L’Oréal Posts Brisk Sales Rise Despite Disruptions in China

Cosmetics group L’Oréal posted robust sales growth over the third quarter, lifted by brisk demand in Europe and the United States, which helped offset disruptions in China due to COVID-19 restrictions.

Nicolas Hieronimus, chief executive officer of L’Oréal, said all markets progressed in the period, although lockdowns weighed heavily on the company’s largest division, L’Oréal Luxe, in the key Chinese market.

L’Oréal, the group behind Maybelline mascara and Lancome skincare, posted sales of 9.58 billion euros, up 9.1 percent, like-for-like, slightly outpacing analyst expectations for 8.3 percent organic sales growth.

Curbs on travel in China, including its popular duty-free tourist destination Hainan, dragged down the performance of the company, which posted growth overall of just 0.3 percent, but business sped up in September.

In the United States, sales grew 9.3 percent despite a slow July, with a strong return of demand during the back-to-school period.

Sales grew 10.5 percent in Europe, with L’Oréal flagging market share gains in key markets such as Germany, Spain and Britain.

Consumer goods and luxury companies have posted strong trading updates as shoppers shrug off higher prices and continue to spend.

Learn more:

Selling Lipstick and Stockpiling Cash: How Beauty Brands Are Preparing for a Recession

The category is often thought to be recession proof, but brands are preparing for some turbulence.

Credit: Source link






Exclusive: Hydrafacial Partners With Dr. Dennis Gross Skincare

What happens when revolutionary facial technology teams up with one of the world’s leading dermatologists is nothing short of skin-care magic.  Announced...

Inside Adidas’ Yeezy Dilemma | BoF

This month, as a growing number of businesses sought to distance themselves from Ye, the company that had the most to lose was...

Slutty Vegan visionary Pinky Cole returns to Baltimore for North American book tour

Pinky Cole, the founder, and CEO of Slutty Vegan, comes back home this weekend.  The philanthropist and entrepreneur brings the Pinky Cole Experience Tour...

Captain America Loves Cats; Chris Evans Speaks Out at Buzz Lightyear Premier

Chris Evans has had a special place in the heart of all...

Global NFT Market Expected to Hit $97.6B by 2028, Recording a CAGR of 31.6%

Since non-fungible tokens (NFTs) help build authentic intellectual property, this is one of the key drivers expected to push the sector to a...
en English