L'Oreal being affected by economic slowdown in China and tough luxury trading conditions in Taiwan and South Korea, company executive says
November 6, 2012
(Industry Intelligence Inc.)
– Jochen Zaumseil, L'Oreal's Asia-Pacific managing director, said the company has been affected by the economic slowdown in China and tough luxury trading conditions in Taiwan and South Korea, Thomson Reuters reported Nov. 5.
Zaumseil said the company's turnover from luxury goods in South Korea is down 2% to 3% in 2012 after achieving 8% growth in 2011. Meanwhile, Zaumseil added, L'Oreal was struggling with the Chinese slowdown but was still gaining market share in that country.
L'Oreal's luxury products represent about 25% of the company's total sales.
The primary source of this article is Thomson Reuters, London, England, on Nov. 5, 2012.