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한다.","analysis_en":"The Estée Lauder Companies Inc. operates across Global prestige beauty group. It is +0.2% in 2026. Demand side (avg -11.6%), the stock (+0.2%) and supply side (avg -9.9%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Amazon (+12%) and the furthest behind is Coupang (-35.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It sources fragrance inputs and digital commerce infrastructure from external suppliers while using minority investments to build options in emerging beauty brands.","analysis_asof":"2026-09-04"},"edges":[{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":{"type":"count","unit":"brands","as_of":"2026-08-19","basis":"아마존 11개 시장에 입점한 에스티 로더 브랜드 수","value":13,"period":"FY2026","basis_en":"Estée Lauder brands present on Amazon across 11 markets","qualifier":null},"note":"아마존 프리미엄 뷰티는 에스티 로더 브랜드의 주요 온라인 판매 채널이다. 회사는 FY2026에 아마존 입점을 11개 시장의 13개 브랜드로 넓혔고, SEC 10-Q는 미국 아마존향 출하가 북미 매출 감소를 일부 상쇄했다고 확인한다.","note_en":"Amazon Premium Beauty is a material online sales channel for Estée Lauder brands. The company expanded its Amazon presence to 13 brands across 11 markets in FY2026, while its SEC 10-Q confirmed that U.S. Amazon shipments partly offset the North American sales decline.","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-08-19","url":"https://www.sec.gov/Archives/edgar/data/1001250/000100125026000041/el-20260630.htm","title":"ESTEE LAUDER COMPANIES INC 10-K (2026-08-19)","title_en":"ESTEE LAUDER COMPANIES INC 10-K (2026-08-19)","excerpt":"회사는 백화점, 면세점, 전문 멀티 유통과 온라인 전업 플랫폼 등 다양한 전자상거래 채널에 제품을 판매한다.","excerpt_en":"We operate as a wholesaler, with our products sold in brick-and-mortar locations and on various e-commerce platforms."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-08-19","url":"https://www.sec.gov/Archives/edgar/data/1001250/000100125026000038/elq4fy2026exhibit991.htm","title":"The Estée Lauder Companies Reports Fiscal 2026 Results","title_en":"The Estée Lauder Companies Reports Fiscal 2026 Results","excerpt":"FY2026 아마존 소비자 접점을 11개 시장의 13개 브랜드로 확대했다.","excerpt_en":"Expanded consumer coverage in fiscal 2026 on Amazon, reaching 13 brands across 11 markets."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-30","url":"https://www.sec.gov/Archives/edgar/data/1001250/000100125025000109/el-20250930.htm","title":"The Estée Lauder Companies Inc. Form 10-Q for the Quarter Ended September 30, 2025","title_en":"The Estée Lauder Companies Inc. Form 10-Q for the Quarter Ended September 30, 2025","excerpt":"미국 아마존 프리미엄 뷰티 스토어를 지원한 출하 증가가 북미 순매출 감소를 일부 상쇄했다.","excerpt_en":"Partially offsetting the net sales decline for North America was growth from shipments in support of our Amazon Premium Beauty stores in the U.S."},{"stance":"confirms","publisher":"하나증권","publisher_en":"Hana Securities","kind":"research","lang":"ko","published_at":"2024-11-04","url":"https://www.hanaw.com/download/research/FileServer/WEB/info/daily/2024/11/03/Daily_241104.pdf","title":"Global Research: 에스티로더 FY1Q25 Review","title_en":"Global Research: Estée Lauder FY1Q25 Review","excerpt":"북미 오프라인 부진을 에스티로더의 아마존 프리미엄 뷰티 스토어 입점이 일부 상쇄했고, 온라인은 두 자릿수 성장했다.","excerpt_en":"Estée Lauder's Amazon Premium Beauty entry partly offset North American offline weakness, while online sales grew at a double-digit rate."}]},{"direction":"investment","counterparty":"XINÚ","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-11-13","basis":"XINÚ 소수지분 투자액","value":null,"period":"investment_announced_2025-11-13","basis_en":"Value of the minority investment in XINÚ","qualifier":"confirmed_no_disclosed_value"},"note":"에스티 로더는 2025년 11월 멕시코 럭셔리 향수 브랜드 XINÚ에 소수지분을 투자했다. 