Q2 2026: growth accelerates, but the gap between players remains significant
The second quarter showed a clear improvement in the overall performance of the sector, although growth remains highly differentiated by company.
L’Oréal continued to lead the market, with +6.3% adjusted like-for-like growth in Q2, broadly stable versus the strong +6.7% recorded in Q1.
Estée Lauder showed the strongest sequential improvement. Organic sales increased +5% in the April-June quarter, versus +2% in the previous quarter, marking a fourth consecutive quarter of positive growth.
Puig maintained a strong growth trajectory, continuing to gain market share in premium beauty. H1 results confirmed positive growth across categories and regions, with Asia-Pacific remaining the standout geography.
Shiseido also showed signs of recovery during the quarter, following a difficult start to the year.
LVMH Perfumes & Cosmetics remained broadly stable. Organic sales declined -1% in Q2, after 0% in Q1, resulting in flat organic growth for the first half.
Coty improved materially sequentially but remained in negative territory. Q2 LFL sales declined -1%, compared with -7% in the previous quarter.