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L’Oréal CEO forecasts slower beauty market growth

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.

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