在中国市场正面临激烈的竞争。一方面本土护肤品牌逐渐崛起，再加上国内消 ...

12月8日，两大美妆集团做起了"加减法"。 一则是欧莱雅集团宣布将从EQT等领导的财团手中收购丝塔芙母公司高德美（Galderma）10%的股份。 由此，欧莱雅集团在高德美的持股比例从10%增至20%。 更大的一笔交易是，今年10月，欧莱雅斥资40亿欧元拿下开云集团多个奢侈品品牌美妆授权。彼时，欧 莱雅集团首席执行官叶鸿慕在接受21世纪经济报道等媒体采访时，被问及与开云的合作也难掩笑意，他 表示，"这一方面是两大公司强强联手，另一方面，也是证明我们作为一家美妆集团，有能力赋能时尚 品牌成为优秀的美妆品牌。" 而这一巨额并购的背景是，正值欧莱雅业绩的回升期。备受关注的北亚区实现了两年来的首次正增长。 其中，中国大陆市场在第三季度恢复中个位数增长，这一改善主要得益于高档化妆品部的复苏以及兰 蔻、赫莲娜等品牌的明星产品创新。 值得一提的是，在中国市场，欧莱雅也动作连连。同在10月，欧莱雅还入股自然堂。根据自然堂官方披 露的信息，自然堂在上市之前先后引入欧莱雅和加华资本作为战略投资者，其中欧莱雅投资4.42亿元， 持有自然堂控股6.67%的股份。随即11月，欧莱雅再投国产护肤品牌LAN兰。 "美学是我们核心美容业务的 ...

12月8日，两大美妆集团做起了"加减法"。 一则是欧莱雅集团宣布将从EQT等领导的财团手中收购丝塔芙母公司高德美（Galderma）10%的股份。 由此，欧莱雅集团在高德美的持股比例从10%增至20%。 "美学是我们核心美容业务的一个重要邻近领域，我们热衷于继续探索。"欧莱雅首席执行官叶鸿慕表 示，"我们在2024年对高德美的初步战略投资非常成功，因此我们渴望巩固并进一步扩展合作关系。" 另一则是梦龙冰淇淋公司（The Magnum Ice Cream Company N.V.）宣布其普通股于荷兰、英国、美国 三地正式上市交易。此举标志着联合利华冰淇淋业务分拆工作基本完成。 高德美在公告中表示，其和欧莱雅还计划探索更多共同感兴趣的科学研究项目。"我们对欧莱雅的增资 感到欣慰，这肯定了我们的发展方向，并预示着未来几年我们将创造更高的价值。"高德美首席执行官 Flemming Rnskov表示，"进入2026年，我们仍将全力专注于我们的整体皮肤学战略。" 而欧莱雅在官宣消息中提到，"此次收购高德美额外10%的股份，实际上是重申了欧莱雅进军快速增长 的医美市场的雄心"。事实上，不仅是对医美市场，对高端美妆、纯净美妆 ...

Core Insights - The global beauty industry is transitioning from a "big and comprehensive" era characterized by aggressive acquisitions to a "precise and focused" era that emphasizes core competencies and deepens competitive advantages [1][2] Group 1: Industry Trends - Major beauty companies are increasingly engaging in "subtraction" by divesting brands that do not fit their core strategies or have underperformed, such as Estée Lauder's evaluation of selling Dr.Jart+ and Unilever's sale of Kate Somerville [6][7] - The traditional growth model of rapid acquisitions and global expansion is becoming ineffective as companies face challenges in adapting regional brands to a global framework, leading to a focus on divesting non-core and high-risk businesses [10][13] Group 2: Strategic Shifts - Companies are now prioritizing depth over breadth, moving from a focus on scale to optimizing their structural capabilities in response to changing market dynamics [13][16] - The rise of online channels and the diversification of aesthetic standards have made the previous models of global brand replication less viable, prompting companies to rethink their strategies [16][17] Group 3: Future Opportunities - Beauty giants are investing in high-barrier sectors such as high-efficacy skincare and medical aesthetics, as seen with L'Oréal's acquisition of Medik8, to align with consumer demand for scientifically-backed products [17][20] - The luxury beauty segment is becoming a competitive battleground, with significant acquisitions like Kering's sale of its beauty business to L'Oréal, indicating a shift towards integrating luxury with beauty [20][23] Group 4: New Growth Models - Companies are focusing on building capabilities rather than merely acquiring brands, emphasizing the importance of adaptable and innovative operational models that can thrive in diverse markets [26][27] - The emphasis is on creating a portfolio of capabilities that can operate across cultures and categories, rather than relying solely on a single successful product [26][27] Group 5: Implications for Chinese Brands - The experiences of global giants provide a framework for Chinese brands to develop localized strategies that resonate with diverse cultural markets, moving away from a one-size-fits-all approach [28][31] - Chinese brands are encouraged to establish a clear brand core, develop cultural translation capabilities, and create agile supply chains to effectively compete in the global market [31][34][37]

