Sales at 30 September 2024
Solid +6% growth despite turbulences
- Sales: 32.40 billion euros, +6.0%
like-for-like1, +6.0% reported.
- Growth in all Divisions with L’Oréal Luxe
accelerating a third consecutive quarter, Professional Products
keeping the rhythm.
- Growth in all regions,except North Asia, where
operating conditions in the Chinese ecosystem remain challenging.
Europe continued to deliver a particularly impressive
performance.
- Growth in all categories, with fragrances and
haircare most dynamic.
- Continued growth in both volume and
value.
- Online grew faster than offline, notably in
emerging markets.
- Acquisition of a 10% stake in Galderma on
August 5.
- L’Oréal was ranked 5th in the FTSE Diversity
& Inclusion Index Top 100 ranking (number one in
France).
Commenting on the figures, Nicolas Hieronimus, CEO of L'Oréal,
said:
“We delivered solid growth of +6% in the first nine months,
well-balanced between value and volume, despite multiple
turbulences that have negatively impacted our third
quarter.
As anticipated, global beauty market growth has been
normalising throughout the year. In the developed markets, this has
been driven by a gradual easing in pricing after two years of
strong inflation; despite that, underlying market trends remain
robust in Europe, and North America – as well as in emerging
markets. The situation in the Chinese ecosystem has become
even more challenging, but we believe in the future of this market
and hope that the governmental stimulus will help improve consumer
confidence.
Overall, the beauty category continues to grow, including in
units, demonstrating once again its resilience and long-term
potential. L’Oréal continues to outperform thanks to our innovation
power, the agility of our teams and our capacity to reallocate our
resources towards new growth engines.
In a context that continues to be marked by economic and
geopolitical uncertainties, we remain confident to achieve another
year of growth in sales and operating profit and are preparing our
own beauty stimulus plan for 2025.”
SALES AT 30 SEPTEMBER 2024
In the first nine months, sales amounted to 32.40
billion euros, up +6.0% reported.
Like-for-like, i.e., based on a comparable
structure and identical exchange rates, sales grew by +6.0%.
The net impact of changes in the scope of
consolidation was +2.1%.
Growth at constant exchange rates came out at
+8.1%.
Currency fluctuations had a negative impact of
-2.1% at the end of September 2024. If the exchange rates at 30
September 2024, i.e., €1 = $1.1169, are extrapolated until 31
December, the impact of currency fluctuations on sales would be
around -1.8% for the whole of 2024.
Sales by Division and Region
|
|
3rd quarter 2024 |
Nine months 2024 |
|
|
|
Growth |
|
Growth |
|
|
€m |
Like-for-like |
Reported |
€m |
Like-for-like |
Reported |
|
By Division |
|
|
|
|
|
|
|
Professional Products |
1,162.5 |
+6.1% |
+4.8% |
3,589.2 |
+5.8% |
+4.8% |
|
Consumer Products |
3,748.0 |
+1.4% |
-0.6% |
12,070.2 |
+6.4% |
+5.3% |
|
Luxe |
3,774.6 |
+5.8% |
+8.0% |
11,353.4 |
+3.4% |
+5.3% |
|
Dermatological Beauty |
1,599.9 |
+0.8% |
-1.6% |
5,392.9 |
+11.3% |
+9.8% |
|
Group Total |
10,284.9 |
+3.4% |
+2.8% |
32,405.7 |
+6.0% |
+6.0% |
|
By Region |
|
|
|
|
|
|
|
Europe |
3,417.2 |
+5.6% |
+5.2% |
10,700.5 |
+9.3% |
+9.9% |
|
North America |
3,106.5 |
+5.2% |
+4.3% |
8,905.1 |
+6.9% |
+7.1% |
|
North Asia |
1,955.5 |
-6.5% |
-4.4% |
7,430.2 |
-3.0% |
-3.5% |
|
SAPMENA–SSA2 |
955.4 |
+8.0% |
+7.9% |
2,839.4 |
+12.6% |
+12.1% |
|
Latin America |
850.3 |
+8.6% |
+0.7% |
2,530.5 |
+12.3% |
+10.3% |
|
Group Total |
10,284.9 |
+3.4% |
+2.8% |
32,405.7 |
+6.0% |
+6.0% |
Summary by Division
PROFESSIONAL PRODUCTS
The Professional Products Division achieved robust
growth of +5.8% like-for-like and +4.8% reported.
Outperforming the global professional market, the Division grew
across all regions: in developed markets, North Asia – notably
China, as well as emerging markets – including GCC3,
Brazil and Mexico.
Professional Products continued to advance thanks to its
omnichannel strategy, with strong acceleration in both e-commerce
and selective distribution.
In the dynamic haircare market, growth was fuelled by
Kérastase with the launch of Première and
Elixir Ultime, as well as L'Oréal Professionnel
thanks to the continued strength of Absolute Repair
Molecular.
