雅诗兰黛第一财季有机净销售额增 6%：香水涨 20%，亚太领跑
Estée Lauder Companies Sales Climb 6% in Q1
雅诗兰黛第一财季有机净销售额同比增 6%、约 37 亿美元，全年增长指引由 3%–5% 上调至 4%–5.5%，消息公布后盘前股价涨超 5%。增长最突出的是香水业务，增 20%，由 Le Labo、Tom Ford、Jo Malone London、Kilian Paris 带动；地区看亚太增 10%、中国内地增 9%、EUKEM（欧洲、英国、爱尔兰与新兴市场）与美洲各增 4%。公司 2025 年 2 月推出的 Beauty Reimagined 转型计划仍在推动季度增长。提醒：原文为标注“仍在发展中”的短篇快讯，数字均为公司财报口径。署名：颜如玉编辑台。
- Estée Lauder Companies (ELC) reported organic net sales growth of 6% in Q1, generating $3.7 billion.
- The company’s full-year growth guidance lifted to 4-5.5%, from a previous estimate of 3-5%.
- The turnaround plan introduced in February 2025, Beauty Reimagined, is maintaining quarterly growth.
- Fragrance was once again a standout, up 20%, driven by Le Labo, Tom Ford, Jo Malone London, and Kilian Paris.
- The Asia-Pacific region led growth (10%), followed by Mainland China (9%), EUKEM (Europe, the UK, Ireland, and emerging markets) (4%), and the Americas (4%).
The breakdown
Estée Lauder Companies’s (ELC) 6% sales growth follows a year of continuous growth for the US-based company, while marking an incremental improvement on Q4 2026. The company also updated its forecast for fiscal 2027 to 4-5.5% growth, up from previous guidance of 3-5%.
In line with the company’s ongoing Beauty Reimagined turnaround strategy — initiated in February 2025 with a consumer-first growth objective — ELC reported an adjusted operating margin of 12.1%, up from 7.3%.
“Our strategy is really to accelerate consumer-facing investment,” said CEO Stéphane de La Faverie on Monday. “We are accelerating our top-of-the-funnel investment to build the desirability and awareness of our brands, because this has clearly been one of the key turnarounds for the company.” The shift away from promotional activity, the exec noted, has also been pivotal in maintaining its growth streak, with the company leaning more on building brand equity and desirability.
By category, fragrance led the charge, up an impressive 20% to $861 million — a climb the company attributed to strong performance with Le Labo, Tom Ford, Jo Malone London, and Kilian Paris. Through direct-to-consumer (DTC) channels — free-standing physical stores and online stores — the company tracks its consumer behavior. Notably, in fragrance, consumers are getting younger across the globe, shared de La Faverie. “This young generation is really tailoring their fragrance portfolio based on occasion,” he said. “It can be to go to school, for sports, to go on a date. They [Gen Z] own more fragrances than the generation before.”
Nonetheless, de La Faverie doesn’t want to put all his eggs in one basket. “Overall, our objective is to continue to be broad-based from a growth standpoint,” he said, pointing to upcoming innovations in the skincare category, particularly La Mer and The Ordinary.
Skincare grew 4% to $1.7 billion, bolstered by growth in La Mer and The Ordinary, at opposite ends of the pricing spectrum. Makeup followed, growing 1% to $1 billion, carried by strong performance at Mac Cosmetics, which continues to gain market share in the US’s prestige segment. Haircare was flat at $128 million, carried by The Ordinary but offset by a decline at Aveda, which the company attributed to a supply chain issue (it aims to resolve the problem before the end of Q2).
Regionally, the Asia-Pacific region performed best, up 10%, largely attributed to airport sales. Mainland China followed (9%), pushed by targeted consumer expansion. Europe, UK, Ireland, and emerging markets (EUKEM) was up 4%, matched by the Americas.
Looking ahead, de La Faverie pinpointed the opportunity for market growth in the Asia-Pacific. “We are the leader in fragrances in the Asia-Pacific market, and we are a very strong player in the Chinese market. So you’re seeing a lot of opportunity for additional growth driven by the younger consumer.”
来源：颜如玉编辑台 · vogue.com