5 – L’Occitane’s ‘sweet spot’: Company aims to develop hand care category as sales take off during COVID-19
In May, L’Occitane international was looking to boost development in the hand care category to keep up with demands generated by the COVID-19 outbreak.
The company’s fourth quarter net sales saw a decline of 0.7% at reported rates compare to the previous year while FY2020 net sales grew by 15.2% at reported rates.
According to the company, it managed to maintain good sales momentum in January before COVID-19 impacted the business in the subsequent months due to travel bans, lockdowns and shop closures mostly in China, Hong Kong and Japan.
Then, almost 75% of the company network of stores throughout Europe, the Americas, Japan and Australia remained closed. The company planned to undertake certain initiatives to manage the future impact of the crisis.