L'Oreal eyes huge China potential

Global cosmetic giant L'Oreal is setting its sights on cashing in on China's expanding consumer market, currently the world's second-largest with a total volume of 30 trillion yuan ($4.49 billion), to develop the nation into the group's biggest source of business, according to a senior executive.

As the second-largest market after the US for the French company, L'Oreal China generated about 15 billion yuan in revenue in 2015, and is expected to keep the momentum in the coming years as younger generations spend more than their parents on beauty products.

"This is normal concerning the huge China market......the potential is unlimited," said Loic Armand, president of L'Oreal France, the French subsidiary of L'Oreal Group as well the group senior vice-president for institutional affairs.