China CEO II by Juan Antonio Fernandez & Laurie Ann Underwood

Author:Juan Antonio Fernandez & Laurie Ann Underwood [Fernandez, Juan Antonio & Underwood, Laurie Ann]
Language: eng
Format: epub, azw3, mobi
ISBN: 9781119583219
Publisher: Wiley
Published: 2020-01-17T00:00:00+00:00

And despite such growth, Rinderknech says the company is still “just scratching the surface” in China. Looking ahead, he expects this growth rate to continue. “I am only the third CEO in China for L'Oréal. By the time we have the fifth or sixth China CEO, China will be the number-one market in the world for the group, by far.”

The main reason for his confidence is the current strength and expected continued growth of China's consumer base. Rinderknech emphasizes the increased spending power of Chinese consumers since he arrived. “I have seen the improvement in the past eight years—in the people,” he says. “Do people live better? Yes. Do they have more purchasing power? Yes. Are they happier? Yes. I have no hesitation to give three yeses for the years since I arrived in China. If you look at other places in the world and ask yourself the same three questions, I'm not sure you will answer yes to each of them.” Such growth, he says, offers vast potential for companies targeting Chinese consumers. “The thing is, there are so many Chinese consumers. There is so much elevation in the middle class, so many new consumers coming up.”

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