“長線者”歐萊雅

二零二六年四月二十七日，上海半島酒店玫瑰廳。一場被定名為“大美泱泱，智敬未來”的戰略溝通會，放在尋常年份，或許只是一家跨國公司一年一度“例行”的活動。但若將這些細節攤開來看——穩居第一的市場份額、中高個位數的一季度增長、三大主題論壇的設置，以及與華山醫院聯合發布的理膚泉超分子新品——便能察覺，歐萊雅中國在看似平穩的敘述之下，正編織一幅更為深遠的圖景，以更長遠的未來思維來走好當下的每一步發展的步伐。

業績是顯性的證據。2025年，歐萊雅中國穩居美妝市場頭把交椅；進入2026年第一季度，增速仍達到中高個位數，且持續領先于大盤的復蘇節奏。四大事業部的陣型呈現出各安其位、協同發力的態勢：高檔化妝品部以約30%的市占率領跑細分賽道，皮膚科學美容事業部增長19%，修麗可穩坐領域內頭牌；大眾化妝品部與專業美發產品部亦分別在各自的疆域里保持領先。線上端，所有電商平臺均為第一；線下端，去年一年僅大眾、高檔、皮膚科學美容三個事業部便新開150多家門店，大眾化妝品部的品牌網絡已覆蓋1700多個城市，包括全部線市與區縣。這些數字疊在一起，勾勒出一個在宏觀承壓環境中依然能行穩致遠的樣本。

但若要追問，歐萊雅何以成為全球美妝第一大巨頭企業的歐萊雅？僅靠規模與渠道顯然不夠。真正讓這家公司區別于同行的，或是她在每一個時代浪潮襲來時，始終能將自己的根系扎進兩個深處：一是科學的深層邏輯，二是人的深層需求。

先說科學。這次會議上的一個關鍵發布，是理膚泉超分子控油平衡水乳系列。它并非一款普通的新品，而是歐萊雅與華山醫院皮膚科“產學研醫”模式的首項共創成果。雙重復合超分子科技、9:8:5的三酸黃金配比——這些術語背后，是歐萊雅在中國本土研發能力的一次厚積薄發。換句話說，歐萊雅沒有將研發中心僅視為海外技術的本地化窗口，而是將其打造成集團全球創新的策源地之一。蘇州工廠運營三十年，如今已是集團全球最大的產能基地；南通智能運營中心將于下半年動工。研發、制造、運營，這些“重資產”環節的持續投入，構成了歐萊雅區別于輕資產網紅品牌的一道護城河。

再談AI。當許多企業仍在討論AI是否會顛覆行業時，歐萊雅已經提出了“AI向美”的理念，并在戰略溝通會上首次設立專題論壇，參與者包括AI原生虛擬偶像Yuri、學者蔣昌建、科技博主潘亂——一場跨越“物種”的對話。而且，在隨后的“美之道”專題論壇上，中國香料香精化妝品工業協會理事長、醫學博士顏江瑛，著名媒體人、秦朔朋友圈創始人秦朔，歐萊雅北亞及中國區公共事務部總裁蘭珍珍等一眾大咖也分別就Ai向美與美之道發表了真知灼見。正如顏江瑛表示，在AI時代，我們更需要科技向善，定義真實之美。對于中國美妝來說，擁抱AI，使用AI，AI for science，但AI不能成為品牌的“大腦”，因為AI算不出品牌的“魂”。美的真實性和原創性比以往任何時候都重要。真實和原創，永遠是美的最動人底色。未來，最稀缺的資源不是算力，而是那些帶有溫度、帶有個性、帶有獨特視角的“人性”。而歐萊雅恰恰用自己的“美之道”踐行了自己的價值觀并給社會經濟人文都帶來了深遠的影響和意義，特別是對“人”本身的關注和著力。

