L’Oréal expects slower growth for the overall beauty market this year due to weakness in China after years of rapid gains, according to CEO Nicolas Hieronimus. At a JPMorgan event in Paris, he revised the global beauty market growth forecast to 4.5-5% from the earlier 5%, attributing this adjustment to China’s flat market, which had previously driven L’Oréal’s high-end cosmetics sales. Consequently, L’Oréal’s shares fell by 3.4%, with rivals Estée Lauder and Nivea maker Beiersdorf also experiencing declines. Despite a 9.4% sales increase in the first quarter, L’Oréal’s next update is anticipated on July 30.