India is country of opportunities, fastest beauty products market in world: L'Oreal chief
By Shailesh Yadav
Paris [France], June 2 (ANI): L'Oreal's leadership has identified India as a strategic market with exceptional growth potential, describing it as one of the fastest beauty product markets globally and expressing plans to more than double their business in the country within the next few years.
Speaking about the French cosmetics giant's expansion plans, L'Oreal executives emphasised their mutual ambition for the Indian market.
'India is a very strategic market for L'Oreal. We intend to more than double our business in the next couple of years,' Nicolas Hieronimus, CEO of L'Oreal told reporters.
The beauty conglomerate has established a significant manufacturing presence in India, with local production meeting the vast majority of domestic demand.
'We want to expand our factories, which are today manufacturing 95 per cent of what we sell in India, but also exporting to the rest of the region,' the L'Oreal chief explained.
India serves not only as a consumption market but also as a regional manufacturing hub for L'Oreal's operations.
The company currently produces half a billion units in India and exports hair and skin products primarily to the Gulf region.
'So it is a country of opportunities, one of the fastest beauty markets in the world, and a big priority for L'Oreal,' the L'Oreal chief executive added.
The company views its Indian operations as just the beginning of expanded regional presence.
'We're manufacturing half a billion units in India, but we intend to increase that in the years to come. So it is just the beginning of a big adventure,' the L'Oreal chief noted.
Commerce and Industry Minister Piyush Goyal's visit to Paris included strategic meetings with several major French corporations beyond L'Oreal.
He held discussions with Luca de Meo, CEO of Renault Group, focusing on India's growing potential as an automobile manufacturing hub and emerging opportunities in the electric vehicle sector.
'Held a meeting with Mr. Luca de Meo, CEO of @RenaultGroup. Exchanged views on India's growing potential as an automobile manufacturing hub, along with emerging opportunities in the EV sector,' Goyal posted on social media platform X.
The minister also met with Bernard Fontana, CEO of EDF, France's state-owned electric utility company, indicating discussions across multiple sectors including energy and infrastructure.
L'Oreal's bullish outlook on India reflects the country's rapidly expanding middle class and growing consumer spending on beauty and personal care products.
The company's strategy of local manufacturing combined with regional exports positions India as a key component of L'Oreal's Asia-Pacific operations.
The beauty market's rapid growth trajectory in India, coupled with the country's manufacturing capabilities and skilled workforce, makes it an attractive destination for international companies looking to establish regional production bases while serving the domestic market.
These business engagements underscore the broader economic cooperation between India and France, with major French corporations viewing India as both a significant market opportunity and a strategic manufacturing partner for regional expansion. (ANI)
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