L’Oreal, the world’s largest cosmetics maker, said its sales in China last year rose 18 percent annually to CNY10.7 billion (USD1.7b) with a wider product offerings and deeper penetration into low-tier cities.
L’Oreal China doubled its revenue in the past five years and also consolidated its position as the third largest market for the group’s global business operations, behind the US and France, the company said in a statement on Tuesday.
The company said it will invent more new products in China that are specifically designed for local consumers by pouring more resources into research and development as well as deepen its penetration in the third and fourth tier cities especially in terms of consumer products.
(Source: Shanghai Daily )