Late last month, L’Oréal China held the “25th Anniversary Development Strategy Annual Online Communication Meeting” in Shanghai.
During the event, Fabrice Megarbane, the President of L’Oréal Group North Asia and CEO of L’Oréal China, said that China has become the core strategic market for L’Oréal Group and is expected to become the group’s largest market worldwide.
Megarbane said that since entering China in 1997, L’Oréal China has always insisted on one thing: “Create beauty in China, and let the world be moved by it.” With China’s reform and economic take-off, L’Oréal has forged ahead, from “0 to 1, from big to huge”. Today, L’Oréal is the largest cosmetics group in China and China has become the second-largest market for L’Oréal Group in the world. As the group’s headquarters for North Asia, one of the six global R&D hubs and one of the three global beauty technology centres, China has become a core strategic market for the L’Oréal Group and is expected to become the group’s largest market in the world.
Beauty is one of the key growth drivers of the retail sector, thanks to the growing middle class in China. According to the data shared at the conference, by 2030, approximately 370 million Chinese will be in the middle-income group.
