Key Takeaways EL posted 6% organic Skin Care sales growth in Q2, among its strongest categories. Strength in Mainland China and brands like Estee Lauder and La Mer drove gains.Better inventory alignment and improved Asia/Pacific retail trends aided resilience.The Estee Lauder Companies’ (EL) Skin Care remained a key bright spot in second-quarter fiscal 2026, supported by stronger retail trends in select markets. Performance in Mainland China and continued brand momentum helped steady the category amid an ev ...

著名国际美妆品牌雅诗兰黛于近日宣布，其官方旗舰店将入驻特卖电商平台唯品会，并将推出多个价格极具优势的产品参与其于2月25日上午10点开幕的春 季美妆节。 值得一提的是，雅诗兰黛官方旗舰店入驻之后，其精选了多款产品参与唯品会的春季美妆节，比如其爆款产品智妍精华面霜75ml到手135ml仅需996元，小 棕瓶精华露50ml附赠3支15ml、1支7ml同款精华露，到手价仅为870元。 据了解，不仅是雅诗兰黛，多个美妆知名大牌都在春节后迎来价格力的爆发，以此次春季美妆节为例，欧莱雅的金致胶原眼霜仅需107元，娇韵诗的双萃精 华液100ml低至766元，自然堂的凝时淡斑美白礼盒价格低至238元。此外，唯品会相关负责人介绍，在春季美妆节中，平台也上线了180元美妆品类券包 等，还对爆款商品推出官方补贴。 业内人士介绍，雅诗兰黛等多个大牌开始加码特卖电商平台，也折射出美妆品牌对于限时折扣市场的重视，对于消费者而言，其有机会以超高性价比享受到 美妆大牌爆款产品，这或将进一步提振美妆消费市场。 雅诗兰黛是国际著名美妆品牌，其名列《2022胡润世界500强》第169位，并入选2023年《财富》美国500强排行榜，排名第230位。 ...

文 | 未来迹FutureBeauty 林锦淼 编辑 | 子辰 岁聿云暮，新元肇启。 当城市街巷的年味在腊月的风里渐次洇开，一种属于东方的时间美学，便在辞旧迎新的倒计时中，叩响了千家万户的心门。丙午马年，挟着"天马行空"的昂 扬意气与"万马奔腾"的生命张力，踏着清脆的蹄音，自岁月深处嗒嗒而来。 于每一位中国人而言，春节从不止是节气的更迭，更是血脉里流淌的仪式图腾——它是围炉夜话的温情脉脉，是故友新朋的笑靥重逢，亦是一段被郑重标记 的人生重启，蕴藏着我们对"万象更新"最质朴也最热烈的祈盼。 嗅觉敏锐的美妆品牌，早已循着这缕年味入局，将新春营销的鼓点擂响在岁末年初的节点。当"马"这一生肖主角跃然眼前，它便超越了单纯的文化符号，成 为品牌竞逐创意锋芒、深挚对话用户心灵的绝佳载体。一场围绕"马"的创意赛马，已在消费者的殷殷期待与品牌的奇思妙想间，悄然拉开帷幕。 《FBeauty未来迹》特邀设计、艺术领域的多位专业人士展开深度对话，试图解码美妆新春营销正经历的深层转向：当符号化的文化表达日渐式微，品牌叙 事如何挣脱窠臼，以更具人性温度与情感共鸣的笔触，书写与时代的共鸣？我们一同探寻，这场以"马"为媒的岁序新章，将如何重 ...

