Paris (France) (AFP) – L’Oreal said Thursday its third quarter sales rose by double digits as the French cosmetics giant appeared to have dodged the stagnation affecting much of the luxury industry. The company, whose brands include Garnier, Lancome, and Maybelline, reported sales of 11.6 billion euros ($13.0 billion) in the three months to the end of September, handily beating analyst expectations. This marks an 11.9-percent increase from the same period last year, with growth in all divisions, including the luxury unit.
Chief executive Nicolas Hieronimus called L’Oreal’s third quarter performance “exceptional.” “The global beauty market, once again, proved its resilience in a challenging context — and we continued to significantly outpace it,” he said. He reaffirmed his confidence that L’Oreal will manage to increase its sales and profits again this year but did not provide any figures.
Sales rose in all regions, including in the company’s North Asia region. It noted that China had been the key driver, with its sales there advancing nearly three times faster than the overall market, alongside growth in the luxury segment. China has been the main driver of growth in the luxury market until recent years. L’Oreal has largely avoided the troubles that luxury groups have faced thanks to its products aimed at the mass market and professionals.
© 2024 AFP
