L'Oréal China expresses confidence in Chinese market

French beauty giant L'Oréal remains bullish on the Chinese market, aiming to reach 150 million consumers by 2030. This was revealed during its recent annual press meeting in Shanghai where the company shared its latest performance and strategic priorities in China.

"Over the past 30 years, Chinese consumers have undergone significant changes in mindset, habits and capabilities. Change is normal, and L'Oréal's success in China has been rooted in market insights and respect for consumers," said Ma Xiaoyu, deputy CEO of L'Oréal China and general manager of the Luxury Division.

L'Oréal China has shifted its focus from GMV and market share to expanding its consumer base, targeting an increase from 100 million to 150 million consumers by 2030, she added.

Vincent Boinay, president of L'Oréal North Asia Zone and CEO of L'Oréal China, stated that the uncertainty and rapidly changing market demands in China pose challenges for L'Oréal. In February this year, L'Oréal Group released its 2024 financial report, revealing a 5.1 percent year-on-year increase in sales to €43.48 billion ($46.97) as of Dec 31, setting a new record. However, the North Asia region was the only area within the group to experience a decline.

"We firmly believe that investing in China is investing in the future," Boinay said. "With a long-term commitment, we will continue to deepen our presence in China, seizing opportunities from beauty's socio-economic impact, enhancing our proximity to Chinese consumers, and elevating the game with strategic investments."