L'Oreal to double its India business; company CEO says the country is strategic market, big priority
Paris: Nicolas Hieronimus, CEO of global beauty products company L'Oreal, has said they aim to more than double business in India over the next couple of years.
The L'Oreal CEO had a meeting with Union Commerce Minister Piyush Goyal in Paris today.
"...I am very pleased with the meeting I just had with Minister Goyal (Piyush Goyal). We shared our mutual ambition for India and India is a very strategic market for L'Oreal," the CEO said.
L'Oreal's leadership has identified India as a very strategic market with very strong growth potential.
Hieronimus said India is a country of opportunities, one of the fastest-growing beauty markets in the world.
"We intend to more than double our business in the next couple of years, expand our factories which are today manufacturing 95% of what we sell in India but also export into rest of the region. So, it is a country of opportunities, one of the fastest beauty markets in the world and a big priority for L'Oreal," he told the media.
India serves not only as a consumption market but also as a regional manufacturing hub for L'Oreal's operations.
"We are exporting hair and skin products, particularly to the Gulf region. So, it is just the beginning of a big adventure. We are manufacturing half a billion units in India, but we intend to increase that in the years to come."
The rapid growth trajectory of beauty product markets in India, coupled with the country's manufacturing capabilities and skilled workforce, makes the country an attractive destination for international companies looking to establish regional production bases while serving the domestic market.
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