Key Takeaways: 

• L’Oréal posts steady growth driven by innovation and emerging markets for the first nine months of 2025.
• Premium haircare, couture fragrances, and digital channels fuel momentum.
• Strategic acquisitions and sustainability reinforce L’Oréal’s global beauty leadership.

French beauty giant L’Oréal announced that for the nine months ending September 30, it achieved sales of €32.80 billion ($38.04 billion), representing a +3.4% like-for-like growth (+3.7% when adjusted), and +1.2% growth on a reported basis.

L’Oréal emphasized that growth is broadly based, with all divisions delivering positive momentum, and all geographic regions contributing to an uptick, with a rebound in North America and mainland China cited as particularly positive. “As anticipated, our like-for-like growth continued to sequentially accelerate, reaching +4.9% in the third quarter,” CEO Nicolas Hieronimus commented in a press release.

In the first nine months of 2025, professional products were the fastest-growing arm, with like-for-like growth of +7.4% and reported growth of +5.3%. The category had strong performance across all religions, particularly Europe and emerging markets. Premium haircare remained dynamic, with the recent acquisition of Color Wow, which closed in September, being expected to bolster the division's premium styling credentials.

Consumer products growth remained solid at +3.1% like-for-like (+0.9% reported). Volume, price, and mix all contributed positively. Haircare remained the lead category with launches from L’Oréal Paris and Garnier, as makeup continued to accelerate thanks to innovations at Maybelline New York, L’Oréal Paris, and NYX Professional Makeup.

The Luxe selective-beauty division rose +2.2% like-for-like (+0.2% reported), with an adjusted acceleration over 5% in Q3. Luxe outperformed across religions; fragrances remain the main driver, with heavyweight input from couture fragrance including Prada Paradigme, Miu Miu Miutine, and the ongoing success of flagship brands like Valentino and YSL Beaute.

Dermatological Beauty posted +3.7% like-for-like (+1.5% reported) growth. The skincare and dermocosmetic categories held up well, even as peak sunscreen season softened. Brands like La Roche-Posay, SkinCeuticals, and CeraVe drove momentum across markets.

By region:

• Europe posed growth of +3.6% like-for-like and +3.8% reported. The region remained robust, with strong momentum in online channels across divisions. 
• North America experienced a like-for-like growth of +1.8% (+/- growth of -1.2% reported), adjusted for last year's IT transformation. This adjustment reveals underlying growth of +3.1%, with signs of acceleration taking hold. 
• North Asia saw +0.5% like-for like growth (+/- growth -1.1% reported). The region marked a return to positive growth for the first time in two years, driven by selective markets like China, Japan, and Korea.
• SAPMENA–SSA (South Asia Pacific, Middle East and North Africa, Sub-Saharan Africa) was a standout region, achieving +11.0% like-for-like growth (+8.1% reported). Growth was broad-based and contributed significantly to the Group’s momentum. 
• Latin America marked +8.2% like-for-like growth but -1.6% reported, indicating currency and structural headwinds despite robust category performance, particularly in haircare and fragrances.

The news comes just days after it was revealed that L’Oréal is set to enter a long-term alliance with Kering as part of a €4 billion ($4.6 billion) strategic partnership in luxury beauty and wellness. Under the terms of the deal, L’Oréal will acquire the heritage fragrance house Creed, along with securing 50-year exclusive licences to develop and distribute beauty and fragrance products for Kering’s brands such as Gucci, Bottega Veneta, and Balenciaga. The transaction is expected to close in the first half of 2026.

“The acquisition of Creed will make us one of the leading players in niche fragrances, and I see enormous potential for growth for the beauty and fragrance licences of Gucci, Bottega Veneta, and Balenciaga, all truly exceptional couture brands. This partnership will further solidify our position as the world’s leading luxury beauty company,” Hieronimus said on the earnings call.

When discussing sales, Hieronimus also touched on the recent passing of Giorgio Armani and what this will mean for the brand itself. “We are very honored that in his [Armani’s] succession and in the instruction that he left with his heir, L’Oréal is considered as a potential acquirer, at least of the first part of the first 15%. We said we would consider all the options,” he commented.

For L’Oréal, the nine-month period to September 2025 represents a continuation of slow but steady acceleration in growth. While headline-reported growth remains modest, the underlying like-for-like figures point to positive momentum across divisions and regions. With innovation, a premium strategy, and geographical channels firmly in place, combined with strategic M&A, L’Oréal is maintaining its leadership position in beauty as it enters the final quarter of the year.