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L’Oreal exec says Asia is slowing
L’Oreal, the world’s biggest cosmetics group, is feeling the effects of the slowdown in China and “brutal” trading conditions in South Korea and Taiwan, the company said. The group’s turnover from luxury goods in South Korea is down two to three per cent this year after achieving eight per cent growth last year, L’Oreal’s Asia-Pacific managing director Jochen Zaumseil told Reuters on the sidelines of a press event yesterday. South Korea and Taiwan are among Asia’s most export-dependent countries, making them vulnerable to weakness in global demand. China, the main driver of demand for luxury goods in recent years, has suffered a slowdown this year, though L’Oreal was still gaining market share, Zaumseil said.