French cosmetic giant L'Oreal reports 11% sales growth in 2023

French cosmetic giant L'Oreal announced Thursday that its sales reached 41.18 billion euros (US$44.37 billion) in 2023, up 11 percent over the previous year based on a comparable structure and identical exchange rates.

Its overall operating profit increased by 9.2 percent to 8.14 billion euros, the company said in a press release.

Last year, the group's sales in Europe and North America expanded by 16 percent and 11.8 percent respectively. However, sales in North Asia contracted 0.9 percent.

In China's mainland, L'Oreal sales grew 5.4 percent, "significantly strengthening its leadership boosted by the Group's continued investment in the quality of its offline distribution in a truly O+O (offline plus online) market," the company said.