PARIS (Reuters) - Shares in cosmetics maker L’Oreal (OREP.PA) rose more than 6% early on Wednesday, a day after reporting its biggest quarterly jump in sales in more than a decade buoyed by demand from Asia.
The maker of Lancome cosmetics defied fears of a slowdown in mainland China by beating revenue forecasts by a wide margin in an encouraging sign for peers selling high-end skincare products, such as Clinique owner Estee Lauder (EL.N).
“Growth in luxury (cosmetics) was fantastic,” analysts at Bernstein said in a note on L’Oreal.
The French firm did highlight weak spots, however, including in the United States, where make-up sales are slowing.
Reporting by Sudip Kar-Gupta and Sarah White; editing by Jason Neely