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L’Oréal China reported that their first-quarter sales experienced growth in the mid-to-high single digits, strengthening the company’s dominant position in the Chinese market. The company plans to continue expanding its investments and presence throughout the country.
While specific figures were not disclosed by the Shanghai branch, the parent company recently shared its financial results for the quarter ending March 31. Globally, L’Oréal achieved total sales of approximately $14.2 billion, reflecting a 3.6% increase compared to the previous year, a 7.6% rise on a like-for-like basis, and a 6.7% increase on an adjusted basis, outpacing the overall growth rate of the global beauty industry.
In China, L’Oréal’s Luxe division held a 30% share of the premium cosmetics market, while its cosmetics segment grew 19%, with SkinCeuticals leading its category. The brand continued to hold top positions in mass-market skincare and professional haircare through L’Oréal Paris and Kérastase, respectively.
Vincent Boinay, President of L’Oréal North Asia and CEO of China, stated that the Chinese beauty market is gradually rebounding and performing better in certain sectors compared to two years ago. He highlighted fragrance as one of the fastest-growing segments with substantial growth potential. Additionally, skincare serums, makeup for mature skin, and men’s grooming products are viewed as highly promising areas moving forward.
The company announced plans to increase investments in high-end perfumes while also deepening its involvement in skincare science and medical aesthetics. Moreover, L’Oréal China intends to bolster its R&D and technology initiatives, aiming to leverage China’s advancements in artificial intelligence and industrial ecology to its advantage.
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