二零二六年四月二十七日，上海半岛酒店玫瑰厅。一场被定名为“大美泱泱，智敬未来”的战略沟通会，放在寻常年份，或许只是一家跨国公司一年一度“例行”的活动。但若将这些细节摊开来看——稳居第一的市场份额、中高个位数的一季度增长、三大主题论坛的设置，以及与华山医院联合发布的理肤泉超分子新品——便能察觉，欧莱雅中国在看似平稳的叙述之下，正编织一幅更为深远的图景，以更长远的未来思维来走好当下的每一步发展的步伐。
业绩是显性的证据。2025年，欧莱雅中国稳居美妆市场头把交椅；进入2026年第一季度，增速仍达到中高个位数，且持续领先于大盘的复苏节奏。四大事业部的阵型呈现出各安其位、协同发力的态势：高档化妆品部以约30%的市占率领跑细分赛道，皮肤科学美容事业部增长19%，修丽可稳坐领域内头牌；大众化妆品部与专业美发产品部亦分别在各自的疆域里保持领先。线上端，所有电商平台均为第一；线下端，去年一年仅大众、高档、皮肤科学美容三个事业部便新开150多家门店，大众化妆品部的品牌网络已覆盖1700多个城市，包括全部线市与区县。这些数字叠在一起，勾勒出一个在宏观承压环境中依然能行稳致远的样本。
但若要追问，欧莱雅何以成为全球美妆第一大巨头企业的欧莱雅？仅靠规模与渠道显然不够。真正让这家公司区别于同行的，或是她在每一个时代浪潮袭来时，始终能将自己的根系扎进两个深处：一是科学的深层逻辑，二是人的深层需求。
先说科学。这次会议上的一个关键发布，是理肤泉超分子控油平衡水乳系列。它并非一款普通的新品，而是欧莱雅与华山医院皮肤科“产学研医”模式的首项共创成果。双重复合超分子科技、9:8:5的三酸黄金配比——这些术语背后，是欧莱雅在中国本土研发能力的一次厚积薄发。换句话说，欧莱雅没有将研发中心仅视为海外技术的本地化窗口，而是将其打造成集团全球创新的策源地之一。苏州工厂运营三十年，如今已是集团全球最大的产能基地；南通智能运营中心将于下半年动工。研发、制造、运营，这些“重资产”环节的持续投入，构成了欧莱雅区别于轻资产网红品牌的一道护城河。
再谈AI。当许多企业仍在讨论AI是否会颠覆行业时，欧莱雅已经提出了“AI向美”的理念，并在战略沟通会上首次设立专题论坛，参与者包括AI原生虚拟偶像Yuri、学者蒋昌建、科技博主潘乱——一场跨越“物种”的对话。而且，在随后的“美之道”专题论坛上，中国香料香精化妆品工业协会理事长、医学博士颜江瑛，著名媒体人、秦朔朋友圈创始人秦朔，欧莱雅北亚及中国区公共事务部总裁兰珍珍等一众大咖也分别就Ai向美与美之道发表了真知灼见。正如颜江瑛表示，在AI时代，我们更需要科技向善，定义真实之美。对于中国美妆来说，拥抱AI，使用AI，AI for science，但AI不能成为品牌的“大脑”，因为AI算不出品牌的“魂”。美的真实性和原创性比以往任何时候都重要。真实和原创，永远是美的最动人底色。未来，最稀缺的资源不是算力，而是那些带有温度、带有个性、带有独特视角的“人性”。而欧莱雅恰恰用自己的“美之道”践行了自己的价值观并给社会经济人文都带来了深远的影响和意义，特别是对“人”本身的关注和着力。
要知道，仅仅拥抱科技并不足以解释欧莱雅的韧性。真正关键的是，欧莱雅从未在科技的轰鸣中迷失对“人”的关注。这次沟通会上宣布的“一代耀一代”科技女生赋能计划，五年内捐赠1000万元，用于构建女科学家、青年女科技工作者与中学科技女生之间的代际赋能链路。这与欧莱雅长期坚持的女性赋能一脉相承。同时，“美丽事业，美好人生”公益培训、“有意思青年”校园义卖、美妆科技黑客松、青年创新策划大赛BRANDSTORM……这些项目累计赋能超36万青年，2025年计划招聘200余名管培生。欧莱雅不仅在卖产品，更在系统地投资于人——尤其是那些在科技与美交叉地带尚未被充分看见的群体。
这便触及了欧莱雅之所以是欧莱雅的核心本质：其始终将美理解为一个生态系统，而非一条流水线。在这个系统里，科学是土壤，科技是工具，人是目的。当欧莱雅北亚总裁及中国首席执行官博万尚说出“美的未来正在中国创造”时，他并非在喊一句口号，而是基于一个判断：根据中国香料香精化妆品工业协会此前发布的数据显示，中国美妆市场已经连续三年超万亿，稳居全球第一大美妆市场的地位；但同时，中国市场的复杂性与多元需求，正在倒逼并滋养出一种全新的美妆发展范式。从“质价比”“心价比”到“情价比”，从大众市场到高端定制，从线下门店到全域触点，消费者的需求不再是单一线条，而是一张纵横交错的网。欧莱雅正在用覆盖全品类、全价格阶梯的品牌矩阵去承接这张网，用差异鲜明的品牌“人设”去呼应每一种细分情绪，再通过AI、线下专业渠道等去精细化每一个接触点。
还是欧莱雅中国副首席执行官及高档化妆品部总经理马晓宇说的好：“回归美的本质，回归人的真实需求，回归品牌、体验与价值的长期主义”。这三重回归，恰恰是当下浮躁的商业环境中最为稀缺的品质。欧莱雅的长期主义并非空谈，她体现在苏州工厂三十年的持续升级，体现在从1997年进入中国至今二十九年的稳健扎根，更体现在面对AI浪潮时既不故步自封、也不盲目跟风的从容姿态。
