Retail Channels

On August 15, CK Hutchison Holdings Limited, the parent company of Watsons, announced its performance in the first half of 2024. The Watsons Group, which owns 12 retail brands including Watsons, PARKnSHOP, Fortress, and Superdrug in 28 markets in Asia, Europe, and the Middle East, recorded a revenue of HK $91.469 billion, a 3% year - on - year increase. In terms of health and beauty retail, Watsons China maintained profitability in the first half of the year despite the weak consumer environment in the industry, achieving a revenue of HK $6.879 billion (approximately RMB 63.22 billion yuan), and an EBITDA of approximately HK $250 million (approximately RMB 230 million yuan).

It has been learned that the RT - Mart Fresh APP recently launched a global - purchase business. About 500 products were launched in the first batch for consumers to choose from, covering beauty and personal care, mother - and - baby and children's products, and nutrition and health care products. Consumers across the country can place an order with one click through the RT - Mart Fresh APP, and the products will be delivered to their homes by express.

Authoritative Release

On August 14, the National Medical Products Administration (NMPA) issued the "Articles of Association of the National Medical Products Administration Cosmetics Standardization Technical Committee" (hereinafter referred to as the "Articles of Association"). The "Articles of Association" stipulates that the National Medical Products Administration Cosmetics Standardization Technical Committee (hereinafter referred to as the "Standardization Committee") aims to ensure the safety of the public in using cosmetics, adheres to the working principles of promoting democracy and reaching consensus through consultation, constructs the "most - rigorous - standard" system based on the actual needs of cosmetics supervision work and industry development, and adheres to the scientific, standardized and practical nature of cosmetics standardization management. According to the work arrangements of the National Medical Products Administration, the Standardization Committee shall perform the following main duties: (1) formulate plans, programs and policy measures for cosmetics standardization work; (2) study and solve major problems related to cosmetics standardization; (3) review and organize the implementation of the annual project establishment plan for formulating and revising cosmetics standards; (4) review projects for formulating and revising cosmetics standards; (5) carry out publicity and training work on cosmetics standards; (6) conduct international exchanges on cosmetics standardization; (7) put forward opinions on the interpretation of cosmetics standards; (8) undertake other cosmetics standardization work assigned by the National Medical Products Administration.

Brands and Industries

On July 30, Water (China) Co., Ltd. released its performance report for the first half of 2024. The company achieved an operating income of 2.293 billion yuan, a 0.14% year - on - year increase; the net profit was 106 million yuan, a 25.74% year - on - year decrease; the net profit after deducting non - operating gains and losses was 119 million yuan, a 19.07% year - on - year decrease. In the first half of 2024, Water (China) Co., Ltd. applied for 17 patents in total, 18 new patents were authorized, and 9 papers were published. It also developed more than 10 new raw materials with unique technologies of the company, including Micro - 800 Hyaluronic Acid.

On August 1, Symrise announced its financial report for the first half of 2024. In the first half of 2024, Symrise's sales increased by 6.3% to €2.565 billion (approximately RMB 200.62 billion yuan); EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 11.5% year - on - year to €530 million (approximately RMB 41.46 billion yuan); the EBITDA margin was 20.7%, significantly higher than the adjusted 19.7% last year.

On July 30, DSM - Firmenich, the global flavor giant, announced its financial performance in the second quarter and the first half of 2024. In the first half of this year, the group's total sales recorded €6.298 billion (approximately RMB 494.36 billion yuan). Compared with the estimated €6.152 billion (approximately RMB 482.93 billion yuan) in the same period last year, it had a year - on - year increase of 2%, and the organic sales increased by 4%; the adjusted EBITDA (EBITDA: earnings before interest, taxes, depreciation, and amortization) recorded €976 million (approximately RMB 76.61 billion yuan), a 5% year - on - year increase; the core adjusted net profit recorded €365 million (approximately RMB 28.64 billion yuan), a 55% year - on - year sharp increase. Among them, in the second quarter of 2024, DSM - Firmenich's sales recorded €3.227 billion (approximately RMB 253.25 billion yuan), a 7% year - on - year increase; the adjusted EBITDA increased by 26% year - on - year to €513 million (approximately RMB 40.26 billion yuan).

Recently, Inter Parfums Inc, the French perfume giant, released its performance report for the second quarter and the first half of 2024. During the reporting period, Inter Parfums Inc's revenue in Q2 of 2024 reached US$342 million (approximately RMB 24.77 billion yuan), a 11% year - on - year increase, hitting a new high for the same period; in the first half of 2024, the revenue reached US$666 million (approximately RMB 48.26 billion yuan), a 7% increase compared with the same period in 2023.

