Welcome back to Skin by TBS.
Twenty brands just retreated from China—LA Girl, Colourpop, Laneige, and 17 others closed their Tmall stores in 2025. The copy-paste playbook is dead. Meanwhile, Nykaa's profits tripled as India's premium beauty boom accelerates, and Estée Lauder made its first-ever Latin American investment, taking a stake in Mexican fragrance house XINÚ. Also, pineapples are going to be big in 2026 🍍
This is the intelligence that matters. We track it from the source—combining local reporting with mainstream coverage. The result: you see the market shifts, strategic moves, and innovations that define where this industry is heading before your competitors do.
🛍️ Early Festive Shopping Tip: protect CurlMix from closure by supporting their #ProtectCurlMix campaign to hit 20k orders before year end.
Here's what matters this week.
Warm wishes,
Deepa
What Matters Right Now
Nykaa's Profits Triple as India's Premium Beauty Market Booms
1 big thing: Indian beauty and lifestyle retailer Nykaa reported its Q2 (FY26) results, posting a three-fold surge in quarterly profit. This massive jump was driven by soaring demand for premium makeup and skincare.
Why it matters: This isn't just a good quarter; it's proof that the premiumization of the Indian beauty consumer is accelerating. Nykaa's win is twofold. It's dominating digital while rapidly expanding its physical footprint (opening 19 new stores in the quarter). By partnering with global giants like Estée Lauder (on the BEAUTY&YOU incubator) and being the exclusive launchpad for brands like Armani Beauty, Nykaa has cemented itself as the undisputed gateway to the Indian market. (More)
Natura's Turnaround: A Painful Pivot to Profit
What’s Happening: After exiting Avon International to focus on its home turf, Natura & Co. reported its Q3 results on November 13. The results were mixed, with shrinking sales and a net loss of BRL 119 million, driven by slowing demand in Brazil and hyperinflation in its other Hispanic markets.
Why it matters: This pivot is a painful but intentional reset. While sales are down, the new strategy is working on the profit side: Natura slashed its net losses by four times compared to the same period last year. This shows the company's turnaround is succeeding in fixing profitability, but it's coming at the cost of sales revenue as it navigates intense domestic competition and economic volatility. (More)
Scaling in China
The "Copy-Paste" Model in China is Dead
1 big thing: Mass-market US brand LA Girl is ceasing operations in China, announcing the closure of its Tmall Global flagship on October 30. This is not an isolated incident. LA Girl is one of more than 20 international beauty brands (including Colourpop, Laneige, and Innisfree) that have retreated from China in 2025.
Why it matters: This signals the definitive end of the "global mass copy-paste model". The old playbook of importing a global product line with minimal changes and relying on a Tmall storefront has failed.
Be Smart: Chinese consumers are no longer impressed by "cheap and global" positioning. They are demanding "performance-proven, culturally resonant, platform-native brands"—and they are finding them in their own domestic C-beauty champions. This was confirmed in the recent Double 11 (Singles' Day) festival, where local brands like Proya topped the beauty charts, proving a "structural shift" in the market.
The Bottom Line: China is no longer a market brands can simply enter; it's a market they must win. Global brands that don't deeply localize their R&D, marketing, and sales channels (specifically for platforms like Douyin) will be filtered out. (More)
But, Some Brands Are Still Winning: Puig (owner of Rabanne, Byredo) released its Q3 results (Nov 3), reporting a $1.5B revenue. The growth was overwhelmingly driven by its two star acquisitions, Charlotte Tilbury and Byredo, both of which are seeing massive expansion and consumer demand across Asia. Why it matters: This is a powerful counter-narrative to the "China is slowing" story. Puig is proving that for the right brands with strong brand equity and smart digital execution, the Asian consumer (especially in China and the wider APAC region) is one of the most powerful growth engines in global beauty. (More)
Strategic Moves
Estée Lauder Makes Its First-Ever LATAM Investment: The Estée Lauder Companies announced on Thursday its first-ever investment in a Latin American beauty brand, taking a minority stake in the Mexican luxury fragrance house XINÚ. For decades, the global beauty giants' strategy in Latin America was primarily "import and sell." This investment isn't just about one brand; it's about a new playbook. It comes just two weeks after ELC's strong Q1 earnings beat, showing the company is deploying its fresh capital to find growth outside of traditional markets. Latin America is now officially an innovation hub, and global strategic money is moving in. (More)
E.l.f. Scales in Latin America via Ulta: E.l.f. Beauty announced on November 10 that it is officially launching at ULTA Beauty in Mexico. After a successful market launch in Mexico in 2024, E.l.f. is now deepening its footprint by partnering with a key global retailer (Ulta) in a high-growth market, validating the brand's mission to make its products accessible in a region with "incredible opportunity." (More)