要知道，僅僅擁抱科技并不足以解釋歐萊雅的韌性。真正關鍵的是，歐萊雅從未在科技的轟鳴中迷失對“人”的關注。這次溝通會上宣布的“一代耀一代”科技女生賦能計劃，五年內捐贈1000萬元，用于構建女科學家、青年女科技工作者與中學科技女生之間的代際賦能鏈路。這與歐萊雅長期堅持的女性賦能一脈相承。同時，“美麗事業，美好人生”公益培訓、“有意思青年”校園義賣、美妝科技黑客松、青年創新策劃大賽BRANDSTORM……這些項目累計賦能超36萬青年，2025年計劃招聘200余名管培生。歐萊雅不僅在賣產品，更在系統地投資于人——尤其是那些在科技與美交叉地帶尚未被充分看見的群體。

這便觸及了歐萊雅之所以是歐萊雅的核心本質：其始終將美理解為一個生態系統，而非一條流水線。在這個系統里，科學是土壤，科技是工具，人是目的。當歐萊雅北亞總裁及中國首席執行官博萬尚說出“美的未來正在中國創造”時，他并非在喊一句口號，而是基于一個判斷：根據中國香料香精化妝品工業協會此前發布的數據顯示，中國美妝市場已經連續三年超萬億，穩居全球第一大美妝市場的地位；但同時，中國市場的復雜性與多元需求，正在倒逼并滋養出一種全新的美妝發展范式。從“質價比”“心價比”到“情價比”，從大眾市場到高端定制，從線下門店到全域觸點，消費者的需求不再是單一線條，而是一張縱橫交錯的網。歐萊雅正在用覆蓋全品類、全價格階梯的品牌矩陣去承接這張網，用差異鮮明的品牌“人設”去呼應每一種細分情緒，再通過AI、線下專業渠道等去精細化每一個接觸點。

還是歐萊雅中國副首席執行官及高檔化妝品部總經理馬曉宇說的好：“回歸美的本質，回歸人的真實需求，回歸品牌、體驗與價值的長期主義”。這三重回歸，恰恰是當下浮躁的商業環境中最為稀缺的品質。歐萊雅的長期主義并非空談，她體現在蘇州工廠三十年的持續升級，體現在從1997年進入中國至今二十九年的穩健扎根，更體現在面對AI浪潮時既不故步自封、也不盲目跟風的從容姿態。

總體來看，這場溝通會的三場主題論壇——“AI向美”“美之道”“消費者為天”——恰好對應了歐萊雅理解自身的三個維度：技術維度、人文維度與市場維度。三者并非彼此割裂，而是纏繞共生。AI向美解決的是效率與邊界，美之道回答的是價值與方向，消費者為天則校準了所有的努力最終要服務于誰。

或許，歐萊雅真正的秘密在于，它始終保持著一種“學者般的耐心”——一種長線思維。她不被短期的市場波動所搖晃，也不被單一的技術敘事所裹挾。她既愿意花數年時間與專業機構共同打磨一款產品，也敢于在AI浪潮初起時就設立跨物種的對話論壇。這種耐心并非遲鈍，而是對美這一古老命題的敬畏——美從來不是速成品，它需要科學的支撐、科技的催化、時間的沉淀，以及對人性的深刻理解。

當歐萊雅宣布將繼續加碼投資中國，從研發、科技、運營到生態圈四路并進時，她其實是在下一個長遠的注：美這個行業，終究是樂觀者的行業。因為相信人會向往更好的生活，相信科技能讓這種向往更觸手可及，相信美有能力在代際之間傳遞、在科學與人文之間流動——所以才有底氣在戰略溝通會上，將“智敬未來”四個字寫得如此篤定。

實際上，歐萊雅一直行走在“未來的道路”上，從未離場過。我們如果真正的觀察歐萊雅，絕不能僅僅從當下的表象上去觀察，還是要把她放在“歷史的長河”之中——若要理解歐萊雅何以跨越一百一十七年而愈發蓬勃，便不能只盯著眼前這一場戰略溝通會，哪怕它已然精彩。需要將鏡頭拉遠，放在一個世紀的尺度上緩緩推近。你會發現，這家公司有一種近乎偏執的習慣：她總是在每一個看似安穩的當下，便已經開始為下一個十年、甚至三十年埋下伏筆。這種長線思維，不是寫在PPT里的口號，而是刻在經營基因里的本能。

