THE WHAT? L’Oréal has announced that it will postpone its Annual General Meeting, initially scheduled for the April 21, to June 30, 2020. The French beauty giant attributed the change to ‘exceptional circumstances linked to the COVID-19 epidemic’ and suspended its 2020 guidance.
THE DETAILS Further information would be provided on the publication of its first quarter results on April 16, the group noted, cautioning that it expected sales to drop some 5 percent in the first quarter of the current financial year.
THE WHY? The spread of the pandemic worldwide would, L’Oréal said, have a higher impact than initially forecast on the consumption of cosmetics and beauty products in the coming months and therefore on its business, even if it is seeing ‘encouraging signs of recovery’ in Chinese consumption.