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320 Million Euro Tax Charge for L'Oréal

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L'Oreal has incurred a tax charge with French authorities.

L'Oréal has reached a settlement on the tax base of its subsidiaries Lancôme Parfums et Beauté, Cosmetique Active International and Prestige & Collections International with the French tax authorities. The settlement includes no penalties and covers the fiscal years 2014-2018. The total cost for the period is 320 million euros.

According to the company, "This will be recorded as an exceptional charge for 2019, and will have no significant recurrent impact in the future."