Lancome maker L'Oreal hit by £282.4 million French tax charge
Reuters
Published Sep 20, 2019 18:10
Lancome maker L'Oreal hit by £282.4 million French tax charge
PARIS (Reuters) - Cosmetics maker L'Oreal (PA:OREP) said on Friday it had reached a settlement with French tax authorities regarding three of its subsidiaries, including one linked to its luxury Lancome brand, resulting in a charge of around £282.4 million.
The world's biggest beauty manufacturer, behind labels like Maybelline and Armani lipsticks, gave no further details about the basis of the dispute, only saying it corresponded to a five year period between 2014 and 2018.
L'Oreal was not immediately available for further comment.
The settlement would be reflected in its 2019 results as an exceptional charge, and would "have no significant recurrent impact in the future", the company said in a statement.
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Written By: Reuters
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