总体来看，这场沟通会的三场主题论坛——“AI向美”“美之道”“消费者为天”——恰好对应了欧莱雅理解自身的三个维度：技术维度、人文维度与市场维度。三者并非彼此割裂，而是缠绕共生。AI向美解决的是效率与边界，美之道回答的是价值与方向，消费者为天则校准了所有的努力最终要服务于谁。
或许，欧莱雅真正的秘密在于，它始终保持着一种“学者般的耐心”——一种长线思维。她不被短期的市场波动所摇晃，也不被单一的技术叙事所裹挟。她既愿意花数年时间与专业机构共同打磨一款产品，也敢于在AI浪潮初起时就设立跨物种的对话论坛。这种耐心并非迟钝，而是对美这一古老命题的敬畏——美从来不是速成品，它需要科学的支撑、科技的催化、时间的沉淀，以及对人性的深刻理解。
当欧莱雅宣布将继续加码投资中国，从研发、科技、运营到生态圈四路并进时，她其实是在下一个长远的注：美这个行业，终究是乐观者的行业。因为相信人会向往更好的生活，相信科技能让这种向往更触手可及，相信美有能力在代际之间传递、在科学与人文之间流动——所以才有底气在战略沟通会上，将“智敬未来”四个字写得如此笃定。
实际上，欧莱雅一直行走在“未来的道路”上，从未离场过。我们如果真正的观察欧莱雅，绝不能仅仅从当下的表象上去观察，还是要把她放在“历史的长河”之中——若要理解欧莱雅何以跨越一百一十七年而愈发蓬勃，便不能只盯着眼前这一场战略沟通会，哪怕它已然精彩。需要将镜头拉远，放在一个世纪的尺度上缓缓推近。你会发现，这家公司有一种近乎偏执的习惯：她总是在每一个看似安稳的当下，便已经开始为下一个十年、甚至三十年埋下伏笔。这种长线思维，不是写在PPT里的口号，而是刻在经营基因里的本能。
欧莱雅的创始人欧仁·舒莱尔在一百多年前做了一件在当时颇为奇怪的事——他不仅发明了第一支现代染发剂，还同步建立了研发实验室。在今天看来，这理所当然；但在那个化妆品还停留在手工作坊阶段的年代，一个美发产品公司投入基础研究，无异于在沙漠里开凿运河。可正是这条“运河”，让欧莱雅在随后的几十年里，陆续推出了防晒、护肤、活性健康等跨时代产品。每一次技术浪潮来临前，她都已经在岸边准备好了船只。
再看二十世纪八九十年代，当大多数化妆品公司还在依靠单一品牌打天下时，欧莱雅已经开始系统性地构建品牌矩阵。她收购兰蔻、赫莲娜等高端品牌，又引入理肤泉、薇姿等皮肤学级品牌，同时保留大众市场的巴黎欧莱雅。这种全谱系布局，在当时被视为过于复杂甚至激进。但今天回头看，正是这种阵列，让欧莱雅能够抵御任何一次消费周期的波动——高端市场遇冷时，大众市场补位；护肤疲软时，彩妆和香水顶上。二零二五年欧莱雅中国之所以能稳居第一，四大事业部协同发力，根本原因不只是在2025年这一年的努力，而在数十年前的顶层设计和长期主义。
进入二十一世纪，欧莱雅又做了一个当时不被理解的决定：全面拥抱数字化与中国市场。二〇〇〇年前后，中国美妆市场尚在蛮荒生长，欧莱雅便在上海设立了研发中心；二零一零年前后，电商尚未成为主流渠道，就已开始布局线上。等到二零一八年“美妆科技”概念兴起时，欧莱雅已经提早布局了数字化的全链路建设。这次沟通会上提出的“AI向美”，不是临时起意的应景之作，而是这条长线的自然延伸。换句话说，欧莱雅的每一个“未来前瞻”，在当下看起来都像是一步还无法产生实效甚至还没有确定性结果的“闲棋”；但多年后回看，那些“闲棋”恰好落在了关键的位置。
这种长线思维，背后是一种极为清醒的自我认知：美妆行业的本质，既不是单纯的消费品制造，也不是纯粹的情感营销，而是科技与人文在皮肤上的一次次对话——按照颜江瑛的说法是“皮肤皱纹里的故事”。科技的突破需要以十年为单位的投入，人文的沉淀需要跨代际的积累。欧莱雅之所以是欧莱雅，一个很根本的原因在于其始终追逐的是那些缓慢但不可逆的地壳变动——人口结构的变化、消费观念的演进、技术范式的转移。当她说“加码投资中国”时，投资的不是下一个季度的销量，而是未来十年中国消费者的心智与生活方式。这次沟通会上宣布的南通智能运营中心、BIGBANG美妆科技共创计划、科技女生赋能计划，每一项都带着明显的“超期布局”特征。这些行动可能不会在明年的财报中立竿见影，但会在五年、十年后构成某种竞争壁垒。
这便自然引出一个问题：对于正在奋力拼搏并已经在中国市场上崛起的国货美妆而言，欧莱雅的长线思维能带来怎样的启示？可能启示会很多，比如品牌建设、科技研发、产品矩阵、渠道平衡，等等；但在我看来，至少有一条是至关重要的甚至是排在“优先级”：关于“美”的社会价值投资——仅仅在中国，欧莱雅就做了大量看似与销售无关的事，比如上面提及的赋能科技女生、支持青年创业、推广可持续替换芯，等等。这些事情无法量化成GMV，但它们共同塑造了一个品牌的社会根系。当消费者在无数选择中做决策时，这种长期积累的信任与好感，往往成为最后的决定因素。国货美妆在流量投放上从不吝啬，但在这种“慢公关”“长公益”上的投入却往往不足。这不是简单的企业社会责任问题，而是品牌资产和作为行业领导者的社会价值创造的深度经营——毫不夸张地说，这更是一个行业的“价值之根和张力”。
