Cosmetics major L'Oreal on Monday said it plans to more than double its business in India over the next couple of years besides expanding its factories.
L'Oreal CEO Nicolas Hieronimus also said India is a key strategic market for them and it is one of the world's fastest-growing beauty markets.
"India is a very strategic market for L'Oreal. We intend to more than double our business in the next couple of years , expand our factories which are today manufacturing 95 per cent of what we sell in India and also exporting to rest of the region.
"So it is a country of opportunities and one of the fastest beauty markets in the world and is a big priority for L'Oreal," he told reporters here.
He met Commerce and Industry Minister Piyush Goyal, who is here on an official visit to hold meetings with French leadership and firms to boost trade and investment between the two countries.
"We are exporting hair and skin products, particularly to the Gulf region, it is a beginning of a big adventure.We are manufacturing half a billion units in India but we intend to increase that in the years to come," Hieronimus added.
L'Oreal India is a subsidiary of French multinational L'Oreal SA, which owns a 99.99 per cent stake in the company.
L'Oreal India has been operating in India since 1994. It now has a portfolio of brands here including L'Oreal Paris, Garnier, Maybelline New York, NYX Professional Makeup — which are available in mass market channels.
In hair and beauty salons it has brands L'Oreal Professionnel, Matrix, Kerastase, Cheryl's Cosmeceuticals, Redken and in selective distribution Kiehl's, Lancome, Yves Saint Laurent. It is also present in pharmacy and chemist channels through CeraVe.
Goyal also met Luca de Meo, CEO of Renault Group.
"Exchanged views on India's growing potential as an automobile manufacturing hub, along with emerging opportunities in the EV sector," Goyal said in a post on X.
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