After a surprise earnings miss and a 7 percent share-price tumble, the world’s largest beauty company is re-writing its playbook.

From China’s cautious consumer recovery to a €4 billion luxury deal with Kering that gives it Gucci, Bottega Veneta and Balenciaga in its fragrance stable, Dan Koh and Audrey Siek unpack how L’Oréal is navigating slower growth, rising competition, and the next big beauty cycle.