It was a tough year for the largest beauty company in the world last year. L’Oréal SA’s profit and sales fell as the French cosmetics giant shuffled its offerings and its focus to reach less-affluent consumers and lost market share. “After a difficult start to the year due to a contraction in sell-out and drastic inventory reduction by the trade, the cosmetics market has gradually improved and ended up slightly positive. In this context, L’Oréal has weathered the crisis well and ...