(Yicai Global) July 7 -- China’s market for makeup has grown rapidly in recent years and is recovering quickly after the coronavirus outbreak, with global cosmetics companies recognizing that it will be the world’s largest market, according to the boss of L’Oreal China.
The worldwide beauty sector has faced challenges as a result of the novel coronavirus. The early stages of the pandemic in February were more difficult, with many brick-and-mortar stores closed, but China’s online channels were vibrant, so products could be sold that way, Fabrice Megarbane, president and chief executive of L’Oreal China, said in a recent interview with Yicai Global.
By March, the recovery was notable, especially after the March 8 International Women’s Day, when overall consumption began to warm up positively. Consumer demand for hair and skin care products has grown significantly, he noted.
While L’Oreal’s global sales fell 4.8 percent to EUR7.23 billion (USD8.17 billion) in the first quarter from a year earlier, its China sales jumped 6.4 percent.
L’Oreal will participate in the China International Import Expo for the third time this year, showcasing not only its own products but also an ecosystem with partners about beauty solutions for China and the world, Megarbane said.
L’Oreal China was one of the first companies in the beauty sector to join the CIIE when it was launched two years ago, he noted, adding that the expo is more than just an exhibition.
China and Shanghai have been speeding up implementation of preferential policies for foreign investors over the past years, Megarbane noted, saying that both companies and consumers have benefited from the policies.
Editor: Peter Thomas