THE WHAT? L’Oréal CEO Jean Paul Agon has revealed that the French beauty behemoth plans to double the size of its Indian business through 2022 and sell to twice the number of consumers, according to a report published by the Times of India.
THE DETAILS Currently valued at Rs4,300 crore, L’Oréal India is celebrating its 25th anniversary this year and accounts for some 2 percent of the French beauty major’s global business. It is also the company’s fastest growing market.
“India was one of the most successful subsidiaries last year, and also in the first nine months of this year. We are gaining market share here and growing faster,” Agon told the Times of India.
“We are targeting about 100 million consumers today, and we think that in India we can at least reach another 100 million in the next 5-10 years. When you double the number of consumers, you more than double the business. We want to be 2x by 2022,” he continued.
THE WHY? With the rise of e-commerce, L’Oréal is no longer limited by its distribution network, allowing it to grow rapidly in emerging markets. With the company’s third-quarter results revealing impressive growth in China, the manufacturer of Maybelline will be looking to India to maintain momentum in the future.