Industry Overview - The U.S. beauty and cosmetics industry demonstrates resilience, providing a defensive growth profile even during economic fluctuations, with stable demand for skincare, fragrance, and color cosmetics [1] - Structural growth drivers include the rapid expansion of skincare and prestige fragrance, with wellness, ingredient transparency, and sustainability influencing purchasing decisions, particularly among Gen Z and millennials [2] Digital Transformation - Digital transformation is crucial for competitive advantage, with elevated e-commerce penetration; retailers combining online convenience with experiential store formats are better positioned for customer loyalty [3] - Companies like Ulta Beauty, Inc. leverage robust loyalty programs and omnichannel capabilities to align with evolving consumer preferences [3] Brand Strategy - A diverse portfolio across mass and prestige offerings allows companies to navigate shifting demand trends effectively; Coty Inc. exemplifies this with its mix of consumer beauty products and higher-growth prestige fragrance assets [4] - Interparfums focuses on developing fragrance franchises for global fashion houses, emphasizing brand identity and long-term partnerships rather than short-term volume [7] Innovation and Growth - Continuous innovation is central to Interparfums' strategy, with successful product lines like Jimmy Choo and Montblanc enhancing brand visibility and consumer engagement [8][9] - The Estee Lauder Companies is reshaping its approach through the "Beauty Reimagined" strategy, focusing on consumer-centricity and agility across various channels [10][11] Market Positioning - e.l.f. Beauty has emerged as an agile player by offering high-quality, prestige-inspired products at accessible prices, quickly adapting to consumer demand [13] - Product innovation is key for e.l.f., with successful launches in various categories and strong in-store execution supporting brand visibility [14][15] Investment Opportunities - The beauty and cosmetics sector presents stability and long-term growth potential, with companies like Interparfums, The Estee Lauder Companies, and e.l.f. Beauty identified as positioned to benefit from industry growth drivers [5]

Group 1 - The Estée Lauder Companies Inc. (NYSE:EL) has been downgraded to Hold from Buy by HSBC, with a price target adjustment to $106 from $105, citing "modest" organic sales growth that underwhelmed investor expectations [1] - B. Riley raised the price target for Estée Lauder to $105 from $100 while maintaining a Neutral rating, attributing the increase to stronger margin assumptions despite elevated expectations prior to the fiscal Q2 report [2] - Estée Lauder is a globally recognized manufacturer of hair care, skincare, makeup, and fragrance products, with a diverse portfolio including brands like Clinique, MAC, and La Mer, sold through various retail channels [3] Group 2 - The company is facing challenges in organic sales growth, particularly in fiscal Q3, with tougher conditions in China compared to easier comparisons in the U.S. expected to offset each other in the second half of the fiscal year [1] - Despite the potential of Estée Lauder as an investment, some analysts suggest that certain AI stocks may offer greater upside potential and less downside risk [4]

Core Insights - The article discusses the expertise of Vladimir Dimitrov, CFA, who has a background in brand and intangible assets valuation, particularly in the technology, telecom, and banking sectors [1] Group 1: Professional Background - Vladimir Dimitrov has experience as a strategy consultant and has worked with major global brands [1] - He graduated from the London School of Economics, indicating a strong academic foundation in finance and economics [1] Group 2: Investment Focus - The focus is on identifying reasonably priced businesses that possess sustainable long-term competitive advantages [1]

Key Takeaways EL lifted Q2 gross margin to 76.5%, up 40 bps despite tariffs and mix shifts. Estee Lauder credited PRGP savings, lower excess costs and sales leverage for gains. EL expects about $100M in FY26 tariff impacts and guides 9.8%-10.2% operating margin. The Estee Lauder Companies (EL) reported a gross margin of 76.5% in the second quarter of fiscal 2026, up from 76.1% in the prior-year period, reflecting a 40-basis-point increase. The expansion was achieved despite ongoing external pressures, inclu ...

Core Insights - The company is experiencing strong momentum in the AI glasses market, with expectations for continued growth in the coming months as they build up the category and expand distribution, particularly in the B2B segment [1] - The company aims to leverage its first-mover advantage in the smart glasses market before competition intensifies, with plans to increase production capacity this year [2] - The company is prepared to meet high market demand with flexible production capacity, allowing for internal and external fulfillment as needed [3] Expansion Plans - The company is on track for the rollout of Gen 3 frames in international markets, including Canada, France, and the UK, despite previous delays [4] - There is significant consumer demand and feedback that is being used to adjust capacity, with a new product pipeline expected to launch throughout 2026 [5] - The company anticipates expanding its product family with additional brands, potentially including Prada, although specific details on future brands are not disclosed [5] Strategic Partnerships - The relationship with Meta is described as productive and interactive, with both companies complementing each other’s strengths in distribution and consumer understanding [6] - The collaboration between the two companies is crucial for the success of wearable technology, with joint efforts leading to unique product offerings that are well-received by consumers [7]

