L’Oréal China boss hails commitment to opening-up

Source:Global Times Published: 2018/3/8 22:28:40

Stephane Rinderknech Photo: Courtesy of L'Oréal China



A senior executive from France-based L'Oréal Group said Thursday that the insistence on further opening-up and mutual benefit in the Government Work Report delivered at the ongoing 13th National People's Congress has given the company more confidence.

"We've been in China for 20 years. We've been a beneficiary and witness of China's development. The two sessions are setting the future direction for the country, toward higher-quality growth," Stephane Rinderknech, CEO of L'Oréal China, said in a note sent to the Global Times on Thursday.

"We really expect from these meetings that the opening-up of the market and reform will be accelerated, with a focus on quality development," he noted.

In 2017, L'Oréal Group achieved double-digit growth in the Chinese mainland, which is now the company's No.2 market in the world.

In the past five years, the upgrading of China's consumption has been accelerating, thanks to steady and robust disposable incomes, Rinderknech said, adding that China has the largest middle-class population in the world. The recent shift in consumer philosophy has also been beneficial for companies making beauty products, he said.

Social issues such as helping with poverty reduction and alleviation of pollution are also important to the company, which will stick to its sustainability commitments, Rinderknech said in the statement.



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