THE WHAT? The CEO of L’Oréal says that the beauty market has bounced back from the lows of the pandemic and people are returning to their habits of old, witnessed in the growth of make-up sales.
THE DETAILS Speaking to Bloomberg TV from Expo 2020 Dubai, Nicolas Hieronimus said that skin care was by far the beauty industry’s biggest category and the growth engine in China, accelerating in the US and performing well in Europe.
As for the global supply chain crunch, Hieronimus commented, “Overall, our business is doing well and we have the agility to manage these type of shortages which I think are only short term as the economy is going back to growth right now.”
THE WHY? L’Oréal has been largely unaffected by the global rise in gas prices, continued Hieronimus, as the French beauty giant’s on-going decarbonization mission has resulted in a very low dependence on fossil fuel-generated energy. The French beauty giant has not been overly burdened by supply issues either, thanks to its global footprint. Although in the USA, labor and raw material shortages have made it difficult to meet the surge in demand, Hieronimus admitted.