Clichy, France
2025 Beauty Sales:
$49.72 BILLION
€44.05 BILLION
+1.3% VS. 2024

Once again beauty’s global leader by a long shot, L’Oréal was nevertheless subject to the category’s challenges of the year, with results notably impacted by weakness in skin care and ongoing challenges in Asian travel retail. With like-for-like sales growth of 4% for the year, the French beauty giant said it outperformed the market, which grew by around 3.5%, and that momentum accelerated in the second half, particularly in the all-important fourth quarter, notably thanks to a strong innovation pipeline.

London
2025 Beauty Sales:
$26.98 Billion (EST.)
€23.90 Billion (EST.)
-2.9% VS. 2024 (EST.)

Unilever emerges from 2025 a changed company. Fernando Fernandez took the helm as CEO last March after the surprise ousting of Hein Schumacher, and wasted no time making his ambitions clear. As well as ongoing streamlining initiatives and the spin-off of the company’s ice cream activity, which was completed in December, Fernandez, who was formerly head of Beauty and Wellbeing at Unilever before being named CFO in 2023, quickly accelerated change. Unilever’s core focus going forward will be beauty, well-being and personal care, with the aim that these categories will represent two-third of sales in the midterm, compared with just over half currently. Fernandez plans to target any investments disproportionately in the U.S. and India, sharpen the focus on premium segments and home in on digital commerce.

Cincinnati
2025 Beauty Sales:
$15.4 Billion (EST.)
+3% VS. 2024 (EST.)

With a C-suite shuffle and despite continued economic and geo-political headwinds in China and North America, P&G’s global beauty business saw sales growth of 3% in 2025, according to estimates. The rise in sales was led by double-digit gains from Herbal Essences in the hair care space and high-single-digit growth in personal care balanced across the portfolio.

New York
2025 Beauty Sales:
$14.7 Billion (EST.)
-3% VS. 2024 (EST.)

It was a year of significant change at the Estée Lauder Cos. Leonard A. Lauder, chairman emeritus and the son of founder Estée Lauder, died in June. He was 92. Lauder, who was arguably the most influential and respected architect of the modern prestige beauty business, built the company into a global giant during his lifetime. Earlier in the year, in January, Stéphane de La Faverie officially became The Estée Lauder Cos.’ chief executive officer, taking the reins from longtime CEO Fabrizio Freda.

Paris
2025 Beauty Sales:
$9.22 Billion (EST.)
-3% VS. 2024 (EST.)

Challenges on the global beauty market took their toll on LVMH Moët Hennessy Louis Vuitton’s beauty business in 2025, when its Perfumes and Cosmetics Division saw its sales overall dip 3% year-over-year. On an organic basis, sales were flat. Despite the lackluster performance, operating profit for the division increased, and it registered an operating margin of 8.9%, compared with 8% a year earlier.

London
2025 Beauty Sales:
$9.18 Billion (EST.)
€8.14 Billion (EST.)
+3.1% VS. 2024 (EST.)

Demand in mainland China, South Korea and the U.S. drove beauty sales gains for Chanel in 2025. This was notably sustained by growth in fragrance, where Chanel regained positive sales momentum thanks to two key launches: Chance Eau Splendide, for women, and Bleu L’Exclusif, for men.

Hamburg, Germany
2025 Beauty Sales:
$8.89 Billion (EST.)
€7.88 Billion (EST.)
Flat VS. 2024 (EST.)

Slowing skin care sales, especially in emerging markets, weighed on Beiersdorf in 2025, forcing the company to downgrade its sales forecast for the year. Beiersdorf sought to reinvigorate Nivea, its largest brand, with its biggest launch of all time featuring its antiaging innovation Epicelline, the first time the proprietary ingredient was integrated into a product for the mass market. It also sought to reinforce deodorants as a strategic growth pillar. “Our strategy for Nivea remains on track,” said CEO Vincent Warnery in October.

Tokyo
2025 Beauty Sales:
$6.48 Billion (EST.)
¥969.99 Billion (EST.)
-2.1% VS. 2024 (EST.)

In an already volatile environment, the ground continued to shift for Shiseido in 2025 as it looked to implement massive structural reforms and address challenges within its operations, notably in China, travel retail and the Americas. Under the leadership of Kentaro Fujiwara, who became president and CEO in January as Masahiko Uotani retired, the company sought to reinforce its key brands, rein in spending, address operational challenges and tighten governance, implementing changes announced in late 2024 in a bid to renew profitability.

Amsterdam
2025 Beauty Sales:
$5.81 Billion (EST.)
-4.6% VS. 2024 (EST.)

Coty faced significant challenges and its share of headwinds last year, ahead of a changing of the guard at the end of the year. In December, it was announced that Sue Nabi would exit Coty as CEO after around five years in the top job, to be succeeded on an interim basis by Markus Strobel, the former president of Procter & Gamble’s skin care and personal care business, who was also named executive chairman of the board. In that role, he took the reins from Peter Harf, executive chairman, who retired from Coty’s board after more than three decades.

Barcelona
2025 Beauty Sales:
$5.27 Billion (EST.)
€4.67 Billion (EST.)
+5.5% VS. 2024 (EST.)

