The letter to shareholders - N°86 Winter 2023

Dear Shareholders,

On 19 October, your Group published its sales at 30 September 2023. I am very proud of the performance of our teams in the first nine months. The beauty market remains exceptionally dynamic, and L’Oréal continues to outperform and reinforce its global leadership.

Despite the slower than expected recovery of the beauty market in mainland China and the reset in Asia Travel Retail, L’Oréal kept its double-digit pace.

We did so thanks to our broad-based regional footprint, our successful innovation pipeline, and our agility to rapidly allocate investment to the areas where we see the highest growth.

In a context of continued economic and geopolitical uncertainty, we remain confident in our ability to keep outperforming the market and achieve in 2023 another year of growth in sales and profits. We are optimistic about the outlook for the beauty market and remain ambitious for the future.