L'Oreal Stops Selling Garnier Cosmetics In China

L’Oreal SA stopped selling its Garnier brand of cosmetics in China and will instead focus on its other brands. Citing the slowing market in China as the reason behind its move, L’Oreal said it will continue pushing its L’Oreal Paris and Maybelline New York brands in the country. A week before L’Oreal’s announcement, its American rival Revlon Inc. said it plans to withdraw completely from the China market. Currently valued at $25.9 billion, China’s cosmetics market is the world’s third largest and is forecast to grow 63 percent in the five-year period ending 2015 by market research firm Euromonitor. While it remains L’Oreal’s third largest market where it holds a 17 percent share, China’s cosmetics market is “slowing, although still dynamic,” the company said.