China’s Love for Luxury Helps L’Oreal Post Strongest Growth in a Decade
Chinese consumers can’t get enough of luxury products. This has helped beauty conglomerate L’Oreal post its strongest growth in a decade. CEO Jean-Paul Agon also believes that smaller sales in automobiles and real estate will allow more consumers to spend more on makeup and skincare products. Despite the historic growth in China, western sales are slipping for the company. Agon said that he does not consider China’s historic growth to be a temporary success.
“L’Oreal Paris is the number one beauty brand in China, and Maybelline is the number one make up brand, so we have products for everyone — we are still very confident.”