L'Oreal loses its lustre

    Price-conscious consumers in Europe appear to think L'Orealproducts are not worth it, judging by disappointing sales in theregion which contributed to a sharp fall in the share priceyesterday.

The shares fell by as much as 8 per cent before recovering some ofthe losses to close down ??.37 at ??4.93. Investors reactednegatively after the world's largest cosmetics company reduced itsgrowth outlook for 2008 following weaker-than-expected sales growthin the first half of the year.