China's selfie revolution will help L'Oreal thrive

By BizClik Admin

China’s economy is set for a gradual slowdown, but according to L’Oreal it has confidence in its Chinese business.

L’Oreal is the largest cosmetics company in the world, and has said that the growing Chinese middle class with its increasing purchasing power will help the company grow in the region.

See also:

Brand new! Asia edition of Business Chief magazine

Unilever enters Korean beauty market

Lego wins landmark copyright case in China

According to CNBC, L’Oreal’s China CEO Stephanie Rinderknech said: “The growth potential is I believe unlimited in China because of this rise of middle class… if we can really continue to be consumer-centric and to innovate in China for Chinese, as we do currently with our research and innovation centre in Pudong, then the growth rate can be really phenomenal in China… I’m very confident for next year.”

She continued: “I think the economy slowing down is maybe in GDP growth but I think we’re really going towards quality… more quality and more sophistication of consumers. Consumers that want more and more beauty.

“China is much ahead in the digital revolution and the selfie is making you really be willing to improve your self-expression. This is why there’s a boom in makeup, a boom in hair colour. You want to have your individual personality, your individual appearance, your self-expression. And this is a huge trend we’re seeing in China, with a scale of hundreds of millions of people.”

L’Oreal says it is confident that trends in the beauty and wellness markets means Chinese consumers are unlikely to reduce their spending on skincare and cosmetics.


Featured Articles

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia


Huawei smartwatch goes for gold with Ultimate Edition


How IKEA India plans to double business, triple headcount

Corporate Finance