21世纪经济报道记者高江虹实习生张贺芸 2026 年1月中下旬，奢侈品领域企业或通过并购补位渠道布局，或优化品牌矩阵聚焦核心业务。 其中，中免收购 DFS 港澳业务并引入 LVMH 入股、瑞士钟表集团拿下美国德州百年奢表零售商，印证 资本纽带与区域渠道的重要性；开云新设首席商务官、历峰出售亏损的名士表，均为适配行业趋势的精 准调整；LVMH旗下的L Catterton 收购 EX NIHILO 少数股权，加码高端香水赛道，香水正在成为增长 的新关键词；Burberry 大中华区业绩翻倍托底增长，凸显中国及亚太市场的战略价值。 1月22日，英国及美国最大的豪华钟表珠宝分销商瑞士钟表集团（Watches of Switzerland Group）宣布， 已完成对美国德州家族式奢表珠宝零售商 Deutsch & Deutsch 的收购，收购其 88% 股权并拥有剩余股权 的认购选择权，此举进一步巩固了集团在美国高端钟表珠宝市场的领先地位。 意大利传奇设计师华伦天奴离世，为时尚界留下永恒的 "华伦天奴红" 与设计遗产，引发全球哀悼。整 体来看，行业在业绩承压与机遇并存中加速洗牌，聚焦核心市场、优化资源配置、强化品牌韧 ...

涨价之外，宝洁需要足以推动业绩真正增长的新路径。近日，宝洁发布了2026财年第二季度财报：增收 不增利——净销售额增长1%、净利润下滑7%。关于净销售额的增长，宝洁方面给出的信息是，涨价效 应抵消了产品销量下滑带来的负面影响。 对比过往多年同一时期的业绩数据，可以看出宝洁业绩的增长速度正在放缓。根据财报数据，2025财年 第二季度，宝洁实现净销售额1526.81亿元，同比增长2%；净利润为325.08亿元，同比增长33%。2024 财年第二季度，宝洁净销售额为1496.04亿元，同比增长3%；净利润为243.72亿元，同比下滑12%。 2023财年第二季度，净销售额为1449.43亿元，同比下滑1%；净利润为276.24亿元，同比下滑7%。2022 财年，宝洁实现净销售额1461.99亿元，同比增长6%；净利润为295.99亿元，同比增长9%。 涨价支撑业绩？ "在涨价因素的推动下，公司财年二季度营收小幅上升，涨价效应抵消了产品销量下滑带来的负面影 响。"对于二季度的表现，宝洁在财报中如此解释。 在过去多季度财报中，涨价对业绩增长的贡献多有被宝洁提到。但从业绩涨势来看，尽管涨价一定程度 上抵消了产品销量下滑带 ...

北京商报讯（记者 张君花）1月23日，北京商报记者了解到，宝洁集团公布2026财年第二季度（2025年 10-12月）财报显示，宝洁在2026财年第二季度的净销售额为1549.56亿元，较去年同期增长1%，剔除外 汇、收购与业务剥离影响的有机销售额，与上一年相比没有变化；同期，该集团的净利润为302.2亿 元，同比下滑了7%。其中，宝洁旗下五大业务板块中，除婴儿、女性及家庭护理部门（Baby, Feminine & Family Care）录得净销售额同比下滑外，其余四大部门均实现了净销售额不同程度的增长。包含了 SK-II、OLAY等品牌的美容部门（Beauty）以及健康护理（Health Care）部门，都在2025年10-12月录得 了净销售额5%的增长，增长率为五个部门中最高。 ...

Core Insights - The beauty brand Opal's founder, Zhou Yan, highlighted the increasing commission rates for influencers in live streaming, projecting a rise to 60% by the end of 2025, indicating a significant challenge for beauty companies in managing costs and maintaining profitability [2][5] - Domestic beauty brands have gained market share over foreign brands, with Opal achieving over 10.7 billion yuan in revenue in 2024, marking it as the first Chinese beauty brand to surpass the 10 billion yuan threshold [4][16] - The shift from influencer-driven sales to self-operated content is becoming a trend as companies seek to reduce dependency on high commission rates and improve their own content capabilities [7][11] Industry Challenges - The beauty industry is experiencing a flow of anxiety due to rising costs associated with influencer marketing, with sales expenses for Opal reaching 51.6 billion yuan in 2024, accounting for 47.9% of its revenue [5][6] - The marginal returns on channel investments are diminishing, as evidenced by Opal's revenue growth rate lagging behind its sales expense growth by 8 percentage points in 2024 [6] - The market is witnessing a decline in new brand emergence, with companies needing to adapt to a more rational approach rather than relying on opportunistic strategies [13][14] Competitive Landscape - The competitive environment is intensifying, with domestic brands facing significant pressure from established foreign brands like L'Oréal and Procter & Gamble, which have more robust R&D and marketing systems [16][17] - The disparity in R&D investment is stark, with L'Oréal's R&D expenditure in 2024 reaching approximately 13 billion euros (around 100 billion yuan), comparable to Opal's total revenue [16] - The potential for domestic brands to rank among the top global beauty companies is limited by their reliance on the Chinese market, which does not support the scale needed for global competitiveness [16][17]

