L'Oréal sales boosted by growth in all divisions
L'Oréal Group has reported a 4.5% increase in sales to £8.7 billion (€10 billion) for the third quarter, with a "very strong performance" from its Dermatological Beauty and Consumer Products divisions.
The group saw sales rise 9.4% to £26.7 billion (€30.5 billion) for the nine months ending 30 September 2023, with double-digit growth in all regions, except North Asia, where market outperformance in mainland China and Japan was offset by the reset in Travel Retail.
The Consumer Products division achieved its best nine months on record, with sales up 10.8% to £9.8 billion (€11.4 billion). Growth across all major brands and categories was powered by "disruptive and valorising innovations, coupled with winning activations".
The L'Oréal Luxe division shared a 2.9% increase in sales to £9.3 billion (€10.7 billion), with the fragrance category as the "stand-out" performer. Its recent acquisition of Aēsop has also been "highly complementary to the Luxe portfolio and offers significant growth potential".
The Dermatological Beauty division recorded "outstanding growth" of 27.3% to £4.2 billion (€4.9 billion), driven by a portfolio of highly complementary brands and longstanding medical prescription leadership.
The Professional Products division saw sales grow 5.1% to £2.9 billion (€3.4 billion) during the nine months, with "remarkable growth" in mainland China, India and the US.
Nicolas Hieronimus, CEO of L'Oréal, said: "I am very proud of the performance of our teams in the first nine months. The beauty market remains exceptionally dynamic, and L’Oréal continues to outperform and reinforce its global leadership.
"Despite the slower than expected recovery of the beauty market in mainland China and the reset in Asian Travel Retail, L’Oréal kept its double-digit pace. We did so thanks to our broad-based regional footprint, successful innovation pipeline, and agility to rapidly allocate investment to the areas where we see the highest growth.
"In a context of continued economic and geopolitical uncertainty, we remain confident in our ability to keep outperforming the market and achieve in 2023 another year of growth in sales and profits. We are optimistic about the outlook for the beauty market and remain ambitious for the future."