French cosmetics giant L’Oréal is aiming for around 5 percent growth in China this year, its North Asia chief executive Vincent Boinay said on Monday, pointing to encouraging signs in the market at the start of the year.
Speaking at a conference in Shanghai, Boinay added that the target was also in line with China’s forecast for GDP growth.
“We see some encouraging signs in these early days of 2025. The numbers are getting better and the target of 5 percent is not only the target for Chinese growth this year but also the target of L’Oréal in China, by the way,” said Boinay.
L’Oréal, which sells Lancome skincare and Maybelline makeup, reported sales fell by low-single digits in mainland China last year. The market accounted for 17 percent of group sales, significantly less than 2022 levels.
CEO Nicolas Hieronimus said in February that the market was somewhat flat and had been stabilising in the first weeks of the year.
L’Oréal is facing “changing demographics, deflation, declining population and … a real challenge in consumer confidence” in China, said Boinay, but added the company remained confident in the market.
By Casey Hall, Liz Lee and Dominique Patton; Editors: Kim Coghill and Louise Heavens
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