L'Oreal, one of the world's biggest cosmetics groups, has announced that in 2007 the company's business volume in China increased greatly with total revenue reaching EUR523 million, a 30% increase from the same period last year.
L'Oreal's business has been promoted by the rapid growth of China 's retail market. In 2007, L'Oreal achieved global sales of EUR17.1 billion, which increased 8.1% compared with 2006. Its business volume in Asia is about EUR1.58 billion, which increased 14.3% compared with 2006.
Paolo Gasparrini, president of L'Oreal China, says that compared with the mature markets of America and Europe, China's average cosmetics consumption level is still quite low. However, China's market has great potential and mainland China is expected to become L'Oreal's biggest market in the world.
Since its entry into mainland China in 1996, L'Oreal has developed rapidly in China's market. At present, fourteen of the nineteen brands of L'Oreal have been introduced into China. Mainland China has become one of L'Oreal's top ten markets in the world.