Adds makeup trends, numbers compared to 2019 levels
PARIS, July 29 (Reuters) – L’OrÃ©al, owner of Maybelline OREP.PA Sales growth accelerated in the second quarter on Thursday in part due to the recovery in makeup sales in the United States as COVID-19 lockdowns ease.
High-end fashion brands have benefited from booming Chinese and US demand in recent quarters, helping the revenues of luxury goods groups like LVMH LVMH.PA return to pre-pandemic levels, and L’OrÃ©al has shown similar trends as vaccination campaigns progress and people begin to socialize more.
The French group, which also owns brands like LancÃ´me and manufactures Armani beauty lines, said sales of high-end fragrances were on the rise, while makeup revenues, which had been struggling for several years, recovered.
This has helped some of L’OrÃ©al’s divisions which have weakened relative to others, such as the consumer goods unit which houses products sold in supermarkets.
Overall group sales reached â¬ 7.6 billion ($ 9.03 billion) in the second quarter, up 33.5% excluding currency fluctuations and acquisitions. This is up from 10.2% like-for-like sales growth over the previous three months.
L’OrÃ©al “is well positioned to continue to grow at its pre-crisis rate,” said Managing Director Nicolas Hieronimus, adding that the group would pursue more product launches in the second half of 2021.
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(Reporting by Sarah White; Editing by Christian Lowe and Mike Harrison)
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