France’s L’Oreal, whose beauty brands range from Lancome creams to Maybelline make-up, is stocking up cosmetics in Britain as part its preparations for Britain leaving the European Union, its chief executive said.<\/p>\n
The company is processing the paperwork needed to smooth truck deliveries of its products between France and Britain in the event the United Kingdom leaves the European Union without a negotiated deal, boss Jean-Paul Agon added.<\/p>\n
“We’re preparing for all scenarios,” Agon told Reuters on the sidelines of a media event late on Thursday.<\/p>\n
He said that a no-deal Brexit would not have a major impact on the group, however, with Britain accounting for roughly 3 percent of sales, though it was also bulking up stocks in the United Kingdom, where it no longer has a manufacturing base.<\/p>\n
Companies in Britain and elsewhere are ratcheting up preparations in the event of a chaotic Brexit in March, after a transition deal agreed by Prime Minister Theresa May with Brussels was rejected by UK lawmakers.<\/p>\n
Firms from British fashion brand Burberry to U.S. automaker Ford have this week flagged they could face hefty bills in such a scenario if trade tariffs rose as a result, while supply chains would also be disrupted.<\/p>\n
The French government is also preparing for the worst and a possible “no-deal”, Finance Minister Bruno Le Maire said on Friday. A contingency plan involving 50 million euros ($57 million) of extra French investment in ports and airports to help them cope with an abrupt UK exit from the EU is already in motion.<\/p>\n
L’Oreal makes the bulk of its sales in emerging markets, and particularly Asia, with Chinese demand for its high-end skincare treatments in particular driving growth in recent years.<\/p>\n
Agon told analysts in July that the UK market was “not in great shape”, with tourist spending down versus the year before on high-end products, and due to more muted consumer sentiment which he attributed to Brexit.<\/p>\n
L’Oreal is due to report full year results on Feb. 7. ($1 = 0.8817 euros) <\/p>\n","protected":false},"excerpt":{"rendered":"France’s L’Oreal, whose beauty brands range from Lancome creams to Maybelline make-up, is stocking up cosmetics in Britain…\n","protected":false},"author":2,"featured_media":1130735,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5226],"tags":[802,748,110243,2000,299,5187,1699,4884,38723,16,15],"class_list":["post-1130734","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brexit","tag-brexit","tag-britain","tag-cosmetics","tag-eu","tag-europe","tag-european","tag-european-union","tag-great-britain","tag-loreal","tag-uk","tag-united-kingdom"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/117039838401831084","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1130734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=1130734"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1130734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/1130735"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=1130734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=1130734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=1130734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}