L'Oréal continues strong growth momentum in China in Q1
Beauty and skincare giant L'Oréal said it has continued strong growth momentum in China in the first quarter with a 6.2 percent revenue increase year on year, with all divisions outperforming the market average.
In 2023, L'Oréal China reported 5.4 percent income increase with retail sales jumping 7.7 percent, as it strengthens leadership amid flat overall industry performance.
President of the North Asia zone and Chief Executive of L'Oréal China Vincent Boinay said it would continue to invest in China with beauty tech products and advanced logistic capabilities.
"We have investment plans in every field of activities as we continue to prioritize product innovation, portfolio management, and talent development to solidify our position," he said.
L'Oréal will next week unveil an intelligent fulfillment center in Suzhou to further enhance operation efficiency.
Earlier this year, it made a minority investment in local fragrance brand To Summer through Shanghai Meicifang Investment Co, to access the niche Chinese fragrance segment.
One of the company's focus would be on seeking potential local innovations that complement its existing portfolio and could be brought to the global market, Boinay added.