In hair colour, Shades EQ by Redken,
iNOA, as well as Dia Color by L'Oréal
Professionnel maintained their performance.
As the industry leader, Professional Products has been at the
forefront of innovation in hair devices – a position that has been
affirmed with the launch of L'Oréal Professionnel AirLight
Pro, a revolutionary, less energy consuming hair dryer, in
France and the US.
CONSUMER PRODUCTS
The Consumer Products Division advanced +6.4%
growth like-for-like and +5.3% reported.
With positive growth from volume, as well as price and mix, the
Division continued to conquer new consumers around the world.
By region, Europe remained a strong growth driver – as did key
emerging markets like Brazil, Mexico, and India. In China, where
L’Oréal Paris is the number one mass brand, the Division
continued to suffer from low consumer demand. North America was
impacted by the ongoing softness in the makeup category; many
innovations have been launched only recently and will benefit
mostly 2025.
All categories grew, fuelled by strong innovations. Haircare was
the fastest growing category, led by L’Oréal Paris Elvive
as the success of newly launched Glycolic Gloss
complemented the franchise’s top-selling pillars. Makeup grew,
driven by L’Oréal Paris Panorama mascara and the promising
start of NYX Professional Makeup’s Buttermelt and
Maybelline New York’s Teddy Tint in Southeast Asia. In
skincare, Garnier confirmed the success of Vitamin C
Daily UV fluids; L’Oréal Paris is building a
successful anti dark spot offer with Bright Reveal and
Glycolic Bright; Mixa saw strong growth as it
continued its European roll-out. The democratisation and
premiumisation strategy was in action in hair colour with
Garnier simultaneously supporting its premium
Good range and launching its most accessible innovation
ever, Color Sensation.
LUXE
L’Oréal Luxe grew +3.4% like-for-like, accelerating for
a third consecutive quarter, and +5.3% reported.
In North America as well as emerging markets, the Division
maintained double-digit growth, while in Europe it remained firmly
dynamic. In mainland China and Travel Retail Asia, where the beauty
market continued to decline, the Division outperformed, further
reinforcing its leadership. In Japan, L’Oréal Luxe continued to
grow in double digits in a market that remained dynamic.
As the number one player in the still booming fragrance market,
L’Oréal Luxe maintained its outstanding double-digit pace. With its
portfolio of very complementary brands, the Division is uniquely
positioned to fulfil all fragrance aspirations – and all segments
contributed to the growth: the Couture brands continued their
stellar success sustained by their powerful pillars like Yves
Saint Laurent Libre,Valentino Born in Roma or Prada
Paradoxe; the super-premium collections like Maison
Margiela Replica or Armani Privé continued to advance
strongly; brands such as Azzaro and
Victor&Rolf made significant contributions to
growth.
Makeup continued its comeback with a very strong Yves Saint
Laurent posting double-digit growth in all regions.
Prada pursued its ambitious expansion, and
Valentino gained momentum with the launch of its newest
innovation Spike Valentino.
DERMATOLOGICAL BEAUTY
Dermatological Beauty advanced +11.3% like-for-like and
+9.8% reported.
Adjusted for the €57 million due to last year’s Vichy plant
insurance benefit in the third quarter of 2023, the Division grew
+12.6% like for like in the first nine months. It continued to
significantly outperform the dermocosmetics market, which has been
slowing, impacted primarily by the US and a lower contribution from
valorisation. Additionally, unfavourable weather resulted in a
softer sun season.
Developed and emerging markets both advanced in double digits,
with significant expansion in SAPMENA-SSA, and substantial market
outperformance in mainland China, the US and Europe.
By brand, La Roche-Posay led the growth, driven by the
successful launch of Mela B3, a breakthrough innovation
addressing pigmentation issues with the multi-patented
Melasyl™ molecule. CeraVe continued to outpace
the market across all regions; nearly half of its sales now come
from outside the US. Vichy delivered double-digit growth,
bolstered by the success of its Dercos haircare line.
SkinCeuticals accelerated, boosted by the introduction of
P-Tiox, a professional anti-wrinkle serum.
Summary by Region
EUROPE
Sales in Europe maintained strong growth at +9.3%
like-for-like and +9.9% reported.
The region outperformed a market that remained dynamic in both
volume and value – even though the value effect is, as expected,
gradually normalising.
The Group outpaced the market in most countries, particularly in
the Spain & Portugal, UK & Ireland and Germany, Austria
& Switzerland clusters – as well as many medium-sized
countries.
All categories grew in double digits, led by haircare and
fragrances.
In Consumer Products, growth was driven by the ongoing strength
of L’Oréal Paris, notably in haircare, Garnier in
skincare, as well as the makeup brands with a shoutout to NYX
Professional Makeup.
