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L'Oréal Co. (OTC:LRLCF) (OTC:LRLCY), a global leader in the beauty industry, is undergoing significant transformations under the leadership of its CEO, Nicholas Hieronimus, according to a note by Bloomberg.
Hieronimus projects the beauty market to escalate to a staggering €400 billion ($426.8 billion) by 2030, up from its current €270 billion.
Embracing Beauty Tech
The most significant transformation in the beauty industry, according to Hieronimus, is the integration of advanced technology, the report added.
L'Oréal is harnessing the power of AI to enhance the performance of beauty products, offering personalized solutions and advanced diagnostics, Bloomberg added.
The company's commitment to technology is evident, with an annual investment exceeding $1 billion to pioneer the beauty tech frontier.
L'Oréal's dedication to sustainability began in the early 2000s, leading to a significant reduction in CO2 emissions.
While the company is reportedly committed to using 100% recycled plastic by 2030, the limited availability of recycled plastic presents challenges. To address this, L'Oréal is investing in new technologies to convert waste into recyclable plastic, Bloomberg reported.
3 Beauty Stocks With Upward Potential
Coty Inc. (NYSE:COTY): Following the sizzling debut of its Burberry Goddess scent and other blockbuster releases, Coty has confidently amped up its FY24 forecasts. The company is now expecting core LFL sales growth in the first half of FY24 of +10-12% (prior view: +8-10%). Two of Coty's fragrance innovations are among the top five of the fall. Coty now has three fragrance lines in the U.S. top 10.
Ulta Beauty, Inc. (NASDAQ:ULTA): Following street-beating performance in Q2, Ulta raised its full-year 2023 revenue from a range of $11 billion to $11.1 billion to a new range of $11.05 billion to $11.15 billion. The retailer also raised its full-year adjusted earnings guidance from a range of $24.70 to $25.40 per share to a new range of $25.10 to $25.60 per share.
Inter Parfums Inc (NASDAQ:IPAR): IPAR reported a 2Q23 sales increase of 26% to $309 million, beating consensus of $282 million. The company raised its 2023 sales guidance to $1.3 billion from $1.25 billion. The newest pillars in the GUESS franchise Seductive Blue and Uomo Acqua were key growth drivers. IPAR also called out the strong performance of Ferragamo and Oscar de la Renta.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.