Unilever’s "Glocalization" Play Wins in India: Unilever’s recent Q3 earnings revealed key insights. The Beauty & Wellbeing division's 5.1% growth was driven by double-digit, volume-led growth from Vaseline. This surge was specifically supported by the successful launch of the "Cloud Soft Light Moisturiser in India", a prime example of "glocalization"—designing a new, lightweight texture specifically for the Indian consumer and climate, and winning big as a result. (More)
L'Oréal Opens First Travel Retail Boutique in Africa: L'Oréal announced on November 14 that it has opened its first-ever standalone travel retail boutique in Africa, located in the Abuja airport. The boutique, opened in partnership with local distributors, features a full luxury portfolio, including YSL, Lancôme, and Giorgio Armani, as well as dermocosmetics like La Roche-Posay and CeraVe. This move signals L'Oréal's clear strategy to use travel retail to capture the high-growth luxury beauty market in Nigeria and across Sub-Saharan Africa.(More)
Lush Hair Cements Dominance at Lagos Fashion Week: For the fourth consecutive year, Nigerian brand Lush Hair was the official hair sponsor of Lagos Fashion Week, styling over 300 models and using the platform to launch its new premium "Lush Nova" extension line. Instead of just sponsoring, Lush Hair deeply integrates into Nigeria's creative ecosystem, using the nation's top fashion event to reinforce its brand dominance, unveil innovation, and build cultural equity that global competitors cannot easily replicate. (More)
How They Scale
Challenges & solutions from two Black owned beauty brands in US & UK.
CurlMix Launches #ProtectCurlMix Campaign to Avoid Closure: Kim Lewis, founder of the Black-owned textured haircare brand CurlMix, launched the campaign recently. The brand is facing a critical cashflow challenge and is seeking to sell 20,000 orders by the end of 2025 to avoid closure. Why It Matters: This is a transparent look at the scaling and capital challenges even a well-known, community-driven brand faces. After famously turning down a "Shark Tank" deal to build the company independently, this campaign is a direct call to their loyal community to "show up" and fund the brand's next phase through sales. (More)
Plantmade Founder Exits After Acquisition: Plantmade, the fast-growing UK textured hair brand, is now under new ownership after entering administration in June 2025 with £1.8M in debt. Founder Ama Amo-Agyei, who bootstrapped the brand from £100 to £5.3M in revenue, has officially stepped down from the company. This is a critical case study in the operational hurdles and cash-flow challenges of rapid scaling, as the new Black-owned parent company, Crown Holdings, now works to stabilize the brand. (More)
Innovation Update
L'Oréal Taps India & UAE for Tech Innovation: L'Oréal announced the winners of its "Big Bang Beauty Tech Innovation Program" for the SAPMENA region (South Asia Pacific, Middle East, North Africa) on November 10. The winners get a commercial pilot with one of L'Oréal's 37 brands, providing a direct pathway to global scale. The winning innovations are:
Halo AI (UAE): An AI platform to manage and vet nano and micro-influencers, a key to authentic marketing in the region.
Sravathi AI (India): An AI-powered platform that designs and develops advanced pharma-grade molecules for skincare, accelerating R&D.
Without (India): A material science company that ethically transforms "impossible-to-recycle" plastic waste (like shampoo sachets) into high-quality, recyclable materials, solving a massive sustainability challenge in the Indian market. (More)
The Rise of Exosomes: At the CEW Beauty Awards on November 12, the coveted "Supplier's Award – Ingredients & Formulation" went to ALGAKTIV Exometics G. This is an innovative, vegan exosome technology derived from microalgae. Why it matters: Exosomes are cell messengers that signal regeneration, and high-tech, cellular-level skincare can be useful for barrier support. (More)
Neutrogena Brings Peptide Science to Scalp Care: Kenvue is advancing the "skinification" of hair with its new Neutrogena Hair Restore system. Developed with dermatologists, the line treats the scalp like skin and features an Advanced Growth Support Serum with patent-pending Micro-Peptide XP technology to restore hair density from the root. This move signals a major mass-market push, bringing advanced, science-led skincare ingredients to the accessible haircare aisle. (More)
Skin of Colour Science
"Inflammation is Pigmentation" in Melanin-Rich Skin: In a recent presentation at the EADV conference, dermatologist Dr. Michelle Rodrigues emphasized that for skin of color patients, post-inflammatory hyperpigmentation (PIH) is a primary concern. She noted that inflammation from conditions like acne or eczema often presents as pigmentation rather than redness, meaning the underlying inflammatory condition must be treated first to successfully clear the skin. (More)
