L’Oreal saw profits fall in 2020 after make-up sales, in particular lipstick, took a hit during the pandemic
L’Oreal saw profits fall in 2020 after make-up sales, in particular lipstick, took a hit during the pandemic.
The beauty business said women were less likely to use brands like Maybelline and Garnier over the past 12 months as there were less opportunities to go out, with profits for 2020 down by 5 per cent to £3.1billion.
For good: L’Oreal works on campaigns with the likes of actress Amber Heard (pictured)
Instead money was spent on skincare products such as masks and lotions, which sold well as women across the globe were forced to stay at home and obey lockdown rules.
The Paris-based company was also boosted by its performance online, with sales jumping 62 per cent over the year. Nevertheless the world’s biggest cosmetics maker remained upbeat about the year ahead.
Chief executive Jean-Paul Agon said that people cannot wait to go outside and get dolled up once the pandemic had subsided.
He added: ‘I’m convinced that when we come out of this crisis, it will be like the 1920s. After years of anxiety, there will be a feeling of wanting to party.’