중남미 브랜드에 대한 회사의 첫 투자이며, 거래 금액과 지분율은 공개하지 않았다.","note_en":"Estée Lauder made a minority investment in Mexican luxury fragrance brand XINÚ in November 2025. It was the company's first investment in a Latin American brand, and neither the transaction value nor ownership percentage was disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-08-19","url":"https://www.sec.gov/Archives/edgar/data/1001250/000100125026000038/elq4fy2026exhibit991.htm","title":"The Estée Lauder Companies Reports Fiscal 2026 Results","title_en":"The Estée Lauder Companies Reports Fiscal 2026 Results","excerpt":"회사는 XINÚ와 111Skin 소수지분 투자를 발표했다고 SEC 제출 자료에서 확인했다.","excerpt_en":"Announcing its minority stakes in XINÚ and 111Skin."},{"stance":"confirms","publisher":"에스티 로더 컴퍼니즈","publisher_en":"The Estée Lauder Companies","kind":"ir","lang":"en","published_at":"2025-11-13","url":"https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2025/11-13-2025-215006864","title":"에스티 로더 컴퍼니즈, 멕시코 럭셔리 향수 브랜드 XINÚ에 전략적 소수지분 투자","title_en":"The Estée Lauder Companies Makes Strategic Minority Investment in Mexican Luxury Fragrance Brand XINÚ","excerpt":"회사는 멕시코 럭셔리 향수 브랜드 XINÚ에 대한 소수지분 투자를 발표했다.","excerpt_en":"The Estée Lauder Companies announced a minority investment in XINÚ, a Mexican luxury fragrance brand."}]},{"direction":"revenue","counterparty":"얼타 뷰티","counterparty_slug":"ulta-beauty","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-26","basis":"얼타 뷰티의 에스티 로더 상품 매입","value":null,"period":"FY2025","basis_en":"Ulta Beauty merchandise purchases from The Estée Lauder Companies","qualifier":"confirmed_no_disclosed_value"},"note":"에스티 로더는 얼타 뷰티가 10-K에서 예시로 든 상위 10대 브랜드 파트너 중 하나이며, 개별 매입액과 매출 기여도는 공개되지 않았다.","note_en":"The Estée Lauder Companies is one of the ten largest brand partners identified by Ulta Beauty in its 10-K, which does not disclose individual purchases or sales contribution.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-26","url":"https://www.sec.gov/Archives/edgar/data/1403568/000110465926035243/ulta-20260131x10k.htm","title":"Ulta Beauty, Inc. 10-K (2026-03-26)","title_en":"Ulta Beauty, Inc. 10-K (2026-03-26)","excerpt":"공시는 에스티 로더를 상위 브랜드 파트너의 예로 명시했다.","excerpt_en":"Estée Lauder Companies"}]},{"direction":"revenue","counterparty":"Coupang","counterparty_slug":"coupang","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-05-01","basis":"쿠팡향 에스티 로더 제품 매출액","value":null,"period":"Q3 FY2026","basis_en":"Estée Lauder product sales through Coupang","qualifier":"confirmed_no_disclosed_value"},"note":"쿠팡은 한국에서 에스티 로더와 M·A·C 제품을 브랜드 한국 본사로부터 직매입해 로켓럭셔리에서 판매한다. 에스티 로더 경영진은 쿠팡에서의 강한 성과가 FY2026 3분기 온라인 유기적 매출 두 자릿수 성장에 기여했다고 밝혔다.","note_en":"Coupang buys Estée Lauder and M·A·C products directly from the brands' Korean operations for sale through Rocket Luxury. Estée Lauder management said strong performance on Coupang contributed to double-digit online organic sales growth in the third quarter of FY2026.","sources":[{"stance":"confirms","publisher":"에스티 로더 투자자관계","publisher_en":"The Estée Lauder Companies Investor Relations","kind":"ir","lang":"en","published_at":"2026-05-01","url":"https://media.elcompanies.com/files/e/estee-lauder-companies/global/investors/earnings-and-financials/quarterly-earnings/2026/q3/3q26-transcript.pdf","title":"The Estée Lauder Companies Q3 2026 Earnings Call Corrected Transcript","title_en":"The Estée Lauder Companies Q3 2026 Earnings Call Corrected Transcript","excerpt":"Douyin, Tmall과 쿠팡에서의 강한 성과가 분기 온라인 유기적 매출의 두 자릿수 성장을 이끌었다.","excerpt_en":"Strong performance on Douyin, Tmall and Coupang drove double-digit online organic sales growth in the third quarter."