Global beauty giant L’Oréal announced on October 20 that total revenues for its recently ended third quarter came in at 9.58 billion euros (USD 9.36), up 19.7 percent.
The French company said comparable sales lifted 9.1 percent for the three months ending September 30, coinciding with double-digit growth in North Asia, which lifted 11 percent during the quarter.
Likewise, sales for the first nine months of the year in North Asia increased 7.4 percent like-for-like, and 17.5 percent reported.
The lifting of public health restrictions in South Korea and Japan has boosted the beauty market, enabling L’Oréal to achieve double-digit growth in the third quarter, strengthening its position in these countries, the company concluded. However, prior to the eased restrictions, North Asia proved to be stuck in a challenging market condition.
The company’s active cosmetics and professional products divisions recorded double-digit growth for the first nine months, increasing their market share in the zone, driven by Skinceuticals and professional haircare with Kérastase and L’Oréal Professionnel.
L’Oréal Luxe saw solid market share gains with the success of its fragrance portfolio and of Lancôme Absolue and Helena Rubinstein skin care lines, as well as Carita, newly introduced in mainland China.
The consumer products division “continued to innovate,” driven by L’Oréal Paris in haircare and skincare – including the new Revitalift Filler HA Pro-Xylane PRO cream – and recent launches by Maybelline New York.
Due to the sanitary restrictions linked to the zero-Covid dynamic in China, the beauty market was still negative in the third quarter, L’Oreal continued.
In this context, L’Oréal said it achieved “a remarkable sell-out performance and widened the gap with its competitors.”
L’Oréal Luxe also achieved new record market share during the quarter in North Asia.
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In addition, the group continued to strengthen its position in e-commerce, topping the rankings on the emerging TikTok/Douyin platform, with L’Oréal Paris No.1 in skincare.