L’Oreal CEO says firm would be able to ‘resist’ a financial crisis

Business


The world’s biggest beauty products company is not concerned about the ensuing ramifications of a recent global sell-off.

“Whatever happens, L’Oreal is a very solid company able to resist in any environment,” Jean-Paul Agon, L’Oreal CEO, told CNBC on Friday.

“I don’t wish that there is a crisis, but if there was one, or a difficult moment, we would be very ready to go through it,” he added.

Global stocks appeared on course to register their biggest weekly decline since the height of the euro zone crisis on Friday, after a slump on Wall Street in the previous session triggered a cascading market plunge.

Many investors believe the market turmoil over the past week is reflective of a long overdue pullback after substantial gains in 2017 and early 2018. The recent selling is also thought to have been exacerbated by expectations of higher U.S. interest rates.



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