L’Oréal chief executive officer Nicolas Hieronimus shared some facts and figures.
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Hieronimus said: “L’Oréal is flying at cruising speed over a very uneven landscape, with heavily varying comparatives,” explaining that’s why using 2019 as a benchmark to monitor pace is important. “This is the ultimate proof of the success of our rebalancing or ‘de-risking’ strategy,” said Hieronimus. “Europe is number-one in growth contribution at plus 14.3 percent [like-for-like], and plus 8 percent versus 2019.”
“Travel retail is showing strong growth [of 30.1 percent] with the major rebound of air traffic at triple digits in Europe, where we benefit from our fragrance strength,” said Hieronimus, referring to a 425 percent flight spike.accelerated again in June, after a pause in April and May. Concurrently, for the first time L’Oréal lassoed more than 30 percent share of the luxury beauty market in China.
L’Oréal targets the upper-middle and upper-class consumers, who are generally less impacted by economic turmoil and continue to expand in number, especially in the emerging markets and China.
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