规则的改变。 作者 | 贺哲馨 编辑 | 乔芊 跨国美妆公司正通过入股本土品牌来寻求增长。 10月17日，欧莱雅宣布对中国本土护肤品牌"LAN兰"进行少数股权投资，这也是欧莱雅在中国市场的首个本土护肤品牌投资。LAN兰成立于2019年，主 打面部精华油产品。根据沙利文数据，该品牌已连续两年（2023、2024）位居国内精华油销量榜首。而不久前，欧莱雅还通过旗下美町公司斥资4.42亿 元人民币收购了自然堂6.67%的股份。 上世纪90年代初，外资日化美容企业大举进入中国市场，并在随后十余年间展开多起并购：强生收购大宝，联合利华拿下黑人牙膏，科蒂入股丁家宜， 而欧莱雅则陆续将小护士、羽西和美即面膜收入囊中。 然而，这些收购往往以本土品牌逐渐边缘化而告终。例如，强生原本希望借助大宝在低线市场的渠道优势拓展大众市场，但彼时前东家宝洁已率先为大宝 调整产品结构，以旗下多品牌展开低价竞争。强生收购之后，大宝市场份额从接近20%一路下滑，最终淡出主流视野。 另一个典型案例是欧莱雅对小护士的收购。欧莱雅借助小护士遍布全国的28万个销售网点，让旗下美宝莲、卡尼尔、巴黎欧莱雅等多个品牌迅速渗透至 中国二三线市场，集团在中国护肤品 ...

Group 1 - L'Oréal Group announced a minority stake investment in the Chinese skincare brand "LAN" through its Shanghai Meici Investment Co., marking its first investment in a local skincare brand [1] - "LAN" has achieved significant market success, ranking first in facial oil sales in China for two consecutive years (2023-2024), showcasing its innovative positioning in the market [1] - This investment reflects a strategic shift for international beauty giants from acquisition to strategic investment in the Chinese market, allowing for deeper collaboration with local brands while maintaining their independence [1][9] Group 2 - Meici Investment, established in 2022, aims to discover and nurture innovative forces in the Chinese beauty market, expanding its investment focus from fragrance to skincare technology [2] - The investment in "LAN" signifies a broader strategy to build an ecosystem in the beauty industry by focusing on brands with technological innovation and local market insights [2][7] - Previous investments by Meici include a high-end fragrance brand and a biotech company, indicating a clear investment logic centered on innovation and market understanding [4][7] Group 3 - The investment in "LAN" is part of a growing trend among international consumer giants to engage with the Chinese market through strategic investments rather than traditional acquisitions [10] - This shift is driven by changes in the Chinese market, including the rise of local brands and more mature consumer behavior, necessitating a deeper understanding and collaboration with local players [10][12] - Other international companies, like Unilever, are also adjusting their strategies in China, focusing on partnerships and acquisitions to enhance competitiveness and product offerings [12]

Market Performance and Platform Characteristics - The online essence oil market is experiencing significant growth, with a market size of 9.524 billion yuan and a sales volume of 39 million units from March 2024 to February 2025, representing a year-on-year growth of 54.91% [1][22][20] - Douyin has emerged as a key growth driver, achieving sales of 5.828 billion yuan, also reflecting a year-on-year growth of 54.91%, significantly outpacing the 13.02% growth of Taobao and Tmall [1][22] - The average transaction price varies significantly across platforms, with Taobao and Tmall's facial essence oil averaging 166.62 yuan, while Douyin's average is 138.86 yuan, indicating a trend of "Tmall high-end and Douyin mass-market" [1][24] Category Differentiation and Product Innovation - Facial essence oil remains the core category, accounting for 89% of the overall market, with strong demand for anti-wrinkle, firming, and anti-aging effects, showing year-on-year growth of 153%, 175%, and 112% respectively [2][16] - Plant-based active ingredients like camellia oil (volume of 47,000, up 261% year-on-year), rose, and squalane are highly favored, with the "plant + clinical" concept becoming a significant selling point [2][16] - Body essence oils are seeing refined upgrades, with specific needs for areas like buttocks, chest, and intimate care experiencing explosive growth, with year-on-year volume increases of 307% and 239% [2][16] Brand Competition and Marketing Trends - Leading brands are solidifying their market positions through differentiated positioning and marketing strategies, with international brands like Helena Rubinstein leveraging rare ingredients to enhance their high-end anti-aging image, achieving a year-on-year increase in promotional volume of 1805% [3][26] - Domestic brand Lin Qingxuan, focusing on camellia oil, saw a promotional volume increase of 304%, maintaining a leading position in facial essence oil [3][26] - Douyin has become a crucial platform for niche brands, with brands like Miga and Fuyumampu utilizing influencer live streaming and scenario-based content to rapidly reach consumers, forming a "high cost-performance + precise marketing" path [3][26] User Demand and Future Trends - User demand for essence oils is characterized by "precise efficacy" and "refined experience," with facial care focusing on ingredient effectiveness and lightweight texture, while body care emphasizes scenario adaptability and targeted area care [4][16] - The essence oil market is expected to evolve towards four major trends: universal applicability, ingredient technology, professional care, and refined body care, driving product innovation in blue ocean markets like chest and intimate care [4][16] - Overall, the essence oil market is transitioning from "category expansion" to "quality cultivation," with brands needing to focus on user needs through ingredient breakthroughs, scenario innovation, and precise marketing to build differentiated advantages in a competitive market [4][16]