Having enjoyed years of record export figures, the French cosmetics and perfume industry believed itself protected against the multiple factors that have decimated much of France’s industrial base. But the election of Donald Trump introduced a potentially devastating wrench into a seemingly well-oiled machine.
Double whammy
In 2024, French cosmetics exports to the United States reached nearly 3 billion euros, with perfumes accounting for about half of the total. The U.S. were the leading market for French cosmetics exports. Yet, the trade policies introduced by the Trump administration and the European Union’s subsequent capitulation have significantly reshaped the competitive environment.
Tariffs that had previously been zero or close to zero for many cosmetic products exported to the United States rose to 15% at the end of July 2025. Additional duties of 50% were imposed on certain metal packaging components on August 19, 2025. This tariff shock was further amplified by the deliberate depreciation of the dollar, which automatically made European products more expensive in the American market.
According to consulting firm Astérès, this double blow could cause French cosmetics exports to the United States to fall by 21% by 2026 — a loss equivalent to 620 million euros in revenue. If not offset, the decline could lead to the loss of up to 2,700 direct and 8,200 indirect jobs.
Preliminary effects
A factual review of the latest available customs data shows that French cosmetics exports to the United States declined by 12.7% in the first half of 2025 — that is, before the new customs duties took effect. This decline is mainly attributed to inventory adjustments driven by importers’ expectations at the end of 2024.
Looking at the quarterly results published by listed groups such as Interparfums and L’Oréal since the tariff measures took effect, the impact on sales does not appear significant. Overall, sales have remained stable or even increased. However, the exchange rate effect resulting from the weaker dollar has nearly offset these gains.
Furthermore, reorganizations of value chains are undoubtedly underway. Major groups such as L’Oréal, The Estée Lauder Companies, and Procter & Gamble have indicated that they are streamlining their supply chains to manufacture as close as possible to their end markets. These measures will mainly affect the most price-sensitive items, in particular within the makeup and hair care categories.
Action plan
In response to what it views as alarming prospects, FEBEA is calling for strong mobilization around its Beauty Industry Package— an action plan aimed at safeguarding the competitiveness of France’s cosmetics and perfume sector.
The roadmap aims to: diversify exports via new free trade agreements; consolidate the European market by facilitating the movement of products made in Europe; simplify the regulatory framework; and better tackle illegal practices, including counterfeiting and illicit sales.
“We cannot stand by. We call on European and French decision-makers to provide the resources needed to maintain our global leadership, without introducing unnecessary complications to our operating framework,” said Emmanuel Guichard, General Delegate of FEBEA.
