Our 2025 Top 20 Global Beauty Companies Report

It’s always been difficult to navigate the ever-changing beauty world, but 2024-2025 may have topped the charts. 

While many of our Top 20 brands on this year’s list hold similar spots to their previous rankings, a number have reported a drop in annual sales. At the root of the fall has been a downward trend in the purchasing behavior of Chinese consumers and a significant plunge in travel retail. 

Adding to the fray have been ongoing geopolitical uncertainty and the overarching impact of tariffs (and possible expanded tariffs), persistent supply chain difficulties, new eco-packaging & sustainability requirements, and a sudden risk to the economy. Cosmetic brands and packaging suppliers, retailers, and consumers have all faced challenges. A sudden dive from one of the world’s leading and most respected brands didn’t help matters or morale.

Staff layoffs became big news—especially at The Estée Lauder Companies (ELC)—which announced it would reduce its headcount by a reported 7,000, and named Stéphane de La Faverie to ignite strength as the company’s new CEO. Layoffs at ELC began in February 2024. At press time (August 2025), ELC announced 3,200 additional job cuts as part of its restructuring program, with the possibility of a further 3,800. 

Several other global cosmetic brands followed suit during the year. Coty cut about 700 jobs. Shiseido Americas’ Interim CEO Alberto Noé reportedly told the staff that the company would issue “wide-ranging and significant” layoffs across its U.S. operations. (Net sales for Shiseido’s Travel Retail business dropped 22.7% on a like-for-like basis.)

New Leadership

A slew of new CEOs was positioned to help put beauty companies back on track and move forward. Perhaps most notably at ELC, with Stéphane de La Faverie replacing Fabrizio Freda; and William P. Lauder stepping down as Executive Chairman (but remaining Chair of the Board of Directors). For the first time in its history, no Lauder family member is involved in the firm’s day-to-day activity. 

At P&G, Shailesh Jejurikar was elected P&G President and CEO, succeeding Jon Moeller. Freddy Bharucha, currently President, Global Personal Care, will be appointed CEO, P&G Beauty, effective Dec. 1. He will lead P&G’s $15 billion global beauty portfolio. 

Ron Gee resigned as CEO, Shiseido Americas and global M&A leader. Alberto Noe was appointed interim CEO, Americas, in addition to his current responsibilities as CEO, EMEA.

Bath & Body Works named Daniel Heaf as CEO in May 2025, replacing Gina Bosworth.

Unilever’s CEO Hein Schumacher was replaced by Fernando Fernandez, the company’s Chief Financial Officer. Kenvue CEO Thibaut Mongon announced his departure, as Kirk Perry was named interim CEO.

An Eye on India

With China in question, there’s increased focus on India. L’Oréal CEO Nicolas Hieronimus commented that India is a key strategic market for them, and it is one of the world’s fastest-growing beauty markets. “We intend to more than double our business in India,” said Hieronimus. Aseem Kaushik will take over as Chairman of L’Oréal India, and Jacques Lebel was appointed Country Manager.

The Estée Lauder Companies Inc. announced the launch of the fourth edition of BEAUTY&YOU India, “an initiative designed to discover and propel the next generation of India-focused beauty entrepreneurs.”

Chanel announced the launch of its Fragrance & Beauty products on India’s Nykaa platform.

Packaging-Wise 

Packaging-wise, cosmetic industry suppliers continued innovating with new packaging options, focusing on future sustainability legislation. PCR choices expanded, and refillables made impressive progress, as did mono-materials, new materials, wood, and pulp. 

L’Oréal’s new Sustainable Innovation Accelerator, backed by €100M over 5 years, targets seven critical sustainability areas in the beauty sector. The program is aimed “at scouting and scaling breakthrough sustainability solutions across the beauty industry.” 

Ezgi Barcenas, Chief Corporate Responsibility Officer at L’Oréal Groupe, explained, “As the global beauty leader, we have an opportunity, as well as a responsibility, to create more circular solutions and set a new industry standard. Achieving this vision at scale demands more than innovation—it requires intention and action. That is why we are mobilizing our brands, our business partners, and our consumers to make refills the new norm.”

Recently, in the U.S., L’Oréal’s division, which includes Giorgio Armani, Lancôme, and Prada Beauty installed refill fountains in select Dillard’s stores.

L’Oréal Groupe launched its first global multi-brand, multi-category, multi-channel campaign—the #JoinTheRefillMovement. Coinciding with World Refill Day, on June 16th, the campaign encourages consumers to embrace refills and contribute to a more sustainable future. 

Additional Trends

K-Beauty continues to make big waves in the U.S. and around the world. There’s been a surge in cosmetic brands recruiting women’s professional sports stars as spokespeople. Booms in dermatological beauty and wellness categories are proving highly successful. For example, L’Oréal just snapped up 16-year-old U.K.-based Medik8, which bills itself as a “dermatological skincare brand, globally renowned for clinically proven age-defying results, without compromise.”

Some brands said they owe a portion of 2025 sales to their presence in Amazon’s U.S. Premium Beauty store. One CEO noted that “success came from consumers’ desire for “small indulgences in a time of great uncertainty.” 

Looking Ahead

The Beauty industry holds a reputation for creativity and resiliency—and it is moving ahead with confidence. Consumers, too, are unwavering in their pursuit of effective beauty solutions. While fragrance still leads in the stats, skincare, haircare, and cosmetics are holding their own.

In August, research expert Circana reported that while mass market growth outpaced prestige, they hold an optimistic all-around outlook for the rest of the year. Beauty sales for the first half hit $50.6 billion in the U.S.

How will AI continue to disrupt the industry? Experts believe that it will be more powerful when it comes to “smell.” iRomaScents’ AI Wizard, a smart system that creates a personalized scent experience in under two minutes, matching customers with fragrances tailored to their preferences, is currently in Maison KOSE stores in Tokyo. iRomaScents is reportedly contemplating U.S. expansion.

What will 2025-2026 hold for Beauty? L’Occitane’s Sol de Janeiro brand is climbing quickly. And there’s already been at least one $1-billion-dollar deal this year, so e.l.f. may be on our list next year! Additional brands are starting to meld. Be sure to follow Beauty Packaging for the latest news. 

Report Data

Companies were analyzed based on FY 2025 data. Annual reporting dates varied. Beauty sales included only cosmetics, fragrance, and personal care items when possible. Figures for companies outside the U.S. were based on the exchange rate for the fiscal year on the day it ended. Estimates are provided in cases where full disclosure was not available.