September 8, 2014 / 6:11 PM / 4 years ago

L'Oreal CEO cuts 2014 cosmetics market forecast -Le Figaro

PARIS, Sept 8 (Reuters) - L’Oreal Chief Executive Jean-Paul Agon cut his forecast for full-year growth in the global cosmetics market to between 3 percent and 3.5 percent from between 3.5 percent and 4 percent.

In an interview with French daily newspaper Le Figaro published on Monday, Agon said, however, that the slowdown would not last and that growth would return to a “better rhythm” next year.

The CEO added that 2014 was “rather strange, with a market that is not evolving as expected” in the mass-market cosmetics sector. The mass-market retail cosmetics sector was negative in July and August, he said. (Reporting by James Regan; Editing by Astrid Wendlandt)

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