},{"stance":"confirms","publisher":"쿠팡 뉴스룸","publisher_en":"Coupang Newsroom","kind":"news","lang":"ko","published_at":"2023-12-11","url":"https://news.coupang.com/archives/32972/?print=pdf","title":"쿠팡, 글로벌 브랜드 비오템·어반디케이 신규 입점, 럭셔리 뷰티 라인업 강화","title_en":"Coupang Adds Biotherm and Urban Decay, Expanding Its Luxury Beauty Lineup","excerpt":"모든 제품은 쿠팡이 각 브랜드 한국 본사에서 직매입하며, 입점 브랜드에는 에스티로더와 맥이 포함된다.","excerpt_en":"Coupang buys all products directly from the brands' Korean headquarters, and participating brands include Estée Lauder and M·A·C."}]},{"direction":"cost","counterparty":"인터내셔널 플레이버스 앤 프래그런스","counterparty_slug":"international-flavors-fragrances","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-04-27","basis":"IFF가 에스티 로더에 공급한 향료 및 향료 원료 거래액","value":null,"period":"2025 CDP disclosure","basis_en":"Value of fragrance and fragrance ingredients supplied by IFF to Estée Lauder","qualifier":"confirmed_no_disclosed_value"},"note":"IFF는 에스티 로더에 향료와 향료 원료를 공급한다. IFF의 2025 CDP 공개 응답은 에스티 로더를 요청 고객으로 적고 공급 품목을 향료 및 향료 원료로 명시하지만 거래액은 공개하지 않는다.","note_en":"IFF supplies fragrance and fragrance ingredients to Estée Lauder. IFF's 2025 CDP response names Estée Lauder as the requesting customer and identifies the supplied goods, but does not disclose the transaction value.","sources":[{"stance":"confirms","publisher":"인터내셔널 플레이버스 앤 프래그런스","publisher_en":"International Flavors & Fragrances","kind":"ir","lang":"en","published_at":"2026-04-27","url":"https://www.iff.com/wp-content/uploads/2026/04/2025-IFF-CDP.pdf","title":"International Flavors & Fragrances Inc. 2025 CDP Corporate Questionnaire","title_en":"International Flavors & Fragrances Inc. 2025 CDP Corporate Questionnaire","excerpt":"요청 고객은 에스티 로더이며 공급 품목은 향료 및 향료 원료다.","excerpt_en":"Requesting member: Estee Lauder Companies Inc. Name of good/service: Fragrance and Fragrance Ingredients."}]},{"direction":"cost","counterparty":"Shopify","counterparty_slug":"shopify","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-10-28","basis":"Shopify 옴니채널 상거래 인프라 계약 금액","value":null,"period":"partnership_announced_2025-10-28","basis_en":"Value of the Shopify omnichannel commerce infrastructure agreement","qualifier":"confirmed_no_disclosed_value"},"note":"Shopify는 에스티 로더의 글로벌 직접판매 옴니채널 상거래 기반을 통합하는 기술 공급사다. 첫 단계는 2026년 1분기에 시작됐고, TOM FORD 영국 독립매장과 미국 브랜드 사이트로 적용 범위가 확대됐다.","note_en":"Shopify is the technology supplier unifying Estée Lauder's global direct-to-consumer omnichannel commerce foundation. The first phase began in the first quarter of 2026 and expanded from the TOM FORD U.K. freestanding store to U.S. brand sites.","sources":[{"stance":"confirms","publisher":"에스티 로더 컴퍼니즈","publisher_en":"The Estée Lauder Companies","kind":"ir","lang":"en","published_at":"2025-10-28","url":"https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2025/10-28-2025-212608571","title":"에스티 로더 컴퍼니즈, 디지털 뷰티 커머스 혁신을 위해 Shopify와 협력","title_en":"The Estée Lauder Companies Partners with Shopify to Reimagine Digital Beauty Commerce and Elevate Consumer Experiences","excerpt":"양사는 직접판매 옴니채널 경험을 위한 통합 글로벌 상거래 기반을 공동 구축한다.","excerpt_en":"The companies will establish a unified global commerce foundation for direct-to-consumer omnichannel experiences."}]}]}