"We are convinced that China is still the next China," said Nicolas Hieronimus, CEO of L'Oreal, in the company's latest analyst call. As part of its strategy to regain momentum, the company revealed that it has invested in Chinese luxury fragrance brand To Summer.
The company reported in its full-year 2023 results that it achieved double-digit like-for-like growth all regions except North Asia, which was hampered by conditions in travel retail and China.
Through its venture capital fund, BOLD, the company closed a minority investment in To Summer "to expand into global markets and offer global consumers curated olfactory experiences inspired by eastern art, culture, philosophy and landscapes."
To Summer presents scent from a distinctly Chinese perspective, featuring Asian botanicals.
The brand's initial launches included fragrances such as an Essence Collection featuring Cedarwood, Orange Dive, Osmanthus, Tipsy Rose and Triple Tea, and an Eastern Philosophy Collection comprising Bitters, Ink and Nude.
