BUSINESS China expo on consumer products to boost global brands' access to huge market, says L'Oreal China CEO

BUSINESS

China expo on consumer products to boost global brands' access to huge market, says L'Oreal China CEO

China Daily

14:21, July 27, 2022

L'Oreal's flagship store in Shanghai. The year 2022 marks the 25th year since the brand's entry into the Chinese market. WANG GANG/FOR CHINA DAILY

PARIS -- The ongoing China International Consumer Products Expo (CICPE) in the southern Hainan province, as a signal of China's greater opening-up, is of great significance and contributes to promoting consumption, said the chief executive officer of L'Oreal China, one of the leading French brands present at the expo.

"The CICPE helps promote high-level opening-up, contributes to dual circulation new development pattern by enabling global consumer product brands to get access to China's huge consumption market, and facilitates consumption upgrading and consumption return," said Fabrice Megarbane, who is also the president of L'Oreal North Asia Zone, in an interview with Xinhua on Tuesday.

China has a dynamic market, in terms of both scale and growth speed, with a strong digital ecosystem enabling "online + offline" shopping experience, and Chinese consumers are the most sophisticated consumers in the world, noted Megarbane.

"The development of open innovation has contributed to a dynamic market in China and indeed China has a unique open innovation ecosystem," he said.

Bringing its 16 brands to the expo for the second time, L'Oreal Group will release a number of debut products in Hainan this week.

"Hainan province's strategic position helps unleash the great potential of the Chinese consumption market," said Megarbane, adding that "Hainan's newly upgraded duty-free consumption policy and free trade port policy have accelerated the boom of the beauty industry."

He believed that the CICPE will help the Hainan free trade port become a circulation place for domestic and foreign goods and factors, boost consumption and promote the high-quality lifestyle in local and international markets.

The six-day expo has attracted 1,107 overseas companies and 1,643 brands from 61 countries and regions, as well as over 1,200 domestic brands.

As the guest-of-honor country, France brought some 50 enterprises with 244 brands to the expo, covering fragrance, clothing, jewelry, food, wine, and trade in services.

"As a French company, L'Oreal expect to see more economic and trade cooperation between the two countries," said Megarbane.

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