L鈥檕real鈥橲 China sales gain 10.2%
Print Edition
L’Oreal, the world’s largest cosmetics group, yesterday said sales in China grew 10.2 percent last year, down from 12.5 percent in 2012, as consumption growth slowed in China and globally.
The French company’s total sales in China were 13.28 billion yuan (US$2.17 billion) last year, as the country remained its the third-largest market. But Alexis Perakis-Valat, CEO of L’Oreal China, expects China to overtake France to become its second-largest market due to wealthier Chinese and a stronger yuan.
It was also the 13th year the firm’s sales in China grew by double digits.
He said he didn’t see consumption to slow sharply in China this year. He added that the firm will invest more in research and development, boost e-commerce sales and expand to smaller cities.
L’Oreal China’s US$843 million takeover of face mask firm Magic Holdings is set to complete in the second quarter.
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