Cosmetic giant L’Oreal records $11 mln Vietnam profit in 2022
L’Oreal Vietnam Co. Ltd., 100%-owned by L’Oreal, recorded a profit of 10.1 million euro ($10.95 million) in 2022, according to the France-headquartered cosmetic giant's annual report.
The office of L’Oreal Vietnam in Ho Chi Minh City. Photo courtesy of the company.
The figure nearly doubled that in 2021 of 5.73 million euro ($6.21 million). L’Oreal Vietnam has showed steady growth in profit through the years, from 1.18 million euro ($1.28 million) in 2018 to 2.66 million euro ($2.88 million) in 2019 and 3.21 million euro ($3.48 million) in 2020.
Meanwhile, the firm’s reserves and retained earnings before appropriation of net profit improved from negative 15.66 million euro ($16.97 million) in 2019 to negative 13.25 million euro ($14.36 million) in 2020, negative 6.46 million euro ($7 million) in 2021, and negative 634,000 euro ($687,128) in 2022.
Established in 2007, L’Oreal Vietnam now distributes 13 brands in Vietnam in four divisions. The L’Oreal Luxe includes Lancome, Yves Saint Laurent, Kiehl’s, and Shu Uemura. The L’Oreal Consumer Products are Garnier, L’Oreal Paris, and Maybelline New York. L’Oreal Professional Products, or haircare products, feature L’Oreal Professionnel and Kerastase. L’Oreal Active Cosmetics brands are Vichy, La Roche-Posay, SkinCeuticals, and CeraVe.
Vietnam’s personal care and cosmetics market recorded a total revenue of $2.29 billion in 2021, according to the Vietnam Industry Research and Consultancy JSC (VIRAC), a local market researcher. VIRAC added that the sector could reach a compound annual growth rate of 6.2% in 2021-2025.
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