L'Oreal China has published its annual financial report for 2011 in Shanghai, stating that its sales in China were over CNY10 billion for the first time, reaching CNY10.7 billion and a year-on-year increase of 18%.
This marks the international cosmetics giant's double-digit growth for 11 consecutive years in China.
Alexis Perakis-Valat, chief executive officer for L'Oreal China, told local media that 2011 witnessed L'Oreal's firm development in China and their business development speed has exceeded the development speed of the overall market. The company successfully expanded its market share in spite of the severe competition. He said that the stable growth of revenue was contributed by their product innovations, development of new markets, strong distribution channels, and diversified portfolio.
L'Oreal entered the Chinese mainland market in 1997 and it currently has over 20 cosmetic brands, including Lancome, Kiehl's, Yue Sai, L'Oreal Paris, Maybelline, Garnier, Vichy, La Roche-Posay, and Kerastase, in the marketplace. Its sales channels cover department stores, supermarkets, hair salons, drugstores, and the e-commerce channel. Over the past five years, L'Oreal has doubled its sales in China.