Cosmetics group L’Oreal bucked a declining trend for the luxury and fashion industry in China with sales growing in the second quarter despite COVID-19 lockdowns, as the make-up market rebounds, reports Reuters.
The group said on Thursday overall sales for the three months to June came in at 9.31 billion euros ($9.46 billion), an increase of 13.4% on a like-for-like basis. The figure beat analyst expectations for an 8.9% rise in revenues, according to a Visible Alpha consensus cited by UBS.
“Make-up is really bouncing back,” L’Oreal Chief Executive Nicolas Hieronimus told Reuters in an interview, as post-pandemic socialising accelerates and people go out to parties and events. The executive, who estimates the global cosmetics market is growing at 6%, noted a return of lip glosses and “a lot of colour,” which he attributed to people emerging from two “very difficult years.”