After Shiseido released its quarterly results last week, all major beauty groups have now published their financial performance for the first quarter of the year.
A few takeaways from the global beauty leaders:
Best growth momentum
LOréal remains the strongest organic growth story, with +7.6% comparable growth and a well-balanced performance across divisions, regions and categories, supported notably by Professional Products.
Puig also delivered robust growth at +4.7% LFL, although below the pace seen over the last 18 months. The key highlights were APAC, where the group remains relatively small but is gaining market share, and Make-up, up +9.2%.
Operational recovery
EsteeLauder and Shiseido are both recovery stories, but with different profiles.
Estée Lauder returned to organic growth for the third consecutive quarter (+2%), but with only China region growing (+6%), and delivered a strong improvement in adjusted margin. The group also announced plans in early May to cut up to 3,000 additional jobs globally.
Shiseido remained under pressure on revenue (-2.7%), declining across all geographies except the Americas (+5%), but significantly improved profitability thanks to restructuring initiatives and cost discipline.
Weaker performers
Coty remains the most pressured player, with -7% organic growth (7th quarter in a row) and a sharp contraction in adjusted EBITDA.
LVMH Beauty remained stable, marking another quarter without meaningful growth momentum.
M&A
- L’Oréal finalised the acquisition of Kering Beauté on 31 March 2026, including Creed and long-term beauty licences for several Kering maisons.
- Unilever continues to reshape its portfolio toward higher-growth and higher-margin categories, including Beauty, Wellbeing and Personal Care, following the announced combination of its Foods business with McCormick.
- Estée Lauder / Puig discussions remain one of the most strategic situations to watch. A potential combination would be highly complementary in prestige beauty and fragrance.
Market trends :
Haircare is emerging as one of the most attractive beauty categories, combining premiumisation, innovation, high consumer engagement and strong repeat purchase dynamics.