The CEO of L’Oréal China believes the country’s growth potential is ‘unlimited’ because of the growing middle class, according to a report published by CNBC.
“If we can really continue to be consumer-centric and to innovate in China for the Chinese, as we do currently with our research and innovation center in Pudong, the growth rate can be really phenomenal in China,” Stephane Rinderknech told CNBC.
According to Rinderknech, the slowdown in GDP growth forecast for the year ahead will not affect beauty sales as consumers become more sophisticated and trade up. The digital revolution is fuelling demand for make-up and hair color in particular thanks to the popularity of selfies.