L’Oreal shares soared on Wednesday after the cosmetics giant posted strong third quarter results.
Last night the French cosmetics firm posted revenues of €6.47 billion (£5.75 billion) in the July to September period, up 6.2% from the year before, and 7.5% on a like-for-like basis.
L’Oreal attributed the strong performance to growth in Asia in particular, with sales up 25.8% across the region.
This was largely due to strong demand for products within its luxury division, with brands such as Lancôme, Yves Saint Laurent and Giorgio Armani bolstering sales by 15.6%
Chief executive Jean-Paul Agon said: “After an acceleration in the third quarter, with the highest quarterly growth rate for 10 years, L’Oréal’s sales have shown strong growth over the first nine months of the year.”
The global cosmetics industry continues to expand at an exponential rate, with a raft of beauty bloggers, new beauty brands and trends pushing up demand.
L’Oreal was founded over 100 years ago, and it has now grown to become the world’s largest cosmetics company.
Its brands include Maybelline, Kérastase, Essie, Urban Decay and Vichy.
The company is currently traded on the French security market, the Euronext Paris, formerly known as the Paris Bourse.
Shares in L’Oreal (EPA:OR) are currently trading +7.14% as of 14.16PM (GMT).