麦肯锡-美丽2025：解决不断变化的增长难题（英）

Volume 2June 2025The Stateof Fashion: Beauty1The State of Fashion: Beauty ACKNOWLEDGEMENTSThe authors would like to thank Amaury Saint Olive, Laura Mendoza, Nadya Snezhkova, Christina Sexauer and Alexandra Mondalek from McKinsey’s Paris, Madrid, London, Philadelphia and New York City offices, respectively, for their critical roles in delivering this report.A special thanks to all members of The Business of Fashion and McKinsey’s global beauty community for their contributions to the research, as well as the many industry experts who generously shared their perspectives during interviews and executive research.The wider BoF team has also played an instrumental role in creating this report — in particular, Amma Aburam, Nick Blunden, Heather Chang, Liz Flora, Fred Galley, He Jia, Brennan Kilbane, Diana Pearl, Arunima Sharma and Josephine Wood. We would like to thank the following McKinsey colleagues for their special contributions to the report’s creation: Ekaterina Abramicheva, Oumaima Ayad, Cherry Chen, Mahima Chugh, Melissa Dalrymple, Nico Dharmawan, Flavia Gaspar, Petra Ghicu, Alex Harper, Johnny Ho, Abdellah Iftahy, Luck Joonkiat, Younghoon Kang, HeJin Kim, Jeongkeun Kim, Jeanne Lecuyer, Alex Lequerica, Roberto Longo, Murty Mantha, Fionnuala Marshall, Gizem Ozcelik, Jina Park, Paolo Pettinger, Rodrigo Reynoso Escalante, Alice Scalco, Toufiq Shakhshir, Suyin Soon, Karthikeyan Swaminathan, Roberto Tamaso, Corinne Teschner, Yasufumi Tozuka, Charlotte Walker, Sharon Wang and Daniel Zipser.We would also like to thank Amy Vien for her creative input and direction and Petra Kneile for the cover illustration.Comments and opinions expressed by interviewees are their own and do not represent or reflect the opinions, policies, or positions of McKinsey & Company or have its endorsement.The State of Fashion: Beauty CONTENTS6Executive SummaryAmorepacific: A Conglomerate Indicative of the Times8Industry Outlook2201: The Fragmenting Consumer Beiersdorf: Spotting Opportunities Despite Beauty’s Slowdown 3402: True ValueKiko Milano: A Masterclass in Pricing Power4603: Beyond the FounderDeciem: Building Brands Bigger Than Their Founders5804: Marketing’s Balancing ActPuig: Creating Marketing Excellence7005: Channels at a CrossroadsWalmart: Beauty for the PeopleThe State of Fashion: Beauty CONTRIBUTORSKRISTI WEAVERPriya Rao is the executive editor of The Business of Beauty at The Business of Fashion. Previously, she was the executive editor at Glossy and developed and hosted The Glossy Beauty Podcast and Unfair, a narrative podcast on the global skin-whitening crisis, which was featured as one of Apple’s new recommended shows. Throughout her journalism career, Priya has held senior positions at Harper’s Bazaar, Vanity Fair and Town & Country, and has written for New York Magazine, Vogue and Elle.PRIYA RAOStefan Rickert is a senior partner in McKinsey’s Hamburg office, and co-leads McKinsey’s Global Consumer Goods practice, with a focus on the Consumer Care sector, i