Group 1: SMCP and PUMA Developments - SMCP Group has initiated a process to sell up to 51.2% of its equity, aiming to stabilize its shareholder structure and focus on development strategies [3] - Anta Sports is listed as a potential buyer for PUMA, which has seen its stock price drop nearly 50% over the past year due to various market pressures [4] Group 2: Financial Performance of Luxury Brands - Golden Goose reported a 13% increase in net revenue to €517 million for the first nine months of the fiscal year, with a 21% growth in direct-to-consumer (DTC) sales [5][6] - The adjusted EBITDA for Golden Goose grew by 7% to €173.6 million, with an EBITDA margin of 33.6% [6] Group 3: Market Trends and Consumer Behavior - A report by Bain & Company indicates that global luxury goods spending is expected to reach €1.44 trillion by 2025, remaining stable compared to the previous year [8] - Chinese luxury consumption is projected to shrink by 3%-5% this year, with a shift towards more localized and accessible brands [8] Group 4: Leadership Changes in Luxury Brands - Ermenegildo Zegna Group announced a new leadership structure, with the fourth generation of the Zegna family taking over as co-CEOs [11] Group 5: Investments and Expansions - L'Oréal plans to invest €60 million to upgrade its perfume factory in France, aiming to double its annual production capacity to 200 million bottles [10] - Watsons is preparing for an IPO in Hong Kong and the UK, with a potential fundraising target of $2 billion [15] Group 6: Bankruptcy and Market Challenges - Parfümerie Pieper, Germany's largest family-owned perfume retailer, has filed for self-administration bankruptcy while maintaining normal operations [13] - Estée Lauder is considering selling its Korean skincare brand Dr.Jart+, which is expected to generate $150 million in revenue for 2025, significantly lower than initial expectations [14]

Group 1: Luxury Goods Market Overview - The global luxury goods market is expected to reach €1.44 trillion by 2025, remaining stable compared to the previous year, with a trend of gradual improvement anticipated for the coming year [10][11] - The personal luxury goods market is projected to maintain stability, with a forecasted market size of €358 billion for 2025, although a decline of approximately 2% is expected this year [11] Group 2: Company Developments - SMCP Group has initiated a process to sell up to 51.2% of its equity, aiming to stabilize its shareholder structure and focus on strategic development [3] - Anta Sports is reportedly a potential buyer for German sports brand PUMA, which has seen its stock price drop nearly 50% over the past year due to various market pressures [6] - Golden Goose reported a 13% increase in revenue to €517 million for the first nine months of the fiscal year, with a 21% growth in direct-to-consumer (DTC) sales [6][7] - L'Oréal announced a €60 million investment to upgrade its perfume factory in France, aiming to double its annual production capacity to 200 million bottles [16] - Ermenegildo Zegna Group will implement a new leadership structure, with the fourth generation of the Zegna family taking over as co-CEOs [17] - Parfümerie Pieper, a major family-owned perfume retailer in Germany, has filed for bankruptcy management while continuing normal operations [19] - Estée Lauder is considering selling its Korean skincare brand Dr.Jart+, which is expected to generate approximately $150 million in revenue for 2025 [21] - Watsons is planning to list in Hong Kong and the UK, with an expected fundraising target of up to $2 billion [24]

Core Viewpoint - L'Oréal's third-quarter revenue increased by 3.4% year-on-year, with North Asia, including China, growing by 4.7%, surpassing analyst expectations of 3.2% [3] Revenue Performance - The mass cosmetics segment showed the lowest growth at 0.4%, while luxury beauty and professional hair care grew by 1.5% and 1.1%, respectively. The skin science beauty segment led with a growth rate of 6.1%, although this growth has noticeably slowed [4] - In China, all segments except mass cosmetics achieved growth exceeding market levels, with notable performances from brands like Lancôme, Helena Rubinstein, and YSL [4] Strategic Acquisition - L'Oréal announced a €4 billion acquisition of Kering's beauty business, which includes the luxury perfume brand Creed and the fragrance rights for Balenciaga and Bottega Veneta [4][5] - This acquisition is seen as a significant move for L'Oréal in the high-end fragrance market, which is expected to enhance its market share in this segment from 13.7% to potentially 19.7% [5] Market Dynamics - The luxury beauty sector remains competitive, with L'Oréal's luxury division still showing growth despite overall high-end consumption slowing down [4][5] - The global fragrance market's annual sales growth has slowed from 13% last year to 11% this year, with high-end fragrances experiencing a more pronounced slowdown [6] Challenges Ahead - The Gucci fragrance business, currently licensed to Coty until 2028, poses a challenge as L'Oréal will need to invest significantly to reshape the brand's image upon acquisition [6][7] - Creed, while a promising asset, currently generates approximately $400 million in annual sales, indicating that L'Oréal will need to invest heavily to expand the sales network for Creed and the other brands acquired [7]