L'Oréal Luxe maintained its strong momentum, driven by makeup
and fragrances. The men’s segment continued to grow strongly and
many of the new women's launches had a good start.
Dermatological Beauty continued to significantly outperform its
market; all three key brands advanced in double digits, led by
CeraVe; La Roche-Posay benefited from the success
of Mela B3.
Professional Products outpaced the market, driven by the ongoing
strength of Kérastase and successful launches from
Redken and Matrix. The Air Light Pro
launch in salons in France is off to a promising start.
NORTH AMERICA
Sales in North America grew +6.9% like-for-like and
+7.1% reported.
Growth was boosted by ongoing channel expansion and continued
valorisation.
L’Oréal Luxe continued to grow ahead of the market, notably the
very dynamic fragrance market, thanks to Prada and
Valentino, as well as Yves Saint Laurent with the
ongoing success of MYSLF and the launch of Libre
Flower & Flames. In skincare, Kiehl’s and
Youth to the People benefited from new product launches
and the expansion into new online channels.
In Consumer Products, growth was driven by haircare, where
L’Oréal Paris further strengthened its position. The
Division’s performance was disproportionally impacted by the
softness in the makeup category, where its latest innovations are
only just kicking in.
Dermatological Beauty continued to outperform the market.
LaRoche-Posay advanced strongly, thanks to
Anthélios and Toleriane; SkinCeuticals’ launch of
P-Tiox has been off to a promising start.
Professional Products grew ahead of the market, led by
successful launches like Kérastase Première and
Redken’s Acidic Color Gloss, as well as the strength of
the Kérastase and Redken omni-channel
strategy.
NORTH ASIA
Sales in North Asia contracted -3.0% like-for-like and
-3.5% reported.
In mainland China, the beauty market – already negative in the
second quarter – continued to deteriorate, impacted by low consumer
confidence. In that context, sales declined in low single-digits in
the first nine months: L’Oréal Luxe continued to gain share in the
selective market, which remained particularly challenging;
Dermatological Beauty and Professional Products also outpaced their
respective markets.
While Travel Retail returned to growth in the third quarter,
sell-out in Hainan in particular remained under pressure. In Japan,
L’Oréal outperformed a dynamic market, boosted by both, locals, and
tourists – and became the number one foreign group in beauty.
In North Asia, Dermatological Beauty continued to advance in
double digits and outperform the market with all three key brands
contributing. Professional Products also outpaced the market,
driven by the success of Kérastase. L’Oréal Luxe
defended its position thanks to the strong performance of its
Couture brands and successful innovations/renovations such as
Lancôme Génifique or Prada Rouge; the roll-out of
Aesop in China continues. In Consumer Products,
L’Oréal Paris grew in low single-digits.
SAPMENA–SSA2
Sales in SAPMENA-SSA grew +12.6% like-for-like and
+12.1% reported.
In SAPMENA, growth was broad-based with all Divisions and
categories contributing – driven by a healthy combination of value,
balanced between mix and price, and volume.
By country, key growth contributors were the Australia-New
Zealand cluster, Thailand, Saudi Arabia, India, and Vietnam.
By Division, the most remarkable performances were in
Dermatological Beauty, where CeraVe continued its
outstanding performance. Luxe kept its double-digit pace, driven by
Yves Saint Laurent and Prada.
Online remained particularly dynamic across the region, notably
in Saudi Arabia, India and South-East Asia.
Fragrances continued to be the fastest-growing category powered
by new launches, while skincare progressed strongly thanks to
Dermatological Beauty and Consumer Products; haircare was boosted
by the continued premiumisation in both mass and professional.
Sub-Saharan African (SSA) recorded spectacular growth with all
countries and Divisions growing in double digits. By category, face
care achieved record growth, followed by haircare. By Division, key
growth contributors were Consumer Products and Dermatological
Beauty.
LATIN AMERICA
Sales in Latin America advanced +12.3% like-for-like and
+10.3% reported.
Growth continued to be fuelled by a balanced contribution from
both value and volume.
By country, the performance was broad-based, with particularly
remarkable results in Mexico and Brazil. Argentina was impacted by
the economic crisis and the subsequent contraction in
consumption.
By Division, Consumer Products maintained exceptional momentum
with L’Oréal Paris particularly dynamic:
Elsève consolidated its position as the number one
haircare brand in Brazil in value. L’Oréal Luxe was boosted by a
strong performance in Mexico.
By category, haircare continued to demonstrate outstanding
growth across all three Divisions. Other categories also progressed
strongly, with makeup and fragrances especially dynamic.
Online remained a key growth driver for the region, fuelled by
the strong performance of pure players.
