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25 February 2021
L’Oréal sees ‘no limit’ to growth in China
E-commerce & mobile retailBrand growthCosmetics, beauty aids
Cosmetics giant L’Oréal’s next CEO predicts a post-pandemic boost for the beauty industry, citing what is happening in the China market now as proof that a “fiesta of makeup and fragrance” is coming.
During a recent earnings call, Nicolas Hieronimus, who takes over as boss in May, set out the group’s strength in China, where it has seen double-digit growth and where all of its categories have returned to normal.
The Chinese love of beauty will continue to drive the market, the company says, with rising demand from Chinese men as well as women. China’s consumers love strong brands and understand quality.
E-commerce will be a key focus for the brand in China, where 50% of sales in the sector are already online.
Skincare will continue to be the number-one growth driver in China, partly due to the country’s ageing demographic. The sun-care category also has huge potential.
“The market has still many years of growth ahead. The spending per capita of Chinese consumers is still quite low compared to that of the USA. So, there is no limit to the growth potential of China”– Nicolas Hieronimus, Deputy CEO at L’Oréal.