PARIS, Oct 19 (Reuters) - Third quarter sales at L'Oreal rose 11.1%, led by growth in Europe and the United States but missing expectations for a strong rebound in China.
In mainland China, where the beauty market is "broadly stable" despite a "muted recovery," the company said sales grew 7.7% and it continued to gain market share.
China, where high youth unemployment and a property crisis have complicated the country's post-pandemic rebound, has been a key focus for investors.
L'Oreal, which accounted for the biggest share of the country's $78.9 billion beauty and personal care market last year, has been gaining market share there in recent months, and its luxury division is the market leader in high end cosmetics.
Reporting by Mimosa Spencer; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.
Persons:
Yves Saint Laurent, Valentino, Prada, Mimosa Spencer, Aurora Ellis
Organizations:
L'Oreal, Barclays, Thomson
Locations:
Europe, United States, China, The Paris, Lancome, North Asia