PARIS — L’Oréal announced Tuesday its first-half net profits rose 10.8 percent and confirmed it expects to outperform the market this year.
The French beauty giant’s net profits for the six months ended June 30 were 1.63 billion euros, or $2.11 billion. Company operating profits increased 11.4 percent to 1.9 billion euros, or $2.46 billion.
As reported, L’Oréal posted first-half sales of 11.21 billion euros, or $14.55 billion, a 10.5 percent gain. In comparable terms, they climbed 6 percent.
Dollar figures were converted at average exchange for the period.
“With strong growth in sales and results, the first half of 2012 confirms the group’s good dynamics,” said Jean-Paul Agon, L’Oréal chairman and chief executive officer. “L’Oréal is continuing to strengthen its positions, and thus reinforcing its leadership of the worldwide cosmetics market.” RELATED STORY: L’Oréal Paris Launches Hairspray Confessions Web Series >>
He continued, “The growth in results confirms the relevance of our business model: Although it is important to emphasize that half-year figures are not particularly representative, this performance reflects the group’s ability to build solid and profitable growth.
“Bolstered by these results and despite the uncertainties of the economic environment, we confirm for 2012 our ambition to outperform the market and achieve another year of growth in sales, results and profitability,” stated Agon.
L’Oréal also said its board has decided to buy back company shares for a maximum amount of 500 million euros, or $628.3 million at current exchange, by Dec. 31 after which date they will be canceled.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)