Puig once again outperformed the premium beauty market last year, when its total sales, including fashion, surpassed the €5 billion threshold for the first time. While makeup accounted for the strongest proportion of growth, notably thanks to expansion from Charlotte Tilbury, Puig’s fashion and fragrance activity and its skin care business also did well on a challenged market.

Columbus, Ohio
2025 Beauty Sales:
$4.63 Billion (EST.)
+1.2% VS. 2024 (EST.)

Bath & Body Works underwent a significant leadership change in May 2025 when Daniel Heaf replaced Gina Boswell as CEO. Heaf, a newcomer to beauty who previously held senior positions at Nike and Burberry, has hit the ground running, tasked with restoring the equity of an iconic American brand that has lost mindshare with younger generations amid an onslaught of digitally minded indie brands.

Düsseldorf
2025 Beauty Sales:
$4.39 Billion (EST.)
€3.89 Billion (EST.)
-0.9% VS. 2024 (EST.)

Hair was the crowning glory of Henkel last year, the only segment in its portfolio, which is dominated by adhesives, laundry and home care, to register slight sales growth. The firm’s smaller body care portfolio has been struggling, according to estimates, especially in North America.

It was a good year for Kao, especially for its Cosmetics division, which drove sales gains for the Japanese consumer-goods heavyweight. A recovery in its Chinese business, expansion in key markets and streamlined fixed costs helped drive profitability for the Cosmetics division, which delivered operating income of ¥10.4 billion, compared with an operating loss of ¥3.7 billion the previous year.

Tokyo
2025 Beauty Sales:
$4.35 Billion (EST.)
¥651.21 Billion (EST.)
+4.1% VS. 2024 (EST.)

Skillman, N.J.
2025 Beauty Sales:
$4.11 Billion (EST.)

Kenvue Inc.’s time as a stand-alone public company has been short-lived and troubled. Last July, following the ousting of CEO Thibaut Mongon, the company revealed it was carrying out a strategic review “to unlock shareholder value and reach its full potential” and named board director Kirk Perry as interim CEO with immediate effect. In early November, Kimberly-Clark Corp., the owner of Kleenex and Huggies, announced a definitive deal to acquire Kenvue, which was spun out of Johnson & Johnson in 2023. Expected to close in the second half of 2026, the deal is valued at $48.7 billion.

São Paulo
2025 Beauty Sales:
$3.79 Billion (EST.)
R$21.19 Billion (EST.)
-3.3% VS. 2024 (EST.)

It was another complex year for the Brazilian beauty heavyweight. Although Natura’s business simplification process and ongoing integration of Avon’s operations in Latin America began to bear fruit, weaker consumer sentiment in Brazil, its largest market, weighed on operations, as did turbulence from its ongoing integration of Natura and Avon’s Latin American operations into a single sales platform.

New York
2025 Beauty Sales:
$3.5 Billion (EST.)
-2.8% VS. 2024 (EST.)

Colgate-Palmolive’s beauty business declined slightly in 2025 — impacted notably by a challenging economic environment in the U.S. — but the company doubled down on its premium skin health portfolio under CP Skin Health Group, which includes Filorga, EltaMD and PCA Skin.

Seoul
2025 Beauty Sales:
$3.19 Billion (EST.)
KRW 4.53 Trillion (EST.)
+7.9% VS. 2024 (EST.)

Amorepacific endeavored to grow its footprint under its “Create New Beauty” mid-to-long-term business vision last year, with five strategic priorities: global expansion, holistic beauty, biotechnology based antiaging innovation, organizational transformation and AI implementation. The company significantly outperformed its biggest rival, LG H&H.

Plan-les-Ouates, Switzerland
2025 Beauty Sales:
$3.01 Billion (EST.)
€2.67 Billion (EST.)
-7.9% VS. 2024 (EST.)

In its first full year as a newly private company, L’Occitane worked to strengthen the positioning of its brands and the geographic balance of its portfolio. Rumors circulated this January that the company was mooting a new IPO in the U.S. Sales-wise, despite ongoing growth for its Sol de Janeiro and Erborian brands, the group took a hit last year, with its estimated revenues falling 5% on a like-for-like basis and 1.5% at constant currency.

Seoul
2025 Beauty Sales:
$2.47 Billion (EST.)
KRW 3.51 Trillion (EST.)
-11.1% VS. 2024 (EST.)

South Korean beauty major LG H&H saw significant declines in its beauty sales and overall profitability as it continued to restructure, notably within its Chinese and domestic beauty operations. According to analysts, the company has been less successful than rivals in reducing the weight of its Chinese business, and its dependence on luxury brand The Whoo, which represented 47% of the beauty division’s sales in 2025. Further challenges included navigating retail shifts on the domestic market and in travel retail.

Addison, Texas
2025 Beauty Sales:
$2.4 Billion (EST.)
Flat VS. 2024 (EST.)

It was a tumultuous year at Mary Kay. Former CEO Richard Rogers (son of founder Mary Kay Ash) died in March of this year. Before his death, Rogers had filed a lawsuit in 2025 accusing his son and current CEO Ryan Rogers of mismanaging the company, citing financial collapse, and asking for a restructuring. Ryan Rogers disputes the claims and has filed a counter lawsuit.