Core Viewpoint - Coty Group is undergoing a significant leadership change with Markus Strobel appointed as Executive Chairman and Interim CEO, marking a strategic shift aimed at restructuring and enhancing the company's market position in high-end fragrances and mass beauty sectors [1][2][3]. Leadership Transition - Markus Strobel, a veteran from Procter & Gamble with over 30 years of experience, will lead Coty during a critical phase of strategic review and business transformation [1][2]. - Strobel's dual role as Executive Chairman and Interim CEO indicates he will have substantial authority to drive change during the transition period, despite the CEO title being temporary [3][4]. Background of New Leadership - Strobel's career at Procter & Gamble includes various roles across multiple sectors, with notable success in revitalizing the SK-II brand, particularly in the Chinese market [4][5]. - His leadership at SK-II resulted in 18 consecutive quarters of growth, with a 30% sales increase in 2018, showcasing his capability in brand rejuvenation and digital transformation [4][5]. Strategic Context - The leadership change reflects Coty's transition from a phase of "repair and stabilization" to one of "strategic restructuring and accelerated growth," indicating a potential overhaul in strategic focus, operational models, and organizational culture [8][10]. - Coty faces structural challenges post-pandemic, with approximately 60% of its net revenue derived from high-end fragrance business, which is increasingly vulnerable due to reliance on a few key licensed brands [12][20]. Financial Performance and Challenges - Coty's financial performance has been under pressure, with a reported net revenue of $1.577 billion for the first quarter of fiscal 2026, down 8% year-over-year, and a market capitalization around $2.9 billion against a debt of $3.8 billion [20]. - The company is also experiencing a decline in its mass beauty segment, with a reported 11% drop in net revenue for the first quarter of fiscal 2026, continuing a trend from the previous fiscal year [20]. Strategic Initiatives - To mitigate risks from core license losses, Coty is expanding its brand portfolio by signing new beauty licensing agreements and launching its own fragrance brand, INFINIMENT COTY PARIS, which aims to innovate in the fragrance sector [16][18]. - The new leadership is expected to introduce a more targeted strategy, potentially focusing on high-end skincare and re-evaluating Coty's approach in the color cosmetics sector [23][25]. Future Outlook - The appointment of Strobel signifies a new strategic cycle for Coty, with expectations for a systematic approach to brand management and operational efficiency, leveraging his extensive experience from Procter & Gamble [21][27]. - The beauty industry will closely monitor how Coty adapts its market strategies, particularly in key markets like China, under Strobel's leadership [27].

Core Viewpoint - Autophagy is a crucial mechanism for cellular self-cleaning and repair, playing a significant role in maintaining cellular homeostasis and vitality, and is increasingly recognized as a key pathway in anti-aging research within the beauty industry [3][5][30]. Group 1: Importance of Autophagy - Autophagy has been validated in the scientific community, with significant recognition such as the Nobel Prize awarded in 2016 for its role in aging [4]. - The loss of autophagic function is now considered a core marker of cellular aging, highlighting its importance in anti-aging science [4]. - Major beauty brands like L'Oréal, Procter & Gamble, and Shiseido have initiated research into the application of autophagy in skin aging, although this research is still in a relatively early stage [4][9]. Group 2: Current Research and Applications - Many beauty companies are incorporating autophagy into their research agendas, viewing it as a new scientific pathway connecting multiple benefits such as anti-aging, whitening, and repair [7][9]. - Shiseido utilizes ingredients like tranexamic acid and camellia seed extract to activate autophagy pathways, enhancing skin cell regeneration [9]. - Procter & Gamble's SK-II and OLAY brands are exploring the potential of ingredients like Pitera™ to promote autophagy and clear damaged proteins [9]. Group 3: Market Position and Challenges - Despite the growing research on autophagy, it remains a "behind-the-scenes" concept in market communication, often not highlighted as a core selling point [10][11]. - Brands tend to integrate autophagy into broader efficacy claims, making it less visible to consumers [11]. - The complexity of the autophagy concept poses challenges for consumer education and market positioning, requiring brands to translate scientific terms into relatable benefits [35][36]. Group 4: Future Prospects - The understanding of aging biology is evolving, shifting from external repair to internal optimization, with autophagy emerging as a central mechanism [34]. - There is a need for brands to effectively communicate the benefits of autophagy to consumers, establishing it as a recognized and valuable anti-aging mechanism [35]. - As research progresses and consumer education deepens, more products centered around autophagy are expected to emerge in the market [38].