美丽2025：解决不断变化的增长难题

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 deliveringthis report.A special thanks to all members ofThe Business of Fashionand McKinsey’s global beautycommunity for their contributions to the research, as well as the many industry expertswho generously shared their perspectives during interviews and executive research.The wider BoF team has also played an instrumental role in creating this report — inparticular, 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 contributionsto the report’s creation: Ekaterina Abramicheva, Oumaima Ayad, Cherry Chen, MahimaChugh, Melissa Dalrymple, Nico Dharmawan, Flavia Gaspar, Petra Ghicu, Alex Harper,Johnny Ho, Abdellah Iftahy, Luck Joonkiat, Younghoon Kang, HeJin Kim, JeongkeunKim, Jeanne Lecuyer, Alex Lequerica, Roberto Longo, Murty Mantha, FionnualaMarshall, Gizem Ozcelik, Jina Park, Paolo Pettinger, Rodrigo Reynoso Escalante, AliceScalco, 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 Kneilefor the cover illustration.Comments and opinions expressed by interviewees are their own and do not represent orreflect the opinions, policies, or positions of McKinsey & Company or have its endorsement.The State of Fashion: Beauty CONTENTS6Executive SummaryAmorepacific: A Conglomerate Indicative ofthe Times8Industry Outlook2201: The Fragmenting ConsumerBeiersdorf: Spotting Opportunities DespiteBeauty’s Slowdown3402: True ValueKiko Milano: A Masterclass in Pricing Power4603: Beyond the FounderDeciem: Building Brands Bigger Than TheirFoundersThe State of Fashion: Beauty 5804: Marketing’s Balancing ActPuig: Creating Marketing Excellence7005: Channels at a CrossroadsWalmart: Beauty for the People CONTRIBUTORSImran Amed is one of the global fashionindustry’s leading writers, thinkers andcommentators, and is founder, chief executiveand editor-in-chief ofThe Business of Fashion(BoF), a modern media company and theauthoritative voice of the global fashion andluxury industries. Imran holds an MBA fromHarvard Business School and a B.Com fromMcGill University. He was born in Canadaand holds British and Canadian citizenship.Previously, Imran was a managementconsultant at McKinsey & Co.IMRAN AMEDAlexis Wolfer is an associate partner inMcKinsey’s Los Angeles office, and co-leadsMcKinsey’s North America Beauty practice.She advises consumer brands and retailers ongrowth topics including strategy, M&A andmarketing, with expertise in digital marketingand personalisation. Alexis also leads McKinsey’sNorth America Beauty PE practice, where sheadvises private equity funds and principalinvestors throughout the deal cycle.ALEXIS WOLFERThe State of Fashion: Beauty Priya Rao is the executive editor ofTheBusiness of BeautyatThe Business of Fashion.Previously, she was the executive editor atGlossyand developed and hosted The GlossyBeauty Podcast and Unfair, a narrativepodcast on the global skin-whitening crisis,which was featured as one of Apple’s newrecommended shows. Throughout herjournalism career, Priya has held seniorpositions atHarper’s Bazaar, Vanity FairandTown & Country, and has written forNewYork Magazine, VogueandElle.PRIYA RAOAndreas Zampouridis is an engagementmanager in McKinsey’s London office, andleads projects in Beauty as well as ConsumerPE in Europe and North America. He advisesconsumer companies on growth topicsincluding strategy, branding and marketing.Andreas also advises private equity funds andprincipal investors throughout the deal cycle,including on due diligence, portfolio companyvalue creation and exit support.ANDREAS ZAMPOURIDIS Stefan Rickert is a senior partner inMcKinsey’s Hamburg office, and co-leadsMcKinsey’s Global Consumer Goods practice,with a focus on the Consumer Care sector,including Health, Beauty and ConsumerAppliances. He advises clients across a widearray of consumer industries on topics such asgrowth, operational excellence, commercialtransformations and M&A. Stefan previouslyled McKinsey’s global pricing and revenuegrowth management capability work.STEFAN RICKERTDaniela Morosini is senior correspondent andspecial projects editor ofThe Business ofBeautyatThe Business of Fashion. She hasheld editor roles atVogueandVogue Business,and was a contributor to titles including theFinancial Times, RaconteurandNew YorkMagazine. She previously worked as anin-house consultant, helping incubate and buildnew beauty brands for a London-basedinvestment firm.DANIELA MOROSINI KRISTI WEAVERAnita Balchandani is a senior