L'Oréal to Double India Business in Coming Few Years: Global CEO

• L'Oréal aims to double its India business and expand manufacturing in the coming years.
• India is a key market, with a broad brand portfolio across retail, salon, and pharmacy channels.
• Commerce Minister Piyush Goyal met L'Oréal and Renault CEOs to boost trade ties with France.

L'Oreal's Chief Executive Officer Nicolas Hieronimus said on Monday that the French conglomerate plans to more than double business in India in the next few years. L'Oreal's big bet on India's cosmetics market revolves around expansion of factories and increased exports from the country.

L'Oreal's bet on the high growth of India's cosmetics market is quite fortuitous because the Indian beauty industry is forecasted to grow from $20 billion in 2024 to $34 billion in 2028 mainly driven by demand from Gen Z, and a rise in social media influence, ecommerce expansion in India's smaller cities and towns, and rising disposable incomes.

Nicolas Hieronimus said, "India is a very strategic market for L'Oreal. We intend to more than double our business in the next couple of years , expand our factories which are today manufacturing 95 per cent of what we sell in India and also exporting to rest of the region...So it is a country of opportunities and one of the fastest beauty markets in the world and is a big priority for L'Oreal".

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"We are exporting hair and skin products, particularly to the Gulf region, it is a beginning of a big adventure. We are manufacturing half a billion units in India but we intend to increase that in the years to come", he added.

This includes the manufacturing and distribution of cosmetics and beauty products and appliances, and beauty services. A report from the India Brand Equity Foundation estimates that by 2025 India will be 5% of the total cosmetics market, and estimates that India is on track to be in the top five revenue earning markets globally.

After meeting Hieronimus, Commerce Minister Piyush Goyal  stated, "Exchanged views on India's growing potential as an automobile manufacturing hub, along with emerging opportunities in the EV sector", on his X account.