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L'Oréal China expresses confidence in Chinese market 2025-04-09
Ma Xiaoyu, deputy CEO of L'Oréal China and general manager of the Luxury Division, delivers a speech at L'Oréal's annual results press meeting in Shanghai on Monday.
French beauty giant L'Oréal remains bullish on the Chinese market, aiming to reach 150 million consumers by 2030. This was revealed during its recent annual press meeting in Shanghai where the company shared its latest performance and strategic priorities in China.
"Over the past 30 years, Chinese consumers have undergone significant changes in mindset, habits and capabilities. Change is normal, and L'Oréal's success in China has been rooted in market insights and respect for consumers," said Ma Xiaoyu, deputy CEO of L'Oréal China and general manager of the Luxury Division.
L'Oréal China has shifted its focus from GMV and market share to expanding its consumer base, targeting an increase from 100 million to 150 million consumers by 2030, she added.
Ma Xiaoyu, deputy CEO of L'Oréal China and general manager of the Luxury Division, delivers a speech at L'Oréal's annual results press meeting in Shanghai on Monday.
Vincent Boinay, president of L'Oréal North Asia Zone and CEO of L'Oréal China, stated that the uncertainty and rapidly changing market demands in China pose challenges for L'Oréal. In February this year, L'Oréal Group released its 2024 financial report, revealing a 5.1 percent year-on-year increase in sales to €43.48 billion ($46.97) as of Dec 31, setting a new record. However, the North Asia region was the only area within the group to experience a decline.
"We firmly believe that investing in China is investing in the future," Boinay said. "With a long-term commitment, we will continue to deepen our presence in China, seizing opportunities from beauty's socio-economic impact, enhancing our proximity to Chinese consumers, and elevating the game with strategic investments."
Vincent Boinay, president of L'Oréal North Asia Zone and CEO of L'Oréal China, shares the company's vision at L'Oréal's annual results press meeting in Shanghai on Monday.
The company is accelerating local innovation, targeting Generation Z, mature women and male consumers, while focusing on high cost-effectiveness and emerging channels.
Ma noted that today's 15 to 20-year-olds "have less stressed-out parents and are more open to beauty products, showing a willingness to try makeup and fragrances."
She also said that women aged 45 to 55 "are fortunate to have experienced China's rapid development and will always pursue beauty and high-quality living."
Regarding male consumers, Ma remarked, "Past beauty market efforts focused on women, but now many existing products meet men's needs, especially gender-neutral brands." For instance, she stated, about 20 percent of customers for Lancôme's Génifique Ultimate Serum are men, while La Roche-Posay owns a group of male fans and Biotherm will launch a Pro-Xylane based men's cream in August.
Ma Xiaoyu, deputy CEO of L'Oréal China and general manager of the Luxury Division, delivers a speech at L'Oréal's annual results press meeting in Shanghai on Monday.
The company is also expanding into lower-tier cities and transforming offline stores into experience-driven spaces.
In 2024, the luxury products division added 165 stores, 72 of which are in 39 cities. "With nearly 5,000 shopping malls nationwide, opportunities are vast," Ma revealed.
"Experience, services, new devices and makeovers are compelling reasons for consumers to visit offline stores," Boinay added.
From a corporate responsibility perspective, L'Oréal is also committed to offline development. Boinay explained that L'Oréal China directly or indirectly creates over 330,000 jobs, and each position at L'Oréal China can drive the creation of 20 new jobs in other fields, most of which come from offline operations.
L'Oréal will continue to enhance its supply chain capabilities, with a smart fulfillment center launched in Suzhou, Jiangsu province last year and plans for another in Nantong, Jiangsu province.
"Confidence is reflected in our investments. If we were not confident, we would not be investing as we are doing at the moment in China," Boinay said.
Source: China Daily
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