PARIS — L’Oréal shares climbed 4.5 percent Monday following reports that major shareholder Nestlé could be looking at ways to cut its 23.9 percent stake in the world’s largest beauty company.
The shares rose as L’Oréal reported a 3.2 percent increase in net income in the 12 months ended Dec. 31 to 2.96 billion euros, or $3.93 billion, on a 2.3 percent rise in sales to 22.98 billion euros, or $30.52 billion. Sales climbed 5 percent in like-for-like terms.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"