Group 1 - The Shanghai International Entrepreneur Consultation Conference gathered 40 global business leaders to provide insights for Shanghai's high-quality development [1] - The conference is the 37th of its kind, with 24 member companies listed in the 2025 Fortune Global 500 and 7 in the Forbes 2000, collectively valued over $3.5 trillion and contributing over 35 billion RMB in annual taxes [1] - L'Oréal's chairman proposed a "dual-core driving flywheel" model for Shanghai, emphasizing the synergy between technological innovation and consumer demand [1][3] Group 2 - L'Oréal's sales in China saw a year-on-year increase of approximately 3% in Q2, indicating a significant recovery in the market [3] - Schneider Electric's chairman suggested optimizing industrial policies to attract high-end manufacturing headquarters and promote digital and green transformations [4] - Schneider Electric's EcoFit low-voltage distribution innovation center was established in Shanghai, providing end-to-end services for low-voltage component adaptation [5] Group 3 - Intuitive Surgical's chairman highlighted the need for Shanghai to balance innovation, product quality, and patient safety in the biomedicine sector [5] - Intuitive Surgical has been involved in over 800,000 surgeries in China since 2006 and has established seven regional training centers, training over 15,000 doctors [5] - The company aims to continue its growth in China, aligning with the "Healthy China 2030" vision and contributing to the local medical technology ecosystem [6]

Core Insights - The beauty industry is undergoing significant personnel changes, with executives from L'Oréal being highly sought after by various companies [1] - LG Household & Health Care appointed Lee Sun-joo, former president of L'Oréal Korea, as its new CEO effective October 1 [1][4] - Lee Sun-joo is recognized for her diverse brand marketing and business experience, which LG believes will help elevate its beauty and health sectors [4] Company Background - Lee Sun-joo has nearly 20 years of experience in the beauty industry, having started her career at L'Oréal in 2002 [8] - She held various significant positions at L'Oréal, including managing the Kiehl's brand, which became the second-largest luxury brand for L'Oréal during her tenure [7][8] - Prior to joining LG, she also served in leadership roles at L&P and Unilever, enhancing her credentials in the beauty sector [8] Current Challenges - LG Household & Health Care is facing severe challenges, with its latest financial report indicating a 47.4% drop in operating profit, nearly halving [10][14] - The beauty and cosmetics division has seen an 11.5% revenue decline and a staggering 70% drop in operating profit [10][14] - In contrast, competitors like Amorepacific have reported significant profit increases, highlighting LG's struggles in the market [10][12] Market Performance - LG's revenue in South Korea fell by 8.5% in the first half of 2025, and it was the only major Korean beauty company to experience a decline in the Chinese market, down 6% [10][12] - In North America, LG's performance was also underwhelming compared to competitors, with only a 4.8% growth, while others like APR saw a 236.3% increase [12][14] - The appointment of Lee Sun-joo is seen as a strategic move to address these challenges and revitalize the company's performance [14]

Summary of L'Oréal Conference Call Company Overview - L'Oréal has expanded into the cosmetics and skincare market through a series of acquisitions, including Lancôme, Helena Rubinstein, and Maybelline, forming four main product lines: professional products, consumer products, luxury products, and dermatological products [2][3][4] Key Insights - **Growth Performance**: Over the past decade, L'Oréal's consumer products have seen slow growth at approximately 4% annually, while professional care (dermatological) products have grown at 16%, and luxury products have approached 10% annual growth. This has led to an increase in gross margin from around 70% to 74%-75% [2][6][7] - **Research and Development**: L'Oréal maintains a consistent R&D expenditure rate of about 3%, spending approximately €1.3-1.4 billion (over 10 billion RMB) annually, which supports innovation and enhances overall gross sales margin [2][8][9] - **Market Dynamics**: In the first half of 2025, the European and American markets faced pressure, particularly in North America, while the Asia-Pacific region showed signs of recovery, with China achieving a positive growth rate of 3% [2][12] - **E-commerce Growth**: The share of online sales increased from 5% in 2015 to 28% in 2023, stabilizing since 2021. Offline counters have performed well, crucial for brand positioning and recognition [2][13] Additional Important Points - **Acquisition Strategy**: L'Oréal's annual acquisitions are a key growth strategy, allowing for business expansion and product matrix enhancement. Without acquisitions, the company would maintain a 7% annual growth in the European and American markets [2][11] - **Market Potential in China**: The global cosmetics market is approximately €250 billion (around 2 trillion RMB), with China's market size reaching 300-400 billion RMB. L'Oréal's Paris brand is the largest in China, valued at about 15 billion RMB [18][19] - **Competitive Landscape**: Chinese cosmetics brands have strong potential in international markets, particularly in Southeast Asia, Japan, South Korea, and Europe, but they lag in R&D investment compared to established brands [20] - **Long-term Valuation**: L'Oréal's high valuation is attributed to its global consumer goods positioning, continuous R&D investment, and successful acquisitions that adapt to local consumer needs [16] Conclusion L'Oréal's strategic focus on R&D, acquisitions, and market adaptation has positioned it well in the competitive cosmetics landscape, particularly in emerging markets like China, while maintaining robust growth in professional and luxury segments.