歐萊雅的創始人歐仁·舒萊爾在一百多年前做了一件在當時頗為奇怪的事——他不僅發明了第一支現代染發劑，還同步建立了研發實驗室。在今天看來，這理所當然；但在那個化妝品還停留在手工作坊階段的年代，一個美發產品公司投入基礎研究，無異于在沙漠里開鑿運河?？烧沁@條“運河”，讓歐萊雅在隨后的幾十年里，陸續推出了防曬、護膚、活性健康等跨時代產品。每一次技術浪潮來臨前，她都已經在岸邊準備好了船只。

再看二十世紀八九十年代，當大多數化妝品公司還在依靠單一品牌打天下時，歐萊雅已經開始系統性地構建品牌矩陣。她收購蘭蔻、赫蓮娜等高端品牌，又引入理膚泉、薇姿等皮膚學級品牌，同時保留大眾市場的巴黎歐萊雅。這種全譜系布局，在當時被視為過于復雜甚至激進。但今天回頭看，正是這種陣列，讓歐萊雅能夠抵御任何一次消費周期的波動——高端市場遇冷時，大眾市場補位；護膚疲軟時，彩妝和香水頂上。二零二五年歐萊雅中國之所以能穩居第一，四大事業部協同發力，根本原因不只是在2025年這一年的努力，而在數十年前的頂層設計和長期主義。

進入二十一世紀，歐萊雅又做了一個當時不被理解的決定：全面擁抱數字化與中國市場。二〇〇〇年前后，中國美妝市場尚在蠻荒生長，歐萊雅便在上海設立了研發中心；二零一零年前后，電商尚未成為主流渠道，就已開始布局線上。等到二零一八年“美妝科技”概念興起時，歐萊雅已經提早布局了數字化的全鏈路建設。這次溝通會上提出的“AI向美”，不是臨時起意的應景之作，而是這條長線的自然延伸。換句話說，歐萊雅的每一個“未來前瞻”，在當下看起來都像是一步還無法產生實效甚至還沒有確定性結果的“閑棋”；但多年后回看，那些“閑棋”恰好落在了關鍵的位置。

這種長線思維，背后是一種極為清醒的自我認知：美妝行業的本質，既不是單純的消費品制造，也不是純粹的情感營銷，而是科技與人文在皮膚上的一次次對話——按照顏江瑛的說法是“皮膚皺紋里的故事”?？萍嫉耐黄菩枰允隇閱挝坏耐度耄宋牡某恋硇枰绱H的積累。歐萊雅之所以是歐萊雅，一個很根本的原因在于其始終追逐的是那些緩慢但不可逆的地殼變動——人口結構的變化、消費觀念的演進、技術范式的轉移。當她說“加碼投資中國”時，投資的不是下一個季度的銷量，而是未來十年中國消費者的心智與生活方式。這次溝通會上宣布的南通智能運營中心、BIGBANG美妝科技共創計劃、科技女生賦能計劃，每一項都帶著明顯的“超期布局”特征。這些行動可能不會在明年的財報中立竿見影，但會在五年、十年后構成某種競爭壁壘。

這便自然引出一個問題：對于正在奮力拼搏并已經在中國市場上崛起的國貨美妝而言，歐萊雅的長線思維能帶來怎樣的啟示？可能啟示會很多，比如品牌建設、科技研發、產品矩陣、渠道平衡，等等；但在我看來，至少有一條是至關重要的甚至是排在“優先級”：關于“美”的社會價值投資——僅僅在中國，歐萊雅就做了大量看似與銷售無關的事，比如上面提及的賦能科技女生、支持青年創業、推廣可持續替換芯，等等。這些事情無法量化成GMV，但它們共同塑造了一個品牌的社會根系。當消費者在無數選擇中做決策時，這種長期積累的信任與好感，往往成為最后的決定因素。國貨美妝在流量投放上從不吝嗇，但在這種“慢公關”“長公益”上的投入卻往往不足。這不是簡單的企業社會責任問題，而是品牌資產和作為行業領導者的社會價值創造的深度經營——毫不夸張地說，這更是一個行業的“價值之根和張力”。

