新的一年刚开始，全球奢侈品、美妆及运动服饰行业就迎来密集调整期，人事迭代、资本博弈与战略优 化成为核心主线，行业格局在变革中持续重塑。 奢侈品领域，Givenchy、Dior、爱马仕纷纷启动管理层换防，通过内部人才腾挪与跨集团高管引入，强 化核心品牌竞争力，适配市场需求变化；Alo 截胡 Dior 高管，加速向高端生活方式转型。运动服饰赛 道暗流涌动，在彪马通过人事任命与架构调整破解业绩难题之际，传出安踏拟收购彪马股权布局国际化 的传言，"加拿大巴菲特" 逆势增持困境中的安德玛，押注品牌转型潜力。 美妆行业呈现 "高进高淘" 特征，正面临由增量市场向存量市场切换的压力，高端化成为重要趋势。雅 诗兰黛 "瘦身" 甩卖非核心品牌聚焦高端，巴黎欧莱雅则以新品与多渠道布局抢占增长先机，以"高端 化"自居的国货龙头毛戈平家族解禁即减持引发市场热议。 此外，本土商业自主化趋势凸显，上海新世界新丸中心结束日系合作开启独立运营，彰显本土商业的成 长韧性。 1.Alo 任命前Dior高管Benedetta Petruzzo 为国际业务 CEO 1 月 10 日，洛杉矶运动健康服饰品牌 Alo宣布，任命前Dior、Miu Miu ...

雅诗兰黛这几年一直没能走出下滑、"卖子"的阴影，2026刚开年，就又传出"低价大甩卖"旗下品牌的消息，传闻中的价格也是低到了"地板价"，令人咋 舌。 继去年市场传闻其有意出售彩妆品牌Too Faced、Smashbox及韩妆品牌Dr.Jart+(下文统称：蒂佳婷)后，今年伊始，关于这三个品牌将被打包出售的消息再 次被推至风口浪尖。 最短仅6年，缩水超5倍！ 1月7日，据外媒theindustry.beauty报道，雅诗兰黛正在考虑将蒂佳婷和彩妆品牌Too Faced、Smashbox一起打包出售。值得注意的是，如果此次出售完成， 标志着雅诗兰黛的精简品牌组合战略更进一步。 图源：theindustry.beauty 消息人士透露，这三个品牌已向潜在买家推介，预计总售价为低九位数。这也意味着，三个品牌打包出售的整体售价可能仅为3-5亿美元(人民币约20.95亿 元-34.91亿元)之间，这与其先前用近15亿美元(人民币约104.74亿元)买入Too Faced一个品牌，形成鲜明反差。 当初，雅诗兰黛收购这三个品牌共花费超25亿美元(人民币约174.57亿元)，而现在可能将以约五分之一的价格出售，面临高买低卖的情 ...

Core Insights - The cosmetics industry is experiencing a significant downturn, with many brands being sold or shut down rather than achieving sales success during promotional events [1][22] - Over 50 beauty brands have been categorized as "abandoned" this year, with notable examples including L'Oréal, Estée Lauder, and Unilever [1][5] - The trend indicates a shift from large-scale brand coverage to a focus on optimizing brand portfolios among international beauty giants [8][13] Brand Sales and Closures - International beauty giants have sold over 30 brands this year, including Unilever's sale of the high-end skincare brand CeraVe and Kering's sale of its beauty division to L'Oréal for €4 billion (approximately ¥331.96 billion) [3][5] - The majority of these "abandoned" brands were acquired at high valuations between 2014 and 2020, with some, like Avon, being sold for $3.7 billion (approximately ¥263.45 billion) after struggling to perform [6][7] - In 2025 alone, 16 international brands have been shut down due to operational difficulties and strategic misalignment, with L'Oréal closing three brands [14][18] Reasons for Brand Abandonment - The primary reasons for brand sales include the need for international beauty companies to streamline operations and focus on profitable segments, as seen with Unilever's efforts to make CeraVe profitable [7][18] - Many brands are facing challenges such as declining performance, increased marketing costs, and the inability to adapt to market demands, leading to closures [21][27] - The trend of brand closures is not limited to international brands; domestic brands are also facing similar pressures, with eight brands shutting down in 2025 due to strategic adjustments and profit pressures [23][26] Market Trends and Future Outlook - The industry is witnessing a shift towards strategic restructuring and value rediscovery rather than mere expansion, indicating a potential ongoing consolidation phase [13][32] - The focus is now on leveraging technology and innovation to create competitive advantages, with companies encouraged to find niche markets and enhance product offerings [31][32] - The ongoing challenges suggest that the beauty industry will continue to experience a wave of brand eliminations, with survival dependent on strategic adaptability and resource management [22][32]

