L'Oréal Steals France's Most-Valuable-Company Crown From LVMH
L'Oréal overtook LVMH as France's most valuable listed company this week for the first time since 2017, with a market value of roughly €203 billion versus LVMH's €201 billion. L'Oréal shares are up ~5% this year; LVMH has fallen ~35%.
Why structural: this isn't just money moving between sectors. Bain estimates 60 million consumers have left luxury since 2022 as price hikes pushed brands out of reach Beauty is holding share; luxury fashion is losing it. The crown passing says less about L'Oréal's momentum than about what's dragging LVMH down.
Gas Prices Just Hit a 2.5-Year High — and Beauty's Global Factories Are Exposed
LNG shipments through the Strait of Hormuz remain largely blocked since February, and Asian and European gas benchmarks hit roughly $28/MMBtu in mid-September — the highest in about two and a half years. US gas trades near $2.8/MMBtu.
Why structural: beauty doesn't get to choose which gas price it pays. Its factories and packaging lines sit in Europe and Asia as much as anywhere, and those regions are paying near $28 per unit while America pays under $3. A global industry inherits a regional shock in full.
Colgate-Palmolive Weighs $1 Billion Sale of Softsoap, Irish Spring, and Speed Stick
Colgate-Palmolive is exploring a sale of Softsoap, Irish Spring and Speed Stick that could exceed $1 billion, per Reuters. Goldman Sachs is advising. Colgate is considering divesting only a few personal-care brands, not the entire division.
Why structural: Colgate is not a distressed company or a marginal player. It is narrowing the portfolio and concentrating resources while the category faces higher costs and shifting demand. A 150-year-old CPG giant shedding recognisable brands — not because it must, but because it judges them indefensible — is the signal.
Barington Capital Pushes Bath & Body Works Toward a Sale
Barington Capital has built a stake of over one million shares in Bath & Body Works — up from ~780,000 as of June 30 — and is pressing for a sale. Shares rose ~2% on the news but remain down ~13% year-to-date.
Why structural: an activist pushing for a sale, not another turnaround plan, is a vote of no confidence that goes beyond routine boardroom pressure. Sophisticated capital now sees more value in breaking the company up than in fixing it standalone — which means the market's patience for a slow fix has already run out.
Puig Takes Full Control of Isdin in a €1.2 Billion Bet on Skincare as Fragrance Cools
Puig agreed to buy the remaining 50% of Isdin, the Spanish dermocosmetics label, from co-owner Esteve for €1.2 billion — €900M at closing, €300M deferred to 2029. The deal should close by Q1 2027, with net debt capped below 2x EBITDA.
Why structural: fragrance accounts for 72% of Puig's revenue and grew just 6.4% in 2025, down from 13% annual growth in recent years. Putting €1.2B behind derm isn't diversification — it's hedging, concentrating capital where growth still exists while the core engine decelerates.