The world's largest beauty group L'Oreal said Friday that it plans to become less dependent on the Chinese consumer for growth, instead targeting burgeoning opportunities in the U.S. market.
The world's largest beauty group L'Oreal said Friday that it plans to become less dependent on the Chinese consumer for growth, instead targeting burgeoning opportunities in the U.S. market.
"We see the U.S. as the land of opportunity," said CEO Nicolas Hieronimus during an earnings presentation following the release of the company'sSpeaking during a Q&A session, Hieronimus described China as "the big unknown" after the company reported a continuous decline in quarterly North Asia sales amid a "challenging" Chinese ecosystem.
"The big unknown is China," Hieronimus continued. "We have accounted in our own calculations for a flattish market for China. We think that travel retail will remain difficult and only good surprises can come from there." U.S. sales rose 1.4% on a like-for-like basis, down from 5.2% growth in the prior quarter and the weakest among all other regions.
Hieronimus did not weigh in on the implications of any new U.S. policies around trade and immigration under President Donald Trump's administration.
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