07.01.24
L’Oréal SA has seen slower growth for the overall beauty market this year. In a Bloomberg report, CEO Nicholas Hieronimus, blamed the downward revision on a flat market in China.
At a Paris event, Hieronimus told investors at JPMorgan he sees the global beauty market growing this year between 4.5% and 5% from a previous forecast of 5% earlier this year.
So far L’Oréal has lost 7.8% of shares this year, according to Bloomberg. Estée Lauder Companies has also experienced a drop in shares, down 2.1% as of last Thursday.
In April, L’Oréal reported a 9.4% increase in like-for-like sales in the first three months of 2024.
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