L’Oréal will sharpen its focus on targeting innovation opportunities in the US market, including meeting the beauty needs of increasing Latinx and multiracial populations. The cosmetic giant will also become less dependent on Chinese consumers for growth amid a continuous decline in quarterly North Asia sales due to a “challenging” Chinese ecosystem. Meanwhile, other personal care and beauty companies are facing similar challenges in China. The announcement came as L’Oréal CEO Nicolas Hieronimus reported a growth in sales and profit driven by solid performance in hair care solutions and premium beauty products.
