NICOLAS HIERONIMUS
Piyush Goyal discusses opportunities in Indian shipping sector with Singapore
Commerce and Industry Minister Piyush Goyal met with Singapore's Deputy Prime Minister Gan Kim Yong in Paris to discuss strengthening economic ties, particularly in the Indian shipping sector. Goyal highlighted India's significant opportunities, aiming to boost trade and reduce transportation costs.
L'Oreal to more than double India business: CEO Nicolas Hieronimus
L'Oreal's CEO, Nicolas Hieronimus, announced ambitious plans to significantly expand the company's presence in India. The company aims to more than double its business in the coming years. L'Oreal will also be expanding its factories, which currently manufacture 95% of its Indian products and export to the surrounding region, highlighting India's strategic importance.
L’Oreal to more than double India business in next few years, says global CEO
L'Oreal aims to significantly expand its Indian operations. The company intends to double its business within a few years. Factory expansions are also planned to boost local production and exports. India is a key market for L'Oreal, recognized as one of the fastest-growing beauty markets globally.
New skincare labels catch the fancy of young India, eating into demand for many biggies
Established beauty brands faced a sales growth slowdown in FY24, while new-age and global labels surged. Consumers preferred brands offering instant benefits, influenced by online platforms like Nykaa and Tira. The beauty market is expected to grow substantially, driven by an online surge and a preference for premium products, despite some temporary challenges.
Stars are perfectly aligned in India, with stable politics and a dynamic economy, says L'Oréal
L'Oréal's global CEO, Nicolas Hieronimus, observes a generational shift in India's beauty preferences, with younger consumers prioritizing blemish-free skin over fairness. While fairness products still hold a significant market share, Gen Z's increasing awareness, fueled by digitalization, is driving demand for sophisticated skincare routines and diverse product offerings.
Luxury titans lose $58 billion as pandemic era splurge ends
France's wealthiest luxury and cosmetics moguls, including Bernard Arnault and Francoise Bettencourt Meyers, have seen their fortunes shrink by a combined $58 billion in 2023. The decline follows reduced demand, especially in China, affecting companies like LVMH, L'Oreal, and Kering. This comes amid growing calls for higher taxes on the rich in France.
L'Oreal third quarter sales disappoint as China spends less on beauty
L'Oreal reported a weaker-than-expected rise in third-quarter sales, impacted by reduced consumer confidence in China. Sales in North Asia fell 6.5% amid a sluggish economy, dragging overall performance despite efforts to stimulate demand through new product launches.
L'Oreal to buy 10% stake in Swiss skincare firm Galderma
L'Oreal will acquire a 10% stake in Swiss skin care firm Galderma from a group of major shareholders, the two companies said on Monday, as the French firm seeks a cut of the profits from the booming injectable cosmetics market.
What are global companies saying about China's economy?
U.S. companies have expressed concerns about investing in China due to fines, raids, and other actions that have made it risky to do business there. Many global firms are taking a cautious approach to their China business, citing a slow recovery of the country's economy. However, some companies have reported positive developments, such as Estee Lauder forecasting a weak profit due to slow rebound in Asia travel retail, Starbucks experiencing a sharp recovery with sales surging 46%, and AbbVie Inc seeing rates for aesthetics treatments fully recover to pre-COVID levels.
'Frail recovery, Disappointed': What global companies are saying about China
Multiple global firms are expressing caution towards their business in China, due to a frail economic recovery from the pandemic slowdown. Procter & Gamble saw a 1% fall in overall volumes, while L'Oreal mentioned that the recovery in the Chinese market is slow. Intel's CEO Pat Gelsinger reported that the China market has not come back as strongly as expected. Furthermore, there were fewer new orders from China for ABB, while Citigroup expressed that the deceleration in growth was the "biggest disappointment.
The pursuit of beauty: What explains Damani's big bet on Health and Glow?
Rising income levels, urbanisation, Internet access, rise of social media influencers and a large share of the young population are factors leading to a beauty boom in India that is projected to reach $17.4 billion by 2025 from $15.6 billion in 2022. The market is increasingly seeing consolidation of brands or bigger conglomerates making an entry.
L'Oreal buys luxury brand Aesop from Brazil's Natura for $2.5 bln
The deal, L'Oreal's largest ever brand acquisition according to Dealogic data, expands the firm's presence in the luxury cosmetics market, while also providing the Brazilian company with some financial relief amid shrinking margins and heavy debt.
India is rapidly growing into a beauty epicenter of the world: L'Oréal global CEO
"From a 500 million business today, I think we can take it to 1 billion in the next foreseeable future. So very excited about India," Nicolas Hieronimus, chief executive officer at L'Oréal told investors. "I don't think India will never ever look like China, but it's still a very promising market for us. We have high ambitions. Middle classes are rising in a major way. It's still not as developed as we would like in terms of distribution, but it's really accelerating and our shares are growing."
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