10 – L’Oréal outperforms in China: CEO hails strength of e-commerce, digital marketing and brands.
In August, French cosmetics conglomerate the L’Oréal Group outperformed the market in China thanks to the strength of e-commerce, digital marketing and brands, according to its CEO.
L’Oréal recorded sales of EUR13.07bn (USD15.5bn) for the first half of 2020, dropping down 11.7% on a like-for-like basis compared to the previous year while net profit declined 13% to EUR2.14bn (USD2.5bn).
Sales figures in were down in Asia Pacific on a like-for-like basis compared to the previous year to EUR4.46bn (USD5.29bn).
In the first half, sales in China grew by 17.5% in a negative market. The second quarter saw growth of 30%.
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