New York/Geneva
2025 Beauty Sales:
$2.4 Billion (EST.)
+6.2% VS. 2024 (EST.)

With IPO talk looming, Wella is a company in flux. While the hair care heavyweight continued to perform well last year, according to estimates, it began 2025 with the departure of CEO Annie Young-Scrivner, and took a year to find a permanent successor. In the interim, board chair Glenn K. Murphy was appointed to oversee the company as executive chair. Finally, former Lululemon and Sephora boss Calvin McDonald stepped into the role of chief executive on April 2, 2026. He was also appointed to the company’s board of directors.

Neuilly-sur-Seine, France
2025 Beauty Sales:
$2.26 Billion (EST.)
€2.0 Billion (EST.)
+5.3% VS. 2024 (EST.)

Clarins outperformed the market in two of its biggest geographies last year, with sales up 10% in the U.S. and 7% in mainland China, although overall, like-for-like revenues for the family-owned French beauty group gained just 1%.

Tokyo
2025 Beauty Sales:
$2.21 Billion (EST.)
¥330.19 Billion (EST.)
+2.3% VS. 2024 (EST.)

Sales growth for Kosé, Albion and Kosé Cosmeport drove revenue gains for the Japanese beauty group in 2025. Improvements in operating profit were attributed to better profitability at Kosé, which offset lower earnings at Tarte and Albion that the company said were down to aggressive marketing investments aimed at improving brand presence. Operations in mainland China turned profitable thanks to the impact of structural reforms, which in part explained the company’s surge in net profit for the year.

New York
2025 Beauty Sales:
$2.06 Billion (EST.)
+3% VS. 2024 (EST.)

Michelle Peluso, who joined Revlon as CEO in November 2024 after a period of turmoil that included a seemingly insurmountable debt and endless speculation about the fortunes of former owner Ronald Perelman, spent her first year on the job laying the groundwork for the company’s turnaround. Plans include reinvigorating the company’s namesake brand and bolstering its fragrance portfolio, with major steps in both areas undertaken during the year.

Paris
2025 Beauty Sales:
$1.93 Billion
€1.71 Billion
+2.6% VS. 2024

Laboratoires Pierre Fabre continued to lean into skin health last year, building on the medical positioning of its dermocosmetics brands. Ducray did particularly well, with constant-currency sales up 9.3% driven by core franchises Kelual (anti-dandruff) and Keracnyl (acne). A-Derma gained 4.9% thanks to strength in the atopy segment. Eau Thermale Avène grew 3.9%, driven by its biggest international markets, China and the U.S., where brand sales were up 10.7% and 9.2% respectively.

Issy-les-Moulineaux, France
2025 Beauty Sales:
$1.91 Billion (EST.)
€1.69 Billion (EST.)
+2.5% VS. 2024 (EST.)

Groupe Rocher’s turnaround efforts continue. As it pursued its work to home in on its core expertise in botanical beauty under the tagline “from plant to skin,” the group sold off children’s clothing brand Petit Bâteau in September, and divested the Stanhome home care and hygiene activity to distinct buyers in France, Italy and Mexico. The streamlining is part of a plan to free up capital to invest in growing its cosmetics brands. The company said last year that it would invest €100 million over four years, notably in international expansion, especially in Southeast Asia with Yves Rocher and in North Asia with Sabon

Amsterdam
2025 Beauty Sales:
$1.88 Billion (EST.)
€1.67 Billion (EST.)
+16% VS. 2024 (EST.)

With 16% year-over-year sales gains, the Dutch well-being brand claimed it was one of the fastest-growing beauty players on the market last year, its 25th anniversary. The company, which does the majority of its business in its own boutiques, opened more than 200 new stores in 2025, including new flagships in London, Zurich and Barcelona. It saw “record-breaking” growth in France, Italy and the U.K., it said, and sales gains in Greater China and the Middle East.

Curitiba, Brazil
2025 Beauty Sales:
$1.86 Billion (EST.)
R$10.41 Billion (EST.)
+10% VS. 2024 (EST.)

Grupo Boticário continued to see double-digit growth on a slowing Brazilian beauty market, according to estimates. It opened two new research centers in 2025, one dedicated to women and another for hair and scalp research. The Women’s Research Center studied skin care behavior of girls aged 8 to 14, and introduced the Responsible Skincare Pact to encourage responsible skin care usage among youngsters.

Columbus, Ohio
2025 Beauty Sales:
$1.68 Billion (EST.)
€1.64 Billion (EST.)
+5% VS. 2024 (EST.)

Beauty continues to be an instrumental part of the lingerie retailer’s business, nearing $1 billion in net sales in North America alone. CEO Hillary Super still sees much opportunity, noting in recent earnings that only 40% of its customers purchase beauty. To capture this, she said the company is investing in talent to scale Victoria’s Secret Beauty, building a differentiated offering for Pink Beauty and strengthening its innovation pipeline.

