L'Oréal Reports Strong 2023 Performance Despite Asia Slowdown

The beauty giant's resilience shines with record margins and diverse growth drivers, even as challenges in Asia impact sales.

L'Oréal's global beauty market grew by over 8% in 2023, demonstrating resilience amid economic and geopolitical challenges.
Despite a slowdown in Asia, particularly in China, L'Oréal's sales exceeded the 40-billion-euro mark, driven by double-digit like-for-like growth for the third consecutive year.
Record operating margin reached 19.8% in 2023, with gross margin increasing to 73.9% of sales.
Dermatological Beauty and L'Oréal Luxe divisions were top performers, with the latter becoming the global number-one luxury beauty player.
CEO Nicolas Hieronimus outlines seven growth drivers for 2024, including a focus on emerging markets and digital leadership.