Cosmetics giant L’Oreal SA says that for the first time it made more money in emerging markets last year than western Europe or North America – and that helped push sales and profits up.
The owner of brands including Lancome, Maybelline and Garnier hair products said Monday that it made $3.84 billion in net profit in 2012, up 17 percent from 2011.
As many economies in Europe fell back into recession in 2012, the company pushed hard to find new customers in emerging markets. As a result, its “new markets” – which includes Asia, Latin America, the Middle East, Africa and Eastern Europe – saw more sales than North America or its traditionally core market of western Europe.
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