Hangzhou, China
2025 Beauty Sales:
$1.57 Billion (EST.)
CNY 11.16 Billion (EST.)
+3.6% VS. 2024

Business fluctuated for Proya, the largest C-beauty player, last year, as it faced up to ongoing market turbulence. After 6.7% growth in the first half, sales plummeted 42% in the third quarter, and GMV dropped 11% in the all-important fourth quarter, according to estimates.

Oakland, Calif.
2025 Beauty Sales:
$1.52 Billion
+17% VS. 2024

E.l.f. Beauty fired on all cylinders last year, having hit 28 consecutive quarters of net sales growth. Most notable was the acquisition of skin and makeup brand Rhode, founded by Hailey Bieber, in a deal valued at $1 billion. Rhode launched at Sephora in the U.S. in September and the U.K. in October. Industry sources reported the brand hit $65 million in sales at Sephora U.S. in the four months from September through December.

Boston
2025 Beauty Sales:
$1.5 Billion (EST.)
Flat VS. 2024 (EST.)

After a few busy years building up its beauty and personal care portfolio, Yellow Wood Partners restructured its beauty holdings and sold off its majority stake in masstige skin care brand Byoma last year. Founded in 2022 and with estimated global retail sales of more than $300 million in 2025, Byoma was bought by Bansk Group, with founder Marc Elrick maintaining his minority position in the business.

New York
2025 Beauty Sales:
$1.49 Billion
+2% VS. 2024

Growth may have slowed, but it was still a strong year for Interparfums. The firm renewed its licensing agreement with Coach, acquired the global intellectual property rights to Maison Goutal from South Korean firm Amorepacific, inked a new licensing partnership with Longchamp and debuted its own brand incubated in-house, called Solférino Paris, with 10 scents.

Zug, Switzerland
2025 Beauty Sales:
$1.45 Billion (EST.)
+8.9% VS. 2024 (EST.)

After going public in 2024, Galderma Group AG ended 2025 with more news. L’Oréal, the world’s largest beauty company, doubled its stake in the pure-play dermatology business, among the largest in injectables, as it seeks synergies in medical aesthetics.

Farmers Branch, Texas
2025 Beauty Sales:
$1.38 Billion (EST.)
+47% VS. 2024 (EST.)

Two years after its court victory in its direct selling case against the Federal Trade Commission, Neora is on a growth spurt fueled by organic sales gains, product launches, international expansion and continued modernization of its direct selling model. A cornerstone of 2025 growth was the launch of Neo-Filler Lift + Fill Corrective Elixir.

Boston
2025 Beauty Sales:
$1.35 Billion (EST.)
+3.9% VS. 2024

It was an interesting year for private equity player Advent International’s beauty holdings. While growth in high-end fragrance drove gains in that segment, according to estimates, sales for listed hair care play Olaplex were roughly flat, while its makeup brands were hit by a series of management changes.

San Ramon, Calif.
2025 Beauty Sales:
$1.35 Billion (EST.)
-3.6% VS. 2024 (EST.)

Rodan + Fields moved away from its multilevel marketing model in 2025, expanding into retail and entering 150 Ulta Beauty stores and online, featuring about 20 products.

Shanghai
2025 Beauty Sales:
$1.28 Billion (EST.)
CNY 9.15 Billion (EST.)
+34.8% VS. 2024 (EST.)

Chicmax attributed revenue gains to sustained growth of flagship brand Kans and significant gains from Newpage. Kans, Chicmax’s antiaging skin-care brand, remains a leader on Douyin, and accounted for more than 80% percent of total sales for the group. However, with a crowded online space, where it does the bulk of its business, Chicmax has mapped out a diversification strategy that includes the launch of brands more suitable for a diversified retail channel mix and broader coverage of beauty categories.

Miami
2025 Beauty Sales:
$1.2 Billion (EST.)
+6.5% VS. 2024 (EST.)

The direct seller saw growth in most of its markets as it worked on strengthening innovation capacity, brand building and maintaining an attractive value proposition for its independent beauty consultants.

Milan, Italy
2025 Beauty Sales:
$1.17 Billion (EST.)
€1.04 Billion (EST.)
+14% VS. 2024 (EST.)

Under former LVMH executive Gianluca Toniolo’s guidance, Dolce & Gabbana’s beauty business continued to see significant sales gains. Fragrance remained the biggest category and growth driver.

Los Angeles
2025 Beauty Sales:
$1.17 Billion (EST.)
+5% VS. 2024 (EST.)

John Paul Mitchell Systems (JPMS) continued to evolve its brand and operations throughout 2025, building on the 2024 Tea Tree restage initiative. The company enhanced product shopability with simple icons, clear claims and modern color coding, while updating performance claims, validated through third-party testing.

Sulzbach, Germany
2025 Beauty Sales:
$1.12 Billion (EST.)
€991 Million (EST.)
+4% VS. 2024 (EST.)

On a challenged makeup market, budget-friendly Cosnova continued to grow. Essence was Europe’s bestselling cosmetics brand, according to the company, and globally, Cosnova was the number-two color cosmetics maker in volume and number six in value.

