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L’Oréal sales grow as mass market outshines luxury

Sophie Smith
19 April 2024

L’Oréal Group has reported an 8.3% increase in sales to £9.6 billion (€11.24 billion) for the first quarter, supported by growth across all divisions and regions, except North Asia.

It said sales in Europe, including the UK, had a "stellar start to the year", with growth of 12.2% driven by many categories.

The Professional Products division reported growth of 8.7% during the three months, supported by the group's haircare category and omni-channel approach. Its two biggest brands, L’Oréal Professionnel and Kérastase, performed well.

Meanwhile, the Consumer Products division achieved a 9.2% increase in sales to £3.2 billion (€3.8 billion). This was boosted by volume and value as the division continued to pursue its strategy of simultaneously democratising and premiumising.

Each of the categories advanced in double-digits, helped by L’Oréal Paris, Maybelline, Garnier, and NYX Professional Makeup.

Sales at L'Oréal Luxe increased 2.2%, with "strong" growth in Europe and North America partly offset by the softness in North Asia due to "sluggish" market growth in mainland China.

Fragrances were, once again, the most dynamic category thanks to  Couture brands such as Yves Saint Laurent, Valentino, and Prada. Growth was also achieved across makeup and skincare.

The Dermatological Beauty division maintained its "strong" momentum, with sales up 19.6%. La Roche-Posay remained the number one growth contributor, while CeraVe also advanced strongly, and Vichy reported a successful start to the year.

Nicolas Hieronimus, CEO of L'Oréal, said: "We are a pure player in beauty, a category that has once again proven its relentless growth capacity. Our multipolar approach to beauty - from luxury to mass, professional to dermatological, in all channels, all price points, and all geographies - allows us to seize all growth opportunities and offset temporary points of softness.

"And the first quarter was perfect proof. Continued double-digit growth in Europe, coupled with ongoing strength in emerging markets more than offset the only gradual recovery in North Asia.

"In an environment that continues to be marked by economic and geopolitical tensions, we are optimistic about the outlook for the beauty market, and confident in our ability to keep outperforming it and to achieve another year of growth in sales and profit."

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