当然，欧莱雅也并非完美无缺，比如在某些市场反应不够敏捷，在一些新兴趋势上偶尔落后于本土新锐品牌，甚至有时候可能会有“骨子里的骄傲”。但其长线思维让她始终保有纠错的空间和翻盘的资本。一次产品失误、一场营销翻车，对于缺乏底蕴的品牌可能是灭顶之灾，对于欧莱雅却只是漫长叙事中的一个小小注脚。这种韧性，不是靠融资烧出来的，而是靠上百年如一日的根系生长出来的。
回到这场沟通会。博万尚说“美的未来正在中国创造”，这句话放在欧莱雅的上百年坐标系里，便有了更深的意味。欧莱雅曾经在法国创造美的现代范式，在美国创造美的大众化范式，在日本创造美的精致化范式。如今，她正在进一步深耕中国市场。这既是对中国市场的看重，也是欧莱雅自身长线思维的最新注脚——她又一次在潮水将起未起之时，站到了滩涂的最前沿。而对于国货美妆而言，与其焦虑于眼前的份额争夺，不如静下心来问自己一个问题：十年后、二十年后，我们希望自己的品牌长成一棵怎样的树？此刻种下的，是速生的白杨，还是百年可立的橡木？答案，可能就在每一个当下的选择里。
但至少有一点是可以毋庸置疑的，那就是：在一个追逐风口的世界里，欧莱雅永远选择追逐地壳深处的板块运动——因为，那才是真正能引发地形重塑的力量。
L’Oréal: The Long-Termist
On April 27, 2026, in the Rose Ballroom of The Peninsula Shanghai, L’Oréal China held a strategic communication meeting under the theme “CreAIte the Beauty that Moves the World.” In an ordinary year, this might have appeared to be just another important annual event for a multinational company. Yet when the details are laid out—the company’s No. 1 market share, its mid-to-high single-digit growth in the first quarter, the design of three thematic forums, and the joint launch with Huashan Hospital of La Roche-Posay’s supramolecular innovation and 2026 For Girls in Science Empowerment Program Kick-off—it becomes clear that beneath L’Oréal China’s seemingly steady narrative lies a much more far-reaching vision. It is advancing each step today with a future-oriented, long-term mindset.
Performance is the most visible evidence. In 2025, L’Oréal China maintained its leading position in the beauty market. In the first quarter of 2026, it continued to achieve mid-to-high single-digit growth, outpacing the broader market recovery. Its four divisions have formed a structure in which each occupies a clear position while generating synergy: L’Oréal Luxe leads its segment with around 30% market share; the Dermatological Beauty Division recorded 19% growth, with SkinCeuticals firmly ranking at the top of its