A newly-created South Asia Pacific, Middle East and North Africa zone, internally dubbed SAPMENA and headquartered in Singapore, will account for the majority of L’Oréal’s new business over the coming decade, L’Oréal’s regional president, Vismay Sharma, said in a CNBC interview.
“This region ... is going to be a major growth engine for us. This is where we will acquire the most number of consumers in the coming decade,” he said, adding that the region is demographically favourable for future growth, home to 40 percent of the world’s population with a median age of 28.
“Over 40 percent of the [region’s] consumers are less than 25 years old,” he said. “That makes it extremely exciting for us and a very strategic market for the future.”
The 112-year-old company saw sales rise 10.2 percent in the first quarter of 2021, returning to near pre-pandemic levels.