L’Oreál board member Alexis Perakis-Valat does not expect sales to slump despite the price increases in retail. “In Germany, the make-up market has been booming for a few weeks, since masks are no longer mandatory. At the same time, the average price increases. We see something similar worldwide,” he told WELT AM SONNTAG. The industry is even selling more than in the months before the pandemic.

In contrast to food, the frequency with which cosmetics are bought is low. “There is less pressure to save,” said Perakis-Valat. Women around the world are better informed than ever before thanks to the Internet.

“That helps us to sell higher-priced premium products.” Because the better informed the customers are, the better products they demand – and the greater their willingness to pay for effectiveness, quality and innovation.

The manager, who is responsible for the business with the mass-market brands L’Oréal Paris, Garnier, Maybelline and Nyx, defended that L’Oréal only partially withdrew from the market in Russia. “We will continue to offer essential products, which are a very small part of our business,” he said. “We also have a responsibility for our employees in Russia.”