L'Oréal is enjoying a sweet moment and continues to rise like wildfire. The French group has once again posted double-digit growth in the third and penultimate quarter of the year. This growth has occurred in all its divisions, but especially in L'Oréal Dermatological Beauty and Consumer Products Divisions. The French giant experienced double-digit growth in all of the company's regions, with the exception of North Asia. In this region, the good market performance in mainland China and Japan was offset by the readjustment of travel retail.
The Consumer Products division grew by 13.4% compared to the previous quarter. The mass market is expanding in both online and offline channels and is growing in both value and volume. Mexico, Brazil and India consolidated in the third quarter as emerging markets with key growth for the Consumer Products category.
L'Oréal's Dermatological Beauty division grew even more. Specifically, by 28.1%. In terms of millions of euros, the division added 1,625 million euros in the third quarter, and in total, in these nine months, it has almost reached 5,000 million euros. La Roche-Posay is the main contributor to this growth thanks to the increase in sales of products such as Effaclar, Cicaplast and Uvmune 400. CeraVe is not far behind and its success thanks to the dissemination of its products on social networks means that it continues to grow at double digits. Skinbetter Science, meanwhile, is consolidating its success in the United States.
Europe continues to be the strongest region for the L'Oréal group. On the European continent, the cosmetics giant has raised almost €3.25 billion through e-commerce and retail. North America is in second place with almost 3 billion euros, and North Asia has surpassed the 2 billion euro mark to become the third strongest region for the French group. In Latin America, L'Oréal showed strong momentum, as a broadening of the brand portfolio and the success of the latest innovations enabled the Group to respond to the great diversity of consumers in the region. All countries in the Latam region reported double-digit sales growth, led by Mexico and Brazil.
Nicolas Hieronimus, CEO of L'Oréal, explained that he is pleased with the new months' growth and that it serves to reinforce L'Oréal's leadership: "Despite the slower than expected recovery of the beauty market in mainland China, L'Oréal has maintained its double-digit growth momentum. Against a backdrop of continued economic and geopolitical uncertainty, we remain confident in our ability to continue to outperform the market and achieve another year of sales and profit growth in 2023. We are optimistic about the outlook for the beauty market and remain ambitious for the future."