Emerging economies including Brazil, China and India are becoming the main markets for L'Oreal, the world's top cosmetics company, its chief executive said on Nov. 6.
"In the next 10 years, our clients will be mainly Chinese, Indian, Brazilian," Jean-Paul Agon told the Le Monde newspaper. These countries represented "a watershed" for L'Oreal, he said.
"International markets outside of Europe already represent 60% of our activity. We are quickly going to move to 90%," he added.
Agon said L'Oreal was looking at possible purchases in these countries. "We are already the only company in the sector with a Chinese brand. Tomorrow, we will have an Indian or a Brazilian brand," he said.
The company also reported that its sales rose 0.8% in the third quarter compared to the same time last year, mainly because of an 18.5% growth spurt from Asia.
Copyright Agence France-Presse, 2009