L’Oréal Group, the largest beauty conglomerate in the world based on revenue, reported 5.1% growth for its full fiscal year 2024 on Thursday. The group reported sales of approximately $45.10 billion for the year with like-for-like growth across all regions except North Asia.
“We delivered solid, broad-based growth of 5.1%, once again outperforming the global beauty market,” Nicolas Hieronimus, CEO of L’Oréal, said in a release. “Excluding North Asia, where the Chinese ecosystem remained challenging, sales advanced in high single digits.”
Hieronimus highlighted several key accomplishments for the conglomerate in prepared statements, including acquiring its Miu Miu license and Korean brand Dr.G, as well as minority stakes in brands Galderma and Amouage.
“2024 was a defining year as we made L’Oréal future fit and laid many foundations for our next conquests,” he said in a statement. “We augmented our marketing and R&I capabilities with AI and tech, advanced with the harmonization of our IT, simplified our organizational structures and strengthened our industrial and supply chain resilience. We also continued to sharpen our portfolio.”
Dermatological skin care continues to be a focus for the group and brought in top growth figures. The Dermatological Beauty Division of L’Oréal Group grew 9.8% like-for-like and 9.3% reported. It grew in all regions, with top growth in Europe and SAPMENA (South Asia Pacific, Middle East, North Africa). The category is led by La Roche-Posay, CeraVe, SkinCeuticals and Skinbetter Science.
Overall brand growth broken out by region includes 8.2% in Europe, 5.5% in North America, 12.3% in SAPMENA and 11% in Latin America. In contrast, sales in North Asia contracted, ending 2024 down -3.2% YoY.