Tokyo
2025 Beauty Sales:
$1.10 Billion
¥164.15 Billion
-0.6% VS. 2024

Pola Orbis continued to try to strengthen its domestic and overseas businesses in 2025. While sales were down for its biggest brand Pola, Orbis grew; overall, the company’s beauty sales were roughly flat.

Aix-en-Provence, France
2025 Beauty Sales:
$1.10 Billion (EST.)
€973 Million (EST.)
+8% VS. 2024 (EST.)

Strong sales of Bioderma’s Crealine/Sensibio line, which represented 36% of the brand’s turnover and saw its sales climb 18% last year, were by far the main driver for Naos.

Mumbai, India
2025 Beauty Sales:
$1.09 Billion (EST.)
95 Billion Rupees (EST.)
+6.6% VS. 2024 (EST.)

After rationalizing its portfolio in 2024, 2025 was a period of expansion for Godrej Consumer Products Limited (GCPL). In November, it made a major acquisition to enhance its presence in the men’s grooming space, purchasing the Muuchstac brand from Trilogy Solutions for 4.49 billion rupees.

New York
2025 Beauty Sales:
$1.09 Billion (EST.)
+11.9% VS. 2024 (EST.)

It was a good year for L Catterton’s core majority beauty holding, Kiko. Kiko SpA’s sales were boosted by the opening of 132 stores and expansion in new countries including Kenya, Congo, Ivory Coast, Slovenia and Ghana. New sales points included 38 directly operated units — 10 of which are in department stores — and 86 franchised outposts.

Mumbai, India
2025 Beauty Sales:
$1.06 Billion (EST.)
92.35 Billion Rupees (EST.)
+21.8% VS. 2024 (EST.)

The Indian consumer-goods heavyweight is leaning into premium categories and looking to grow in segments including wellness and high-end snacks. The strategy appears to be paying off, with total sales in the nine months to December up 27% year-over-year.

Ada, Mich.
2025 Beauty Sales:
$1.06 Billion (EST.)
-4.4% VS. 2024 (EST.)

Amway’s beauty sales dipped once more last year as it continued its shift toward health and well-being, although the sales decline for its beauty activity was less significant than in 2024, when revenues for the segment dropped 8.7%.

Poole, U.K.
2025 Beauty Sales:
$1.05 Billion (EST.)
£795 Million (EST.)
-1.5% VS. 2024 (EST.)

Lush opened in new markets and expanded its offer in established ones last year. Two stores opened in Panama and one in Cyprus, and it also launched a website in India ahead of its first store opening in the country in Select Citywalk, Saket, New Delhi this January.

Cavenago di Brianza, Italy
2025 Beauty Sales:
$966.1 Million (EST.)
€856 Million (EST.)
-2.6% VS. 2024 (EST.)

The U.S. was the primary market for Euroitalia, which attributed the weakening of the dollar for its slight decrease in sales. Latin America continued to grow significantly, registering a 13.5% increase in sales and representing one of the most dynamic markets for the company.

Lima, Peru
2025 Beauty Sales:
$943.9 Million (EST.)
+15% VS. 2024 (EST.)

Ongoing strong appetite for beauty across Latin American beauty markets meant strong growth for the Peruvian direct seller last year, in line with overall market growth, according to estimates. Sun care, one of Yanbal’s leading categories, and fragrance were key areas of focus.

Paris
2025 Beauty Sales:
$868 Million
€769 Million
-9% VS. 2024

It was another tough year for Sisley, with a strong decline in Chinese sales weighing on its turnover overall. In China, the family-owned company sought to readjust its promotional campaigns and fight against the parallel market. Sales in Europe were
flat, although the Americas and the Middle East remained dynamic, registering double-digit growth.

Ghaziabad, India
2025 Beauty Sales:
$820 Million (EST.)
71.45 Billion Rupees (EST.)
+9.1% VS. 2024 (EST.)

Sales growth within Dabur’s premium portfolio drove gains for the ayurveda specialist last year as it continued to bolster innovation and brand building. The company received stock exchange approval for its merger with Sesa Care Private Limited, announced in 2024, as it seeks to bolster its presence in ayurvedic hair oils.

New York
2025 Beauty Sales:
$809.8 Million (EST.)
+25.2% VS. 2024 (EST.)

Oddity Tech Ltd. grew steadily through 2025 with its preexisting brands, Il Makiage and SpoiledChild, before the hotly anticipated debut of its third, Methodiq, in the fourth quarter.

Shelton, Conn.
2025 Beauty Sales:
$793 Million (EST.)
+1.2% VS. 2024 (EST.)

Edgewell is narrowing its focus to home in on personal care, best epitomized by its selling of its feminine care segment to Essity for $340 million, which was announced in November.

Tokyo
2025 Beauty Sales:
$759.9 Million (EST.)
¥113.7 Billion (EST.)
+5.9% VS. 2024 (EST.

Seoul
2025 Beauty Sales:
$759.6 Million (EST.)
KRW 1.08 Trillion (EST.)
+218.2% VS. 2024 (EST.)

APR Co., best known for its Medicube brand and spearheading the PDRN or salmon sperm DNA movement, catapulted onto the international beauty landscape in 2025 thanks to explosive growth of its skin care products as K-Beauty boomed. Overseas revenues accounted for 80% of group sales last year, growing 207% and compared with a 55% weight a year earlier.

