NEW YORK — The gyrations of Wall Street have clearly not rattled the nerves at L’Oréal USA, judging from the comments made by top executives Friday morning at a meeting held here with reporters from the international press.
Jean-Paul Agon, chairman and chief executive officer of the French beauty giant, said the American beauty market remains so dynamic that he is confident that L’Oreal can double its U.S. market share in the next 10 years. L’Oréal USA, which registered $4.78 billion in sales last year, claims a 13.1 percent share in total beauty for the U.S. In response to a question, Agon said he expects to gain share primarily with organic growth through L’Oréal’s portfolio of brands, which includes market leaders like Maybelline, Redken and Pureology. He added that it is a delicate balance between growing the existing business and making acquisitions. But he stressed the former, rather than the latter, particularly since L’Oréal has the advantage of a domestic network of labs and factories to rely on to provide product innovation.
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