Core Insights - Estée Lauder is considering selling its makeup brand Too Faced, although specific details have not been disclosed [2] Group 1: Company Performance - Too Faced was founded in 1998 and was acquired by Estée Lauder for $1.45 billion in 2016 [4] - The brand attempted to enter the Japanese market in 2019 and later expanded into the Asia-Pacific region, including launching a Tmall overseas flagship store in China in 2020 [4] - However, Too Faced announced the closure of its only official flagship store in China in August 2022, effectively exiting the Chinese market [4] - Estée Lauder's makeup business has been underperforming, with a reported net sales of $4.205 billion for the fourth quarter and full year of fiscal 2025, a decrease of 6% year-over-year [4] - The operating loss for the makeup segment was $441 million, influenced by declining sales in Too Faced's lip and eye product categories [4] Group 2: Estée Lauder's Financial Challenges - Estée Lauder has faced declining revenue and net profit for two consecutive fiscal years starting from fiscal 2023 [5] - In fiscal 2025, the company reported net sales of $14.326 billion, an 8% year-over-year decline, and a net loss of $1.133 billion, compared to a profit of $390 million the previous year [5] - In response to these challenges, Estée Lauder announced operational changes in February, which include restructuring its brand portfolio and streamlining its organizational structure [5]

Core Viewpoint - Estée Lauder is facing significant challenges in its recovery path, with a decline in net sales and operating income amid economic downturns and geopolitical factors [1][3]. Financial Performance - For the fiscal year 2025, Estée Lauder reported a net sales decline of 8% year-over-year, totaling $14.33 billion (approximately ¥1028.01 billion) [1][2]. - The company's gross profit decreased by 5% to $10.60 billion, with a gross margin of 74.0% [2]. - Operating income turned into a loss of $785 million, marking a significant decline from a profit of $970 million in the previous year [2][6]. - The diluted net loss per share was $3.15, compared to earnings of $1.08 per share in the prior year [2]. Business Segment Performance - The only category to show growth was the fragrance segment, which remained flat with a slight increase, while skincare, makeup, and hair care categories experienced declines of 12%, 6%, and 10% respectively [4][6]. - The skincare segment's decline was attributed to decreased sales of brands like Estée Lauder and La Mer, alongside a drop in Asian travel retail sales [7][11]. - The makeup segment's downturn was primarily due to poor performance from brands like M·A·C and Too Faced [7][8]. Regional Performance - All regions reported declines in net sales, with the EMEA region experiencing the largest drop of 12%, followed by Asia/Pacific at 7% and the Americas at 4% [10][11]. - In mainland China, net sales fell by 6%, influenced by a challenging retail environment and low consumer sentiment [11][14]. Strategic Initiatives - Estée Lauder is undergoing a restructuring plan (PRGP) aimed at restoring profitability, which has already led to over 3,200 job cuts, with projections of total cuts reaching between 5,800 to 7,000 positions [19][22]. - The company anticipates that the restructuring will incur pre-tax costs between $1.6 billion to $3.3 billion [19]. Future Outlook - Despite current challenges, Estée Lauder's management expressed confidence in achieving organic sales growth in fiscal year 2026 and aims to rebuild operational profitability [3][22]. - The company plans to report its financials based on a new geographical structure starting Q1 of fiscal year 2026, which will include China as a separate reporting region [11][19].

Core Viewpoint - Estée Lauder is facing significant challenges in its makeup business, prompting management changes and strategic adjustments to revitalize performance and drive growth [2][3]. Group 1: Management Changes - Estée Lauder appointed Sara Staniford as Vice President and General Manager for its three major makeup brands—MAC Cosmetics, Bobbi Brown, and Too Faced in the UK and Ireland [2]. - The company also recently appointed Lisa Sequino to lead the makeup division, indicating a focus on strengthening management to address declining sales [3]. Group 2: Financial Performance - In Q3 of fiscal year 2025, Estée Lauder's makeup revenue decreased by 9% year-over-year, with operating profit dropping by 79% [2]. - Overall, Estée Lauder's net sales for Q3 were $3.55 billion, a 10% decline compared to the previous year, and net profit fell by over 50% [3]. - For fiscal year 2024, net sales were $15.61 billion, down 2%, with net profit decreasing by 61% [3]. Group 3: Strategic Initiatives - Estée Lauder is implementing a major transformation strategy called "Beauty Reimagined," which reorganizes its business into eight categories with dedicated management [3]. - The company aims to enhance innovation in makeup and seek new growth opportunities through these management changes [3]. Group 4: Market Challenges - The global consumer demand is growing slowly, and the rise of domestic brands in China poses additional challenges for international companies like Estée Lauder [4]. - The company is attempting to strengthen its professional teams and enhance brand recognition to attract both returning and new customers [4].