L’Oreal Optimistic About Post-Shutdown Growth, Notes Likely Thinning Of Beauty Field
“It's unfortunate, but it's the Darwinian side of this industry,” L’Oreal CEO Jean-Paul Agon said on 16 April while discussing newer players’ prospects for survival through the COVID-19 crisis and L’Oreal’s own first-quarter results – down 4.8% like-for-like, but ahead of the market.
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Phoenix, AZ-based Skinbetter Science “has become one of the fastest growing medical-dispensed skincare brands in the United States,” recording nearly $95m in sales for the 12-month period ended 31 August 2022, and shows “great international potential,” according to L’Oreal leadership.
The global dermocosmetics market is led by L’Oréal SA with 13.3% share across 20 countries evaluated, followed by Pierre Fabre Group with 7.4%. According to IQVIA Consumer Health, this points to a fragmented market with ample room for innovative, “nimble” brands to enter and nab share.
The decision to close Clarisonic follows a €234m impairment charge recorded in 2016 and comes as L’Oreal faces tough strategic decisions in a global economy ravaged by the COVID-19 crisis.