field; the Consumer Products Division and the Professional Products Division also maintained leadership in their respective arenas. Online, L’Oréal ranks No. 1 across all e-commerce platforms, including Tmall, JD, and Douyin; offline, the Consumer Products, Luxe and Dermatological Beauty divisions opened more than 150 new stores in the past year alone. The Consumer Products Division’s brand network now covers more than 1,700 cities, spanning all tiers. Taken together, these figures outline a company that continues to move forward with stability and confidence despite macroeconomic pressures.
But if one asks why L’Oréal has become the world’s leading beauty company, scale and channels alone are clearly not enough. What truly sets L’Oréal apart from its peers may be its ability, in every new era, to root itself deeply in two fundamental dimensions: the underlying logic of science and the profound needs of people.
First, science. One of the key launches at this meeting was La Roche-Posay’s supramolecular oil-control and balancing skincare series. This is not merely another new product, but the first co-created outcome of the industry-academia-research-medical collaboration between L’Oréal and the Dermatological Beauty Divisions at Huashan Hospital. Behind terms such as “dual-complex supramolecular technology” and the “9:8:5 golden ratio of three acids” lies a deep accumulation of L’Oréal’s local R&I capabilities in China. In other words, L’Oréal does not view its China research center merely as a localization window for overseas technologies; it has built it into one of the sources of innovation for the Group globally. Its Suzhou plant has been operating for three decades and is now the Group’s largest production base worldwide. Its Nantong intelligent operations center is scheduled to break ground in the second half of the year. Continued investment in these asset-heavy areas—R&I, manufacturing and operations—forms a moat that distinguishes L’Oréal from asset-light, internet-famous beauty brands.
