France's L'Oreal , whose beauty brands range from Lancome creams to Maybelline make-up, is stocking up cosmetics in Britain as part its preparations for Britain leaving the European Union, its chief executive said.
The cosmetics giant has announced the launch of a new corporate venture capital fund dubbed ‘BOLD Business Opportunities for L'Oréal Development,' which will focus on taking minority stakes in innovative startups.
French cosmetics firm L'Oréal on Monday said Chief Financial Officer Christian Mulliez was set to leave the firm next year for personal reasons and would be replaced by Christophe Babule, another company veteran.
Estée Lauder dismissed fears of a slowdown in China as its quarterly results beat Wall Street estimates on Wednesday on booming demand for cosmetics and high-end skincare products in the Asian country.
L'Oreal is still struggling to kickstart sales growth at its mass market unit that makes products like Garnier shampoo. Such challenges hit the company's shares on Friday even as its luxury brands posted strong revenues.
Booming demand for L’Oreal’s luxury cosmetics brands like Lancome, particularly in China, helped boost the company’s first-quarter sales, offsetting a more wobbly performance in the group’s mass market division.