European Food & HPC: China e-comm - Mixed performance in Q2 from our coverage companies

Research evidence excerpt

European Food & HPC: China e-comm - Mixed performance in Q2 from our coverage companies

22 July 2026

European Food & HPC

European Food & HPC: China e-comm - Mixed performance in Q2

from our coverage companies

GMV (Gross Merchandise Value) growth of our covered companies rose by +5.8% in Callum Elliott, CFA, ACA

+44 20 7676 7183 June. The last two months observed 6.18 shopping festival, one of the key events in China

callum.elliott@bernsteinsg.com eCom. The second quarter ended at +2.7% for our companies, with a notable market share

increase of +84bps.

Victoria Nice, CFA

+44 20 7762 5862 China e-commerce performance remained mixed in the latest month. Lindt was the

victoria.nice@bernsteinsg.com

strongest performer with +64% GMV growth and +144bps share gains, while Reckitt and

Henry Dennis Haleon also delivered strong momentum, growing +20% and +17% respectively, with both

+44 20 7676 6776 gaining over +200bps of share. L'Oréal maintained solid performance with +11% growth

henry.dennis@bernsteinsg.com and +225bps share expansion, supported by its premium beauty portfolio. Henkel and

Beiersdorf recorded moderate growth of around 10-11%. In contrast, Unilever remained

Simran Cheema under pressure with -9% GMV decline despite modest share gains, while Nestlé and +44 20 7676 6705

simran.cheema@bernsteinsg.com Danone continued to underperform, posting sales declines and significant share losses.

Company specific trends in China e-commerce:

L'Oréal delivered strong GMV growth in the latest month at +11%, while market share

increased by +225bps, driven by standout performances from Kérastase (+587bps), La

Roche-Posay (+587bps), SkinCeuticals (+470bps), Shu Uemura (+291bps) and Vichy

(+259bps). In terms of sales growth, SkinCeuticals (+105%), Vichy (+76%), Kérastase