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L'oreal Group, the world's leading cosmetics manufacturer, said its Chinese mainland sales growth topped all its subsidiaries in the world, according to its annual financial report.
But its senior executives said the French company had not yet reached a decision to acquire domestic brands on the Chinese mainland, although it kicked off such negotiations nine months ago.
"We have no scheme on hand to purchasing any local brands," said Paolo Gasparrini, president of L'Oreal China Co Ltd. "Rather, our priority goes to promote our brands such as Lancome and Maybelline."
Last June, the company confirmed it was in acquisition talks with Guangdong-based Raystar Cosmetics (Shenzhen) Co.
If the talks are fruitful, they may lead to an instant growth in market in the UV-protection sector for L'Oreal.
Sales of L'Oreal in the domestic market hit 886 million yuan (US$106.75 million) in 2002, up by 61.3 percent from the previous year.
(eastday.com April 18, 2003)
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