L'Oréal CEO Nicolas Hieronimus announced that the global beauty market is expected to grow at a slower rate of 4.5-5% in 2024, down from the previously anticipated 5%. This adjustment is primarily due to the lack of a rebound in the Chinese market, which remains flat. The weakness in China has significantly impacted L'Oréal's sales, leading to a decline in the company's stock price by 3.4%, with Estée Lauder also experiencing a 2.7% drop. Hieronimus made these remarks while speaking to JPM, noting the volatility in the Chinese market.
CEO of cosmetics giant L'Oreal announces slower market growth amid Chinese decline. https://t.co/niYNPDbdBh
L’Oreal expects slower growth for the overall beauty market this year as weakness in China weighs on sales https://t.co/auKl40010g
L'Oreal adjusts global beauty forecast amid China's market volatility https://t.co/qVUJGrjqTH https://t.co/3knr7Z9ATn
L'Oréal $OR CEO Nicolas Hieronimus speaking to JPM 1/ China rebound "not materializing"; "China looks quite gloomy right now ... The latest news of the Chinese market confirmed the absence of growth" Global beauty market growth now more likely 4.5-5% https://t.co/KzOHlhDtfN
"L'Oréal CEO Sees Slower Beauty Market Growth as China Struggles" (Bloomberg) CEO now sees global beauty market growing at 4.5-5% in 2024, vs. 5% previously, with China flat $OR -3.4%, $EL -2.7% https://t.co/5c4PYotHTt https://t.co/A89nWxBXZg
L’Oreal expects slower growth for the overall beauty market this year, according to its CEO, as weakness in China weighs on sales after years of rapid gains. https://t.co/wDqHJWFKGb