Xi’An, China
2025 Beauty Sales:
$756.1 Million (EST.)
CNY 5.39 Billion (EST.)
+0.2% VS. 2024 (EST.)

Yunnan, China
2025 Beauty Sales:
$756.1 Million (EST.)
CNY 5.39 Billion (EST.)
+0.7% VS. 2024 (EST.)

To turn around sluggish growth amid weak demand, Botanee hired Xiaojing Wu, former e-commerce director at L’Oréal China, as its deputy general manager, and sharpened its e-commerce efforts on Douyin and Tmall. Botanee rolled out a global push that included entering major key-account beauty chains and clinics in Thailand.

Hangzhou
2025 Beauty Sales:
$708.4 Million (EST.)
CNY 5.05 Billion (EST.)
+30.2% VS. 2024 (EST.)

Mao Geping, best known for embodying Eastern aesthetics and elaborate makeup routines, continued to expand its physical retail network, an anomaly for C-beauty brands, which tend to focus on e-commerce channels.

Stamford, Conn.
2025 Beauty Sales:
$705 Million (EST.)
+2.6% VS. 2024 (EST.)

PDC, owned by CVC Partners and Leonard Greene Assoc., benefited from traction in three trending beauty segments — wellness, body mists and textured hair care. Dr. Teal’s was the number-one bath/fragrance brand in the U.S. mass market, according to year-end data from Circana.

Nottingham, U.K.
2025 Beauty Sales:
$693.4 Million (EST.)
£526.3 Million (EST.)
+3% VS. 2024 (EST.)

Sycamore Partners’ acquisition of Walgreens Boots Alliance in partnership with Stefano Pessina and his family closed last August, with its various operations, including Walgreens in the U.S. and The Boots Group in the U.K., now operating separately.

Lodi Vecchio, Italy
2025 Beauty Sales:
$683.5 Million (EST.)
€605.6 Million (EST.)
+28.6% VS. 2024 (EST.)

Sodalis Group’s strong growth can largely be attributed to its 2024 acquisitions, namely a majority stake in German beauty company Artdeco Group, and High Ridge Brands — owner of Zest, Sure, Pert and VO5 — in the U.S.

Shanghai
2025 Beauty Sales:
$666.3 Million (EST.)
CNY 4.75 Billion (EST.)
+3.2% VS. 2024 (EST.)

After a round of financing last year that saw L’Oréal up its stake in Chando to 6.67% one year after making an initial investment, the Chinese beauty player submitted its IPO prospectus for a listing on the Hong Kong stock exchange last October.

Shanghai
2025 Beauty Sales:
$636.8 Million (EST.)
+20% VS. 2024 (EST.)

The Gen-Z-friendly beauty group continued to broaden its scope beyond color cosmetics with two acquisitions in 2025, snapping up Biophyto Genesis, a Chinese dermatological skin care brand founded in 2012, and the Italian dermatological hair care brand Foltène.

Rio de Janeiro
2025 Beauty Sales
$620.4 Million (EST.)
R$3.47 Billion (EST.)

llx (professional hair care). The Brazilian hair care specialist once again recorded strong sales growth, helped by new launches. It continued to focus on international growth, especially in Europe, and expanded in other markets through key partnerships, such as with distributor SunPac in South Africa.

Paris
2025 Beauty Sales:
$605 Million (EST.)
€536 Million (EST.)
+17% VS. 2024 (EST.)

Caudalie made a splash for its 30th anniversary, with a global ad campaign starring actress Kelly Rutherford as the face of its Premier Cru collection. Double-digit growth was on the cards for the fifth year in a row for the brand, driven by antiaging innovation and a new strategy for Asia.

Guangzhou, China
2025 Beauty Sales:
$603.2 Million (EST.)
CNY 4.30 Billion (EST.)
+26.7% VS. 2024 (EST.)

The Chinese beauty player’s diversification strategy is beginning to bear fruit, notably thanks to its growth in the high-end skin care category. It capitalized on the recovery of the local beauty market in 2025, and its profitability improved significantly.

London
2025 Beauty Sales:
$583 Million (EST.)
+11% VS. 2024 (EST.)

The biggest news for Manzanita in 2025 was the sale of Space NK to Ulta Beauty in July. Although terms of the deal were not disclosed, press reports had suggested Manzanita was seeking a valuation between £300 million and £400 million.

Shanghai
2025 Beauty Sales:
$566.7 Million (EST.)
CNY 4.04 Billion (EST.)
+17.8% VS. 2024 (EST.)

The legacy Shanghainese beauty group continued to pursue its brand-renewal strategy while ramping up online media exposure, helping drive strong growth for its skin care sales. Unlike its previous business model, in which profitable brands — most notably Liu Shen — subsidized other operations, the company shifted in 2025 to a brand-driven approach, allocating resources based on individual brand performance

Paris
2025 Beauty Sales:
$551.9 Million
€489 Million
-8.6% VS. 2024

Hermès may have bucked the overall sales decline in the luxury market, thanks notably to its leather goods, but beauty was the weak spot in its portfolio last year. After a strong performance in 2024, sales dipped significantly in 2025 as competition heated up on the prestige fragrance market.