當然，歐萊雅也并非完美無缺，比如在某些市場反應不夠敏捷，在一些新興趨勢上偶爾落后于本土新銳品牌，甚至有時候可能會有“骨子里的驕傲”。但其長線思維讓她始終保有糾錯的空間和翻盤的資本。一次產品失誤、一場營銷翻車，對于缺乏底蘊的品牌可能是滅頂之災，對于歐萊雅卻只是漫長敘事中的一個小小注腳。這種韌性，不是靠融資燒出來的，而是靠上百年如一日的根系生長出來的。

回到這場溝通會。博萬尚說“美的未來正在中國創造”，這句話放在歐萊雅的上百年坐標系里，便有了更深的意味。歐萊雅曾經在法國創造美的現代范式，在美國創造美的大眾化范式，在日本創造美的精致化范式。如今，她正在進一步深耕中國市場。這既是對中國市場的看重，也是歐萊雅自身長線思維的最新注腳——她又一次在潮水將起未起之時，站到了灘涂的最前沿。而對于國貨美妝而言，與其焦慮于眼前的份額爭奪，不如靜下心來問自己一個問題：十年后、二十年后，我們希望自己的品牌長成一棵怎樣的樹？此刻種下的，是速生的白楊，還是百年可立的橡木？答案，可能就在每一個當下的選擇里。

但至少有一點是可以毋庸置疑的，那就是：在一個追逐風口的世界里，歐萊雅永遠選擇追逐地殼深處的板塊運動——因為，那才是真正能引發地形重塑的力量。

L’Oréal: The Long-Termist

On April 27, 2026, in the Rose Ballroom of The Peninsula Shanghai, L’Oréal China held a strategic communication meeting under the theme “CreAIte the Beauty that Moves the World.” In an ordinary year, this might have appeared to be just another important annual event for a multinational company. Yet when the details are laid out—the company’s No. 1 market share, its mid-to-high single-digit growth in the first quarter, the design of three thematic forums, and the joint launch with Huashan Hospital of La Roche-Posay’s supramolecular innovation and 2026 For Girls in Science Empowerment Program Kick-off—it becomes clear that beneath L’Oréal China’s seemingly steady narrative lies a much more far-reaching vision. It is advancing each step today with a future-oriented, long-term mindset.

Performance is the most visible evidence. In 2025, L’Oréal China maintained its leading position in the beauty market. In the first quarter of 2026, it continued to achieve mid-to-high single-digit growth, outpacing the broader market recovery. Its four divisions have formed a structure in which each occupies a clear position while generating synergy: L’Oréal Luxe leads its segment with around 30% market share; the Dermatological Beauty Division recorded 19% growth, with SkinCeuticals firmly ranking at the top of its field; the Consumer Products Division and the Professional Products Division also maintained leadership in their respective arenas. Online, L’Oréal ranks No. 1 across all e-commerce platforms, including Tmall, JD, and Douyin; offline, the Consumer Products, Luxe and Dermatological Beauty divisions opened more than 150 new stores in the past year alone. The Consumer Products Division’s brand network now covers more than 1,700 cities, spanning all tiers. Taken together, these figures outline a company that continues to move forward with stability and confidence despite macroeconomic pressures.

But if one asks why L’Oréal has become the world’s leading beauty company, scale and channels alone are clearly not enough. What truly sets L’Oréal apart from its peers may be its ability, in every new era, to root itself deeply in two fundamental dimensions: the underlying logic of science and the profound needs of people.

First, science. One of the key launches at this meeting was La Roche-Posay’s supramolecular oil-control and balancing skincare series. This is not merely another new product, but the first co-created outcome of the industry-academia-research-medical collaboration between L’Oréal and the Dermatological Beauty Divisions at Huashan Hospital. Behind terms such as “dual-complex supramolecular technology” and the “9:8:5 golden ratio of three acids” lies a deep accumulation of L’Oréal’s local R&I capabilities in China. In other words, L’Oréal does not view its China research center merely as a localization window for overseas technologies; it has built it into one of the sources of innovation for the Group globally. Its Suzhou plant has been operating for three decades and is now the Group’s largest production base worldwide. Its Nantong intelligent operations center is scheduled to break ground in the second half of the year. Continued investment in these asset-heavy areas—R&I, manufacturing and operations—forms a moat that distinguishes L’Oréal from asset-light, internet-famous beauty brands.