Huaxi Bio's "Sodium Hyaluronate Composite Solution for Injection" was officially approved, with the registration number of National Medical Device Registration Certificate 20243131359. The product is mainly applicable to correcting neck wrinkles. This is an important milestone for China's medical beauty industry. It is a major breakthrough for Huaxi Bio and also marks that the composite solution track has officially entered the dual - certificate era, and also indicates that more competitors and innovative products will come in the future. It is worth noting that currently, in China, the only filler approved by the NMPA for correcting neck wrinkles is AIMEC's "Haiti". According to AIMEC's 2024 semi - annual report disclosed to the public, in the first half of 2024, solution - based injection products achieved an operating income of 874.45 million yuan, a 35.90% increase compared with the same period last year.

The American cosmetics brand e.i.f Beauty announced its performance in the first fiscal quarter of fiscal year 2025. In the three months ended June 30, the brand's revenue soared 50% to US$320 million, with a profit of US$47.6 million, and the gross profit margin increased by 80 basis points to 71%, benefiting from the strong growth of retail and e - commerce channels. e.i.f Beauty has raised its full - year performance guidance and expects revenue to grow by 25% - 27% year - on - year to US$1.28 billion - US$1.3 billion, previously expected to grow by 20% - 22%. The brand has achieved revenue and market share growth for 22 consecutive quarters, and its revenue exceeded US$1 billion for the first time last year.

The hair care brand Olaplex announced its second - quarter performance. Store - based sales increased by 22.4%, DTC sales decreased by 18.4%, and overall sales decreased by 4.8% to US$103.9 million, marking the sixth consecutive quarter of decline. Despite strong sales at Sephora and other stores, it failed to make up for the continuous decline in the DTC business. The company's CEO, Amanda Baldwin, expects annual sales to grow by at most 1%. According to data from the Fashion Business Express, the brand's revenue in the first quarter decreased by 13.1% to US$98.9 million, and the profit plummeted by 63.1% to US$7.746 million. The main reasons for the performance decline are the increasingly fierce competition in the high - end hair care product market and the slowdown in retail business demand.

On August 7, the General Administration of Customs released a statistical express, announcing the import and export situation of key commodities in China from January to July 2024 and in July. In July, the total import volume of "beauty cosmetics and toiletries" in the country was 27,098.8 tons, a 2.6% year - on - year decrease; the import value was 9.30 billion yuan, a 3.2% year - on - year decrease. In addition, from January to July this year, China's cumulative import volume of cosmetics was 184,528.6 tons, a 12.1% year - on - year decrease; the import value was 686.0 billion yuan, an 8.8% year - on - year decrease.

Recently, the Census and Statistics Department of the Hong Kong Special Administrative Region released data: the provisional estimate of the total value of retail sales in June was HK$29.9 billion (approximately RMB 275.3 billion yuan), a 9.7% year - on - year decrease. Among them, drugs and cosmetics rose by 3.4%. The Hong Kong Special Administrative Region is actively stimulating consumption by holding more large - scale activities, including expanding the coverage of mainland cities for individual travel to Hong Kong, increasing the tax - free quota, and optimizing the stay policy for business travelers.

On August 6, the French professional - grade skin care brand Esthederm announced its return to the Chinese market, and its online store will soon open.

On August 5, POLA ORBIS HOLDINGS (hereinafter referred to as: POLA Group) released its performance report for the first half of the year ended June 30, 2024. The financial report shows that POLA Group's net sales in the first half of 2024 were 838.4 billion yen (approximately RMB 42 billion yuan), a 2.3% year - on - year decrease; the operating profit was 73.2 billion yen (approximately RMB 3.7 billion yuan), a 18.4% year - on - year decrease; the ordinary income was 111.2 billion yen (approximately RMB 5.6 billion yuan), a 2.4% year - on - year decrease; the net profit attributable to the parent company was 75 billion yen (approximately RMB 3.8 billion yuan), a slight 1.3% year - on - year increase. Regarding the decline in net sales, POLA Group pointed out in the financial report that it was mainly due to the decline in sales of its flagship brand POLA.

