2024 universal registration document

Commenting on the figures, Nicolas Hieronimus, CEO of L’Oréal, said:

“We delivered solid, broad-based growth of 5.1%, once again outperforming the global beauty market. Excluding North Asia, where the Chinese ecosystem remained challenging, sales advanced in high single digits. I am particularly proud of the quality of the P&L management as the Group achieved record gross and operating margins. At 20%, the latter increased 20 basis points. On a comparable basis, excluding Aēsop, our operating margin grew 40 basis points and that after a 10 basis points increase in our brand fuel.

2024 was a defining year as we made L’Oréal future fit and laid many foundations for our next conquests: we augmented our marketing and R&I capabilities with AI and tech, advanced with the harmonisation of our IT, simplified our organisational structures, and strengthened our industrial and supply chain resilience. We also continued to sharpen our portfolio: we acquired the Miu Miu license and Korean brand Dr.G, and took minority stakes in Galderma and Amouage.

This will allow us to go ever faster and further in our conquest of new beauty spaces: geographic, demographic and highly promising technologies that offer innovative science-based beauty solutions to the consumer of tomorrow. In 2025, as we take the first steps in this conquest, we remain optimistic about the outlook for the global beauty market, and confident in our ability to keep outperforming it and to achieve another year of growth in sales and profit. We expect growth to accelerate progressively, supported by our beauty stimulus plan, which will be driven by an exciting pipeline of new launches and continued strong brand support."