The world’s largest cosmetics manufacturer is predicting “a fiesta of make-up and fragrances” once the COVID pandemic subsides, similar to the exuberance of the 1920s that followed World War I, CEO Jean-Paul Agon said in comments quoted by the Financial Times.
“Putting on lipstick” – pointless when everyone is wearing masks – “will be a symbol of returning to life,” he added.
The owner of Maybelline and other global brands announced a fourth-quarter rise in e-commerce and sales in China, softening losses booked earlier in the year as the pandemic raged.
Sales rose 4.8 percent for the period to €7.9 billion, beating analysts' expectation of a 3-percent expansion.
L’Oreal saw its Chinese sales rise 27 percent last year, making Asia – no longer Europe – the company’s second-largest market behind the U.S.
For 2020, L’Oreal’s net profit dropped 5 percent to €3.8 billion, a loss limited by cuts to marketing and product development as well as general costs.
During 2020, the cosmetics industry shifted its concentration from facial make-up to skincare and general wellness, as contacts among people were drastically curtailed and customers bunkered at home.
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