On August 1, the Korea Statistics Office announced that the scale of cross - border e - commerce online shopping (overseas shopping) in South Korea in the second quarter exceeded 2 trillion won (approximately RMB 105 billion yuan) for the first time, and the proportion of Chinese products also exceeded 60% for the first time. Statistical data shows that the transaction volume of overseas shopping in South Korea in the second quarter increased by 25.6% year - on - year to 2014.9 billion won. This is the highest single - quarter value since relevant data began to be counted in 2014. Among the top three overseas shopping markets (China, the United States, and Japan), China ranks first, with a transaction volume increasing by 64.8% year - on - year to 1237.3 billion won (approximately RMB 64.6 billion yuan). Analysts said that Chinese cross - border e - commerce platforms such as AliExpress and Temu have attracted a large number of South Korean overseas shoppers with their price advantages.

Recently, the official website of the National Medical Products Administration shows that the extracts of Metapanax delavayi and the filtrate of Lactobacillus / Coffea arabica seed fermentation products have completed the new raw material filing. The extract of Metapanax delavayi, with the filing number of "National Cosmetic Raw Material Filing No. 20240054", was filed by Yunnan Botanee Bio - Technology Group Co., Ltd. The filtrate of Lactobacillus / Coffea arabica seed fermentation products, with the filing number of "National Cosmetic Raw Material Filing No. 20240055", was filed by Shenzhen Huijia Technology Co., Ltd.

On August 6, the official website of the National Medical Products Administration shows that pterostilbene has completed the new raw material filing, with the filing number of "National Cosmetic Raw Material Filing No. 20240057", filed by Guangzhou Qingnang Biotechnology Co., Ltd.

On August 1, Hubei Meiqi Health Technology Co., Ltd.'s pyrroloquinoline quinone disodium salt completed the new raw material filing, with the filing number of "National Cosmetic Raw Material Filing No. 20240056".

Cosmax, the South Korean cosmetics OEM giant, announced its performance in the first half of 2024. Sales soared 22% to 10,783 trillion won, approximately RMB 57 billion yuan. Among them, the revenue in the second quarter increased by 15% to 5515 billion won, approximately RMB 29 billion yuan, hitting a new high in a single quarter in history, and the profit increased by 1.5% to 467 billion won, approximately RMB 2.45 billion yuan. By region, sales in the South Korean market in the second quarter soared 25% to 3482 billion won, and sales in the market where China is located decreased by 4% to 1476 billion won, approximately RMB 7.72 billion yuan.

The National Bureau of Statistics today released the monthly report on the total retail sales of social consumer goods in July. The total retail sales of social consumer goods increased by 2.7% to 37,757 billion yuan, and the retail sales of goods increased by 2.7% to 33,354 billion yuan. The national consumer price index rose by 0.5% year - on - year. By consumption category, the total sales of sports and entertainment products soared 10.7% to 105 billion yuan, while the total retail sales of clothing, shoes, hats, and knitted fabrics in July decreased by 5.2% to 93.6 billion yuan, the total sales of cosmetics decreased by 6.1% to 24.5 billion yuan, and the total sales of gold, silver, and jewelry decreased by 10.4% to 20.0 billion yuan.

On August 6, L'Occitane announced that it will send a compulsory acquisition notice to all remaining shareholders to compulsorily acquire all remaining shares. According to the announcement, L'Occitane will apply to the Stock Exchange of Hong Kong Limited to stop the trading of shares at 9:00 a.m. on September 13, 2024 (Hong Kong time) until the listing status of the shares is withdrawn.

Giant Biogene Holdings Limited announced the financial data for the first half of 2024. In the six months ended June 30, 2024, the group's revenue recorded 25.4 billion yuan, a 58.2% year - on - year increase, the net profit was 9.8 billion yuan, a 47.4% year - on - year increase, and the profit attributable to the holders of the parent company was 9.83 billion yuan, a 47.4% year - on - year increase. Under professional skin care products, the revenue of functional skin care products was 19.39 billion yuan, and the revenue of medical dressings was 5.9 billion yuan; among them, the revenue of Collagen by Foryou was 20.7 billion yuan, a 68.6% year - on - year increase.

Hanshang Group, the parent company of Kans, announced its performance in the first half of 2024 yesterday. Sales soared 120.7% to 35 billion yuan, and the profit skyrocketed 308% to 4.12 billion yuan. By brand, Kans' sales soared 184.7% to 29.3 billion yuan, accounting for 83% of the group's total revenue. One Leaf's sales decreased by 38.6% to 1.25 billion yuan, Red Elephant's sales decreased by 8% to 1.74 billion yuan, and newpage one's sales soared 173% to 1.6 billion yuan. By channel, the sales of the online self - operated channel soared 179% to 27.5 billion yuan, mainly due to the revenue growth on e - commerce platforms such as Douyin and Tmall. The sales of the online retail channel increased by 108% to 2.9 billion yuan, and the sales of the offline retail channel decreased by 14.5% to 1.6 billion yuan.

