THE WHAT? L’Oréal CEO jean-Paul Agon has revealed that shoppers have returned in their droves as lockdown is lifted across Asia and Europe, according to a report published by Reuters.
THE DETAILS Early indications in April suggested that Chinese consumption was bouncing back, but with non-essential retail, hairdressers and beauty salons given the greenlight to open across Europe, the French beauty giant has seen a rise in demand.
“Things are going the way that we were anticipating. I always said this crisis for us, to date, is more a supply crisis than a demand crisis,” Agon told Reuters. “We see in China that business is back to very strong growth in these latest 10 weeks. We see also that in different countries, when lockdown expires and stores reopen, consumers are coming back.”
THE WHY? Has lockdown had the devastating effect on economies that has been widely predicted or is it possible that we’ll see a V-shaped curve yet? Either way, it looks like grooming, personal care and beauty continues to be a priority for consumers. The proof will be in the next round of results, due July.
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