L’Oreal is confident China’s selfie revolution will be good for its business
The growth potential in China is ‘unlimited’ due to the country’s rising middle class, L’Oreal China CEO Stephane Rinderknech says
By Cheang Ming, Akiko Fujita and Geoff Cutmore
China’s economy may be set for a gradual slowdown, but the world’s largest cosmetics company isn’t worried about business in the country being negatively affected.
Instead, L’Oreal is pinning its hopes on the growing affluence of China’s middle class.
“The growth potential [is] I believe unlimited in China because of this rise of [the] middle class,” L’Oreal China CEO Stephane Rinderknech told CNBC on the sidelines of the Fortune Global Forum in Guangzhou, China.
“If we can really continue to be consumer-centric and to innovate in China for Chinese, as we do currently with our research and innovation centre in Pudong, then the growth rate can be really phenomenal in China ... I’m very confident for next year,” he added.
Much of that has to do with a middle class with increasing purchasing power that has what Rinderknech called a “craving for beauty.”