L'Oreal invests in Korea

L'Oreal, the worlds biggest cosmetics company, is expected to invest greatly in Korea. In terms of sales, the company suffered a number of setbacks during the past year, as did other companies. Klaus Fassbender, president of L'Oreal Korea, said: "We will invest more aggressively in our brand portfolio and stay fully committed to Korean consumers and our Korean employess."

He added: "The market goes in cycles. We have a strong belief that the Korean market will come back, if we provide innovative and exceptinal products at a competitive price to Korean consumers." L'Oreal has 5 percent of the Korean cosmetics market, compared with 15 percent of the global cosmetics market.

Demonstrating the company's commitment to the Korean market, it opened the world's larget Lancome boutique in Chongdam-dong, an area of Seoul where most of the luxury brands are situated, last July.