On August 20, Yatsen Holding Limited, the parent company of Perfect Diary, released its performance report for the second quarter of 2024. The announcement shows that the company achieved a revenue of 795 million yuan in the second quarter, a 7.5% year - on - year decrease compared with 859 million yuan in the same period last year. Among them, the skin care business achieved a revenue of 325 million yuan, accounting for 40.9% of the total revenue, rising continuously for 9 quarters and maintaining a level above 30% of the total revenue. The income structure shows an optimized trend.

The Japanese beauty giant Pola Orbis Group recently announced its performance in the first half of 2024. The revenue decreased by 2.3% to 83.8 billion yen (approximately RMB 40.8 billion yuan), the profit decreased by 18.4% to 7.3 billion yen (approximately RMB 3.6 billion yuan), and the net profit attributable to the parent company increased by 1.3% to 7.5 billion yen. By brand, the sales of the Pola main brand decreased by 2.6% to 81.3 billion yen, and the overseas business sales of this brand decreased by 16%, mainly affected by the slowdown of the economic growth in the Asian market where China is located. Orbis' sales increased by 14.8% to approximately 24.0 billion yen, and Jurlique's sales increased by 6.8% to 4.1 billion yen.

Shanghai Jahwa United Co., Ltd. announced its performance in the first half of 2024 yesterday. The sales decreased by 8.51% to 33.21 billion yuan, the profit decreased by 20.9% to 2.38 billion yuan, and the gross profit margin increased by 0.88 percentage points to 61.13%. Among them, the group's sales expenses decreased by 8.7% to 14.4 billion yuan, and the management expenses decreased by 17% to 2.5 billion yuan.

Recently, Runben Biotechnology Co., Ltd. (hereinafter referred to as "Runben Co., Ltd.") released its semi - annual report for 2024. The report shows that in the first half of 2024, Runben Co., Ltd.'s operating income was 744 million yuan, a 28.47% year - on - year increase; the net profit was 180 million yuan, a 50.69% year - on - year increase.

Coty, the world's largest perfume group, recently announced its latest performance. The revenue in the fourth quarter increased by nearly 1% to US$13.6 billion. Mainly affected by the licensed sales of Lacoste perfume and the cautious inventory management of retailers, the adjusted net loss in the quarter was US$23.9 million, while the profit in the same period last.

E - commerce Platforms

Recently, a picture regarding "Pinduoduo will cancel the refund - only policy" has sparked heated discussions on the Internet. On July 31, a person close to Pinduoduo stated: "It's not true."

On July 26, Taobao announced that it will optimize the "refund - only" strategy and enhance merchants' after - sales autonomy based on the new version of the experience score. Previously, Taobao implemented a series of new regulations, among which the "refund - only" policy (requiring products to be eligible for return or exchange within seven days without reason) caused a heated debate. The well - known beauty C - store "Dai TA Gou Ri Han" on the "Taobao God Store List" has already closed. Taobao C - stores, that is, Taobao personal stores or bazaar stores, have long become an important part of the online beauty market by virtue of their generally lower prices than those of official brands and their sources of niche brands. Moreover, the number of fans of many top C - stores even exceeds that of many official brand stores.

Recently, JD.com announced that it will invest more than 3 billion yuan to support the entire category of beauty products, including self - operated goods and third - party merchants' goods.

It is understood that with the support of this huge subsidy, the prices of beauty products in JD.com's 10 - billion - subsidy channel will be directly reduced, and it is expected that the prices will be reduced by 10% to 50%, bringing real benefits to consumers! In addition, JD.com will also expand the richness of big - brand gifts in the genuine - product - plus - gift gameplay. When consumers' consumption reaches the full amount, they can get additional gifts for free, bringing continuous surprises.

On August 14, the "refund - only" policy was officially launched on Amazon's US site, applicable to products with a price lower than 75 US dollars (equivalent to about 537 yuan in Chinese currency).

It is understood that this model can simplify the return process and reduce costs, and merchants can choose to manually set it to enable or disable.

