雅诗兰黛CEO：连续四季度有机增长，新财年指引3-5%

That's a great quarter. You took over, uh, almost two years ago at the start of 2025. And there were a lot of questions as to exactly how you get this company back onto a path of organic revenue growth, four straight quarters of organic growth with regards to net sales, more than 6% in the most recent quarter, and your guidance for the next fiscal year, the full fiscal year is 3 to 5%. Do you have confidence that you're going to meet that?

Yeah, absolutely. And I think, like you said, when we announce a new strategy called Beauty Reimagined, 18 months ago, we made a set of promise. And today, I'm happy to report that promise made. Promise kept. We are reigniting growth, accelerating our innovation, significantly expanding margin and really investing also in consumer acquisition and behind the Hall brand. So we are, as you said, like, you know, having great momentum into fiscal 26.

We have had four consecutive quarters of growth. The strongest quarter was the last one I'd like you of a 5% growth. So that gives us good momentum. We have the playbook. We have the right brand. We have obviously the right team and we are ready to accelerate in fiscal 27. There are some concerns, despite the big move that we saw in the share price. There is still some concerns about investors, about some momentum going forward.

And when I look at the guidance for the full year, that 3 to 5%, I mean, uh, if you hit the low end of that range, that's not really an acceleration and growth. I'm sure you're aware of that up here. Uh, you know, the question you always have to ask CEOs, are you sort of low balling this so that you can kind of manage expectations and beat that? So look in fiscal 26 we had guided the 0 to 3. And we hit the top end of the guidance.

So our objective as we see the beauty market and especially the prestige beauty market accelerating around the world, we want to just take the opportunity of the market accelerating and us accelerating. We have a slate of new innovation coming to market. My ambition with the team is always to work minimum to deliver the middle of the the guidance, if not more. Obviously, if we can. And you know, we're putting ourselves, our brand ready in the right channel where the consumers are.

Two obviously like, you know, I consider I think fiscal 27. Well, let's talk about those channels. Uh, you've done partnership with TikTok and Amazon, a bit of a departure for, uh, Estée Lauder. In the past, you've cut a lot of jobs, primarily in that, uh, sort of, uh, I guess, you know, one on one distribution side of it. Is this the future of a lot of distribution? So I think it's just we are adapting our distribution, obviously, like, you know, as you know, the consumers are also evolving.

And I'll job is also to meet the consumer as well. They are that is in China, in the U.S., in Europe, wherever they are on the world. So our idea was just to rebalance. And that's the first pillar of beauty reimagined is to accelerate the distribution expansion. Well, the growth is well, the consumers are, but we always do it by protecting quality and experience that we are bringing with our consumers. So today we are feeling that we are in a good place where from social commerce to specialty multi to our own direct to consumers.

And obviously like, you know, the department stores, we have actually the right distribution channel that allows us to capture both on the recruitment front, but also on the retention front, all the consumers throughout the spectrum. Well, with regards to some of those partnerships, I am curious, do you get the same margin or are you sort of having to sacrifice a little bit of margin in some of those partnerships as opposed to the normal retail?

Well, I think what we are always looking at, we want not only the distribution to be margin accretive for us, but also to be equity driven fall brand. The decision that we always took is, first and foremost, are we going to build desirability and equity with the brand that we have today? And today what we've done you mentioned Amazon TikTok shop. We have going in China and many other brands. Every single time we are working with our partners to continue to develop the experience and the home.

That's the equity and the desirability of our brand. And I follow very closely with my team. The desirability ranking is one thing. Market share is on another thing. But brand desirability, brand equity is always the first keeper. We look so whatever move we do from a distribution to new innovation to campaign. The key indicator is always to create more brand love with the consumer, to keep them for a long time. Let's talk about the skincare business, uh, the previous quarter.

Uh, Q3, fiscal Q3, uh, that was flat. That rebounded nicely in Q4. What changed? Innovation, the innovation pipeline. And I mentioned it in quarter three. We had a software innovation pipeline in Q3, and we ramped it up, and we finished in a very strong high note that plus 4% in skin care for quarter four. And I mentioned it this morning like, you know, during the quarter we have a slate of new innovation starting with Vistula-Oder, with cleaning the ordinary that have been going from strength to strength, you know, around the world.

And the good news is that we have innovation at various price point, at the entry price point with the ordinary, we Vistula-Oder in the middle of prestige. And obviously la mer that is going after the luxury consumer. So sometimes you may have like, you know, some adjustment. And that's why you always look at the full 12 months of innovation, and we've guided the next year at 200 to 250 basis point improvement on the innovation led by skincare.

So you may always have some quarters softer than all of us. But when you look at it on the 12 months, rolling with feel very good about like, you know, the innovation pipeline coming in the next fiscal year, how much of that innovation pipeline might actually apply to the hair care business, which was down in the most recent quarter? I was kind of surprised by that. Is that just some sort of cyclical trend or something secular or something you're doing?

Well, I think for haircare we had to reposition Alban in the right channel. And we see today, especially if you're a brand like Aveda, we're seeing great momentum in North America being the largest geography. Florida, where we're seeing with the move that we've done with Amazon with Tick Tock Shop, but also repositioning the brand in the subtle network in the truck, that subtle network, we're seeing improvement in our performance.

But to answer your question more directly, innovation is also on our care. We have innovation on skincare, on make up, on fragrances, on our care, but of the beauty Reimagined strategy is the diversification of our growth. Diversification doesn't come only from channel. It also comes from category four brands, but also like from the type of innovation that we're bringing to market. So you're going to see also more coming in haircare going for your fragrance business.

No surprise was was the strongest, at least on a growth basis. Uh, is this should we think of a lot more as a fragrance company going forward, or is your goal to have everything kind of balanced out between skin, hair care, etc.? Again, ossification of growth. I think in this moment in time, Francis is one of the category that is the fastest growing in beauty. We happen to have a very strong portfolio of luxury brands, from Tom Ford to Jamal and Lula Killian, that are within our fastest growing brand, like, you know, in the company.

Now, what we're doing in fiscal 27 is not only accelerating what we've done with luxury, Francis, but also entering in a much more meaningful way in Prestige Francis, which is the bulk of the market we've started in fiscal 26 with environment beauty. That has been off to a very strong start in markets like the US, the UK and continental Europe. And now, for the first time in o