L’Oréal, the French beauty giant known for brands such as Lancôme, Maybelline and CeraVe, reported weaker-than-expected sales in the second quarter, as a slowdown in North Asia, travel retail, and its core European market weighed on results. Quarterly revenue fell by 1.3% YoY to 10.73 billion euros ($12.43 billion). The drop was steeper than analysts had expected, and revenue in North Asia — particularly China and South Korea — saw a significant decline. On a like-for-like basis, group sales rose 2.4%, falling short of the 2.9% growth projected. L’Oréal is facing sluggish consumer spending in China due to stagnant wage growth and high youth unemployment.