L’Oréal’s Asian business recorded more revenue than it’s European business for the first time last quarter, according to a report by Bloomberg.
The takeover was put down to the growing appetite for luxury products amongst Asian consumers, despite a slower Chinese economy, with the shift said to emphasis the growing importance of Asia for European cosmetics companies.
Speaking on a call with analysts, Chief Executive Officer Jean-Paul Agon said, “It’s a real appetite of the young generation in China to go directly to these luxury brands. It’s really positive for us.”
According to Agon, while Western Europe was showing signs of improvement, it is nothing that would challenge what the company sees in Asia.