L’Oreal shows resilience in first half of 2020

Xinhua News Agency | Aug 4, 2020 at 4:30 PM

PARIS, Aug. 4 (Xinhua) -- L'Oreal has shown great resilience during the first half of 2020 marked by the COVID-19 pandemic, and its performance in China's mainland, with a 30-percent growth in the second quarter, was one of the decisive factors, the French cosmetic giant said in its half-year results report.

L'Oreal posted sales of 13.07 billion euros in the first six months of this year, down 11.7 percent like-for-like, according to the report published on Monday. However, "the Group has seen its activity accelerate month after month since April, and is progressively returning to growth," stressed its Chairman and CEO Jean-Paul Agon.

By geographic region, the group saw its turnover fall by 16.1 percent in Western Europe, 15.2 percent in North America, 13.9 percent in Latin American, 12.1 percent in Eastern Europe, 17.4 percent in Africa/Middle East and 3.9 percent in Asia Pacific.

Spectacularly, in China's mainland, L'Oreal saw its turnover up by 17.5 percent over the period.

The group also saw its e-commerce growing by 64.6 percent over the first half. "Our lead in the field of digital and e-commerce, which proved to be crucial during the crisis and is now even bigger," is the first of the key strengths that made the group's business resilience possible, said Agon.