French beauty owner described the 35 new markets as ‘growth engines’, where it will acquire most new business over the coming decade
French cosmetics giant L’Oréal is poised to launch a newly-created South Asia Pacific and Middle East market that will account for the majority of the centenarian brand’s new business over the coming decade.
With a focus on male beauty, men are expected to make up a big part of the group’s growth across the 35 South Asia Pacific, Middle Eastern and North African markets, reported CNBC.
Known internally as SAPMENA, the zone will be headquartered from Singapore and will be driven by consumer insights, behaviour and expectations across the region, and less by geography.
“This region [...] is going to be a major growth engine for us,” Vismay Sharma, L’Oréal’s SAPMENA President, told CNBC.
“This is where we will acquire the most number of consumers in the coming decade,” he added.
According to Research and Markets, the male grooming products market reached US$69.8bn in 2020 as male beauty diversifies.
Male grooming products have traditionally been limited to body care, shaving creams, fragrances and deodorants; however, as men have become more adventurous with beauty, it has given rise to a new breed of colour cosmetics and specialist skin brands dedicated to men, the report said.
Japanese beauty group Shiseido reported Uno its male make-up line has seen double-digit growth during the pandemic and is now expanding its target age from men in their early 20s to those in their 40s.
In February this year, the personal care owner also re-released its Shisedio Men’s series focusing on three specific skin care concerns.