PARIS, Jan 16 (Reuters) - L‘Oreal expects to grow 50 percent faster than the cosmetics market this year, Chief Executive Jean-Paul Agon told Le Monde newspaper in an interview published on Thursday.
”(Last year) will have been a good year,“ the CEO was quoted as saying. ”We have managed to make progress in all our divisions and in all regions of the world.
“In 2014, we expect to grow 1 1/2 times faster than the global market.”
Agon also reaffirmed that L‘Oreal had the financial firepower to enable it to buy back the 29.5 percent stake in the French cosmetics company held by Nestle, the world’s biggest food company.
Restrictions on Nestle selling down its holdings end in April, and Agon said L‘Oreal was “preparing itself for all the possible options.”
Agon told Le Monde the shares could be cancelled if L‘Oreal repurchased them, thereby boosting earnings per share for remaining shareholders. (Reporting by James Regan; Editing by Blaise Robinson)