L’Oreal confident it can survive amid Wall Street’s downfall

L’Oreal is optimistic it can withstand the test of time no matter where stock markets go. The world’s biggest beauty product producer can survive in every environment, said its CEO Jean-Paul Agon as quoted by CNBC Friday.

"I don't wish that there is a crisis, but if there was one, or a difficult moment, we would be very ready to go through it," Agon added.

Wall Street suffered a more than 1 percent on Friday, as Reuters reported. While Dow Jones index dropped more than 1,000 points, due to the increase in US government bonds’ yield that put pressure on markets.

Dow Jones Industrial Index Average slipped 1.032,89 points or 1,15 percent. It closed at 23.860,46 points. The S&P 500 fell 100,66 points or 3,75 percent to 2.581,00 points. Nasdaq Composite Index closed at 274,82 points or down 3,90 percent to 6.777,16. .

Stock markets’ downfall has shrunk some of the world’s most famous billionaires' wealth. Based on Forbes report on Feb.8, assets of prominent riches such as Amazon ’s Jeff Bezos, Facebook ’s Mark Zuckerberg, and Berkshire Hathaway ’s Warren Buffet have been affected by the markets’ turmoil.

On Monday, Dow Jones index plummeted 4.6 percent. Nasdaq and S&P index also declined around 4 percent.

Nestle plans to sell L’Oreal stake

L’Oreal posted higher-than-expected earnings in the last three months of 2017. The firm also saw a 5.5 percent increase in sales in the fourth quarter of last year, helping to drive its shares on Friday.

The cosmetic giant said it is ready to buy its 23 percent stake in Nestle .

"If Nestle one day wants to sell, we are ready,” Agon said in a press conference after the announcement of its latest earnings. But, analysts will not likely see the deal to take place anytime soon", Bloomberg reported.