Then comes AI. While many companies are still debating whether AI will disrupt the industry, L’Oréal has already put forward the idea of “AI for Beauty” and, for the first time, created a dedicated forum on this theme at its strategic communication meeting. Participants included Rachel Huang, Chief Growth Officer of L'Oréal North Asia and China, and General Manager of L'Oréal Buycoor, Yuri, an AI-native virtual idol, scholar Jiang Changjian, and tech-KOL Pan Luan—a dialogue that even crossed the boundary between human and virtual beings. At the subsequent “The Essentiality of Beauty” forum, Yan Jiangying, Chairwoman of the China Association of Fragrance, Flavor and Cosmetics Industries (CAFFCI) and a medical doctor; Qin Shuo, renowned media figure and founder of Qin Shuo’s Moments; and Lan Zhenzhen, Chief Corporate Affairs and Engagement Officer for L'Oreal North Asia & China, among other distinguished guests, shared their insights on “AI for Beauty” and the broader meaning of beauty.

As Yan Jiangying noted, in the age of AI, we need technology to be guided by good, and we need to define authentic beauty. For China’s beauty industry, it is important to embrace AI, use AI and pursue AI for science. But AI cannot become the “brain” of a brand, because AI cannot calculate the “soul” of a brand. The authenticity and originality of beauty matter more than ever. Truth and originality will always be the most moving essence of beauty. In the future, the scarcest resource will not be computing power, but humanity with warmth, personality and a unique perspective. Through its own “Essentiality of Beauty,” L’Oréal is precisely practicing its values and creating far-reaching impact across society, the economy and culture—especially through its attention to, and investment in, people.

It is worth noting that embracing technology alone is not enough to explain L’Oréal’s resilience. The real key is that L’Oréal has never lost sight of people amid the roar of technological change. At this communication meeting, the company announced the “For Girls in Science” Empowerment Program, through which it will donate RMB 10 million over five years to build an intergenerational empowerment chain connecting women scientists, young women in science and technology, and girls in secondary schools with an interest in science. This continues L’Oréal’s long-standing commitment to women’s empowerment. At the same time, initiatives such as “Beauty for a Better Life” public welfare training, “Youth Fun” campus charity sales, beauty tech hackathons and the BRANDSTORM youth innovation competition have empowered more than 360,000 young people. L’Oréal is not only selling products; it is systematically investing in people—especially those who have not yet been fully seen at the intersection of technology and beauty.

This touches the very essence of why L’Oréal is L’Oréal: it has always understood beauty as an ecosystem, not a production line. In this system, science is the soil, technology is the tool, and people are the purpose. When Vincent Boinay, President of L’Oréal North Asia Zone and CEO of L’Oréal China, said that “Investing in China is investing in the future of beauty ,” this was not a slogan, but a judgment grounded in reality. According to data previously released by CAFFCI, China’s beauty market has exceeded RMB 1 trillion for three consecutive years and remains the world’s largest beauty market. At the same time, the complexity and diversity of demand in the Chinese market are forcing—and nurturing—a new paradigm for the development of beauty.

From value-for-money to value-for-mind and value-for-emotion; from mass-market products to high-end customization; from offline stores to omnichannel touchpoints, consumer demand is no longer a single line, but an intricate web. L’Oréal is using a brand portfolio that spans all categories and price tiers to respond to this web. It uses highly differentiated brand personalities to resonate with different consumer emotions, and then refines every touchpoint through AI, professional offline channels and other tools.

Ma Xiaoyu, Deputy CEO of L’Oréal China and General Manager of L’Oréal Luxe China, put it well: the industry needs to “return to the essence of beauty, return to people’s real needs, and return to long-termism in brand, experience and value.” These three returns are precisely among the rarest qualities in today’s impatient business environment. L’Oréal’s long-termism is not empty talk. It is reflected in the continuous upgrading of its Suzhou plant over three decades; in its steady presence in China for 29 years since entering the market in 1997; and in its calm posture toward the AI wave—neither standing still nor blindly following the trend.