Seoul
2025 Beauty Sales:
$525 Million (EST.)
+66.7% VS. 2024 (EST.)

Thanks to the continued global growth of its flagship brand, Anua, South Korean conglomerate The Founders saw strong gains in 2025. Best known for affordable, ingredient driven skin care, Anua is a top-seller on Amazon, TikTok Shop and Ulta Beauty, where it debuted online in December 2024.

Osaka, Japan
2025 Beauty Sales:
$522.9 Million (EST.)
¥78.24 Billion (EST.)
+3.4% VS. 2024 (EST.)

Schaffhausen, Switzerland
2025 Beauty Sales:
$521.8 Million (EST.)
€462.3 Million (EST.)
-8.9% VS. 2024 (EST.)

After years of declining sales — Oriflame last registered topline growth in 2017 and has posted double-digit declines each year since 2020 — and with significant liquidity challenges and loans maturing in 2026, Oriflame concluded a recapitalization in December, reducing its debt by around €550 million and extending its revolving credit facility.

Boulogne-Billancourt, France
2025 Beauty Sales:
$515.8 Million (EST.)
€457 Million (EST.)
+5% VS. 2024 (EST.)

Nuxe leaned further into antiaging and innovations targeting Gen Z, and outperformed the market in Europe last year, gaining market share in Italy, Belgium, Portugal and Poland. The firm implemented a merchandising project across Europe, enhancing visibility in key doors.

White Plains, NY
2025 Beauty Sales:
$505 Million (EST.)
+5.4% VS. 2024 (EST.)

Combe Inc. sales continued to expand, driven by its market leadership in mass-market men’s hair color with Just for Men and strength in the premium hair segment with Virtue Labs.

Guangdong, China
2025 Beauty Sales:
$485.3 Million (EST.)
CNY 3.46 Billion (EST.)
+16.5% VS. 2024 (EST.)

Eye care specialist Marubi has been outperforming many of its peers and delivering consistent quarter-after- quarter double-digit sales growth. According to Frost & Sullivan data, its megabrand Marubi is the number-five player in China’s eye care market, the only domestic player in the top five.

Provo, Utah
2025 Beauty Sales:
$470.9 Million (EST.)
-10.8% VS. 2024 (EST.)

Nu Skin narrowed its focus on key categories and markets last year, starting 2025 with the sale of marketing platform Mavely for $250 million.

Slough, U.K.
2025 Beauty Sales:
$461.1 Million (EST.)
£350 Million (EST.)
+10% VS. 2024 (EST.)

After significant restructuring as it sought to sharpen its strategy under CEO Kris Licht, Reckitt —formerly known as Reckitt Benckiser — has a renewed focus on its core brands, most of which lie within the domestic hygiene and health segments. Its 11 “power brands,” including Vanish, Nurofen and Strepsils, now account for more than 80% of revenues.

City of Industry, Calif.
2025 Beauty Sales:
$458.5 Million (EST.)
Flat VS. 2024 (EST.)

With softness in U.S. mass retail, where it does the bulk of its business, Markwins’ estimated sales were flat last year. The company doubled down on global licensing collaborations for Wet n Wild and Lip Smacker, partnering with the Walt Disney Company, Paramount and Sanrio.

New York
2025 Beauty Sales:
$450 Million (EST.)
+21% VS. 2024 (EST.)

AS Beauty streamlined underperforming assets in 2025 and leaned into its relaunch of Bliss, acquired from L Catterton in 2023. The company shuttered the CoverFX and Mally Beauty brands, acquired in 2022 and 2021 respectively.

Guadalajara, Mexico
2025 Beauty Sales:
$444.5 Million
8.54 Billion Pesos
+5.3% VS.2024

BeFra’s combined U.S. and Mexico beauty sales, managed through its subsidiaries Jafra U.S. and Jafra Mexico, delivered solid growth in local currency, with underlying performance remaining strong across both markets.

Miami
2025 Beauty Sales:
$436 Million (EST.)
+12% VS. 2024 (EST.)

Luxury Brand Partners saw a significant rise in sales, thanks, in part, to the success of its top brands, R+Co and IGK, on TikTok. Both R+Co’s Badlands Dry Shampoo Paste and Dart Pomade Stick went viral, while IGK became a top-10 brand on TikTok Shop, with a handful of products hitting the number one spot at multiple points through the year.

Osio Sotto (Bergamo), Italy
2025 Beauty Sales:
$431.2 Million
€382 Million
+5% VS. 2024

Alfaparf continued its shopping spree, finalizing the takeover of Brazilian company Bioclean, owner of the Depil Bella depilatories and skin care brand, and Italian depilatories player Xanitalia, as well as the acquisition of a 90% stake in its distributor in Saudi Arabia.

Arlesheim, Switzerland
2025 Beauty Sales:
$431 Million (EST.)
€381.9 Million (EST.)
+9.6% VS. 2024 (EST.)

Weleda’s reinvigoration strategy has been paying off. As it continued to lean into premiumization, digitalization, internationalization and innovation, the company updated its brand identity for the first time since its inception and saw strong growth, especially in facial care and hair care, where sales jumped 19.6% and 32.6% respectively.

