French cosmetic giant achieves 35% growth in China
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E-mail Xinhua, March 6, 2020
French cosmetic giant L'Oreal achieved a 15-year record-high growth of 35 percent in the Chinese market in 2019 and holds an optimistic outlook on its development in China despite the epidemic, said Fabrice Megarbane, president and CEO of L'Oreal China.
The company's headquarters and Research and Innovation Center in Shanghai, as well as its plant in Suzhou, have been gradually reopened since Feb. 10, with strict protective precautions in place, Megarbane said in an interview with Xinhua Thursday.
The company unveiled the "HUGE Project," its new strategy for the next 10 years, during an online conference, stating its vision in co-creating a new landscape of "good consumption" with local partners.
"In the past 23 years, we have embraced China's development speed and scale to become its largest beauty company. The short-term impact of the epidemic will not sway our firm commitment to China and our endeavor to usher in an even brighter future together with China," Megarbane said.
He added the company's experience in the first two editions of the China International Import Expo (CIIE) proved to be successful. Among the first group of companies to register for the 3rd CIIE slated for November in Shanghai, the company is now busy preparing for the event.
China has been the second biggest market for L'Oreal Group since 2015.
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