No skin off L'Oreal's nose as luxury skincare boosts sales

L'Oreal, the world's biggest cosmetics company, said Tuesday it enjoyed its strongest sales growth in more than a decade, thanks in part to luxury skincare products.

Coming in at nearly 19.9 billion euros (22.6 billion USD) in the third quarter, sales rose by 6.8 percent on a like-for-like basis that excludes currency fluctuations, although the gain was 1.8 percent using actual exchange rates.

"In a beauty market that continues to accelerate, driven by robust growth in skincare, the group maintains its strong momentum," chief executive Jean-Paul Agon said in a statement.

The luxury unit posted the strongest growth in the three months though September of 14.8 percent in real terms, with its Lancome brand setting records thanks to skincare products.

The company's largest division, consumer products, saw its 2.4 percent growth in like-for-like terms turn into a 2.4 percent drop when actual prices were used. The firm said it faces challenging conditions in Western Europe and Brazil, but electronic sales are growing strongly.(AFP)