Currently, there are a large number of freeloading tutorial videos on foreign websites. According to the media, if users take advantage of this, it may increase the costs for sellers. Sellers can decide whether to enable this feature according to their own situations. If the disposal cost is too high, they can choose to enable it, and they can close it at any time.

International Conglomerates

Procter & Gamble (P&G) Group announced its performance reports for the full fiscal year 2024 and the fourth quarter. As of June 30, P&G Group's net sales in fiscal year 2024 increased by 2% year - on - year to $84 billion, and its net profit increased by 2% year - on - year to $14.879 billion. In the three months ended June 30, the group's net sales in the fourth fiscal quarter were $20.5 billion, unchanged from the same period last year, lower than the $20.73 billion previously forecast by analysts. However, the diluted earnings per share were $1.40, higher than Wall Street's expectations. In the fourth fiscal quarter, the beauty division's organic sales increased by 3% year - on - year, and the grooming division's sales increased by 7%. Among them, SK - II was again noted to have declining sales, but the hair care category still achieved high - single - digit growth. P&G expects sales in fiscal year 2025 to increase by 2% - 4% compared to the previous year, and the organic sales growth rate is expected to be between 3% and 5%.

L'Oréal Group announced its financial reports for the first half of 2024 and the second quarter. In the six months ended June 30, the group's net profit increased by 8.8% year - on - year to €3.65 billion, and its sales increased by 7.3% year - on - year to €221.2 billion. In the three months ended June 30, the group's sales in the second quarter increased by 5.3% year - on - year to €108.76 billion. The report shows that in the first half of the year, the group's professional hair care products division, mass - market cosmetics division, high - end cosmetics division, and dermo - cosmetic division all achieved significant growth, with year - on - year growth rates of 5.7%, 8.9%, 2.3%, and 16.4% respectively. However, in the second - quarter performance, the dermo - cosmetic division recorded a 10.8% growth, falling short of the market's expectation of 17.4%.

On July 25, LG Household & Health Care Ltd. released its financial reports for the second quarter and the first half of 2024. The report shows that LG Household & Health Care recorded sales of 3,488 billion won (approximately RMB 18.2 billion yuan) in the first half of the year, a 0.1% year - on - year decrease. The operating profit was 310 billion won (approximately RMB 1.6 billion yuan), a 1.9% year - on - year increase. The net profit was 220 billion won (approximately RMB 1.15 billion yuan), a 14.3% year - on - year increase. In the second quarter, the sales were 1,760 billion won (approximately RMB 9.2 billion yuan), a 2.7% year - on - year decrease. The operating profit was 159 billion won (approximately RMB 0.83 billion yuan), a 0.4% year - on - year increase. The net profit was 107 billion won (approximately RMB 0.56 billion yuan), an 11.2% year - on - year increase. Among them, in the Chinese market, sales in the first half of the year were 415 billion won (approximately RMB 2.1 billion yuan), a 7.7% year - on - year increase, accounting for 12% and becoming the region with the highest overseas revenue. The financial report shows that the strong online sales performance of the group's Whoo brand in the Chinese market has become the key factor in driving the overall sales growth.

Recently, Shiseido released its performance report for the first half of 2024. The report shows that its sales in the first half of 2024 were 5085.36 billion yen (approximately RMB 247.7 billion yuan), a 2.9% year - on - year increase; among them, sales in the Chinese market were 1316.71 billion yen (approximately RMB 64.14 billion yuan). The core operating profit was 193.72 billion yen (approximately RMB 9.44 billion yuan), a 31.3% year - on - year decrease; the operating profit had a loss of 27.28 billion yen (approximately RMB 1.33 billion yuan).

Amorepacific, the South Korean beauty giant, released its latest performance. The group's revenue in the second quarter decreased by 2.4% to 1 trillion won (approximately RMB 52.2 billion yuan), the operating profit increased by 4.2% to 12.2 billion won, and the gross profit margin increased by 2.4 percentage points to 70.5%.

By division, the high - end cosmetics division where Sulwhasoo and HERA are located had a revenue decrease of 7% to 281.1 billion won, the mid - to - high - end cosmetics division where Laneige is located had a revenue increase of 3% to 121.7 billion won, and the daily beauty division had a revenue decrease of 8% to 88.5 billion won.

By region, the revenue in the South Korean market decreased by 7.8%, the revenue in the Chinese market decreased by 44%, the revenue in the Asian market outside China increased by 25%, the revenue in the US market increased by 65%, and the revenue in the EMEA market increased by 182%.

