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L’Oreal: Smelling Attractive

Thomas Paulson
Aug 5, 2022
L’Oreal: Smelling Attractive

  • L'Oreal reported spectacular 2Q22 figures which demonstrated that the beauty category is powering through inflationary pressures faced by consumers. The read-though for Ulta, Sephora, Macy’s, and others in the category is also highly favorable.
  • Fragrance, the pandemic winner of CPG along with spirits, continues to lead L'Oreal's category growth (+35%) and the business is now 55% larger than it was pre-pandemic. The makeup category rose +13% and is now above pre-pandemic levels. Overall organic revenue growth of +13.5% was half driven by "valorization" (i.e., favorable product mix and higher prices).
  • On the strength in fragrance CEO Nicolas Hieronimus said, "A new appetite for this category that has developed during COVID, where people have kind of discovered this like self-tempering well-being good mood field that brought by fragrance that has been increased by, of course, the end of the lockdown and to go back to social life because fragrance is good for well-being, but it's also a part of seduction."

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Thomas Paulson

Director of Research and Business Development, Placer.ai

Thomas Paulson spent 20 years as a Wall Street analyst and a member of asset management teams at AllianceBernstein and Cornerstone Capital, representing top-50 ownership positions including Target, Home Depot, Nike, Amazon, Google, and many more.

He brings consumer related expertise and knowledge of enterprises in retail, CPG, financial services, telecom, and entertainment.

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