China sales boost L'Oreal, drinks makers see slowdown

L’Oréal SA (OR.EPA) CEO Jean Paul Agon said Thursday the company’s China sales are booming, pushing overall quarterly sales up 5.1% to US$7.78 billion, The Wall Street Journal reported. The strong results stand out among other consumer-goods makers that are experiencing a slowdown in Chinese consumer spending. Liquor companies Diageo (DEO.NYSE) and Remy Cointreau (RCO.EPA) said Thursday that Asia’s most profitable liquor markets were headed for a slowdown, spelling out new problems for European distillers, The Wall Street Journal reported. European drinks makers have been pushing into developing markets  in an effort to offset slumping sales at home.