一直以來，人們不斷追求美的事物，不論是透過化妝、衣著打扮甚至是醫美手術來讓自己變的更有魅力，而相比之下化妝是成本較低又省時的方法。根據統計，全球化妝品市場每年的產值逐漸增加。然而，大多數的消費者並不知道很多的化妝品品牌其實都是出自於同一間公司，而為什麼這些化妝品公司要推出這麼多品牌？是為了符合消費者的需求還是企業本身的成長策略呢？因此，本研究將透過個案研究法來探討化妝品公司萊雅集團和愛茉莉太平洋集團的多品牌策略之經營，根據企業的品牌發展史、品牌取得之方法及營運方式得出研究結果。研究結果如下，企業實施多品牌策略可以得到最佳的市場涵蓋率及多元化，且能透過收購或者是策略聯盟的方式得到綜效。而在營運方面，若想在眾多化妝品品牌之中脫穎而出需投入大量的資金進行產品與技術的研發和創新，且化妝品公司通常利用多品牌策略來共同分擔價值活動之支出。行銷對多品牌化妝品公司而言很重要，化妝品品牌通常會透過符合品牌形象的名人來為品牌代言，用以區隔其他競爭對手之品牌，吸引其目標客群並推廣品牌。

People always have a strong desire for beauty, whether it be through makeup, dressing, or even medical surgeries to make themselves more attractive, and makeup is a less expensive and less time-consuming way to do so.
According to statistics, the global cosmetics market is growing every year. However, most consumers are unaware that many cosmetic brands come from the same company. Why do these cosmetics companies launch so many brands? Is it to meet the needs of their customers or is it their own growth strategy? Therefore, this study will research a house of brands strategy of the cosmetics companies, L'Oreal S.A. and AmorePacific Group, through a case study approach based on the companies' brand development history, brand acquisition methods, and operational practices.
The findings of the study are as follows: the implementation of a house of brands strategy provides the best market coverage and diversification to the companies and it could be achieved through acquisitions or strategic alliances. In terms of operations in the companies, to stand out from the crowd of cosmetic brands requires significant investment in product and technology development and innovation. Also, Cosmetics companies often use a house of brands strategy to share the expenditure of common value activities. Marketing also plays an essential role for cosmetics companies since it could differentiate from competitors. Cosmetic brands often use celebrities to endorse their brands in line with their brand image to attract the target audiences and promote the brands.

論文審定書 i
摘要 ii
Abstract iii
Chapter 1. Introduction 1
1.1 Research Motivation 1
1.2. Research Purpose 2
1.3 Research Process 3
Chapter 2. Literature review 4
2.1. Concept of brand 4
2.1.1 Definition of brand 4
2.1.2 Functions of brand 4
2.2. A house of brands strategy 6
2.2.1. Definition of house of brands strategy 6
2.2.2. Advantages of a house of brands strategy 7
2.2.3. Disadvantages of a house of brands strategy 8
2.3. Corporate growth strategy 9
2.4. Mergers and Acquisitions 12
2.4.1. Definition of Mergers and Acquisitions 12
2.4.2. Types of Mergers and Acquisitions 13
2.4.3. Motives for Mergers and Acquisitions 14
2.5. Definition of cosmetics 15
Chapter 3. Methodology 17
3.1. Research Framework 17
3.2. Research Method 18
Chapter 4. Current Cosmetics Industry 19
4.1. Cosmetics industry analysis 19
4.1.1. Supply chain analysis 19
4.1.2. Five forces analysis 20
4.2. Cosmetics Market Overview 22
4.2.1 Global market 22
4.2.2 Leading companies 25
4.2.3 Market Trends 26
4.3. Introduction of L'Oréal S.A. 28
4.4. Introduction of AmorePacific Group 33
Chapter 5. Analysis of house of brands strategy 41
5.1. L'Oréal S.A. 41
5.1.1 Brand development 41
5.1.2 Brands portfolio 43
5.1.3 House of brands strategy analysis 46
5.1.4 Success factors of L'Oréal’s house of brands strategy 52
5.2. AmorePacific Group 54
5.2.1 Brand development 54
5.2.2. Brand portfolio 58
5.2.3 House of brands strategy analysis 59
5.2.4 Success factors of AmorePacific Group’s house of brands strategy 60
5.3. Comparisons between L'Oréal S.A. and AmorePacific Group 66
Chapter 6. Conclusion and suggestions 70
6.1. Research findings 70
6.2. Limitations and suggestions 71
References 72

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