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L'Oréal continues to chalk up sales in Chinese market

By He Qi | | Updated: 2024-04-23 17:09
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Vincent Boinay, president of L'Oréal North Asia Zone and CEO of L'Oréal China. [Photo provided to]

L'Oréal China continues to lead the market, with a year-on-year increase of 5.4 percent in net sales and 7.7 percent in retail sales in 2023, the company's head said at the 2023/2024 annual results press meeting held in Shanghai last Friday.

Vincent Boinay, president of L'Oreal North Asia Zone and CEO of L'Oréal China, further pointed out that the net sales continued to grow in the first quarter of 2024, an increase of 6.2 percent compared to the same period last year.

In addition, the e-commerce business performed well in China, accounting for 62 percent of its annual sales, and won first place in e-commerce giants Tmall and JD, as well as short-video sharing platform Douyin during last year's "Double 11" online shopping festival, Boinay added.

The company, which has been rooted in the Chinese mainland market for 27 years, has developed into the largest beauty group in China and China has also become L'Oréal's second-largest global market.

Through continuous investment and development, it is expected to reach 500 million Chinese consumers in the next few years.

Boinay announced that the company's first self-built intelligent operation center will be launched on April 26 in Suzhou, Jiangsu province. At the same time, L'Oréal will also continue to deepen its layout in China, such as investing in the local high-end perfume fragrance brand -To Summer- to promote the sharing and exchange of Chinese culture at home and abroad.

"We believe that China is still the next 'China'. We're poised to outperform the market with greater speed, scale and superiority in Chinese market, and inspires the North Asia and global market," said Boinay, "As 2024 marks the 115th anniversary of L'Oréal and 60th anniversary of China-France diplomatic ties, we expect to stimulate growth, co-evolve with ecosystem and promote Sino-French exchanges, with beauty that moves the world. We look forward to winning in the Year of the Dragon, with the rapidity, stunning impression, and magnificent beauty of the dragon!"

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