IMPORTANT EVENTS SINCE THE LAST PUBLICATION
STRATEGY
- In August, L’Oréal announced the acquisition of a 10%
stake in Galderma, for a non-disclosed amount. L’Oréal and
Galderma have agreed to work towards a strategic scientific
partnership that will leverage the expertise of both
companies: Galderma’s across a broad range of dermatological
solutions, and L’Oréal’s in skin biology, diagnostic tools and
evaluation methods.
RESEARCH, BEAUTY TECH AND DIGITAL
- In September, L’Oréal announced a tri-party
agreement with Abolis Biotechnologies and
Evonik, to enable discovery, development, and
manufacturing of innovative and sustainable beauty
ingredients.
- During the Skin Alliance Forum in October, the Dermatological
Beauty Division and the International League of Dermatological
Societies (ILDS) announced a landmark study to reseach the
availability and accessibility of dermatological services
in 194 countries.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
PERFORMANCE
- In September, Fast Company announced L’Oréal’s placement in the
Top 50 in its 2024 Best Workplaces for Innovators
list. It also named L’Oréal winner for the Beauty and
Fashion category.
- In September, L’Oréal secured the numberfive position
globally and the number one position in France in the FTSE
Diversity & Inclusion Index 2024.
- L’Oréal was recognised for its long-term commitment to
diversity, equity and inclusion with several top scores in
the 2024 Disability Equality Index, a leading benchmark
developed by Disability:IN.
OTHER
- To celebrate Fashion Week, the seventh edition
of the L’Oréal Paris “Walk your
Worth” defilé took place at the Place de l’Opéra in Paris.
The event gathered over 1.1 million live-stream views.
1Like-for-like: based on a comparable structure
and identical exchange rates.
2SAPMENA–SSA: South Asia Pacific, Middle East,
North Africa, Sub-Saharan Africa.
3GCC: Gulf Cooperation Council.
“This news release does not constitute an offer to sell, or a
solicitation of an offer to buy L’Oréal shares. If you wish to
obtain more comprehensive information about L’Oréal, please refer
to the public documents registered in France with the Autorité des
Marchés Financiers, also available in English on our
website www.loreal-finance.com.
This news release may contain some forward-looking statements.
While the Company believes that these statements are based on
reasonable assumptions as of the date of publication of this press
release, they are by nature subject to risks and uncertainties
which may lead to a discrepancy between the actual figures and
those indicated or suggested in these statements.”
About L’Oréal
For 115 years, L’Oréal, the world’s leading beauty player, has
devoted itself to one thing only: fulfilling the beauty aspirations
of consumers around the world. Our purpose, to create the beauty
that moves the world, defines our approach to beauty as essential,
inclusive, ethical, generous and committed to social and
environmental sustainability. With our broad portfolio of 37
international brands and ambitious sustainability commitments in
our L’Oréal for the Future programme, we offer each and every
person around the world the best in terms of quality, efficacy,
safety, sincerity and responsibility, while celebrating beauty in
its infinite plurality.
With more than 90,000 committed employees, a balanced
geographical footprint and sales across all distribution networks
(ecommerce, mass market, department stores, pharmacies,
perfumeries, hair salons, branded and travel retail), in 2023 the
Group generated sales amounting to 41.18 billion euros. With 20
research centers across 11 countries around the world and a
dedicated Research and Innovation team of over 4,000 scientists and
6,400 Digital talents, L’Oréal is focused on inventing the future
of beauty and becoming a Beauty Tech powerhouse. More information
on https://www.loreal.com/en/mediaroom
L’ORÉAL CONTACTS
Switchboard
+33 (0) 1 47 56 70 00
Individual shareholders and market
authorities
Pascale Guerin
+33 (0)1 49 64 18 89
pascale.guerin@loreal.com
Investor relations
Eva Quiroga
+33 (0)7 88 14 22 65
eva.quiroga@loreal.com
Journalists
Brune Diricq
+33 (0)6 63 85 29 87
brune.diricq@loreal.com
Christine Burke
+33 (0)6 75 54 38 15
christine.burke@loreal.com
For more information, please contact your bank, broker or
financial institution (I.S.I.N. code: FR0000120321), and consult
your usual newspapers, the website for shareholders and investors,
www.loreal-finance.com or the L’Oréal Finance app; alternatively,
call +33 (0)1 40 14 80 50.
This press release has been secured and authenticated with the
blockchain technology.
You can verify its authenticity on the website
www.wiztrust.com
Appendix
Appendix: L’Oréal Group sales 2023/2024 (€
million)
|
|
2023 |
2024 |
|
First quarter |
10,380.4 |
11,245.0 |
|
Second quarter |
10,193.7 |
10,875.8 |
|
First half total |
20,574.1 |
22,120.8 |
|
Third quarter |
10,003.1 |
10,284.9 |
|
Nine months total |
30,577.2 |
32,405.7 |
|
Fourth quarter |
10,605.3 |
|
|
Full year total |
41,182.5 |
|
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