A cash-rich L’Oreal is ready and waiting to buy back the stake of itself owned by struggling Nestlé, the beauty giant’s chief executive has said.
Off the back of a stellar year which saw the French beauty company’s profits rise 15%, chief executive Jean-Paul Agon gave an emphatic “yes” when asked whether L’Oreal would be keen to buy back the 23% stake owned by Nestlé, worth nearly €23 billion ($28 billion).