China Online Beauty: 6.18 data reveals soft beauty market growth, with L‘Oréal a standout winner

Research evidence excerpt

China Online Beauty: 6.18 data reveals soft beauty market growth, with L‘Oréal a standout winner

22 July 2026

Global Beauty

China Online Beauty: 6.18 data reveals soft beauty market

growth, with L'Oréal a standout winner

June trading during the 6.18 festival remained challenging for China's beauty Callum Elliott, CFA, ACA

+44 20 7676 7183 eCommerce market, with overall online beauty sales declining -10.5%. Against this

callum.elliott@bernsteinsg.com backdrop, our tracked beauty companies outperformed the market, with aggregate

GMV declining only -3.2% and delivering a solid +72bps market share gain.

Luca Solca

+41 582 723 126 Among international beauty companies, L'Oréal (+11% GMV) and Estée Lauder (+11%) luca.solca@bernsteinsg.com

were standout performers in June, combining double-digit growth with strong market

share gains. Henkel Beauty Care (+13%) and Beiersdorf (+10%) also delivered positive Cristian Rios

+1 917 344 8615 momentum, while Shiseido (-2%) and LVMH (-3%) remained relatively resilient and

cristian.rios@bernsteinsg.com continued to gain share despite slight sales declines. In contrast, P&G Beauty (-40%),

Unilever BPC (-11%) and Proya (-17%) underperformed during the month. Performance

Victoria Nice, CFA among domestic beauty players was similarly polarized, with Maogeping (+47%) and +44 20 7762 5862

victoria.nice@bernsteinsg.com Giant Biogene (+26%) delivering strong growth and meaningful share gains, while

Chicmax (-48%), Bloomage (-37%) and Yatsen (-28%) experienced significant declines

Maria Meita and market share losses. Overall, June 6.18 results point to increasing performance

+44 20 7170 0540 dispersion across beauty companies, with winners continuing to consolidate market share

maria.meita@bernsteinsg.com

despite a challenging demand environment.