THE WHAT? China’s online beauty market contracted by 6% year on year in September 2026, with multinational cosmetics companies reporting widespread sales declines, according to Jefferies’ China online beauty tracker.
THE DETAILS Skincare sales fell 6.1%, while colour cosmetics declined 5.2%, with the two categories accounting for more than 80% of China’s beauty market. Among international groups, L’Oréal recorded a 5% decline, Estée Lauder fell 8%, P&G dropped 20%, Shiseido declined 24% and LVMH contracted 26%. Beiersdorf and Galderma were the only multinational groups to achieve growth, supported by strong performances from Nivea and Cetaphil. Individual brands showed significant differences, with CeraVe growing 35% and Cetaphil rising 58%, while Bobbi Brown fell 31%. Among domestic players, Mao Geping increased sales by 26%, while Proya recorded 1% growth.
THE WHY? The figures highlight the increasingly competitive nature of China’s online cosmetics market and the diverging performance of international and domestic beauty brands. Strong growth among selected dermatological skincare brands and local competitors suggests that consumer demand is becoming more selective, placing pressure on multinational companies to refine their product portfolios, pricing and digital retail strategies.
Source: investing.com