Then comes AI. While many companies are still debating whether AI will disrupt the industry, L’Oréal has already put forward the idea of “AI for Beauty” and, for the first time, created a dedicated forum on this theme at its strategic communication meeting. Participants included Rachel Huang, Chief Growth Officer of L'Oréal North Asia and China, and General Manager of L'Oréal Buycoor, Yuri, an AI-native virtual idol, scholar Jiang Changjian, and tech-KOL Pan Luan—a dialogue that even crossed the boundary between human and virtual beings. At the subsequent “The Essentiality of Beauty” forum, Yan Jiangying, Chairwoman of the China Association of Fragrance, Flavor and Cosmetics Industries (CAFFCI) and a medical doctor; Qin Shuo, renowned media figure and founder of Qin Shuo’s Moments; and Lan Zhenzhen, Chief Corporate Affairs and Engagement Officer for L'Oreal North Asia & China, among other distinguished guests, shared their insights on “AI for Beauty” and the broader meaning of beauty.
As Yan Jiangying noted, in the age of AI, we need technology to be guided by good, and we need to define authentic beauty. For China’s beauty industry, it is important to embrace AI, use AI and pursue AI for science. But AI cannot become the “brain” of a brand, because AI cannot calculate the “soul” of a brand. The authenticity and originality of beauty matter more than ever. Truth and originality will always be the most moving essence of beauty. In the future, the scarcest resource will not be computing power, but humanity with warmth, personality and a unique perspective. Through its own “Essentiality of Beauty,” L’Oréal is precisely practicing its values and creating far-reaching impact across society, the economy and culture—especially through its attention to, and investment in, people.
It is worth noting that embracing technology alone is not enough to explain L’Oréal’s resilience. The real key is that L’Oréal has never lost sight of people amid the roar of technological change. At this communication meeting, the company announced the “For Girls in Science” Empowerment Program, through which it will donate RMB 10 million over five years to build an intergenerational empowerment chain connecting women scientists, young women in science and technology, and girls in secondary schools with an interest in science. This continues L’Oréal’s long-standing commitment to women’s empowerment. At the same time, initiatives such as “Beauty for a Better Life” public welfare training, “Youth Fun” campus charity sales, beauty tech hackathons and the BRANDSTORM youth innovation competition have empowered more than 360,000 young people. L’Oréal is not only selling products; it is systematically investing in people—especially those who have not yet been fully seen at the intersection of technology and beauty.
This touches the very essence of why L’Oréal is L’Oréal: it has always understood beauty as an ecosystem, not a production line. In this system, science is the soil, technology is the tool, and people are the purpose. When Vincent Boinay, President of L’Oréal North Asia Zone and CEO of L’Oréal China, said that “Investing in China is investing in the future of beauty ,” this was not a slogan, but a judgment grounded in reality. According to data previously released by CAFFCI, China’s beauty market has exceeded RMB 1 trillion for three consecutive years and remains the world’s largest beauty market. At the same time, the complexity and diversity of demand in the Chinese market are forcing—and nurturing—a new paradigm for the development of beauty.
From value-for-money to value-for-mind and value-for-emotion; from mass-market products to high-end customization; from offline stores to omnichannel touchpoints, consumer demand is no longer a single line, but an intricate web. L’Oréal is using a brand portfolio that spans all categories and price tiers to respond to this web. It uses highly differentiated brand personalities to resonate with different consumer emotions, and then refines every touchpoint through AI, professional offline channels and other tools.
Ma Xiaoyu, Deputy CEO of L’Oréal China and General Manager of L’Oréal Luxe China, put it well: the industry needs to “return to the essence of beauty, return to people’s real needs, and return to long-termism in brand, experience and value.” These three returns are precisely among the rarest qualities in today’s impatient business environment. L’Oréal’s long-termism is not empty talk. It is reflected in the continuous upgrading of its Suzhou plant over three decades; in its steady presence in China for 29 years since entering the market in 1997; and in its calm posture toward the AI wave—neither standing still nor blindly following the trend.
