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].

"奢侈品牌的轻资产化趋势越发明显，而擅长运营的集团则以多品牌、全渠道、跨品类的协同体系取代单一品牌竞争。未来可能有更多奢侈品集团，尤其是 中腰部品牌将效仿这一模式，与不同行业的平台型公司展开深度授权或股权合作。"陈晶晶表示。 美妆仅占开云营收的2% 开云集团以40亿欧元将美妆业务打包出售给欧莱雅集团。 新任CEO上台仅一个月，法国奢侈品巨头开云集团开始"断臂求生"。 当地时间10月19日，它与美妆巨头欧莱雅集团共同宣布，以40亿欧元将开云美妆（Kering Beauté）出售给后者，这笔现金交易预计将于2026年上半年完成。 根据协议，欧莱雅集团将收购高端香水品牌恺芮得（Creed），并获得为古驰、葆蝶家和巴黎世家等开云旗下品牌生产美妆产品和香水产品的50年独家授权 许可。由于古驰与另一家美妆巨头科蒂集团的授权许可将持续至2028年，到期后欧莱雅集团才能获得古驰香氛与美妆的研发、生产和分销许可。 晶捷品牌咨询创始人陈晶晶告诉第一财经，此次并购标志着奢侈品与美妆两个生态正从"品牌主导"走向"平台主导"。奢侈品牌开始聚焦创意与品牌价值本 身，将运营、渠道与供应链交由专业集团代管，在保留品牌溢价的同时，通过授权与效 ...

Core Insights - Kering Group has announced the sale of its beauty business to L'Oréal for €4 billion, marking a significant strategic shift after a two-year investment in the beauty sector [2][4] - The transaction includes the acquisition of the Creed perfume brand and beauty licenses for Gucci, Bottega Veneta, and Balenciaga, with completion expected in the first half of 2026 [2][4] Strategic Shift - The decision to sell was driven by new CEO Luca de Meo, who has implemented major reforms within a short period, including leadership changes and restructuring [4] - The agreement outlines three key areas: acquisition of Creed, management of beauty licenses for luxury brands, and a joint venture to explore opportunities in health and longevity [5] Financial Context - Kering faces significant financial pressure, with net debt reaching €9.5 billion and long-term lease liabilities of €6 billion as of June 2025 [6] - Gucci's performance has been declining, with operating profit dropping 52% to €486 million and revenue falling 16% to €7.587 billion in the first half of 2025 [6] Market Dynamics - Despite Kering's beauty segment achieving a 9% growth rate in the first half of 2025, this was insufficient to alleviate the overall financial challenges faced by the group [6] - The sale is seen as a strategic move to reduce debt and streamline operations, as luxury beauty businesses typically require significant investment and time to develop [6][8] Industry Implications - The sale signals a potential shift in luxury brand strategies, with Kering's partnership with L'Oréal indicating a trend towards equity collaborations rather than traditional licensing or self-managed beauty divisions [8] - The luxury beauty market has been one of the fastest-growing segments, and the collaboration aims to leverage L'Oréal's expertise while maintaining the luxury brand's identity [7][8]