Overall, the three thematic forums of this communication meeting—“AI for Beauty,” “The Essentiality of Beauty” and “Consumer Centricity”—correspond exactly to the three dimensions through which L’Oréal understands itself: technology, humanity and the market. These three are not separate from one another, but intertwined and mutually reinforcing. “AI for Beauty” addresses efficiency and boundaries; “The Essentiality of Beauty” answers questions of value and direction; and “Consumer Centricity” ensures that all efforts are ultimately calibrated toward the people they are meant to serve.

Perhaps L’Oréal’s true secret lies in its “scholar-like patience”—a long-term way of thinking. It is not shaken by short-term market fluctuations, nor is it swept away by any single technological narrative. It is willing to spend years co-developing a product with professional institutions, while also having the courage to establish a cross-species dialogue forum at the early stage of the AI wave. This patience is not sluggishness, but reverence for the ancient proposition of beauty. Beauty has never been something that can be made overnight. It requires the support of science, the catalyst of technology, the sedimentation of time, and a deep understanding of human nature.

When L’Oréal announced that it would continue to increase investment in China across R&I, technology, operations and the broader ecosystem, it was in fact placing another long-term bet: beauty is ultimately an industry for optimists. Because it believes that people will always aspire to a better life; that technology can make that aspiration more tangible; and that beauty can be passed between generations and flow between science and the humanities, L’Oréal has the confidence to write the words “CREAITE THE BEAUTY THAT MOVES THE WORLD ” with such conviction at its strategic communication meeting.

In truth, L’Oréal has always been walking on the road toward the future, and it has never left the stage. To truly observe L’Oréal, we cannot look only at the surface of the present moment. We need to place it within the long river of history. To understand how L’Oréal has remained increasingly vibrant across 117 years, we cannot focus only on this strategic communication meeting, brilliant though it may be. We need to pull the lens back, place the company on a century-long timeline, and then slowly zoom in. What emerges is an almost persistent habit: at every seemingly stable moment, L’Oréal is already laying the groundwork for the next decade, or even the next thirty years. This long-term thinking is not a slogan written in a PowerPoint deck; it is an instinct embedded in its operating DNA.

More than a century ago, L’Oréal’s founder, Eugène Schueller, did something rather unusual for his time. He not only invented the first modern hair dye, but also established a research laboratory. Today, this may seem natural. But at a time when cosmetics still largely belonged to the world of artisanal workshops, a haircare company investing in basic research was like digging a canal in the desert. Yet it was precisely this “canal” that enabled L’Oréal, in the decades that followed, to launch era-defining products in sun care, skincare, active health and beyond. Before each technological wave arrived, L’Oréal had already prepared its vessel on the shore.

Consider the 1980s and 1990s. While most cosmetics companies were still relying on a single brand to conquer the market, L’Oréal had already begun systematically building a brand portfolio. It acquired premium brands such as Lanc?me and Helena Rubinstein, introduced dermatological brands such as La Roche-Posay and Vichy, and retained L’Oréal Paris for the mass market. This full-spectrum layout was once considered overly complex, even aggressive. But looking back today, it is precisely this array that has allowed L’Oréal to withstand fluctuations in any consumer cycle. When the premium market cools, the mass market can compensate; when skincare slows, makeup and fragrance can step in. The fundamental reason why L’Oréal China was able to remain No. 1 in 2025, with all four divisions working in synergy, lies not only in what it did that year, but in a strategic design and long-term commitment that began decades earlier.

Entering the 21st century, L’Oréal made another decision that was not fully understood at the time: to fully embrace digitalization and the Chinese market. Around 2000, when China’s beauty market was still in an early and rough stage of development, L’Oréal established a research center in Shanghai. Around 2010, before e-commerce became a mainstream channel, it had already begun to build its online presence. By the time the concept of beauty tech gained momentum in 2018, L’Oréal had already laid out a full-chain digital infrastructure. The “AI for Beauty” proposition put forward at this communication meeting is not an opportunistic response to the current trend, but a natural extension of this long-term trajectory. In other words, each of L’Oréal’s forward-looking moves may, at the time, look like a move that produces no immediate effect or even lacks certainty. But years later, those seemingly idle moves often turn out to have landed exactly where they were needed.