Overall, the three thematic forums of this communication meeting—“AI for Beauty,” “The Essentiality of Beauty” and “Consumer Centricity”—correspond exactly to the three dimensions through which L’Oréal understands itself: technology, humanity and the market. These three are not separate from one another, but intertwined and mutually reinforcing. “AI for Beauty” addresses efficiency and boundaries; “The Essentiality of Beauty” answers questions of value and direction; and “Consumer Centricity” ensures that all efforts are ultimately calibrated toward the people they are meant to serve.
Perhaps L’Oréal’s true secret lies in its “scholar-like patience”—a long-term way of thinking. It is not shaken by short-term market fluctuations, nor is it swept away by any single technological narrative. It is willing to spend years co-developing a product with professional institutions, while also having the courage to establish a cross-species dialogue forum at the early stage of the AI wave. This patience is not sluggishness, but reverence for the ancient proposition of beauty. Beauty has never been something that can be made overnight. It requires the support of science, the catalyst of technology, the sedimentation of time, and a deep understanding of human nature.
When L’Oréal announced that it would continue to increase investment in China across R&I, technology, operations and the broader ecosystem, it was in fact placing another long-term bet: beauty is ultimately an industry for optimists. Because it believes that people will always aspire to a better life; that technology can make that aspiration more tangible; and that beauty can be passed between generations and flow between science and the humanities, L’Oréal has the confidence to write the words “CREAITE THE BEAUTY THAT MOVES THE WORLD ” with such conviction at its strategic communication meeting.
In truth, L’Oréal has always been walking on the road toward the future, and it has never left the stage. To truly observe L’Oréal, we cannot look only at the surface of the present moment. We need to place it within the long river of history. To understand how L’Oréal has remained increasingly vibrant across 117 years, we cannot focus only on this strategic communication meeting, brilliant though it may be. We need to pull the lens back, place the company on a century-long timeline, and then slowly zoom in. What emerges is an almost persistent habit: at every seemingly stable moment, L’Oréal is already laying the groundwork for the next decade, or even the next thirty years. This long-term thinking is not a slogan written in a PowerPoint deck; it is an instinct embedded in its operating DNA.
More than a century ago, L’Oréal’s founder, Eugène Schueller, did something rather unusual for his time. He not only invented the first modern hair dye, but also established a research laboratory. Today, this may seem natural. But at a time when cosmetics still largely belonged to the world of artisanal workshops, a haircare company investing in basic research was like digging a canal in the desert. Yet it was precisely this “canal” that enabled L’Oréal, in the decades that followed, to launch era-defining products in sun care, skincare, active health and beyond. Before each technological wave arrived, L’Oréal had already prepared its vessel on the shore.
Consider the 1980s and 1990s. While most cosmetics companies were still relying on a single brand to conquer the market, L’Oréal had already begun systematically building a brand portfolio. It acquired premium brands such as Lancôme and Helena Rubinstein, introduced dermatological brands such as La Roche-Posay and Vichy, and retained L’Oréal Paris for the mass market. This full-spectrum layout was once considered overly complex, even aggressive. But looking back today, it is precisely this array that has allowed L’Oréal to withstand fluctuations in any consumer cycle. When the premium market cools, the mass market can compensate; when skincare slows, makeup and fragrance can step in. The fundamental reason why L’Oréal China was able to remain No. 1 in 2025, with all four divisions working in synergy, lies not only in what it did that year, but in a strategic design and long-term commitment that began decades earlier.
Entering the 21st century, L’Oréal made another decision that was not fully understood at the time: to fully embrace digitalization and the Chinese market. Around 2000, when China’s beauty market was still in an early and rough stage of development, L’Oréal established a research center in Shanghai. Around 2010, before e-commerce became a mainstream channel, it had already begun to build its online presence. By the time the concept of beauty tech gained momentum in 2018, L’Oréal had already laid out a full-chain digital infrastructure. The “AI for Beauty” proposition put forward at this communication meeting is not an opportunistic response to the current trend, but a natural extension of this long-term trajectory. In other words, each of L’Oréal’s forward-looking moves may, at the time, look like a move that produces no immediate effect or even lacks certainty. But years later, those seemingly idle moves often turn out to have landed exactly where they were needed.
