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L'Oreal grows China cosmetics sales with 18%
By Ding Yining |
February 28, 2012, Tuesday
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Online Edition
Online Edition
L'OREAL, the world's largest cosmetics maker, said its sales in China last year rose 18 percent annually to 10.7 billion yuan with a wider product offerings and deeper penetration into low-tier cities.
L'Oreal China doubled its revenue in the past five years and also consolidated its position as the third largest market for the group's global business operations, behind the United States and France, the company said in a statement today.
The company said it will invent more new products in China that are specifically designed for local consumers by pouring more resources into research and development as well as deepen its penetration in the third and fourth tier cities especially in terms of consumer products.
It will also launch more new make-up products and men's skin care commodities in this year to grab a bigger market share.
"Sales in China contributed 6 percent of the group's global income in the past year and I'm confident in the growth potential in the Chinese market," Said Alexis Perakis-Valat, chief executive officer of L'Oreal China.
Globally, its like-for-like sales grew 5.1 percent in 2011 to 20.3 billion euros.
When asked about the rising labor cost and raw material price, Perakis-Valat commented that the best remedy against cost increase is to growth faster and therefore the group will increase its pace of growth in the China market.
L'Oreal China doubled its revenue in the past five years and also consolidated its position as the third largest market for the group's global business operations, behind the United States and France, the company said in a statement today.
The company said it will invent more new products in China that are specifically designed for local consumers by pouring more resources into research and development as well as deepen its penetration in the third and fourth tier cities especially in terms of consumer products.
It will also launch more new make-up products and men's skin care commodities in this year to grab a bigger market share.
"Sales in China contributed 6 percent of the group's global income in the past year and I'm confident in the growth potential in the Chinese market," Said Alexis Perakis-Valat, chief executive officer of L'Oreal China.
Globally, its like-for-like sales grew 5.1 percent in 2011 to 20.3 billion euros.
When asked about the rising labor cost and raw material price, Perakis-Valat commented that the best remedy against cost increase is to growth faster and therefore the group will increase its pace of growth in the China market.
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