To invest in China is to invest in the future, says L’Oreal executive

Shanghai: Investing in China is investing in the future, and future of growth, innovation and inclusiveness, according to a senior executive of French cosmetics giant L’Oreal.

Vincent Boinay, president of L’Oreal North Asia Zone and CEO of L’Oreal China, made the remarks during a recent interview with Xinhua as the company has just expanded its presence in China.

L’Oreal China’s Suzhou Smart Fulfillment Center, the very first smart fulfillment center of L’Oreal Group, was put into operation last month. Equipped with advanced automation and IT systems, the 46,000-square-meter facility is capable of producing over 7,000 direct-to-consumer parcels every hour.

“The inauguration of the Suzhou Smart Fulfillment Center not only deepens L’Oreal’s presence in China but also underscores our ongoing investment and dedication to future growth in the country,” Boinay said.

Noting that L’Oreal China’s sales increased by 6.2 percent in the first quarter of 2024, he said that it is his main goal to make L’Oreal China the largest subsidiary of L’Oreal Group.

According to Boinay, China has the world’s most dynamic e-commerce landscape and an expanding online shopping market, and 62 percent of L’Oreal China’s sales last year were made on e-commerce platforms.

The newly opened fulfillment center is an answer to the rapidly growing e-commerce in China and to the country’s call for the development of new quality productive forces, he noted.

To celebrate the 60th anniversary of the establishment of diplomatic ties between China and France, the “Heart-to-Heart, Word-of-Mouth” 60th Anniversary Limited Gift Box was launched recently. The box containing a French red lipstick and a pair of porcelain cups stems from a collaboration of L’Oreal cosmetics and Chinese porcelain artwork.

“China is not only the second-largest market in the world for L’Oreal Group, but also an inspiration for the company with rich culture,” Boinay said, adding the company will continue to invest in China as the “next China is still China” when considering investment destinations.