L'Oreal CEO: We will support Shanghai's ambition to develop fashion, high-end consumer goods

East China's Shanghai has kicked off its Double Five Shopping Festival on the last day of July. The festival, which should have been opened in May and was delayed by the recent COVID-19 outbreaks, aims to boost both offline and online consumption.

Over the past few years, Shanghai has been stepping up efforts to build itself into a global consumption metropolis. Many brands have decided to open their very first stores or launch their new products in Shanghai.

As the festival started, Nicolas Hieronimus, CEO of L'Oreal Group, delivered a congratulatory video speech. The following are excerpts from his speech, which have been edited for clarity and brevity:

Known as the "Paris of the east," Shanghai has long been associated with commerce and innovation and has reason to become one of the most cosmopolitan and vibrant cities in Asia.

Over the past couple of decades, I've had the pleasure of seeing the city grow and develop, and it always has something new and exciting to offer.

It is no surprise to me that Shanghai's modern nickname of "modu" ("magical city" in Chinese) reflects the endless possibilities that this magical city has to offer.

We are happy to see Shanghai's ambition to develop fashion and high-end consumer goods.

Today, China is France's number one export destination for beauty products.

We will support Shanghai's ambition by continuing to offer a diverse and growing portfolio of brands and services.

We believe that it is important to engage with partners throughout our sustainability journey, including our consumers.

L'Oreal is looking forward to winning together with Shanghai and co-creating the future of consumption to benefit consumers in Shanghai, China and beyond.

We believe that embracing Shanghai and China is embracing the future.

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