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It would appear that many are craving a pop of colour on their faces, despite masks being mandatory.
L'Oréal is enjoying a surge in online sales, and it's looking forwards to a 'roaring 20s' when lockdowns end and pent-up people are allowed to socialise again.
Catwalk shows may be a distant memory, but L'Oréal still had plenty to show off when it reported earnings. The world’s biggest cosmetics group beat forecasts for revenue growth in the fourth quarter. Total sales for the period hit $9.5 billion (about R138 billion).
READ MORE: New Google features will allow users to virtually ‘try on’ makeup products using augmented reality
Consumers stuck at home are seemingly still splurging on feel-good treats, as L'Oréal online sales surged 62 percent over 2020, reaching more than a quarter of all sales.
The company thinks that trend is here to stay with online heading towards half of all sales. Now, closed hair salons and luxury stores remain a concern, but the maker of Lancôme, Maybelline, and Garnier among other brands is looking forward to life after lockdown.
Chief executive, Jean-Paul Agon, predicts a “fiesta” for makeup and fragrances.
He says strong sales in China – where many restrictions have been lifted – offer a sneak preview of what is to come. L'Oréal sales there were up 27 percent over the course of last year.
Shares in the company were up around 2.5 percent earlier this month.
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