Core Insights - L'Oréal reported a sales revenue of €44.05 billion (approximately ¥360 billion) for 2025, marking a 4% year-on-year growth, with the North Asia region, including China, showing signs of recovery after two years of decline [1] - Estee Lauder also demonstrated strong performance, with a 6% increase in sales to $4.229 billion for the second fiscal quarter of 2026, and a significant turnaround in net profit from a loss of $590 million to a profit of $162 million [1][2] - The recovery in the beauty industry reflects not only a cyclical rebound but also the resilience and potential of the Chinese consumer market [1] Company Performance - L'Oréal's professional hair products segment led with a comparable growth of 7.5%, surpassing €5 billion, while the skincare segment grew by 5.5% to €7.2 billion [2] - Estee Lauder's net sales for the first half of the 2026 fiscal year reached $7.71 billion, a 5% increase, with a net profit turnaround from a loss of $746 million to a profit of $209 million [2] - Both companies attribute their recovery to improved consumer confidence and proactive adjustments in product structure and channel efficiency [1][2] Market Trends - The high-end beauty segment is showing signs of recovery, with L'Oréal's sales in China increasing from 1% growth in the first half to 5% in the second half of 2025 [3] - The overall Chinese cosmetics market reached a total transaction value of ¥1.104245 trillion in 2025, growing by 2.83%, solidifying its position as the largest cosmetics market globally [7] - Domestic brands have increased their market share to 57.37%, indicating a shift in consumer preferences towards local products [7] Strategic Adjustments - Estee Lauder has restructured its organization to treat the Chinese market as a strategic core, reporting a full-year sales figure of $2.741 billion (approximately ¥19.6 billion) for mainland China [6][7] - L'Oréal is focusing on enhancing its digital and direct-to-consumer (D2C) strategies, with e-commerce sales surpassing 30% of total revenue for the first time in 2025 [7] - The competitive landscape is shifting, with international brands needing to solidify their high-end offerings while adapting to local consumer demands [8]

Core Insights - The high-end beauty market is showing signs of recovery, with L'Oréal and Estée Lauder reporting positive sales growth and improved profitability in their recent financial results [1][2][4] Group 1: Financial Performance - L'Oréal achieved sales of €44.05 billion (approximately ¥360 billion) in 2025, marking a 4% year-on-year increase, with the North Asia region, including China, showing a 0.5% growth after two years of decline [1] - Estée Lauder reported a 6% increase in sales to $4.229 billion for the second fiscal quarter of 2026, significantly improving its net profit to $162 million from a loss of $590 million in the previous year [1][3] - L'Oréal's professional hair products segment led the growth with a 7.5% comparable increase, surpassing €5 billion, while the skincare segment grew by 5.5% to €7.2 billion [3] Group 2: Market Dynamics - The recovery in the beauty sector is attributed to restored consumer confidence and proactive adjustments in product structure and channel efficiency by major brands [2][4] - Both L'Oréal and Estée Lauder's recovery signals a cyclical turnaround in the beauty industry and reflect the resilience and potential of the Chinese consumer market [2][4] Group 3: Strategic Adjustments - Estée Lauder has restructured its organization to treat the Chinese market as a strategic core, reporting a full-year sales figure of $2.741 billion (approximately ¥19.6 billion) for the mainland China market, which accounts for nearly 20% of the company's overall sales [6][7] - L'Oréal emphasized its leading position in the Chinese market, with e-commerce sales surpassing 30% of total sales for the first time in 2025, highlighting the importance of digital channels [7] Group 4: Consumer Trends - The demand for high-end and ultra-high-end skincare products is stabilizing, driven by higher frequency of use and emotional value associated with these products [4][6] - The overall cosmetics market in China reached a transaction value of ¥1.104245 trillion in 2025, with a year-on-year growth of 2.83%, solidifying its position as the largest cosmetics market globally [7]