French cosmetics giant L'Oreal sees further growth potential in Germany, the business media outlet Capital reported on Wednesday.
"The German economy has barely grown in the last three years, but the local beauty market has grown by 20%," group CEO Nicolas Hieronimus said in an interview with the magazine.
Average spending on beauty products in Germany, however, is still below the European average - "which is an opportunity for us," Hieronimus said.
L'Oreal has recently invested in the booming market for injectable cosmetics, increasing its stake in skin care firm Galderma in December, just two months after it agreed to pay 4 billion euros ($4.7 billion) for Kering's beauty business.
It has also said it will study a potential investment in Armani.
It will consider all the options when making an offer, its CEO told Capital.
