LOREAL : Deutsche Bank keeps a Sell rating

L'Oréal is the world leading cosmetic group. The group offers skincare products (40.1% of sales), makeup products (20.2%), haircare products (15%), fragrances (11.9%), hair colouring products (8.8%) and other (4%). Net sales break down by family of products as follows: - luxury cosmetics (38.3%): Lancôme, Yves Saint Laurent, Giorgio Armani, Kiehl's, Urban Decay, IT Cosmetics Shu Uemura, Biotherm, Helena Rubinstein, Yue Sai, Clarisonic, Atelier Cologne Ralph Lauren, Viktor&Rolf, Diesel, Cacharel and Maison Margiela brands; - consumer cosmetics (36.6%): L'Oréal Paris, Garnier, Maybelline New York, NYX Professional Makeup, Essie Niely, Dark and Lovely, Mixa, MG and Carol's Daughter brands; - active cosmetics (13.4%): La Roche-Posay, Vichy, CeraVe, SkinCeuticals, Roger&Gallet and Sanoflore brands; - professional products (11.7%): L'Oréal Professionnel, Redken, Matrix, Kérastase, Pureology, Decléor Shu Uemura Art of Hair, Carita, Mizani and Baxter brands. Products are marketed through mass distribution and distance selling, selective distribution, hair salons and pharmacies. At the end of 2022, L'Oréal has 38 production sites worldwide. Net sales are distributed geographically as follows: Europe (29.9%), North Asia (29.6%), North America (26.6%), Asia/Pacific/Middle East/Africa (7.7%) and Latin America (6.2%).