Global cosmetics market bottomed out in the Q1 2009.
L'Oréal may be celebrating its 100th anniversary, but company executives are focused on the future. During a press conference to mark the milestone, L'Oréal chief executive Jean-Paul Agon said on Thursday he expected the world cosmetics market to grow slightly, at best, this year and forecast the group's trading to improve in the quarters ahead.
According to Mr. Agon, the industry bottomed out at the end of the first quarter and the worst of the consumer spending slowdown was now behind.
"We are rather confident that the cosmetics market should be indeed at zero or slightly positive this year," he insisted.
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