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L’Oreal bucks the declining trend in China

L’Oreal bucks the declining trend in China
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L’Oreal is the world’s largest cosmetic or personal care company. It’s a French company with a registered office in Paris. It has 21 worldwide research and development centers. Recently, the company amazed everyone with its sales growth in the year’s second quarter in China, amid the strict covid lockdown restrictions on the luxury and fashion industry.

The company says that even after facing a decline in China’s luxury and fashion trends, the make-up market is rebounding, as social distancing is getting reduced and people are again going to functions and parties.

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The cosmetic company says that its overall sales growth for three months came to $9.46 billion, which is approximately 13.4% growth on a like-for-like basis, which beats the analyst prediction for an 8.9% rise in revenues by huge numbers. The company bucked the declining trends and grew its revenue by 13%, while China itself is facing a 6% decline in markets. L’Oreal thanked the lift from e-commerce sales for this sales growth.

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