Beiersdorf, the German skincare group, announced its latest performance. The group's revenue in the first half of the year increased by 4.8% to €5.18 billion, the operating profit decreased by 1.6% to €850 million, and the gross profit margin increased by 1.5 percentage points to 59.2%.

By region, the revenue in the European market increased by 5.6% to €2.33 billion, the revenue in the US market increased by 3.4% to €1.34 billion, and the revenue in the Africa, Asia, and Australia market increased by 4.9% to €1.5 billion.

By brand, La Prairie's revenue decreased by 7% to €272 million, being the only brand with a decline, mainly affected by the weak Chinese market. Nivea's revenue increased by 11% to €2.96 billion, mainly due to sales growth. Eucerin and Aquaphor's revenue increased by 8.3% to €710 million, with a significant increase in market share. Hansaplast and Elastoplast's revenue increased by 4% to €150 million.

Beiersdorf maintains its expectation of a 6% - 8% revenue growth in 2024 and expects the EBIT margin of the consumer business division to increase by 50 basis points.

On August 8, Kao Corporation announced its financial performance for the first half of 2024. The financial report shows that in the six months ended June 30, 2024, Kao's net sales recorded 788 billion yen (approximately RMB 385.7 billion yuan), a 6.7% year - on - year increase; the operating income was 57.9 billion yen (approximately RMB 28.3 billion yuan), a 123.7% year - on - year sharp increase; the net profit recorded 44.8 billion yen (approximately RMB 22 billion yuan), a 152.8% year - on - year significant increase compared with 27.1 billion yen (approximately RMB 13.3 billion yuan) in the same period last year.

On August 6, L'Occitane announced that it will send a compulsory acquisition notice to all remaining shareholders to compulsorily acquire all remaining shares. According to the announcement, L'Occitane will apply to the Stock Exchange of Hong Kong Limited to stop the trading of shares at 9:00 a.m. on September 13, 2024 (Hong Kong time) until the listing status of the shares is withdrawn.

Kao Group of Japan announced its performance in the first half of 2024. The net sales increased by 6.7% to 778 billion yen (approximately RMB 385 billion yuan), the operating profit surged by 123.7% to 57.9 billion yen (approximately RMB 28.3 billion yuan), and the net profit soared by 152.8% to 44.8 billion yen (approximately RMB 22 billion yuan).

By department, the sales of the health and beauty care department increased by 5% to 188.8 billion yen, the sales of the hygiene and life care department increased by 2% to 245.7 billion yen, and the sales of the cosmetics department decreased by 2% to 115.8 billion yen. Among them, the sales of Curel in the Chinese market declined.

By region, the Asian market outside Japan decreased by 9.3% to 111.1 billion yen (approximately RMB 54 billion yuan), being the only market with declining sales. The sales in the Japanese market increased by 3.9% to 382.5 billion yen, and the sales in the American market increased by 5.1% to 72 billion yen.

Estée Lauder Companies announced its financial data for the fourth quarter and the full fiscal year of 2024. In the three months ended June 30, 2024, the group's organic net sales increased by 8% year - on - year. Among them, the organic net sales in the Asia - Pacific region decreased by 4%. As of June 30, 2024, the group's organic net sales in fiscal year 2024 decreased by 2%. Among them, the organic net sales in the Asia - Pacific region decreased by 3%. The financial report pointed out that although high - end beauty retail in mainland China continued to slow down, the share of the high - end beauty market in mainland China increased in the fourth quarter. La Mer and Estée Lauder drove the continued growth of the skin care business. In fiscal year 2024, the net sales of the fragrance category increased by 2%, high - end fragrance brands achieved mid - single - digit growth, and achieved double - digit growth in the Asia - Pacific and American regions.

On August 20, Coty released its financial performance for fiscal year 2024 (ended June 30, 2024) and the fourth quarter. In fiscal year 2024, Coty's total net revenue recorded $6.118 billion (approximately RMB 436.44 billion yuan), a significant 10% year - on - year increase, leading the 9% growth rate of the global beauty market; the adjusted operating profit was $863 million (approximately RMB 61.56 billion yuan), a 1% year - on - year slight increase. In the fourth quarter of fiscal year 2024 (March - June 2024), Coty's net revenue recorded $13.63 billion (approximately RMB 97.24 billion yuan), a 1% year - on - year slight increase; the adjusted operating profit was $108 million (approximately RMB 7.7 billion yuan), a 3% increase compared with $105 million (approximately RMB 7.49 billion yuan) in the same period last year.

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