Procter & Gamble Overtakes L’Oréal as World’s Leading Beauty Company
Procter & Gamble has surged to the top of the global beauty industry rankings, surpassing L’Oréal to become the world’s largest beauty company by revenue in 2023. According to WWD Beauty Inc’s Top 100 list, P&G generated $14.97 billion in beauty sales last year, nudging past L’Oréal’s $14.92 billion from its consumer products division—a longstanding leader in the space.
This shift marks a significant milestone for P&G, which has streamlined its portfolio over recent years to refocus on high-margin, high-growth segments across skin, hair, and personal care. The company’s gains reflect rising consumer demand for performance-driven beauty and grooming products, as well as strategic innovation in skin care and prestige segments.
Growth Led by Grooming and Skin Care
P&G’s grooming segment, home to brands like Gillette and Braun, saw an 8% increase in fiscal 2023, reaching $6.9 billion in net sales. Skin and personal care under P&G’s Beauty division—featuring SK-II, Olay, and Native—grew 2% to $9.6 billion. The company’s strongest performance came from North America, bolstered by premium product offerings and price increases to offset inflationary pressures.
L’Oréal remains the global leader if all of its divisions are considered. Its total consolidated sales across all beauty categories reached €41.18 billion ($44.9 billion) in 2023. However, P&G’s rise underlines a noteworthy trend in the FMCG beauty space: the balancing act between mass-market scale and premium market positioning, with agility proving essential to growth.
Winners and Movers in the Top 10
Other top performers include Unilever, Estée Lauder, and Shiseido, each maintaining strong global presence despite macroeconomic slowdowns and shifting consumer behaviors. Unilever claimed third place with $11.36 billion in beauty sales, driven by brands like Dove and Axe. Estée Lauder reported $10.57 billion, though it faced headwinds in Asia due to travel retail declines.
Colgate-Palmolive entered the top 10 for the first time in five years, propelled by its skin health and