Accustomed for years to breaking export records, the French cosmetics and perfumes industry thought it was protected against the multiple factors which wiped out a large part of the industrial fabric of France. The arrival of Donald Trump introduced a potentially devastating grain of sand into a mechanism that seemed well-oiled.

Double punishment

With nearly 3 billion euros shipped in 2024 – half of which are perfumes – the United States is the leading destination for French cosmetics exports. But the trade policy implemented by the Trump administration and the capitulation of the European Union have suddenly changed the rules of the game.

THE customs dutieswhich were zero or almost zero for a large part of the cosmetic products exported to the United States, rose to 15% at the end of July 2025. To this are added additional rights of 50% on certain metal components of packaging (August 19, 2025). Added to this price shock was the voluntary depreciation of the dollarwhich mechanically increased the costs of European products entering the American market.

This double penalty could lead, according to the Astérès firm, to a 21% drop in French exports of perfumes and cosmetics to the United States in 2026.representing a loss of 620 million euros in turnover. A fall which, if not compensated, could result in job losses, up to 2,700 direct jobs and 8,200 indirect jobs, according to Asterès.

First effects

In the factsthe latest available customs data actually shows a drop of 12.7% in French cosmetics exports to the United States in the first half of 2025 – therefore before the entry into force of the new customs duties. This decline is mainly explained by inventory effects linked to importers’ expectations at the end of 2024.

If we look at the quarterly results published by listed groups, such as Interparfums or L’Oréal, since the entry into force of the pricing measures, the effect on sales does not seem obvious. Overall, they are holding up, or even progressing. But the exchange rate effect linked to the fall of the dollar almost cancels out all the gains made.

Furthermore, reorganization of value chains are undoubtedly underway. Giants like L’Oréal, The Estée Lauder Companies and Procter & Gamble have indicated that they are streamlining their flows in order to produce as close as possible to their customers. These measures will first concern the most price-sensitive items, such as makeup or hair care.

Plan d’action

Faced with prospects considered alarming, FEBEA calls for strong mobilization around its Beauty Industry Packagean action plan to protect the competitiveness of the French cosmetics and perfumes industry.

The roadmap combines: diversification of exports via new free trade agreements, consolidation of the European market by facilitating the circulation of products manufactured in Europe, simplification of the normative framework and better fight against illegal practices, such as counterfeiting or illicit marketing.

« We cannot remain spectators. We ask our European and French decision-makers to give us the means to maintain our global leadership, without unnecessarily complicating our action framework. “, alert Emmanuel Guichard, General Delegate of FEBEA.