PARIS: L’OREAL, the world’s largest cosmetics group, said revenue growth slowed to 4.6 percent last year in China, which still managed to surpass France as its second largest market globally.
The group’s total sales of 14.9 billion yuan (US$2.3 billion) in China contributed to around 8 percent of its global sales last year. In 2014, L’Oreal China sales growth slowed to 7.7 percent. The slower consumption saw China’s overall fast moving consumer goods expenditure growing 3.5 percent annually, down from 5.4 percent in 2014, said a report by research firm Kantar Worldpanel earlier this year.
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But beauty and cosmetics sales surged 11 percent annually.
In 2015, the firm’s sales via e-commerce channels rose 60 percent annually.