Rosacea's "Invisible" Symptoms: At the Elevate-Derm conference (Nov 15), Dr. Hilary Baldwin noted that rosacea is "simply not being recognized" in patients with skin of color because the key sign of erythema (redness) is subtle or invisible. Clinicians are being urged to maintain a "high index of suspicion" and diagnose based on patient-reported symptoms like "itch, burn, sting" or episodic warmth, rather than visual redness alone. (More)
Bridging the Medical Education Gap: A new study in the Cureus journal confirms the significant impact of targeted education on skin of color dermatology. Medical students who participated in a dedicated online lecture series showed a statistically significant increase in their knowledge and confidence in diagnosing and managing conditions on pigmented skin, highlighting a major gap in current medical training and a clear, effective solution to fix it. (More)
Consumer Intelligence
Africa's Bar Soap Market: The African market for bar soap is projected to reach 4.3 million tons by 2030, signaling that despite the rise of liquid body washes, the foundational consumer preference for bar soap remains incredibly strong. (More)
Pineapples in 2026: Pineapples are in - aligning with consumer demand for "escapist" and tropical experiences meaning we may see more pineapple-scented or extract-based body care, mists, and skincare. (More)
Nostalgia Shopping: Nostalgia is the "real winner" of 2025. Consumers are seeking comfort and familiarity, rewarding brands that tap into a collective positive memory, a trend seen in the rise of 90s/Y2K aesthetics and retro-inspired scent launches. (More)
South Africa's "Smart Shopper":
Festive season trends in South Africa reveal a highly practical consumer, with 65% of shoppers stating free delivery is their top motivator to buy online.
The "dupe" trend is also strong, with consumers actively hunting for affordable alternatives to premium products rather than showing strong brand loyalty. (More)
The local retail scene is thriving. Experiential hubs like EGG Beauty are creating platforms for "predominantly local and women-owned" brands , while specialized stores like Glow Theory are making K-beauty accessible without international shipping fees, catering to a sophisticated consumer. (More)
Nairobi's Salon Loyalty: Salon owners in Nairobi are successfully cashing in on new beauty trends by focusing on hyper-local customer loyalty. They are using platforms like TikTok to showcase their expertise in adapting global trends (like new braiding techniques) for the local market, turning social media buzz into repeat, loyal clients. (More)
Brands to Watch
be!MYN (India): A new homegrown, Gen Z-first beauty brand has launched in India on the Myntra platform. The brand, be! MYN, is built on a "mood-enhancing" philosophy, rejecting the "signature look" and instead providing versatile, trend-forward, and affordable products formulated for Indian skin tones and climate. (More)
In Haircare (France/UK): Founded by Rebecca Cathline and Didier Derozin, this natural, "in&out" brand for textured hair is making a major push into the UK market. After building a following in France with supplements and topicals (like their bestselling Milk In curl-definer), the brand won "Most Relevant French Brand for the British Market" at a recent Business France event, signaling a strategic and well-received expansion.
Shopping & Treatment Heroes
Editor-approved guides & latest launches.
Guides:
Afro Hair Transplants: This article outlines the best clinics in Turkey.
Hair Colour to Match Skin Colour: Experts talk about this latest Tik Tok trend for darker skin tones and tips to make it work. (More)
Facial Balancing for Black Women: Breaking down the "facial balancing" injectable trend, highlighting the right questions to ask your injector. (More)
Skincare:
Murad: has launched a Lipid-Enriched Double Cleansing Balm with lipids and ceramides to improve skin barrier strength, suitable for sensitive skin.
Tubby Todd (US): released a new Barrier Balm, a twist-up stick with 1% colloidal oatmeal to soothe eczema, redness, and sensitive skin.
Innisfree: new Green Tea Ceramide Milk Barrier Essence is formulated to fortify the skin’s moisture barrier.
Justhuman (India): Melt-it-like-Milk Cleansing Balm is a 3-in-1 milk-to-oil-to-milk formula that removes makeup while hydrating.
Makeup:
Outside In (US): the new prestige brand has debuted the Silk Serum Foundation with shades for darker skin tones and positive reviews.
Tira (India): has introduced its new Lip Plumping Peptint, a peptide-infused lip tint.
Simply Nam (India): founded by Namrata Soni, has released its Satin Soft Blush Tints, designed to blend seamlessly on Indian skin tones.
Japonesque (US) has collaborated with Filipina content creator Heart Defensor for a limited-edition Pro Performance Lash Curler with a cherry blossom charm.
Fragrance:
KAYALI: has launched its new Freedom Collection, featuring four modern musk-based perfumes.
Stay Connected
Thank you for being here!
If this week's intelligence was useful, share it with someone you know. The more connected we become as an industry, the stronger our collective impact.
Follow along on @skinbytbs for quick takes between newsletters, and don't hesitate to reply with stories, corrections, or introductions you think I should know about.
