French beauty products giant L’Oreal said Thursday it managed double-digit revenue growth in the first half of the year although sales stagnated in Asia.
Overall, sales at the company that owns the Maybelline New York and Garnier brands climbed by 12 percent to 20.57 billion euros ($22.6 billion), rising by both volume and value. Meanwhile, net profit rose by four percent to 3.35 billion euros. Given the context, we’re very happy” with our performance, chief executive Nicolas Hieronimus told AFP.
“The global beauty market grew by 10 percent, we’re above the market,” he added. Sales grew strongly in all regions except north Asia, where they only edged up by 0.6 percent.
China abandoned at the end of last year its strict zero-Covid policy that saw huge swathes of the country under lockdown but consumers have been reticent to spend as they worry about the future of the economy.
Hieronimus said the Chinese market is “recovering more slowly than expected but steadily”. He said sales there rose by 15 to 18 percent in the second quarter while the overall beauty market rose 6.5 percent.
L’Oreal avoided a slowdown in sales in North America that hit luxury groups LVMH and Richemont, with revenues rising by 14.7 percent thanks to both price rises and the product mix. The consumer products division saw sales jump by 13.1 percent to take the top spot from the luxury unit which includes brands such as Lancome and Yves Saint Laurent perfumes.
Source: eNCA
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