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L’Oréal Reports Growth Despite Beauty Slowdown

Sales saw a 6% increase with growth in all categories.

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By: Rachel Klemovitch

Assistant Editor

L’Oréal reported a solid sales growth of 6%, reaching $34.924 billion (32.40 billion euros) for the first nine months ending September 30, 2024.
 
Nicolas Hieronimus, CEO of L’Oréal, said:
 
“As anticipated, global beauty market growth has been normalizing throughout the year. In the developed markets, this has been driven by a gradual easing in pricing after two years of strong inflation; despite that, underlying market trends remain robust in Europe, and North America – as well as in emerging markets. The situation in the Chinese ecosystem has become even more challenging, but we believe in the future of this market and hope that the governmental stimulus will help improve consumer confidence.”
 
L’Oréal saw growth in all divisions, with the Luxe division accelerating for a third consecutive quarter. All categories grew as well, with fragrances and haircare driving the most growth.
 
There was growth in all regions, except North Asia, where operating conditions in the Chinese ecosystem remain challenging. Europe continued to deliver an impressive performance.
 
Hieronimus continued, 
 
“Overall, the beauty category continues to grow, including in units, demonstrating once again its resilience and long-term potential. L’Oréal continues to outperform thanks to our innovation power, the agility of our teams, and our capacity to reallocate our resources towards new growth engines. In a context that continues to be marked by economic and geopolitical uncertainties, we remain confident to achieve another year of growth in sales and operating profit and are preparing our own beauty stimulus plan for 2025.”

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Photo: 4kclips/ Shutterstock.com 
 

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