Behind this long-term thinking is an extremely clear self-understanding: the essence of the beauty industry is neither simply consumer goods manufacturing nor pure emotional marketing, but repeated dialogues between technology and the humanities on the skin. In Yan Jiangying’s words, it is about “the stories in the wrinkles of the skin.” Technological breakthroughs require investment measured in decades; humanistic accumulation requires cultivation across generations. One fundamental reason L’Oréal is L’Oréal is that it has always pursued those slow but irreversible tectonic shifts: changes in demographics, the evolution of consumer values and the transformation of technological paradigms. When it says it will increase investment in China, it is not investing in sales for the next quarter, but in the mindset and lifestyle of Chinese consumers over the next decade. The Nantong intelligent operations center, the BIG BANG Beauty Tech Innovation Program and the For Girls in Science empowerment program announced at this meeting all clearly reflect this “ahead-of-the-cycle” approach. These actions may not show immediate results in next year’s financial statements, but in five or ten years they will form part of L’Oréal’s competitive moat.
This naturally leads to another question: for domestic Chinese beauty brands that are striving hard and have already risen in the Chinese market, what inspiration can L’Oréal’s long-term thinking offer? There may be many lessons—brand building, scientific research, product portfolios, channel balance and more. But in my view, at least one lesson is essential, and should perhaps be placed at the top of the priority list: investing in the social value of beauty. In China alone, L’Oréal has done many things that appear unrelated to sales, such as empowering girls in science and technology, supporting youth entrepreneurship, and promoting sustainable refill solutions. These efforts cannot be directly converted into GMV, but together they shape the social roots of a brand.
When consumers make decisions among countless choices, this long-accumulated trust and goodwill often become the final deciding factor. Domestic beauty brands have never been stingy when it comes to traffic spending, but they often invest too little in this kind of “slow public relations” and “long-term public welfare.” This is not merely a matter of corporate social responsibility. It is the deep cultivation of brand equity and the creation of social value as an industry leader. It is no exaggeration to say that this is the root of value and the source of tension for an entire industry.
Of course, L’Oréal is not perfect. At times, it may not respond quickly enough to certain market changes; in some emerging trends, it may occasionally lag behind local rising brands; and sometimes it may even carry a certain pride deep in its bones. Yet its long-term thinking gives it room to correct mistakes and capital to recover. A product misstep or a marketing setback may be fatal for a brand without depth. For L’Oréal, it is only a small footnote in a much longer narrative. This resilience is not built by burning capital. It grows from roots cultivated consistently for more than a century.
Returning to this communication meeting, Vincent Boinay’s statement that “Investing in China is investing in the future of beauty ” takes on deeper meaning when placed within L’Oréal’s century-long coordinates. L’Oréal once helped create the modern paradigm of beauty in France, the mass-market paradigm of beauty in the United States, and the refined paradigm of beauty in Japan. Today, it is further deepening its presence in the Chinese market. This reflects both the importance it attaches to China and the latest expression of L’Oréal’s long-term thinking. Once again, before the tide has fully risen, it is standing at the very front of the shore.
For domestic Chinese beauty brands, rather than becoming anxious over immediate market share battles, it may be more meaningful to sit down and ask: in ten or twenty years, what kind of tree do we want our brands to become? Are we planting fast-growing poplars, or oaks that can stand for a century? The answer may lie in every choice we make today.
At least one thing is beyond doubt: in a world chasing the next trend, L’Oréal will always choose to follow the tectonic movements deep beneath the surface—because those are the forces that truly reshape the landscape.
（本文由中国香妆融媒体钟编整理与编辑。中国香妆融媒体发布本文只是为了传递更多的讯息或观点，不代表任何有倾向性的投资意见或市场暗示，仅供行业参考。）
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