Across the beauty division of 22 major listed groups, weighted constant-currency growth rose from 4.2% in Q1 to 4.7% in Q2. Eleven groups grew in H1, four were flat and seven declined.
Growth was even stronger at the top with the four largest beauty businesses all growing, at an average of 5.8%. Haircare, dermatological skincare and fragrance were the main growth drivers while traditional skincare and makeup were much less consistent. China is improving, but mainly in premium beauty and e-commerce while APAC and emerging markets are producing much of the growth. Brazil, travel retail and parts of the Middle East remain difficult.
L’Oréal remained far ahead, with €23.8bn in sales and 6.5% growth at constant FX. Professional Products and Dermatological Beauty both grew double-digit on an adjusted basis while E-commerce grew almost twice as fast as the market.
P&G Beauty reached €6.7bn, up 5.4% with haircare driving the growh, while skincare was flat. Unilever Beauty & Wellbeing grew 5.9% to €6.5bn, accelerating to 8.1% in Q2 with Dove, Sunsilk, Vaseline and prestige beauty leading.
Estée Lauder’s recovery is now real. The group returned to organic growth in fiscal 2026, its first full-year increase in four years. H1 calendar sales reached €6.3bn, up 3.5% at constant FX driven by skincare and fragrance in Q2 calendar.
Beiersdorf went the other way. Consumer sales fell 4% to €4.1bn. Derma grew 7.8%, but this could not offset a 6.8% decline at NIVEA.
LVMH Perfumes & Cosmetics was flat in H1 at €3.9bn, with Q2 down 1% organically. Dior and Guerlain performed, but the division did not grow.
Shiseido was also flat at €2.7bn. Q2 improved across most regions, although H1 remained below plan.
Galderma remains in a different league: €2.7bn in sales and 24.6% growth. Therapeutic Dermatology rose 67.9%, led by Nemluvio. Injectable Aesthetics and Dermatological Skincare also grew double-digit.
Puig grew 4.4% to €2.4bn in H1. Makeup rose 9.1% driven by Charlotte Tilbury, APAC grew 20.9% and niche fragrance remained strong.
Unlike Estée Lauder, Coty has not returned to growth. H1 calendar sales reached €2.2bn, down 4%. Q2 calendar sales improved to -1% LFL, but full-year organic sales still fell 5%, with both Prestige and Consumer Beauty down.
My conclusion: the beauty industry is still growing but we are seeing more than ever a divide between the groups able to spend on brands and launches in the right categories and those which are still fixing distribution, portfolios or execution.
