蒂佳婷"失宠" 蒂佳婷成立于2004年的韩国首尔，早期凭借"医美后可用"的定位和创新产品迅速走红市场。2008年，蒂佳婷在纽约开设首家精品店，开启国际化布局。2011 年，蒂佳婷通过与丝芙兰的合作正式进入美国市场，初期仅于10家门店销售两款BB霜，随后迅速扩展至全球丝芙兰渠道，销售约50款产品。2013年，蒂佳 婷品牌进入中国市场，入驻丝芙兰门店及官网；2024年正式入驻屈臣氏。彼时，正是韩剧、韩妆风靡的时代，蒂佳婷也乘着这股热潮在此后的多年里创造了 属于自己的辉煌。 雅诗兰黛与蒂佳婷的结缘在2015年。这一年，雅诗兰黛收购蒂佳婷母公司Have & Be约三分之一的股份。根据公开数据，此时蒂佳婷年度销售额为863亿韩 元。此后蒂佳婷进入快速增长期，至2018年，其年度销售额已增长至4898亿韩元，较三年前提升超过5倍。基于蒂佳婷的高速增长，2019年，雅诗兰黛集团 以约11亿美元收购Have & Be剩余股份，实现对蒂佳婷的全资控股。根据公开数据，2019年"双11"，蒂佳婷曾单店销售额突破1亿元，成功进入天猫"双 11"的"亿元俱乐部"。2020财年上半年拉动约1%的净销售额增长。在当时，对于雅诗兰黛而言， ...

Core Insights - Estée Lauder Companies reported a 3% organic sales growth in Q1 of fiscal year 2026, a significant recovery compared to a 13% decline in the previous quarter [1] - The company's net sales increased by 4% to $3.5 billion, with organic net sales also growing by 3% [1] - Gross margin improved by 100 basis points from 72.4% to 73.4%, driven by profit recovery and efficiency improvements [1] Financial Performance - Operating margin reached 4.9%, a notable improvement from -3.6% in the same period last year [1] - Adjusted operating margin increased by 300 basis points from 4.3% to 7.3%, attributed to profit recovery and growth initiatives [1] Market Performance - The Asia-Pacific region achieved a 9% organic net sales growth, driven by strong performance in the fragrance category and inventory optimization [2] - The mainland China market saw a 9% increase, with all categories gaining market share, particularly brands like La Mer, Le Labo, and Tom Ford [2] - Growth in mainland China was supported by innovative products and targeted marketing activities that enhanced online sales [2] Strategic Outlook - Fiscal year 2026 is positioned as a transformative year for the company, with an outlook of organic net sales growth expected to be flat to 3% [2] - Adjusted operating margin is projected to be between 9.4% and 9.9% for the full fiscal year [2] - The CEO emphasized the positive momentum from operational changes and the company's confidence in achieving its fiscal year 2026 outlook [2]