Registering its third year in a row of double-digit growth in like-for-like terms, the world’s biggest beauty company surpassed €40 billion in sales for the first time in 2023.reported its volume sales grew — which was not the case for many of its peers — and said that it continued to recruit new consumers. Unit sales gained 4%.
L’Oréal Luxe reportedly outpaced the selective market threefold and grew its prestige market share to a record 31.8%. Excluding North Asia, the division grew double digits, driven notably by fragrances under Yves Saint Laurent, Valentino and Prada.
L’Oréal was not immune to the challenges — in China, where the beauty market overall was slower to recover due to subdued consumer sentiment and a weak labor market, as well as the restructuring of the travel-retail ecosystem as the Chinese government cracked down on “daigou” trade and retailers reined in their inventory.
On the personnel front, Fabrice Megarbane, previously president of the North Asia zone and CEO of L’Oréal China, where sales doubled under his leadership since 2019, was named chief global growth officer. He replaced Frédéric Rosé, who has retired. Vincent Boinay, previously general manager for travel-retail worldwide, stepped into Megarbane’s former position this February.
Investments continued in early 2024, with BOLD taking a stake in Swiss longevity biotech company Timeline. This year, BOLD acquired environmental water-tech start-up Gjosa, with which it had been partnering since 2015.