L'Oreal chairman calls China a strategic growth driver for company

PARIS -- L'Oreal Chairman Jean-Paul Agon said China has proven itself as a stabilizer for the global economy, an accelerator for consumption and the world's laboratory for innovation.

China, now L'Oreal's second-largest market worldwide, "is one of our most strategic growth drivers" because "China is more than just a large market. It is the laboratory for most innovative concepts and the testing field for newest marketing practices, where the future of beauty is born," said Agon.

For L'Oreal group, China is unassailably the incubator for the company's new ideas and open innovation, leading in digitalization, AI, AR and VR thanks to its robust, dynamic and unique innovation ecosystem, he said.

"We believe that 'investing in China is investing in the future.' A commitment to China, its people and its talents is a winning factor for every international company, and this is what L'Oreal will always uphold," said Agon.

"With a further open market, improving business environment and promising domestic demand boost initiatives, China is embracing the world with new opportunities. Meanwhile, China is also bringing opportunities to the world. We look forward to more companies enjoying these opportunities," he noted.

In this regard, the chairman of L'Oreal said his group would continue to play a contributive role in encouraging more French companies to develop their businesses with China and to promote French-Chinese cooperation by leveraging platforms like the CIIE Enterprise Alliance, in which L'Oreal holds a chairman role, and the France-China Committee.

As co-chairman of the France-China Committee, Agon stressed that L'Oreal's achievement is undoubtedly attributed to the sound, long-term bilateral relationship between France and China.

"The closer and open partnership between China and France has created an environment in which French companies like L'Oreal can thrive. Even during the past three years under COVID, this partnership has continued to expand into more areas such as consumption, sustainability, innovation and culture. We are proud to be a part of this progress," he said.

"Looking forward that even more fruits can be reaped from the collaboration, we are determined to continue contributing to it," Agon said.