Cosmetics brand L’Oréal booked over $1 billion in revenue from its Australia and New Zealand businesses last year, marking a significant milestone in the region.

In the South Asia Pacific, Middle East, North Africa, and Sub-Saharan Africa regions, the company’s annual sales amounted to US$3.72 billion, up 16.4 per cent on a reported basis.

Australia-New Zealand, the Gulf Co-operation Council, and India emerged as the brand’s top three growth contributors, with sales increasing by more than 20 per cent in each. Vietnam and India drove online sales, which grew faster than offline.

“I’d like to congratulate our L’Oréal ANZ teams for surpassing $1 billion in annual revenue for 2023, signifying a major milestone on our growth trajectory in the region,” said L’Oréal ANZ CEO Alex Davison.

L’Oréal reported sales growth of 13.7 per cent in Europe, 9.7 per cent in North America, and 22.8 per cent in Latin America – and a 5.8 per cent decline in North Asia.

All its product segments namely professional products, consumer products, L’Oréal Luxe, and dermatological beauty categories all experienced higher sales year on year.

The group’s net profit jumped 8.4 per cent to US$6.68 billion as revenue climbed 7.6 per cent to $44.45 billion.