L’Oreal held a press conference in Shanghai, which reaffirmed its commitment to developing the luxury beauty market in China. As a market leader in China, L’Oreal plans to keep the attention of the next generation of Chinese luxury consumers.

L’Oreal says its strategy is to continue to launch and market innovative products there, like it did in January 2013 with the introduction of Clarisonic to the Chinese market. This May, the company will open a new Yves Saint Laurent Beauté boutique.

Jean-Paul Agon, chairman and CEO, L’Oréal Group, commented:
“Chinese consumers are at the heart of L’Oréal’s focus and energies. A potential 250 million new Chinese consumers will be using L’Oréal’s products in the next 10 to 15 years, making China the number one contributor to our ambition of winning 1 billion new consumers and to our strategy of universalization.”

Agon continued, “A significant portion of these consumers will be recruited by our Luxe brands, the segment where L’Oréal has historically led the market and where it will continue to influence the shape of its future.”