The beauty industry ended 2025 on firmer footing. Aggregate like-for-like sales across 17 major listed beauty divisions rose 5.1% in the fourth quarter, a clear acceleration from the 3.5% posted in Q3 and a marked improvement on the 0.6% recorded in the first half. The numbers signal a sector emerging from stagnation, though the recovery remains uneven and highly specific to portfolio mix and geographic exposure.
L’Oréal closed FY25 with sales of €44.05bn up 4% like-for-like and up 6% in Q4. In particular Dermatological Beauty hit double digits in Q4, with SkinCeuticals crossing €1bn.
Unilever’s Beauty & Wellbeing division grew 4.3% for FY25, with Q4 momentum reaching 4.7% with Dove, Vaseline sustaining double-digit performance.
LVMH’s Perfumes & Cosmetics division held steady at €8.2bn on flat organic growth in 2025 but sales went down 1% in Q4 2025.
Shiseido’s FY25 like-for-like sales declined 1.8% to €5.34bn but the situation improved in Q4 with 1% growth. Management targets 3% growth in 2026.
Puig crossed €5bn in annual sales for the first time, reporting full-year revenue of €5.04bn, up 7.8% like-for-like and going up to 9.8% in Q4 2025. In particular Makeup accelerated sharply, posting 13.7% growth for the year and 26.5% in Q4 alone, led by Charlotte Tilbury.
Estée Lauder showed tangible progress in Q4 2025. Net sales rose 4% at constant currency to €3.5bn. Management expects to restore organic sales growth this fiscal year, the first in four years, though tariffs will create roughly €85m in profit pressure.
Coty reported a mixed quarter. Net revenues reached €1.4bn, a 1% reported increase but a 3% like-for-like decline. Prestige revenues fell 2% like-for-like, while Consumer Beauty declined 6%.
e.l.f. delivered its 28th consecutive quarter of growth, with sales up 38% to €413m. Adjusted EBITDA rose 79% to €104m. International sales rose 44% , boosted by the rhode launch in Sephora UK. The company raised its full-year sales outlook to 22-23% growth, projecting revenue near €1.35bn.
The fourth-quarter data confirms a K-shaped recovery for beauty. Companies with disciplined portfolio management and exposure to resilient categories are pulling ahead. Those reliant on challenged geographies or lagging brands are still searching for traction.
