China boost propels L'Oreal

Company gains from demand for premium products, and rapid growth in e-commerce

Boosted by Chinese consumers' higher demand for premium products, L'Oreal Group, one of the world's largest cosmetics groups, registered a 14-year high turnover in China last year, according to fiscal results released on Monday.

Stephane Rinderknech, chief executive officer of L'Oreal China, said at a news conference on Monday that the company's sales revenue surged 33 percent in the country in 2018. The group's six major brands - L'Oreal Paris, Lancome, Giorgio Armani, YSL, Kiehl's and Maybelline - saw their annual turnover top 1 billion yuan ($149.5 million) last year.