September 20, 2019 / 5:05 PM / a month ago

Lancome maker L'Oreal hit by 320 million euros French tax charge

FILE PHOTO: A cosmetic display of French cosmetics group L'Oreal is seen at a duty free shop at the Nice International Airport, in Nice, France, October 10, 2018. REUTERS/Eric Gaillard

PARIS (Reuters) - Cosmetics maker L’Oreal (OREP.PA) said on Friday it had reached a settlement with French tax authorities regarding three of its subsidiaries, including one linked to its luxury Lancome brand, resulting in a charge of around 320 million euros.

The world’s biggest beauty manufacturer, behind labels like Maybelline and Armani lipsticks, gave no further details about the basis of the dispute, only saying it corresponded to a five year period between 2014 and 2018.

L’Oreal was not immediately available for further comment.

The settlement would be reflected in its 2019 results as an exceptional charge, and would “have no significant recurrent impact in the future”, the company said in a statement.

Reporting by Matthias Blamont; Writing by Matthieu Protard, Editing by Sarah White and Chizu Nomiyama

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