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L’Oreal posted a jump in sales despite a ‘muted’ demand in China.
The Paris-based make-up group, which owns labels including Mugler and Lancome, said sales climbed 11 per cent in the three months to the end of September to £8.7billion.
This was largely due to strong growth in Europe and the US, where consumers continue to snap up their favourite lipsticks and mascaras.
But other markets disappointed, with sales slumping 4.8 per cent in north Asia.
Bosses said there has been a ‘muted recovery’ in mainland China, with travel retail taking a particular hit because of Beijing’s crackdown on ‘daigou’ – cross-border personal shoppers who purchase items abroad and then resell them on the cheap inside China.
The clampdown also hindered L’Oréal’s luxury division, which includes brands such as Valentino.
China’s post-pandemic rebound has faltered as youth unemployment rates soar and the property market slumps.
But Bruno Monteyne, analyst at Bernstein, said: ‘Whilst that is a drag, all other divisions and regions made up for this.’
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