L'Oreal's Online Sales Grow in China Despite Coronavirus
February 21 2020 - 12:45PM
Dow Jones News
By Giulia Petroni
L'Oreal's online sales of makeup and skincare products in China
are currently stronger than a year ago in spite of the coronavirus
epidemic, Chief Executive Jean-Paul Agon said Friday.
The virus is expected to have a temporary impact on beauty
products consumption in the region due to closed stores and travel
bans, but the slowdown is being offset by a very advanced
e-commerce system, Mr. Agon said at the Consumer Analyst Group of
New York Conference.
"Sales of beauty products on e-commerce are stronger than last
year," he said, adding that companies such as Alibaba Group Holding
Ltd., JD.com, Inc. and Vipshop Holdings Ltd. are overcoming
delivery issues in some parts of the country.
E-commerce represented almost 50% of L'Oreal's business in China
last year, the CEO said, and beauty is believed to be the
best-performing category in the region.
L'Oreal posted fourth-quarter sales of 7.88 billion euros ($8.51
billion), up 11% from the same period the previous year and rising
9.6% on a like-for-like basis.
The company is confident it can outperform the beauty market and
grow its profits in 2020, Mr. Agon said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
February 21, 2020 12:30 ET (17:30 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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