L'Oreal Group, the global cosmetics group, has announced in Shanghai that it made revenues of CNY8.18 billion in mainland China in 2009, a year-on-year increase of 17.6%.
This is reported to be the ninth consecutive year that the French firm to see double-digit gains in China.
From 2001 to 2009, L'Oreal's sales in China grew by nearly 14 times, and in 2009 its share in the Chinese cosmetics market reached 11.7% — second only to P&G. At the same time, China became the fifth largest market for L'Oreal.
Paolo Gasparrini, the president of L'Oreal China, told local media that L'Oreal's successful innovations, intensive new product releases, and the expansion of its sales distribution channels helped it achieve the largest gain in market share among the top ten players in the market.
Gasparrini added that the company will consider acquisitions in China if there are appropriate opportunities.