MUMBAI Jan 10 L'Oreal, the world's
biggest cosmetics group, plans to quadruple sales over the next
seven years in India, the fastest-growing beauty market in the
The company, which opened a research centre in Mumbai on
Thursday to develop products specifically for Indian consumers,
aims to grow sales to 70 billion rupees ($1.3 billion) by 2020,
its chief executive Jean-Paul Agon said.
Rising demand for quality and high-end beauty products among
India's emerging middle class is expected to help L'Oreal grow
by more than 20 percent every year in the country.
The French company, which sells shampoos and cosmetics under
brands such as L'Oreal Paris, Garnier and Maybelline New York,
had earlier said it planned to invest 9.7 billion rupees in
India from 20 1 1 through 2016.
"Out of the 66 shades of skin colour found in this world,
more than 40 are found in India. That's an example of how varied
and complex the requirements of this market are," Jochen
Zaumseil, executive vice-president, Asia-Pacific, told Reuters.
L'Oreal, which has only 8 percent market share in India and
faces tough competition from the likes of Hindustan Unilever
and Procter and Gamble, said it is open to
acquiring strong regional brands but is focusing on growing the
India contributes between 1 and 2 percent of the company's
global revenue but is strategically one of its top five markets,
(Reporting by Nandita Bose; Editing by David Holmes)