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By division, the group’s professional products grew by 9.3 per cent in the quarter, dermatological beauty grew by 5.1 per cent, consumer products by 3.8 per cent and luxe by 2.5 per cent. On the slowdown of the fragrance category, which sits beneath the conglomerate’s slowest-growing luxe division, Hieronimus said: “Our growth in fragrances is just shy of 10 per cent. The fragrance market remains the fastest-growing category of beauty, in the mid-single digits.” The overall beauty market has been squeezed by a post-pandemic comedown and a dip in travel retail, from which some companies are still trying to recover. L’Oréal competitors Estée Lauder Companies (ELC) and Puig will report quarterly earnings on 30 October. LVMH’s perfumes and cosmetics division reported 2 per cent organic sales growth to €1.9 billion in the third quarter of the year. The Kering deal includes the right to enter a 50-year licensing agreement with Gucci after its expiration with Coty; Hieronimus noted that, in light of the size of Gucci’s fashion business and the length of the license, it has the potential to “catch up with Yves Saint Laurent”. The YSL beauty business is not far from €3 billion in net sales, according to the executive.Grinch Santa Hat Ambitchous Definition The Desire To Become A Better Bitch Christmas Shirt
As of Creed, which is also part of the Kering deal, Hieronimus said: “House of Creed is a beautiful brand. It’s in the top three of the niche fragrances market, which happens to be the fastest-growing part of the fragrance market itself. And it happens to be a segment where we are just represented by the collections inside our couture brands, so we are underrepresented.” Is another big deal in the pipeline for L’Oréal Group? The conglomerate, alongside LVMH and EssilorLuxottica, is cited in Giorgio Armani’s will as a potential stakeholder in the business. When details on the will emerged on 12 September, L’Oréal said that it would give the idea careful thought. Asked by an analyst on a call to provide an update, Hieronimus said: “It’s a bit too soon. The family is mourning and focusing also on driving this business. The only important thing I can confirm today is that the deal we just did with Kering does not prevent us from considering any of the options that are on the table with Armani.”
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