L鈥橭real鈥檚 China growth slows to 7.7%
Print Edition
WITH consumption slowing and strong competition from local brands, L’Oreal, the world’s largest cosmetics group, yesterday said its growth in China slowed to 7.7 percent last year from 10.2 percent in 2013.
The French company’s total sales were 14.3 billion yuan (US$2.3 billion) last year in China — still its third-largest market. Globally, like-for-like sales was up 3.7 percent to 22.5 billion euros.
Last year, overall makeup market in China added 9.4 percent to 20.9 billion yuan while skincare sales rose 9 percent to 131 billion yuan, according to Euromonitor International. L’Oreal has 32.4 percent market share in cosmetics and 13 percent in skincare, respectively.
“Moderate growth in the fast moving consumer goods sector is becoming a normal situation under China’s new economic scenario,” said Jason Yu, general manager of Kantar Worldpanel China.
Last year, sales of domestic skincare and makeup products accounted for 56 percent of total market size, according to Kantar Worldpanel.
Alexis Perakis-Valat, L’Oreal Group executive vice president for Asia-Pacific and CEO of L’Oreal China, said future growth would come from more tailor-made products for local consumers and geographical expansion into lower-tier cities, especially for its luxury product division.
He reiterated the company has a strong portfolio in various product sectors.
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