US Nielsen: L’Oréal outperforms in US beauty, Haleon accelerates in Consumer Health

Research evidence excerpt

US Nielsen: L’Oréal outperforms in US beauty, Haleon accelerates in Consumer Health

Equity Research

21 July 2026 | 12:47PM BST

EUROPE CONSUMER PRODUCTS

US Nielsen: L’Oréal outperforms in US beauty, Haleon accelerates in

Consumer Health

What’s new in Beauty? In the US, per Nielsen Beauty and Personal Care data for the Olivier Nicolaï

+44(20)7774-2895 |

four weeks to July 11th, sales were down -0.2%, as +4.1% price/mix was fully offset olivier.nicolai@gs.com

Goldman Sachs International

by volume. The market was driven by Body Care (+4.2%) and Hair Care (+1.9%),

Aron Adamskiwhile Skin Care remained weak (-5%), make-up was down -0.8% and wellbeing +44(20)7774-6224 |

declined -3.4%. However, we note Nielsen only captures 40% of the US beauty aron.adamski@gs.comGoldman Sachs International

market and does not cover online sales (28% of US Beauty) nor beauty specialists Rebecca Ayo-Adebanjo

(16% of US sales) like Sephora and Ulta, which tend to outperform tracked channels. +44(20)7552-2213adebanjo@gs.com | rebecca.ayo-

L’Oréal (Buy): The US accounts for 25% of L’Oréal’s sales. Sales growth in the 4-week Tom Hulls

period slowed sequentially against a tougher comp, growing +1.5%. Volumes +44(20)7774-7641Goldman Sachs International| tom.hulls@gs.com

declined -0.9%, implying +2.4% price/mix. Growth continues to be led by La Sam Darbyshire, CFA

Roche-Posay (+19.4%) while NYX and L’Oréal Paris grew +3.1% and +5.6%, +44(20)7051-9112 | sam.darbyshire@gs.com

respectively. Maybelline declined -3.4% with volumes down -15.0%, and CeraVe Goldman Sachs International

momentum slowed sequentially to -5.5% lapping tougher comps. We note that Srikar Medisetti

+1(332)245-7675 |

Nielsen tends to systematically underestimate L’Oréal’s reported growth, not srikar.medisetti@gs.com