Following the release of Puig’s quarterly results last week, all major beauty groups have now released their financial performance for the October–December period.
As the year closes, we can take stock of the winners and losers of 2025.

L’Oréal and Puig emerged as the clear winners of 2025, delivering the strongest performance among the major players:

• Puig continues to outperform the sector, driven by its strong portfolio of fragrances – both premium and mass – the fastest-growing category in beauty.
• L’Oréal closed the year with its strongest quarterly performance, with all divisions and geographic markets reporting growth.

Estée Lauder and Shiseido, both of which have undergone operational restructuring, now appear to be seeing the first signs of improvement. Although full‑year performance remains negative for both groups, they have returned to growth over the past two quarters:

• For Estée Lauder, the recovery has been driven notably by China (+11% over the last two quarters) and APAC (+5%), while the Americas remain slightly negative (-1%). Growth is mainly led by the fragrance segment (20% of net sales, +10%).
• For Shiseido, performance remains highly dependent on its core markets – China, Japan and Travel Retail (66% of revenues). The Group is less exposed to the fragrance trend due to its portfolio’s strong focus on skincare.

Coty remains under pressure, reporting a fifth consecutive quarter of decline, with its share price down ~59% year-on-year. The Group announced a CEO change at the end of December.

LVMH Beauty has not fully capitalised on the strength of its brand portfolio, reporting 0% organic growth for the full year and -1% in Q4. The Group announced the replacement of the CEO of its beauty division last month.

Market Trends

• Premium and mass fragrances continue to drive overall market growth
• High-performance skincare products are attracting increasing attention from market players
• China and the US have shown signs of improving market conditions in the second half of the year