India delivered only €171m sales in 2010 (1% group sales) but is one of L'Oreal's fastest growing markets at >30% pa. Production is doubling every 3 years as the group outgrows the market (+16% in 2010) and takes share (9.5% in 2010). India is already profitable (mid single digit margin) and mgmt expects to reach sales of €1bn within 10 years driven by 1.) increasing store coverage – 550k stores to 1m, 2.) helping develop a professional hair salon culture and 3.) rolling out additional products/brands – Garnier is ~50%+ of sales – tailored to Indian consumer needs.