London
2025 Beauty Sales:
$420 Million (EST.)
+16.7% VS. 2024 (EST.)

Auréa Group made significant progress during its first year as owner of The Body Shop, which helped drive an estimated 16.7% increase in overall beauty revenue for the group.

Yokohama, Japan
2025 Beauty Sales:
$411 Million
¥61.5 Billion
+1% VS. 2024

In its first year as a fully incorporated subsidiary of drinks maker Kirin Holdings, skin care and nutritional supplements maker Fancl saw total sales of ¥112.6 billion, beauty sales of ¥61.5 billion and operating profit of ¥9.6 billion. Fancl is now part of Kirin’s Health Science business unit, alongside Australian health supplements brands Blackmores and Bioceuticals.

New York
2025 Beauty Sales:
$410 Million (EST.)
+82% VS. 2024 (EST.)

Bansk Group makes its entry into the Top 100 thanks to its September 2025 acquisition of Byoma from Yellow Wood Partners, significantly expanding its beauty portfolio.

Bielefeld, Germany
2025 Beauty Sales:
$405.5 Million (EST.)
€359.3 Million (EST.)
+10% VS. 2024 (EST.)

The privately owned German beauty and personal care maker continued to lean into its proprietary innovations in 2025, especially for its popular hair care brands Alpecin and Plantur.

Melbourne, Australia
2025 Beauty Sales:
$400 Million (EST).
+30% VS. 2024 (EST.)

DBG Health, long known for its low-cost generic pharmaceuticals, became a formidable beauty player in February 2025 with its integration of fast-growing dupe brand MCoBeauty. The acquisition, valued at $1 billion, saw DBG purchase the remaining 50% stake in MCoBeauty, which is the number-one cosmetics brand in its home market of Australia.

El Segundo, Calif.
2025 Beauty Sales:
$400 Million (EST.)
Flat VS. 2024 (EST.)

It was another busy year for Selena Gomez’s Rare Beauty, which launched its first fragrance and geared up to expand its retail footprint. Still, the brand’s estimated sales for the year were flat, although its social status remained strong: Earned media value data from CreatorIQ showed that Rare was the number-three beauty brand by social media reach and engagement in 2025, netting $616 million EMV from January through November, up 2% year-over-year.

Singapore
2025 Beauty Sales:
$400 Millions (EST.)
+20% VS. 2024 (EST.)

Shein’s flagship beauty brand Sheglam saw another year of strong growth in 2025 — albeit at a lesser clip than the 60% increase it saw in 2024, according to estimates. This tempered rate was in part due to a slower beauty market in the U.S., one of Sheglam’s top markets, according to sources.

El Segundo, Calif.
2025 Beauty Sales:
$390 Million (EST.)
+13% VS. 2024 (EST.)

Home-shopping expert Guthy-Renker pursued international expansion and reported notable growth on social commerce as it evolved its performance marketing strategies. It broadened its celebrity-backed portfolio via a joint venture with Paris Hilton and her 11:11 Beauty platform, in which she owns a majority stake, for the launch of Parivie skin care.

Coppell, Texas
2025 Beauty Sales:
$380.9 Million (EST.)
-0.2% VS. 2024 (EST.)

Naterra, which does the majority of its business in the U.S., saw headwinds due to increased competition in the scrub category, which impeded growth, as did declines in foot traffic at key retailers.

New York
2025 Beauty Sales:
$380 Million (EST.)
+0.3% VS. 2024 (EST.)

Maesa pressed reset in 2025, selling off its European and Middle Eastern private-label business in February to Knowlton Development Corporation Inc., better known as KDC/One, in order to double down on its core branded business in hair care, fragrance, skin care and personal care.

Paris
2025 Beauty Sales:
$378.1 Million (EST.)
€335 Million (EST.)
+4.7% VS. 2024 (EST.)

Kering did an about-turn in the beauty space in 2025, when it announced it was selling Creed to L’Oréal in a €4 billion deal that included giving L’Oréal the right to enter into a 50-year exclusive license to create beauty products for Gucci after its license with Coty for the brand expires in 2028.

Tokyo
2025 Beauty Sales:
$353.6 Million (EST.)
¥52.91 Billion (EST.)
+5.2% VS. 2024 (EST.)

Tokyo
2025 Beauty Sales:
$353.3 Million
¥52.86 Billion
+3% VS. 2024

Nagoya, Japan
2025 Beauty Sales:
$352.2 Million (EST.)
¥52.7 Billion (EST.)
+1.2% VS. 2024 (EST.)

The hair color specialist, which has been Japan’s market leader for 30 years, continues to invest heavily in research and development. It is reportedly working to grow sales abroad, especially in China and the U.S., to decrease its dependence on the Japanese market.

Parma, Italy
2025 Beauty Sales:
$346.2 Million
€306.7 Million
+3.9% VS. 2024

Posting another year of sales growth, Davines Group further secured its position in the professional channel. Sales generated outside Italy accounted for 82% of total revenues; its best-performing market was the U.S., where its products are distributed in 8,500 salons.