L’Oreal, No. 91 on Fortune’s Europe 500, reported sales of 1.1 billion euros ($1.19 billion) for the first quarter of 2025, up 12.2% year-on-year, across SAPMENA and Sub-Saharan Africa (SSA).

For example, Sharma notes that over 50% of L’Oreal’s business in Vietnam comes from e-commerce. This is less true of the Middle East and North Africa.