L’Oréal, the world’s biggest company, continues to outperform the global beauty industry with double digit growth almost a certain given for its quarterly results. The multinational’s latest Q1 2023 confirmed the now long term trend with revenues rising 13 per cent to 10.38 billion euros ( AUD$17.07 billion).

Every major division was a significant contributor to the bottom line in the first quarter. The Luxe division, including Lancôme, Kiehl’s and YSL Beauty, rubberstamped the world’s ongoing desire for prestige beauty with sales increasing 7.7 per cent to 3.73 billion euros (AUD$6.13 billion).

The newly created Dermatological Beauty division (formerly Active Cosmetics) continued its dream run in recent years with revenues soaring 34.6 per cent to 1.61 billion euros (AUD$2.64 billion). La Roche-Posay led the charge and CeraVe recently overtook Neutrogena as the best-selling US skincare brand across all distribution channels.

The Consumer Products division is L’Oréal’s largest and power brands include L’Oréal Paris, Garnier and Maybelline New York. Premiumisation and value growth were major factors behind a 15.7 per cent rise in revenues in Q1 to 3.82 billion euros ( AUD$6.28 billion).

Top sellers for the period included L’Oréal Paris Telescopic Lift Mascara, Bare With Me Blur Foundation from NYX Professional and a new nude shade in Maybelline New York’s Superstay Vinyl Ink lineup.

Strong momentum in China, India and the UK pushed the Professional Products division to sales of 1.14 billon euros (AUD$1.87 billion). Key drivers of growth included Kerastase Symbiose anti-dandruff range and L’Oréal Professionnel Metal Detox.

In a beauty market that remains very dynamic, L’Oréal has maintained strong growth momentum and posted an excellent first quarter, with sales up 13 per cent like-for-like and 14.6 per cent reported, said Nicolas Hieronimus, CEO of L’Oréal.

“Boosted by valorised innovations in all divisions and the engagement of our teams around the world, L’Oréal has outperformed the market in all geographic zones and strengthened its leadership position.

“This performance which has yet to benefit from China’s reopening, demonstrates the strength of L’Oréal’s balanced multipolar model. I am thrilled to soon welcome the magnificent Aesop brand and its teams, which will reinforce L’Oréal Luxe. Mindful of the current uncertainties, we remain optimistic about the outlook of the beauty market, ambitious for the future and confident in our ability to keep outperforming the market and achieve another year of growth in sales and profits in 2023.”

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