L'Oreal pictures sales of cosmetics to emerging consumers

0 Comments | AFP, February, 2007

PARIS (AFP) — Cosmetics giant L'Oreal has reported a 4.5-percent rise in net profit to 2.061 billion euros, continuing 22 years of rising profits, and said it saw great scope for growth in emerging economies.

Chief executive Jean-Paul Agon said Thursday that emerging countries offered "a historic opportunity for strong and lasting growth."

Presenting the results, he said: "Globalisation and the expansion (of emerging markets) is going to keep us busy for the next 20 years."

Seventy million people across the globe have now reached an income level that allows them to purchase cosmetic products, he added.

"Sixty percent of the growth for the global cosmetics market is coming from developing countries," mainly Brazil, India and China, Agon said.

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