L’Oréal chief executive Nicolas Hieronimus said the Chinese beauty market is improving after a difficult couple of years, adding that the company retains the firepower to do more deals, days after announcing the €4bn purchase of Kering’s beauty business.
“The Chinese market has stabilised at a slightly positive level and with a little bit more [demand for] luxury, which is quite good for us,” Hieronimus told the Financial Times.
The comments came as L’Oréal reported that group sales grew by 4.2 per cent in the third quarter to €10.3bn, compared with the same period last year.
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