Major beauty groups are showing clear signs of recovery.

Estée Lauder has returned to growth after four consecutive quarters of decline, while Shiseido has also reported positive results following four negative quarters out of the last five.

L’Oréal and Puig continue to outperform, maintaining their leadership in growth among major players.

Coty remains under pressure; however, management anticipates a return to growth in its third fiscal quarter (January–March 2026).

Market Trends

• Premium fragrances remain the key driver of overall category growth.
• Early signs of recovery in China, with leading players posting gains in the region.

Our analysis provides a clear, data-driven view of how global beauty leaders performed in Q3 2025: