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L'Oreal sales in China up 27.7% in 2008

By Zhou Yan (chinadaily.com.cn)
Updated: 2009-03-03 19:26

L'Oreal, the world's largest cosmetics maker, posted full-year sales of 6.95 billion yuan ($1.02 billion) in China in 2008, up 27.7 percent year-on-year.

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The robust figure makes China the seventh largest market for L'Oreal, said Paolo Gasparrini, president of L'Oreal China, on Tuesday.

Its consumer products division remained the biggest growth driver among its four divisions, and contributed approximately 60 percent of the company's total sales in China.

According to Gasparrini, the company's market share in China was up 1.2 percent from 2007 to 10.5 percent last year.

The French company said it has no plans for a price adjustment, and may introduce its high-end pharmaceutical and herbal brand Kiehl's into China this year.

The maker of Maybelline mascara said in February its annual sales were up 3.1 percent on a like-for-like basis to reach 17.54 billion euros globally in 2008, while net profit dropped 27 percent from 2007 to 1.95 billion euros.