This is no longer a scoop, nor a surprise: L'oréal, the largest cosmetics group in the world, is suffering from the crisis like the others. And while it is still showing positive results, the double-digit growth period to which it has been accustomed for years is well and truly a thing of the past.
16 February 2009
"In an environment made very difficult in 2008 by the economic crisis, L'Oréal is holding up well and continues to grow both in terms of turnover and net profit", emphasises Jean-Paul Agon, the group's CEO, in a press release made public today.
Indeed, the cosmetics giant's turnover rose by 17.5 billion euros in 2008, up 6.6%, but net profit, which levelled off at 1.9 billion euros, was down 27%. This does not prevent the CEO from approaching 2009 with, he says,"realism, confidence and voluntarism". We're gonna have to….
