(AOF) – Victoria’s Secret on Wednesday announced an acceleration of its share buyback program and confirmed its financial targets for the fourth quarter. The famous lingerie brand will indeed repurchase 4.1 million of its own shares for an amount of $ 250 million, an operation which should be completed during the first quarter of 2022. For the fourth quarter of 2021, it Still targets 0% to 3% revenue growth for earnings per share of $ 2.35 to $ 2.65 and operating income of $ 295 to $ 335 million.
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China becomes the leading consumer of French cosmetics
Exports from the French cosmetics sector fell by 11.8% to 15.7 billion euros in 2020. The health crisis has disrupted the production and logistics of the sector, which nevertheless retains its position as the second largest contributor to the sector. positive foreign trade balance. France also maintains its position as the world leader in the sector (24% market share).
In a movement similar to that of the luxury industry, China has become the number one market, ahead of Germany and the United States. In 2020, exports to this country jumped 20.7%, while they fell 15% to the United States and 24% to Germany. According to the Federation of Beauty Companies, China is by far the largest buyer of French lipsticks, with more than one in four lipsticks exported.