L'Oreal to Close Some US Stores as Luxury Turns to Online Channel
October 09 2020 - 5:31AM
Dow Jones News
By Olivia Bugault
L'Oreal SA is planning to close some of its luxury division's
stores in the U.S. as part of a shift in its strategy, the French
cosmetics company said Friday in a statement.
"The Luxe Division of L'Oreal USA announced internally a plan to
reorganize and transform parts of its business over the next six
months," L'Oreal said. "Under this plan, the Luxe Division will
close some of its retail locations and deepen investments into
growth-oriented areas of the business, like e-commerce and
digital."
Late on Thursday, Bloomberg reported that 400 jobs would be
affected by the U.S. store closures and strategy shift.
"Luxury consumer behavior in the U.S. has fundamentally evolved,
and L'Oreal USA will be evolving its business to meet these new
consumer expectations and preferences" the company said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
October 09, 2020 05:16 ET (09:16 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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