French cosmetics and beauty products giant L’Oreal said Wednesday that its sales soared last year, surpassing pre-pandemic levels, as luxury brands became its top sellers.
Sales rose by 15.3 percent from last year to 32.3 billion euros ($36.9 billion), marginally above the analyst consensus figures compiled by Bloomberg and Factset.
“It’s the largest growth in 33 years,” chief executive Nicolas Hieronimus told AFP.
While he noted 2021 was a bit of an exceptional year given the market was rebounding from the pandemic, L’Oreal’s sales have grown 8 percent from 2019, outperforming the overall beauty market which is just returning to pre-pandemic levels.
Hieronimus expressed confidence that L’Oreal would be able to continue to outperform the overall beauty market in terms of growth. He put growth at 4-5 percent for this year, L’Oreal’s pre-pandemic growth rate.
Meanwhile, net profits hit 4.6 billion euros, up by more than a quarter from 3.6 billion in 2020 and 3.75 billion in 2019.
Luxury products including fragrances helped drive the sales gains, with its top-line labels like Lancome, Yves Saint-Laurent and Giorgio Armani for the first time beating the mass market division which includes brands Garnier, Maybelline and L’Oreal Paris.
