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L’Oréal Hit With $350 Million French Tax Charge

The world’s biggest beauty manufacturer gave no further details about the basis of the dispute.
L'Oréal-owned Lancôme booth | Source: Shutterstock

PARIS, France — Cosmetics maker L’Oréal said on Friday it had reached a settlement with French tax authorities regarding three of its subsidiaries, including one linked to its luxury Lancôme brand, resulting in a charge of around £282.4 million ($351.3 million).

The world's biggest beauty manufacturer, behind labels like Maybelline and Armani lipsticks, gave no further details about the basis of the dispute, only saying it corresponded to a five year period between 2014 and 2018.

L'Oréal was not immediately available for further comment.

The settlement would be reflected in its 2019 results as an exceptional charge, and would "have no significant recurrent impact in the future," the company said in a statement.

By Matthias Blamont and Matthieu Protard; editors: Sarah White and Chizu Nomiyama.

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