Sales in North Asia contracted, -0.9% like-for-like and -5.8% reported.
North Asia continued to be impacted by the reset in Travel Retail following the change in policy regarding Daigous. In mainland China, where the beauty market remained flat, L’Oréal grew +5.4%, significantly strengthening its leadership boosted by the Group’s continued investment in the quality of its offline distribution in a truly O+O (offline plus online) market. In Hong Kong SAR, momentum was buoyant, as tourist activity resumed. In Japan, L’Oréal significantly outperformed a dynamic market, driven by Consumer Products and L’Oréal Luxe.
In North Asia, growth was fuelled by L’Oréal Dermatological Beauty, where all three core brands grew in double-digits led by CeraVe, and Professional Products, where Kérastase continued to advance strongly. Both Divisions significantly outperformed their respective markets. L’Oréal Luxe continued to outperform its market, with particularly strong momentum in premium skincare thanks to the remarkable success of Helena Rubinstein and Takami; Couture brands like Yves Saint Laurent and the recently launched Prada Beauty also contributed. The Consumer Products Division was supported by the rebound of its makeup brands, Maybelline New York and 3CE Stylenanda.
Offline and online channels both contributed to growth in the region.
Sales in SAPMENA-SSA had outstanding growth of +23.2% like-for-like and +16.4% reported.
In SAPMENA, growth was broad-based as each category, Division, and country advanced in double-digits. Mix-driven value and volume both contributed strongly. Fragrances was the most dynamic category, followed by skincare and makeup; haircare was boosted by continued premiumisation.
The stand-out performers by Division were Dermatological Beauty, where CeraVe continued its successful expansion, and Consumer Products, where all brands grew in double-digits. By country, the Australia-New Zealand and GCC(2)C: Gulf Cooperation Council. clusters, as well as India were the top-three growth contributors, all advancing in excess of +20%. Sales progressed faster online than offline, driven by India and Vietnam. SSA saw record growth with all countries advancing in double digits. Skincare and makeup led category growth; Consumer Products and Dermatological Beauty were the top performers by Division.
Sales in Latin America achieved outstanding growth of +24.4% like-for-like and +22.8% reported.
L’Oréal maintained exceptional momentum with strong contributions from both value and volume. The Group outperformed a dynamic beauty market. All categories reported double-digit growth. Skincare, makeup, and the all-important haircare category were particularly dynamic. By Division, the stand-out performers were Consumer Products, where all key brands and categories performed strongly, and Dermatological Beauty, where La Roche-Posay and CeraVe continued their outstanding growth. Growth was broad-based across all countries. The top-two contributors were Brazil and Mexico; the latter reported
spectacular growth in excess of 30%. The successfully implemented omnichannel strategy resulted in well-balanced online and offline growth.
| non-inclus | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|
| € millions | % CA | € millions | % CA | € millions | % CA | |
| Sales | 32,287.6 | 100.0% | 38,260.6 | 100.0% | 41,182.5 | 100.0% |
| Cost of sales | -8,433.3 | 26.1% | -10,577.4 | 27.6% | 26.1% | -10,767.0 |
| Gross profit | 23,854.3 | 73.9% | 27,683.3 | 72.4% | 30,415.5 | 73.9% |
| R&I expenses | -1,028.7 | 3.2% | -1,138.6 | 3.0% | -1,288.9 | 3.1% |
| Advertising and promotion | -10,591.0 | 32.8% | -12,059.0 | 31.5% | -13,356.6 | 32.4% |
| Selling, general and administrative expenses | -6,074.2 | 18.8% | -7,028.8 | 18.4% | -7,626.7 | 18.5% |
| OPERATING PROFIT | 6,160.3 | 19.1% | 7,456.9 | 19.5% | 8,143.3 | 19.8% |
