L’Oreal sales up despite ‘sluggish’ China market

French cosmetics giant L’Oreal reported a year-on-year increase in first-quarter sales on Thursday as activity in Europe and emerging markets offset “sluggish” conditions for beauty in China.

Sales in the first three months of the year climbed by 8.3 percent to 11.24 billion euros (around $12 billion), despite its North Asia market falling by almost 4 percent to 2.7 billion euros.

The figures surpassed analyst expectations for the group, which includes brands Garnier, Maybelline, Prada and Yves Saint Laurent.

“2024 is off to a very good start ... Continued double-digit growth in Europe, coupled with ongoing strength in emerging markets, more than offset the only gradual recovery in North

Asia,” said L’Oreal Chief Executive Nicolas Hieronimus.

According to a company statement, “the beauty market remained sluggish” in mainland China, where sales only rose by 6.2 percent, although Japan and Hong Kong posted doubledigit growth.

Revenue in Europe jumped by more than 12 percent, while sales in North America increased by 11.9 percent notably, thanks to a new information technology (IT) system.

“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,” said Hieronimus.