Growth Potential of Luxury Beauty Products in Asia
The former C-level executive at L’Oréal discussed the growth potential for L’Oréal in Asia, but emphasised that the focus should not simply be in China; instead, the company should also consider its position in Asian countries such as Indonesia and India. The specialist examined the likelihood that L’Oréal and Estée Lauder would be able to compete with Lancôme in China and suggested that consumers in the country were mature enough to “dig deeper” into different brands.
The specialist also explained the key differences between L’Oréal and Estée Lauder, particularly with regard to how the companies function and how they deliver products. He said that while Estée Lauder focused more on selling its products through brick-and-mortar stores and direct-to-consumer (D2C) techniques, L’Oréal’s success lay in its ability to offer wholesale business-to-business (B2B) solutions, but that there has recently been an increase in growth for online sales for prestige beauty. He suggested that fashion was experiencing a cultural shift in the way it operated and the cosmetics market could also follow suit.
To access all the human insights from Third Bridge’s L’Oréal Interview, click below to view the full transcript.
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