Fashion
A summer roundup of news from the beauty industry: amidst flagging results and economic turbulence

Published
August 27, 2025
As summer draws to a close, it’s time to take stock for global beauty players. The 2025 summer season has been marked by mixed financial publications, against a backdrop of slowing consumer spending, markets that have become unpredictable and, above all, the forthcoming rise in customs duties in the United States.
While some companies fared better than others, all had to contend with a more complex economic reality. Here’s a look at the main players in the sector: France’s L’Oréal and the Americans, Coty and Estée Lauder.
Coty in transition, between falling sales and possible asset disposals
The American group Coty saw its sales fall by 4% in its fiscal year ending June 30, 2025, for net sales of $5.89 billion (€5.07 billion). Demand remains weak, particularly in North America, and retailers are clearing their inventories rather than placing new orders. The group has indicated that it is going through a “transition year” and is counting on a return to growth in the second half of fiscal 2026.
Faced with this tense economic situation, Coty has launched a new phase of transformation called All-in to Win, which involves restructuring around 700 jobs. At the same time, market speculation has been circulating since June about a possible sale of assets, notably in luxury and consumer cosmetics. France’s Interparfums may be in the running.
Estée Lauder deepens losses and accelerates restructuring
For the other American giant, Estée Lauder, the results published at the end of August were particularly alarming. The group recorded a net loss of $546 million in the fourth quarter of its 2025 fiscal year, a figure almost double that of last year. This underperformance is largely due to the implementation of a restructuring plan announced in February, the total cost of which is estimated at between $1.2 and $1.6 billion. In all, between 5,800 and 7,000 jobs will be eliminated worldwide.
The general decline in sales, down 8% for the full year to $14.3 billion (€12.3 billion), affected all segments except perfume, which remained stable. The group was particularly hard hit by the collapse of travel retail sales, which fell by 28%.
Despite this, Estée Lauder remains hopeful of a rebound as early as 2026, betting on a gradual recovery, selective price increases, and double-digit growth in e-commerce. However, management anticipates a negative impact of around $100 million from U.S. tariffs in the current financial year.
L’Oréal forges ahead, buoyed by North America
In this tense climate, L’Oréal is doing rather well. At the end of July, the French group published sales up 1.6% to 22.47 billion euros for the first half of 2025, with net income up 1% excluding exceptional items. The United States is positioned as the main contributor to this growth, despite the introduction of new customs duties of up to 15% on cosmetics imported from Europe.
For the moment, management is downplaying the impact of these tariffs, describing the situation as “manageable”. L’Oréal already manufactures half of its products sold in North America in its four local plants, has built up strategic stocks, notably for its luxury and fragrance ranges, and is planning moderate price adjustments.
The group is also continuing to invest and strengthen its position, with the acquisition announced in June of the Color Wow brand, specialized in hair care products. CEO Nicolas Hieronimus says he is “ambitious” for the second half-year, while acknowledging an uncertain economic climate for both businesses and consumers.
While performances are mixed, global beauty players all share one observation: the market has become more volatile, purchasing behavior more unpredictable, and economic pressures increasingly difficult to circumvent.
Inventory adjustments, restructuring, industrial relocation, price increases, or asset disposals… the strategies differ, but all aim to maintain balance in an environment that has become highly unstable.
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Fashion
Bangladesh’s RMG exports up 4.7% in Q1 FY26, but Sept shipments dip

Woven garment exports slightly outpaced knitted garment exports in terms of growth. Knitwear exports (Chapter **) rose by *.** per cent to $*.*** billion, compared to $*.*** billion in the same period of fiscal ****–**. Woven apparel exports (Chapter **) increased by *.** per cent to $*.*** billion, up from $*.*** billion in July–September ****, EPB data showed.
Home textile exports (Chapter **, excluding ******) also grew, rising by *.** per cent to $***.** million, compared to $***.** million in the same period of the previous fiscal. Collectively, exports of woven and knitted apparel, clothing accessories, and home textiles accounted for **.** per cent of Bangladesh’s total exports, which stood at $**.*** billion during the period. Higher demand for diversified and value-added textile products supported this growth.
Fashion
Dutch manufacturing flat in August, up 1.7% from July: CBS

Slightly more than half of the various industrial sectors produced less than they did one year previously. Of the eight largest industrial sectors, output rose the most sharply in the repair and installation of machinery, while it fell the most sharply in the transport equipment industry.
A more accurate picture of changes in short-term output is obtained when the figures are adjusted for seasonal effects and the working-day pattern. After adjustment, manufacturing output rose by 1.7 per cent in August relative to July, CBS said in a press release.
In August 2025, Dutch manufacturing output remained unchanged year-on-year, although output declined in over half of the industrial sectors.
After seasonal adjustment, output rose by 1.7 per cent compared to July.
The strongest growth was seen in the repair and installation of machinery, while transport equipment recorded the sharpest decline.
After adjusting for seasonal and working-day effects, manufacturing output often fluctuates significantly. In the spring of 2020, output declined rapidly, reaching a low point in May 2020. This was followed by an upward trend until May 2022. The trend has reversed since then.
Producer confidence was less negative in September than it was in August. Manufacturers were more positive regarding output for the next three months, in particular.
Germany is an important market for the Dutch manufacturing sector. In September, German manufacturers were more negative than they were in August, as reported by Eurostat. In August, the calendar-adjusted output of the German manufacturing sector was down by 5.1 per cent, year on year. Relative to July, output fell by 5.5 per cent, as reported by Destatis.
Fibre2Fashion News Desk (RR)
Fashion
ADB commits $82.5 mn to drive Cambodia’s energy transition

The first subprogramme, approved in 2022, introduced pivotal policy measures that guided the energy sector toward a more efficient and renewable development pathway. Building on this foundation, subprogramme 2 advances regulatory reforms to strengthen the energy efficiency framework and enhance policy clarity to attract private sector investment. A key milestone under the subprogramme is the introduction of the country’s first set of regulations establishing Minimum Energy Performance Standards for electrical appliances, starting with air conditioners, which account for the largest share of energy consumption in the residential sector, ADB said on its website.
Subprogramme 2 will also establish an Energy Efficiency Revolving Fund aimed at facilitating access to finance for local small and medium-sized enterprises (SMEs) to invest in energy-efficient technologies. The revolving fund will be set up through a financial intermediation structure to enable local banks to extend loans to SMEs for energy efficiency investments. By mobilizing domestic financial institutions and supporting SMEs, the revolving fund is expected to accelerate the nationwide scale-up of energy efficiency investments.
Asian Development Bank (ADB) has approved $82.5 million for Phase 2 of Cambodia’s Energy Transition Sector Development Programme to support clean energy through policy reforms and investments.
The programme introduces energy efficiency standards, establishes a revolving fund for SME financing, and also aims to attract private investment.
“ADB is honoured to support Cambodia in its ambitious and transformative journey in the energy sector. Through a comprehensive reform package, combining policy support with strategic investments, the Energy Transition Sector Development Programme will support turning the government’s ambitious vision into reality,” said ADB acting country director for Cambodia Anthony Gill. “This includes the goal of achieving 70 per cent renewable energy in the power mix by 2030, along with a strong commitment to advancing energy efficiency, which is essential to ensure that Cambodia’s growth remains both sustainable and affordable.”
Subprogramme 2 will be followed by a third phase in 2027, which will further deepen reforms by expanding the energy efficiency regulatory framework and introducing technical standards for renewable energy, buildings, and industry to further attract private sector investment.
Fibre2Fashion News Desk (RR)
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