L’Oréal, the world’s largest beauty company, has warned that Chinese demand will not fully recover until the middle of the year following a challenging 2022 when the country’s zero-Covid restrictions hit sales.
“December and January were very low [in terms of] consumption . . . but from the first weeks of February we saw positive signs in terms of traffic,” chief executive Nicolas Hieronimus said on Friday.
“China will rebound from the second quarter, but it will be progressive,” he added, noting that locations where the company’s physical presence was strongest would benefit the most.
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