L’Oreal ‘will tackle 2009 with confidence’

L’Oreal is tackling the year ahead with realism, confidence and resolve, the company has reported.

Jean-Paul Agon, chief executive officer for the firm, stated its financial results in 2008 had held up well considering the global economic downturn.

Yesterday (February 16th 2009), the board of directors revealed the company had achieved an annual sales growth of 3.1 per cent like-for-like and an increase of 3.8 per cent in net earnings.

Looking forward over the next 12 months, Mr Agon explained the company is prepared for the economic instability that is likely to remain, adding he is confident because “the cosmetics market has always shown resilience at times of crisis”.

He concluded the quality of L’Oreal’s portfolio, further opportunities to expand globally and its determination to succeed would also help drive the business “to emerge stronger than before”.

The firm has around a century of experience in the industry, employing 3,095 employees from 60 different countries working in 30 various disciplines.

Around a third of its research and development budget is devoted to advance research and it has designed and patented 120 molecules over the last 40 years.