L’Oreal reaches EUR 70 mln turnover in Romania

French cosmetics producer L’Oreal recorded a turnover of EUR 70 million in Romania last year, up 10% over the previous year, according to official data from the Finance Ministry. The net profit increased by 23%, to EUR 7 million. At global level, L'Oreal reported a turnover of EUR 25.8 billion in 2016, recording a market share of 12.6%. The French group entered the Romanian market 20 years ago, and now the company has reached an estimated number of 2.9 million customers. L’Oreal opened its first store in Romania in 2015 under the Kiehl’s brand. Until then it sold its products via other distribution channels. The company currently has 7 stores operating under its own brands such as NYX Professional Make-Up and Kiehl's. It plans to open other two stores in Romania this year. Some of its most known brands include Garnier, Lancome, Kerastase, Maybelline, Yves Saint Loraine or Cacharel. The Romanian market for personal care and beauty products is estimated at about EUR 780 million, according to Euromonitor. editor@romania-insider.com