(Boursier.com) — L’Oreal is down another 3% this morning, hurt by comments from its chief executive. At a JP Morgan event in Paris on Thursday, Nicolas Hieronimus told investors that he now expects the global beauty market to grow between 4.5% and 5% this year, up from a previous forecast of 5%. The executive blamed the revision on a stagnant market in China. The country has long been a growth engine for L’Oréal, with consumers drawn to its high-end cosmetics offerings. L’Oréal will report its half-year results on July 30.
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