Shares of cosmetics maker L'Oreal rose more than 6% early on Wednesday, a day after reporting its biggest quarterly jump in sales in more than a decade buoyed by demand from Asia.
The maker of Lancome cosmetics defied fears of a slowdown in mainland China by beating revenue forecasts by a wide margin in an encouraging sign for peers selling high-end skincare products, such as Clinique owner Estee Lauder.
"Growth in luxury (cosmetics) was fantastic," analysts at Bernstein said in a note on L'Oreal.
The French firm did highlight weak spots, however, including in the United States, where make-up sales are slowing.
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