- OTC:LRLCY falls by 0.15% on Thursday amidst a tumultuous day for global financial markets.
- L’Oreal continues to innovate as it unveils its virtual makeup using augmented reality technology.
- L’Oreal partners with social media giant Pinterest for its fragrance finder.
OTC:LRLCY has had a busy year and despite the COVID-19 pandemic closing malls and in-store shopping for many countries around the world, L’Oreal’s stock has returned 31% over the past 52-weeks, an impressive number for a retailer. On Thursday the stock trimmed 0.15% to finish the trading session at $74.18, as global financial markets yo-yoed back and forth between gains and losses. L’Oreal is firmly trading above its 50-day and 200-day moving averages and the recent advancements in its technology and consumer accessibility have made L’Oreal one of the leaders in its industry.
L’Oreal recently released its virtual cosmetics line which integrates nicely with popular social media platforms like Instagram and SnapChat (NYSE:SNAP), and also works with video services like Zoom (NASDAQ:ZM) and Houseparty. The technology uses selfie filters through your mobile phone, and augmented reality shows you what your face would look like with specific L’Oreal cosmetic products. L’Oreal extended its social media reach with a partnership with Pinterest (NYSE:PINS) to allow users to access its L’Oreal Luxe luxury fragrance products within Pinterest, which would then direct them to the Luxe website.
L’Oreal stock price
L’Oreal has seen a massive boost to its eCommerce revenues so all of these investments they are making have paid off already. The eCommerce business is growing by over 100% in Japan, 175% in Brazil, 200% in Latin America, and over 250% in Africa and the Middle East. As these regions develop more infrastructure revolving around the internet and access to online retailers, we can expect companies like L’Oreal to thrive even during a continued presence of COVID-19 and its quarantine.
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