Behind this long-term thinking is an extremely clear self-understanding: the essence of the beauty industry is neither simply consumer goods manufacturing nor pure emotional marketing, but repeated dialogues between technology and the humanities on the skin. In Yan Jiangying’s words, it is about “the stories in the wrinkles of the skin.” Technological breakthroughs require investment measured in decades; humanistic accumulation requires cultivation across generations. One fundamental reason L’Oréal is L’Oréal is that it has always pursued those slow but irreversible tectonic shifts: changes in demographics, the evolution of consumer values and the transformation of technological paradigms. When it says it will increase investment in China, it is not investing in sales for the next quarter, but in the mindset and lifestyle of Chinese consumers over the next decade. The Nantong intelligent operations center, the BIG BANG Beauty Tech Innovation Program and the For Girls in Science empowerment program announced at this meeting all clearly reflect this “ahead-of-the-cycle” approach. These actions may not show immediate results in next year’s financial statements, but in five or ten years they will form part of L’Oréal’s competitive moat.

This naturally leads to another question: for domestic Chinese beauty brands that are striving hard and have already risen in the Chinese market, what inspiration can L’Oréal’s long-term thinking offer? There may be many lessons—brand building, scientific research, product portfolios, channel balance and more. But in my view, at least one lesson is essential, and should perhaps be placed at the top of the priority list: investing in the social value of beauty. In China alone, L’Oréal has done many things that appear unrelated to sales, such as empowering girls in science and technology, supporting youth entrepreneurship, and promoting sustainable refill solutions. These efforts cannot be directly converted into GMV, but together they shape the social roots of a brand.

When consumers make decisions among countless choices, this long-accumulated trust and goodwill often become the final deciding factor. Domestic beauty brands have never been stingy when it comes to traffic spending, but they often invest too little in this kind of “slow public relations” and “long-term public welfare.” This is not merely a matter of corporate social responsibility. It is the deep cultivation of brand equity and the creation of social value as an industry leader. It is no exaggeration to say that this is the root of value and the source of tension for an entire industry.

Of course, L’Oréal is not perfect. At times, it may not respond quickly enough to certain market changes; in some emerging trends, it may occasionally lag behind local rising brands; and sometimes it may even carry a certain pride deep in its bones. Yet its long-term thinking gives it room to correct mistakes and capital to recover. A product misstep or a marketing setback may be fatal for a brand without depth. For L’Oréal, it is only a small footnote in a much longer narrative. This resilience is not built by burning capital. It grows from roots cultivated consistently for more than a century.

Returning to this communication meeting, Vincent Boinay’s statement that “Investing in China is investing in the future of beauty ” takes on deeper meaning when placed within L’Oréal’s century-long coordinates. L’Oréal once helped create the modern paradigm of beauty in France, the mass-market paradigm of beauty in the United States, and the refined paradigm of beauty in Japan. Today, it is further deepening its presence in the Chinese market. This reflects both the importance it attaches to China and the latest expression of L’Oréal’s long-term thinking. Once again, before the tide has fully risen, it is standing at the very front of the shore.

For domestic Chinese beauty brands, rather than becoming anxious over immediate market share battles, it may be more meaningful to sit down and ask: in ten or twenty years, what kind of tree do we want our brands to become? Are we planting fast-growing poplars, or oaks that can stand for a century? The answer may lie in every choice we make today.

At least one thing is beyond doubt: in a world chasing the next trend, L’Oréal will always choose to follow the tectonic movements deep beneath the surface—because those are the forces that truly reshape the landscape.

（本文由中國香妝融媒體鐘編整理與編輯。中國香妝融媒體發布本文只是為了傳遞更多的訊息或觀點，不代表任何有傾向性的投資意見或市場暗示，僅供行業參考。）