The world’s largest cosmetics and beauty company L’Oreal Group, said that it plans to further develop China’s luxury beauty market. The company sees a huge potential from the next generation of luxury consumers, the country’s rising middle class and smaller cities.
Jean Paul Agon, the chairman and chief of L’Oreal Group said, “Chinese consumers are at the heart of L’Oreal’s focus and energies. A potential 250 million new Chinese consumers will be using L’Oreal’s products in the next 10 to 15 years, making China the No 1 contributor to our ambition of winning 1 billion new consumers”. Agon added that a significant portion of these consumers will be recruited by the luxury brand.
The chairman went on to say that the segment has a long term lead, where it will continue to influence the shape of its future. In China, the brand accounts for one third of its total business and it is at present concentrating on the middle class segment.
The cosmetics brand operates in more than 170 cities across China. At present, there are ten brands under its portfolio and it is about to add its Yves Saint Laurent Beaute brand next month. Agon also said that the company would be able to offer luxury brands for all generations, for the Chinese consumers.
